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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<span id="xdx_904_edei--EntityAddressStateOrProvince_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zQuQ9BehdMh9"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000042" name="dei:EntityAddressStateOrProvince">BC</ix:nonNumeric></span> <span id="xdx_90B_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zl3DjScePf4d"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000043" name="dei:EntityAddressPostalZipCode">V6C 0A6</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act: <span style="text-decoration: underline">None</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Common
    Stock, No Par Value</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">N/A</span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
    of Class)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exchange
    on which registered)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: <span style="text-decoration: underline">None</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of outstanding shares of each of the Registrant&#8217;s classes of capital or common stock as of the year ended December 31, 2023: <span id="xdx_90D_edei--EntityCommonStockSharesOutstanding_iI_c20231231_zzuw0YejPDy8"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000044" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">115,250,810</ix:nonFraction></span>.
Common Shares with no par value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Yes</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 43%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
    <span id="xdx_900_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zRrgfNEKMEle"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000045" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the Registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Yes</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 43%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
    <span id="xdx_903_edei--EntityVoluntaryFilers_c20230101__20231231_zcPnh7VmD7dg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000046" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Note:
Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 from their obligations under those Sections.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
    <span id="xdx_907_edei--EntityCurrentReportingStatus_c20230101__20231231_zHewK26sOWf9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000047" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 43%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    No</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Yes</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 43%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
    <span id="xdx_903_edei--EntityInteractiveDataCurrent_c20230101__20231231_z4ARLU3W3DEf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000048" name="dei:EntityInteractiveDataCurrent">No</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth
company. See definition of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act. (Check one):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--EntityFilerCategory_c20230101__20231231_z9s1AFgo8Rv"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000049" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span> &#9746;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    Growth Company <span id="xdx_901_edei--EntityEmergingGrowthCompany_c20230101__20231231_zzYRVTEyEXNk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000050" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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&#8224; provided
pursuant to Section 13(a) of the Exchange Act. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    GAAP &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--DocumentAccountingStandard_c20230101__20231231_zPSQ8BOplS4e"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric></span> as issued by the International Accounting Standards Board &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    &#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Item 17</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 43%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Item 18</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. <span id="xdx_90A_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zgqMr42ym802"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000052" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b).
&#9744;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Yes</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 43%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--EntityShellCompany_dbF_c20230101__20231231_zZ5tqoJq9WRe"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000053" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span>
    No</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the Registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by court.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Yes</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 43%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    No</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE
OF CONTENTS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#p_017">GENERAL MATTERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_019">Identity of Directors, Senior Management and Advisers</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_020">OFFER STATISTICS AND EXPECTED TIMETABLE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_021">KEY INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_022">INFORMATION ON THE COMPANY</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    4A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_023">unresolved staff comments</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_024">operating and financial review and prospects</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_025">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    7.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_026">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    8.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_027">FINANCIAL INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    9.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_028">THE OFFER AND LISTING</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    10.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_029">ADDITIONAL INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    11.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_030">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    12.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_031">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    13.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_033">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    14.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_034">Material Modifications to the Rights of Security Holders and Use of pROCEED</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    15.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_035">CONTROLS AND PROCEDURES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_036">AUDIT COMMITTEE FINANCIAL EXPERT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_037">CODE OF ETHICS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_038">PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_039">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_040">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_041">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_042">CORPORATE GOVERNANCE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_043">MINE SAFETY DISCLOSURE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    17.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_045">FINANCIAL STATEMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    18.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_046">FINANCIAL STATEMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    19.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a href="#p_047">EXHIBITS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_017"></span>GENERAL
MATTERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convention</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Form 20-F Annual Report, all references to &#8220;British Columbia&#8221; are references to the Province of British Columbia. All
references to the &#8220;Government&#8221; are references to the government of the Province of British Columbia. Unless otherwise noted,
all references to &#8220;common shares&#8221;, &#8220;shares&#8221; or &#8220;common stock&#8221; are references to the common shares
of the Company. All references to the &#8220;Company&#8221; or &#8220;Trillion&#8221; are references to &#8220;Trillion Energy International
Inc.&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this document, all references to &#8220;SEC&#8221; or &#8220;Commission&#8221; are reference to the United States Securities and Exchange
Commission. References to &#8220;$&#8221; are to the currency of the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Forward
Looking Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Form 20-F Annual Report includes &#8220;forward-looking statements&#8221;. A shareholder or prospective shareholder should bear this
in mind when assessing the Company&#8217;s business. All statements included in this annual report, other than statements of historical
facts, including, without limitation, the statements located elsewhere herein regarding industry prospects and the Company&#8217;s financial
position, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements
are reasonable, it can give no assurance that such expectations will prove to have been correct.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_018"></span>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
1. <span style="text-transform: uppercase"><span id="p_019"></span>Identity of Directors, Senior Management and Advisers</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Directors and Senior Management</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer
to Item 6.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Advisers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Auditors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
independent auditors for the Company are MNP LLP, Suite 1500, 640 - 5th Avenue SW Calgary, Alberta T2P 3G4 for the Company&#8217;s December
31, 2023 and 2022 year ends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
2. <span style="text-transform: uppercase"><span id="p_020"></span>OFFER STATISTICS AND EXPECTED TIMETABLE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
3. <span style="text-transform: uppercase"><span id="p_021"></span>KEY INFORMATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Selected Financial Data</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was incorporated as Park Place Energy Inc. in the State of Delaware in December, 2015. The Company changed its name to Trillion
Energy International Inc. on March 19, 2019. Effective January 1, 2022, the Company completed a continuation of its jurisdiction from
Delaware to British Columbia, Canada. The Company has selected a December 31 year end.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements for the year ended December 31, 2022, are the first the Company has prepared in accordance with IFRS.
The Company previously prepared its consolidated financial statements, up to and including December 31, 2021, in accordance with accounting
principles generally accepted in the United States (&#8220;US GAAP&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company conducted a 5:1 share consolidation on September 14, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s selected historical audited financial data for the years ended December 31, 2022 and December 31, 2023 are set out in
the table below. The selected financial data provided below are not necessarily indicative of the future results of operations or financial
performance of the Company. The Company has not paid any dividends on its common shares and it does not expect to pay dividends in the
foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Amounts in accordance with IFRS (presented in U.S. dollars):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 64%; text-align: left">Total assets</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">37,018,219</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">58,610,428</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,392,288</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">36,397,856</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net working capital (deficiency)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,819,052</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12,929,942</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Shareholders&#8217; equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20,625,931</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">22,212,572</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Operating revenue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,375,029</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,797,366</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net loss from operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(6,121,754</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,102,194</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Loss per share (basic and diluted)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.10</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.01</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Weighted average number of common shares (basic and diluted)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">62,491,482</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">81,084,843</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Capitalization and Indebtedness</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Reasons for the Offer and Use of Proceeds</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following risks relate specifically to the Company&#8217;s business and should be considered carefully. The occurrence of any one or
more of the events outlined under this section could have severe consequences on the Company&#8217;s business, financial condition and
results of operations and could result in the cessation of operations or bankruptcy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have a history of losses and may not achieve consistent profitability in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have incurred losses in prior years. We will need to generate and sustain increased revenue levels in future periods in order to become
consistently profitable, and even if we do, we may not be able to maintain or increase our level of profitability. We may incur losses
in the future for a number of reasons, including risks described herein, unforeseen expenses, difficulties, complications and delays,
and other unknown risks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
exploration, development and production activities may not be profitable or achieve our expected returns.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
future performance of our business will depend upon our ability to develop oil and natural gas reserves that are economically recoverable.
Success will depend upon our ability to develop prospects from which oil and natural gas reserves are ultimately discovered in commercial
quantities. Without successful exploration activities, we will not be able to develop oil and natural gas reserves or generate revenues.
There are no assurances that oil and natural gas reserves will be discovered in sufficient quantities to enable us to recover our exploration
and development costs or sustain our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
successful development of oil and natural gas properties requires an assessment of recoverable reserves, future oil and natural gas prices
and operating costs, potential environmental and other liabilities, and other factors. Such assessments are inherently uncertain. In
addition, no assurance can be given that our exploration and development activities will result in the discovery of reserves. Operations
may be curtailed, delayed or canceled as a result of lack of adequate capital and other factors, such as lack of availability of rigs
and other equipment, title problems, weather, compliance with governmental regulations or price controls, mechanical difficulties, or
unusual or unexpected formations, pressures and/or work interruptions. In addition, the costs of exploration and development may materially
exceed our internal estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to acquire or develop additional reserves, which would reduce our cash flow and income.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, production from oil and natural gas properties declines over time as reserves are depleted, with the rate of decline depending
on reservoir characteristics. If we are not successful in our exploration and development activities or in acquiring properties containing
reserves, our reserves will generally decline as reserves are produced. Our oil and natural gas production will be highly dependent upon
our ability to economically find, develop or acquire reserves in commercial quantities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future oil and natural gas reserves, production, and cash flows, are highly dependent upon us successfully exploiting known gas resources
and proved reserves. A future increase in our reserves will depend not only on our ability to flow economic rates of natural gas and
potentially develop the reserves we may have from time to time, but also on our ability to select and acquire suitable producing properties
or prospects and technologies for exploitation. There are no absolute guarantees that our future efforts will result in the economic
development of natural gas reserves or resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent cash flow from operations is reduced, either by a decrease in prevailing prices for oil and natural gas or an increase in
finding and development costs, and external sources of capital become limited or unavailable, our ability to make the necessary capital
investment to maintain or expand our asset base of oil and natural gas reserves would be impaired. Even with sufficient available capital,
our future exploration and development activities may not result in additional reserves, and we might not be able to drill productive
wells at acceptable costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
establishment of proved reserves is subjective and subject to many uncertainties.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, estimates of recoverable natural resources are based upon a number of factors and assumptions made as of the date on which the
resource estimates were determined, such as geological and engineering estimates, which have inherent uncertainties, and the assumed
effects of regulation by governmental agencies and estimates of future commodity prices and operating costs, all of which may vary considerably
from actual results. All such estimates are, to some degree, uncertain and classifications of resources are only attempts to define the
degree of uncertainty involved. For these reasons, estimates of the recoverable natural resources, the classification of such resources
based on risk of recovery, prepared by different engineers or by the same engineers at different times, may vary substantially.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to political, economic and other risks and uncertainties in the foreign countries in which we operate.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
international operations performed may expose us to greater risks than those associated with more developed markets. Due to our foreign
operations, we are subject to the following issues and uncertainties that can adversely affect our operations in Bulgaria, Turkey, or
other countries in which we may operate properties in the future:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    and rapid manner;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxation
    and revenue policies, including royalty and tax increases, retroactive tax claims and the imposition of unexpected taxes or other
    payments on revenues;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exchange
    controls, currency fluctuations and other uncertainties arising out of foreign government sovereignty over foreign operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">laws
    and policies of the United States and of the other countries in which we may operate affecting foreign trade, taxation and investment,
    including anti- bribery and anti-corruption laws;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    possibility of being subjected to the exclusive jurisdiction of foreign courts in connection with legal disputes and the possible
    inability to subject foreign persons to the jurisdiction of courts in the United States; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    possibility of restrictions on repatriation of earnings or capital from foreign countries.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that changes in conditions or regulations in the future will not affect our profitability or ability to operate in
such markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to foreign currency risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oil
and gas operations in Turkey will generate revenues in Turkish Lira, while expenses will be incurred in Turkish Lira or U.S. dollars.
Gas production in Turkey will generate Turkish Lira. Turkey is a hyper-inflationary economy. As a result, any fluctuations of these currencies
may result in a change in reported revenues, if any, that our projects could generate if they commence production. Accordingly, our future
financial results are subject to risk based on changes to foreign currency rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we lose the services of our management and key consultants, then our plan of operations may be delayed.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends to a significant extent upon the continued service of our executive management, employees, directors and consultants.
Losing the services of one or more key individuals could have a material adverse effect on the Company&#8217;s prospective business until
replacements are found.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Drilling
for and producing oil and natural gas are high-risk activities with many uncertainties that could adversely affect our business, financial
condition or results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future success depends on the success of our exploration, development and production activities in our prospects. These activities will
be subject to numerous risks beyond our control, including the risk that we will be unable to economically produce our reserves or be
able to find commercially productive oil or natural gas reservoirs. Our decisions to purchase, explore, develop or otherwise exploit
prospects or properties will depend in part on the evaluation of data obtained through geophysical and geological analyses, production
data and engineering studies, the results of which are often inconclusive or subject to varying interpretations. The cost of drilling,
completing and operating wells is often uncertain before drilling commences. Overruns in budgeted expenditures are common risks that
can make a particular project unprofitable. Further, many factors may curtail, delay or prevent drilling operations, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unexpected
    drilling conditions; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pressure
    or irregularities in geological formations; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">equipment
    failures or accidents; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pipeline
    and processing interruptions or unavailability; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">title
    problems; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse
    weather conditions; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
    of market demand for oil and natural gas; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    imposed by, or resulting from, compliance with environmental laws and other regulatory requirements; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">declines
    in oil and natural gas prices; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shortages
    or delays in the availability of drilling rigs, equipment and qualified personnel. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future drilling activities might not be successful, and drilling success rates overall or within a particular area could decline. We
could incur losses by drilling unproductive wells. Shut-in wells, curtailed production and other production interruptions may materially
adversely affect our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shortages
of drilling rigs, equipment, oilfield services and qualified personnel could delay our exploration and development activities and increase
the prices that we pay to obtain such drilling rigs, equipment, oilfield services and personnel.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
industry is cyclical and, from time to time, there may be a shortage of drilling rigs, equipment, oilfield services and qualified personnel
in countries in which we may operate in the future. Shortages of drilling and workover rigs, pipe and other equipment may occur as demand
for drilling rigs and equipment increases, along with increases in the number of wells being drilled. These factors can also cause significant
increases in costs for equipment, oilfield services and qualified personnel. Higher oil and natural gas prices generally stimulate demand
and result in increased prices for drilling and workover rigs, crews and associated supplies, equipment and services. It is beyond our
control and ability to predict whether these conditions will exist in the future and, if so, what their timing and duration will be.
These types of shortages or price increases could significantly increase our costs, decrease our cash provided by operating activities,
or restrict our ability to conduct the exploration and development activities that we currently have planned and budgeted or that we
may plan in the future. In addition, the availability of drilling rigs can vary significantly from region to region at any particular
time. An undersupply of drilling rigs in any of the regions in which we may operate may result in drilling delays and higher costs for
drilling rigs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
substantial or extended decline in oil and natural gas prices may adversely affect our ability to meet our future capital expenditure
obligations and financial commitments.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues,
operating results and future rate of growth are substantially dependent upon the prevailing prices of, and demand for, oil and natural
gas. Lower oil and natural gas prices may also reduce the amount of oil and natural gas that we will be able to produce economically.
Historically, oil and natural gas prices and markets have been volatile, and they are likely to continue to be volatile in the future.
The recent decline in oil prices has highlighted the volatility and if oil prices remain at this level for an extended period of time,
such lower prices could adversely affect our business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
decrease in oil or natural gas prices will not only reduce revenues and profits but will also reduce the quantities of reserves that
are commercially recoverable and may result in charges to earnings for impairment of the value of these assets. If oil or natural gas
prices decline significantly for extended periods of time in the future, we might not be able to generate sufficient cash flow from operations
to meet our obligations and make planned capital expenditures. Oil and natural gas prices are subject to wide fluctuations in response
to relatively minor changes in the supply of, and demand for, oil and natural gas, market uncertainty and a variety of additional factors
that are beyond our control. Among the factors that could cause fluctuations are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">market
    expectations regarding supply and demand for oil and natural gas; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">levels
    of production and other activities of the Organization of Petroleum Exporting Countries and other oil and natural gas producing nations;
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">market
    expectations about future prices for oil and natural gas; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    level of global oil and natural gas exploration, production activity and inventories; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">political
    conditions, including embargoes, in or affecting oil and natural gas production activities; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    price and availability of alternative fuels. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lower
oil and natural gas prices may not only decrease our revenues on a per unit basis, but also may reduce the amount of oil and natural
gas that we will be able to produce economically. A substantial or extended decline in oil or natural gas prices may have a material
adverse effect on our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to operating hazards.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
oil and natural gas exploration and production business involves a variety of operating risks, including the risk of fire, explosion,
blowout, pipe failure, casing collapse, stuck tools, uncontrollable flows of oil or natural gas, abnormally pressured formations and
environmental hazards such as oil spills, surface cratering, natural gas leaks, pipeline ruptures, discharges of toxic gases, underground
migration, surface spills, mishandling of fracture stimulation fluids, including chemical additives, and natural disasters. The occurrence
of any of these events could result in substantial losses to us due to injury and loss of life, loss of or damage to well bores and/or
drilling or production equipment, costs of overcoming downhole problems, severe damage to and destruction of property, natural resources
and equipment, pollution and other environmental damage, clean-up responsibilities, regulatory investigation and penalties and suspension
of operations. Gathering systems and processing facilities are subject to many of the same hazards and any significant problems related
to those facilities could adversely affect our ability to market our production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
oil and natural gas operations are subject to extensive and complex laws and government regulation, and compliance with existing and
future laws may increase our costs or impair our operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
oil and natural gas operations in countries in which we operate or may operate in the future will be subject to numerous laws and regulations,
including those related to the environment, employment, immigration, labor, oil and natural gas exploration and development, payments
to local, foreign and provincial officials, taxes and the repatriation of foreign earnings. If we fail to adhere to any applicable laws
or regulations, or if such laws or regulations restrict exploration or production, or negatively affect the sale, of oil and natural
gas, our business, prospects, results of operations, financial condition or cash flows may be impaired. We may be subject to governmental
sanctions, such as fines or penalties, as well as potential liability for personal injury, property or natural resource damage and might
be required to make significant capital expenditures to comply with federal, state or international laws or regulations. In addition,
existing laws or regulations, as currently interpreted or reinterpreted in the future, or future laws or regulations, could adversely
affect our business or operations, or substantially increase our costs and associated liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, exploration for, and exploitation, production and sale of, oil and natural gas in countries in which we operate or may operate
in the future are subject to extensive national and local laws and regulations requiring various licenses, permits and approvals from
various governmental agencies. If these licenses or permits are not issued or unfavorable restrictions or conditions are imposed on our
exploration or drilling activities, we might not be able to conduct our operations as planned. Alternatively, failure to comply with
these laws and regulations, including the requirements of any licenses or permits, might result in the suspension or termination of operations
and subject us to penalties. Our costs to comply with such laws, regulations, licenses and permits are significant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifically,
our oil and natural gas operations in countries in which we operate or may operate in the future will be subject to stringent laws and
regulations relating to the release or disposal of materials into the environment or otherwise relating to environmental protection.
Failure to comply with these laws and regulations may result in the imposition of administrative, civil and/or criminal penalties, incurring
investigatory or remedial obligations and the imposition of injunctive relief.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in environmental laws and regulations occur frequently, and any changes that result in more stringent or costly waste handling, storage,
transport, disposal or cleanup requirements could require us to make significant expenditures to attain and maintain compliance and may
otherwise have a material adverse effect on our industry in general and on our own results of operations, competitive position or financial
condition. Although we intend to comply in all material respects with applicable environmental laws and regulations, there can be no
assurance that we will be able to comply with existing or new regulations. In addition, the risk of accidental spills, leakages or other
circumstances could expose us to extensive liability. We are unable to predict the effect of additional environmental laws and regulations
that may be adopted in the future, including whether any such laws or regulations would materially adversely increase our cost of doing
business or affect operations in any area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
certain environmental laws that impose strict, joint and several liability, we may be required to remediate our contaminated properties
regardless of whether such contamination resulted from the conduct of others or from consequences of our own actions that were or were
not in compliance with all applicable laws at the time those actions were taken. In addition, claims for damages to persons or property
may result from environmental and other impacts of our operations. Moreover, new or modified environmental, health or safety laws, regulations
or enforcement policies could be more stringent and impose unforeseen liabilities or significantly increase compliance costs. Therefore,
the costs to comply with environmental, health or safety laws or regulations or the liabilities incurred in connection with them could
significantly and adversely affect our business, financial condition or results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, many countries have agreed to regulate emissions of &#8220;greenhouse gases.&#8221; Methane, a primary component of natural
gas, and carbon dioxide, a by-product of burning of oil and natural gas, are greenhouse gases. Regulation of greenhouse gases could adversely
impact some of our operations and demand for some of our services or products in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Competition
in the oil and natural gas industry for licenses is intense, and many of our competitors have greater financial, technological and other
resources than we do, which may adversely affect our ability to compete.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be operating in the highly competitive areas of oil and natural gas exploration, development, production and acquisition with a
substantial number of other companies, both foreign and domestic. We face intense competition from independent, technology-driven companies
as well as from both major and other independent oil and natural gas companies in each of the following areas:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seeking
    oil and natural gas exploration licenses and production licenses; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">acquiring
    desirable producing properties or new leases for future exploration; </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">marketing
    oil and natural gas production; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">integrating
    new technologies; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">contracting
    for drilling services and equipment and securing the expertise necessary to develop and operate properties. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of our competitors have substantially greater financial, managerial, technological and other resources than we do. These companies are
able to pay more for exploratory prospects and productive oil and natural gas properties than we can. To the extent competitors are able
to pay more for properties than we are paying, we will be at a competitive disadvantage. Further, many of our competitors enjoy technological
advantages over us and may be able to implement new technologies more rapidly than we can. Our ability to explore for and produce oil
and natural gas prospects and to acquire additional properties in the future will depend upon our ability to successfully conduct operations,
implement advanced technologies, evaluate and select suitable properties and consummate transactions in this highly competitive environment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
might not be able to obtain necessary permits, approvals or agreements from one or more government agencies, surface owners, or other
third parties, which could hamper our exploration, development or production activities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are numerous permits, approvals, and agreements with third parties that will be necessary in order to enable us to proceed with our exploration,
development or production activities and otherwise accomplish our objectives. The government agencies in international countries have
discretion in interpreting various laws, regulations, and policies governing operations under licenses such as the license we are obtaining
in Bulgaria. Further, we may be required to enter into agreements with private surface owners to obtain access to, and agreements for,
the location of surface facilities. In addition, because many of the laws governing oil and natural gas operations in international countries
have been enacted relatively recently, there is only a relatively short history of the government agencies handling and interpreting
those laws, including the various regulations and policies relating to those laws. This short history does not provide extensive precedents
or the level of certainty that allows us to predict whether such agencies will act favorably toward us. The governments have broad discretion
to interpret requirements for the issuance of drilling permits. Our inability to meet any such requirements could have a material adverse
effect on our exploration, development or production activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Common Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
value of our common stock may be affected by matters not related to our own operating performance.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of our common stock may be affected by matters that are not related to our operating performance and are outside of our control.
These matters include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    economic conditions in the United States and globally; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">industry
    conditions, including fluctuations in the price of oil and natural gas; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governmental
    regulation of the oil and natural gas industry, including environmental regulation and regulation of fracture stimulation activities;
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuation
    in foreign exchange or interest rates; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">liabilities
    inherent in oil and natural gas operations; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">geological,
    technical, drilling and processing problems; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unanticipated
    operating events that can reduce production or cause production to be shut in or delayed; </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    to obtain industry partner and other third-party consents and approvals, when required; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">stock
    market volatility and market valuations; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
    for, among other things, capital, acquisition of reserves, undeveloped land and skilled personnel; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    need to obtain required approvals from regulatory authorities; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">worldwide
    supplies and prices of, and demand for, oil and natural gas; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">political
    conditions and developments in each of the countries in which we operate; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">political
    conditions in oil and natural gas producing regions; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revenue
    and operating results failing to meet expectations in any particular period; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investor
    perception of the oil and natural gas industry; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limited
    trading volume of our common shares; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    relating to our business or the business of our competitors; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    sale of assets; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    liquidity; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to raise additional funds; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    uncertain impact of the COVID-19 pandemic on our operations and the economy. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, some companies that have experienced volatility in the trading price of their common stock have been the subject of securities
class action litigation. We might become involved in securities class action litigation in the future. Such litigation often results
in substantial costs and diversion of management&#8217;s attention and resources and could have a material adverse effect on our business,
financial condition and results of operation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
in our common stock is speculative due to the nature of our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our common stock is speculative due to the nature of our involvement in the acquisition and exploration of oil and natural
gas properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
shareholders may experience dilution as a result of our issuance of additional common stock or the exercise of outstanding options and
warrants.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may enter into commitments in the future that would require the issuance of additional common stock. We may also grant additional share
purchase warrants, restricted stock units or stock options. The exercise of share purchase warrants, restricted stock units or stock
options and the subsequent resale of common stock in the public market could adversely affect the prevailing market price and our ability
to raise equity capital in the future. Any stock issuances from our treasury will result in immediate dilution to existing shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have never declared or paid cash dividends on our common stock.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not anticipate paying cash dividends on our common stock in the foreseeable future. Payment of future cash dividends, if any, will
be at the discretion of our Board of Directors and will depend on our financial condition, results of operations, contractual restrictions,
capital requirements, business prospects and other factors that our Board of Directors considers relevant. Accordingly, investors may
only see a return on their investment if the value of our securities appreciates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
stock price is volatile.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is traded on the Canadian Securities Exchange (the CSE) and the OTCQB. There can be no assurance that an active public market
will continue for our common stock, or that the market price for our common stock will not decline below its current price. Such price
may be influenced by many factors, including, but not limited to, investor perception of us and our industry and general economic and
market conditions. The trading price of our common stock could be subject to wide fluctuations in response to a variety of matters and
market conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
common stock will be subject to the &#8220;Penny Stock&#8221; Rules of the SEC.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
securities will be subject to the &#8220;penny stock rules&#8221; adopted pursuant to Section 15(g) of the Exchange Act. The penny stock
rules apply generally to companies whose common stock trades at less than $5.00 per share, subject to certain limited exemptions. Such
rules require, among other things, that brokers who trade &#8220;penny stock&#8221; to persons other than &#8220;established customers&#8221;
complete certain documentation, make suitability inquiries of investors and provide investors with certain information concerning trading
in the security, including a risk disclosure document and quote information under certain circumstances. Some brokers have decided not
to trade &#8220;penny stock&#8221; because of the requirements of the &#8220;penny stock rules&#8221; and, as a result, the number of
broker-dealers willing to act as market makers in such securities is limited. In the event that we remain subject to the &#8220;penny
stock rules&#8221; for any significant period, there may develop an adverse impact on the market, if any, for our securities. Because
our securities are subject to the &#8220;penny stock rules,&#8221; investors will find it more difficult to dispose of our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
decline in the price of our common stock could affect our ability to raise further working capital and create additional dilution to
existing shareholders upon any financings.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
decline in the price of our common stock could result in a reduction in the liquidity of our common stock and a reduction in our ability
to raise additional capital for our operations. Because our operations to date have been principally financed through the sale of equity
securities, a decline in the price of our common stock could have an adverse effect upon our liquidity; and if we sell such equity securities
at a lower price, such sales could cause excessive dilution to existing shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may issue debt to acquire assets or for working capital.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time our Company may enter into transactions to acquire assets or the stock of other companies or we may require funding for
general and administrative purposes. These transactions may be financed partially or wholly with debt, which may increase our debt levels
above industry standards. Our governing documents do not limit the amount of indebtedness that our Company may incur. The level of our
indebtedness from time to time could impair our ability to obtain additional financing in the future on a timely basis to take advantage
of business opportunities that may arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may issue additional equity securities without the consent of shareholders. The issuance of any additional equity securities would further
dilute our shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has the authority, without further action by the shareholders, to issue a unlimited number of shares of common stock
authorized under our charter documents, of which 115,250,810 shares were issued and outstanding as of December 31, 2023. We may issue
additional shares of common stock or other equity securities, including securities convertible into shares of common stock, in connection
with capital raising activities. The issuance of additional common stock would also result in dilution to existing shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
4. <span style="text-transform: uppercase"><span id="p_022"></span>INFORMATION ON THE COMPANY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
History and Development of the Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trillion
Energy International Inc. is focused on its oil and gas producing assets in Turkey specifically its SASB Natural Gas field as well as
its Cendere Oil field.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trillion
Energy International Inc. and its consolidated subsidiaries, (collectively referred to as the &#8220;Company&#8221;) is a Canadian based
oil and gas exploration and production company with operations primarily in Turkiye. The Company&#8217;s shares trade on the Canadian
Securities Exchange under the symbol &#8220;TCF&#8221; where it was recently added the CSE 25 Index. The Company also trades on the OTCQB
under the symbol &#8220;TRLEF&#8221; and the Frankfurt exchange under the symbol Z620. A class of the Company&#8217;s warrants trade
on the CSE under the symbol TCF.WT.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is focused on oil and gas exploration in Turkiye. During the year, it had drilled six successful development gas wells at its
conventional natural gas project, the SASB gas field located in the Black Sea, Turkiye, where it has initiated a multi-well development
program. Trillion has a 49% interest in the SASB gas field. In addition, the Company produces oil from the Cendere field in Turkiye,
a long-term low decline oil field where it holds a 19.6% (except three wells with 9.8%) interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trillion&#8217;s
strategy is to increase production and reserves at its 12,385 hectare SASB natural gas field and capitalize on high regional gas prices
to generate cash flow and build shareholder value through a multi-well drilling program.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
drilling five successful long reach directional wells and one re-completion at SASB, Trillion will continue to perform several new perforations
of existing wells and install velocity string production tubing, pumps, gas lift to optimize production and reduce well downtime. Trillion
is currently undertaking work programs to optimize production and reduce downtime on the SASB Field to ensure all 6 previously drilled
and completed wells are able to produce concurrently and with less than 90% downtime on a managed basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
2024-2025 SASB several sidetrack wells have been engineered and are drill ready. These wells are expected to be drilled first, followed
by several stratigraphic exploration prospects. New re-processing of 3D seismic is expected to be completed during 2024. The new 3D seismic
re-processing is expected to define stratigraphic exploration targets as well as to delineate reserves in structural traps.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
February and March 2023, the Company successfully drilled the West Akcakoca 1 well which discovered 55+ metres of gas pay and flow tested
at a rate of 3.5 (mmcf/d)(gross 100% interest) and was put on production. During March 2023, the Company successfully drilled the Guluc-2
well which discovered 70+ metres of gas pay and flow tested at a rate of 8.83 (mmcf/d)(gross 100% interest). Guluc 2 entered long term
production with an initial production rate of approximately 6 (mmcf/d)(gross 100% interest).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 20, 2023, the Company entered into an agreement with Eight Capital, pursuant to which Eight Capital agreed to purchase for resale,
together with a syndicate of underwriters (together with Eight Capital, the &#8220;Underwriters&#8221;), on a bought deal private placement
basis, 15,000 units of the Company (&#8220;Units&#8221;) at a price of $1,000 per Unit, for gross proceeds of $15,000,000 (the &#8220;Placement&#8221;).
Each Unit will consist of $1,000 principal amount secured convertible debenture (a &#8220;Debenture&#8221;) and 1,667 common share purchase
warrants of the Company (a &#8220;Warrant&#8221;). Each Warrant will be exercisable for one common share of the Company (each a &#8220;Warrant
Share&#8221;) at an exercise price of $0.50 per Warrant Share, subject to adjustment in certain events, and shall have an expiry date
of June 29, 2025. The Debentures will mature on April 30, 2025 (the &#8220;Maturity Date&#8221;) and will accrue interest at the rate
of 12.0% per annum, payable semi-annually in arrears beginning on October 31, 2023 (the &#8220;Interest&#8221;). At the holders&#8217;
option, the Debentures may be converted into common shares of the Company (&#8220;Conversion Shares&#8221;) at any time and from time
to time, up to the earlier of the Maturity Date and the date fixed for redemption of the Debentures, at a conversion price of $0.60 per
common share (the &#8220;Conversion Price&#8221;). The Company is currently drilling the Bayhanli well, which is expected to be completed
in May 2023. Each of the new wells are expected to take an average of 45 days to drill and for reentries, an average of 15 days per well.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2023, the Company raised gross proceeds of CAD $15 million under a bought deal for further development of the SASB field. Each
Unit will consist of CAD$1,000 principal amount secured convertible debenture (&#8220;Debenture&#8221;) and 333 common share purchase
warrants of the Company (the &#8220;Warrants&#8221;). Each Warrant will be exercisable for one common share of the Company at an exercise
price of CAD$2.50 and shall have an expiry date of June 29, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
31st July the Company announced a farm-in agreement to earn a 50% working and revenue interest in three new exploration block in South
East Turkey called Cudi-Gabar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
August 2023 the Company announced the completion of tits drilling programme have drilled five new wells and recompleted one well. The
Company then commenced installing new wellheads. To address the water loading issues the Company has engaged outside consultants and
is in the process of installing artificial lift pumps. GLJ have reviewed their reserve report which is included in the MD &amp; A.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 15, 2023 the Company announced a Consolidation of its shares on a 5 to 1 basis, therefore 5 pre-consolidation shares was equivalent
to 1 post consolidation share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
October 2023, additional perforations to existing wells were made and a booster compressor was added to the field to reduce back pressure
for gas entering the Cayagzi gas processing facility. During November, 2023, the Company received a report from a third party consulting
firm on how to increase production on the six wells. The Company is evaluating the report and intends to put many of the recommendations
into action plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 28, 2023 the Company announced a closing for a CAD$10.8 million public offering. Proceeds were for further development of the
SASB field; payment of certain debts related to the drilling programme and general working capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023 the Company announced completion of its 3D seismic reprocessing of the SASB filed which is now being interpreted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company has entered into a farm-in agreement with Derkim Poli&#252;retan Sanayi ve Ticaret A.S. to earn a 50% working &amp;
revenue interest in three oil exploration blocks (the &#8220;Oil Blocks&#8221;) comprised of 151,484 hectares (374,325 acres) within
the newly defined Cudi-Gabar petroleum province, Southeastern Turkiye. The Company is currently negotiating the Joint Operating Agreement,
will trigger certain work commitments to Trillion over a three year period. To earn the 50% the Company must acquire 351 km of 2D seismic
in 2023 and drill several wells in 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Turkey</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company owns interests in the producing Cendere oil field (&#8220;Cendere&#8221;) and producing South Akcakoca Sub-Basin (&#8220;SASB&#8221;)
gas field in Turkey. Cendere, a mature oilfield, is a long-term low decline oil reserve. The Company has a 19.6% interest in the Cendere
oil field located in Southeast Turkey.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SASB field holds upside through exploitation of reserves and resources where significant infrastructure is in place to realize same,
including pipelines, offshore platforms, and a gas processing plant capable of processing 42.4 Mmcf/d. With this base of operations in
Turkey and its experienced management team, the Company is poised to exploit these assets and for further growth in the region.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recently entered into a farm-in agreement on three oil exploration blocks (M47, M46c,d) (the &#8220;Oil Blocks&#8221;) totalling
acres 374,325 within the newly defined Cudi-Gabar petroleum province, Southeastern Turkiye. The Company is currently negotiating a joint
operating agreement in respect of the Oil Blocks..</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cendere
oil field</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2022, the gross oil production rate for the producing wells in Cendere was 673 bbls/day (barrels per day); the average daily
2022 gross production rate for the field was 681 bbls/day. At the end of December 2022, oil was sold at a price of approximately US$83.24
per barrel (&#8220;bbl&#8221;) for a netback per barrel of approximately US$46.36/bbl. At December 31, 2022, the Cendere field was producing
110 barrels of oil per day net to the Company; and averaged 102 barrels per day during 2022 net to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SASB</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SASB
has several producing natural gas fields, four production platforms plus subsea pipelines that connect the fields to an onshore gas plant.
The SASB fields are located off the north coast of Turkey towards the western end of the Black Sea. Total gross production to date from
the four fields is in excess of 43 billion cubic feet (&#8220;Bcf&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s interest in SASB is 49%. SASB has several natural gas fields, four production platforms plus 18 kilometers of subsea
pipelines connecting the gas fields to an onshore gas processing facility. SASB is located off the North West coast of Turkey in the
Black Sea. Total gross production to date from the four fields is over 43 billion cubic feet (&#8220;Bcf&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company commenced the SASB Development Program during September 2022, at which time the Uranus Rig mobilized to the license block from
Romania. The drilling rig was then positioned at the Akcakoca platform upon which it drilled South Akcakoca, re-completed Akcakoca-3,
drilled Akcakoca West 1 and Guluc 2. In addition, Bayhanli 2 and Alapli 2 were drilled off different tripods. Those 5 new wells and one
recompletion were put on production, thus generating revenue for the company. The wells experienced water loading due to the large production
tubing size and currently all gas pay in the wells will be perforated and production tubing changed to a smaller diameter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 the gross gas production rate for SASB was 2.93 MMcfd, net to Company was 1.26 MMcf/d (after royalty) The current
average daily 2023 gross production rate for the field was 5.75 MMcfd and net to Company was 2.46 MMcf/d (after royalty). Currently natural
gas is currently being sold at about US$10/mcf domestically in Turkey. The average monthly natural gas sale price year to date for 2023
was approximately US$14.17/ mcf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also plans to evaluate exploration opportunities around the SASB development license area, which is currently 12,385 hectares.
The Company is currently reprocessing the existing 3D seismic with new technology and gathering additional data to determine and propose
new exploration work programs in and around the SASB block. Such new technology is expected to improve the resolution of the data, define
new exploration targets and delineate new reserves and resources on SASB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bulgaria
license</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October of 2010, the Company was awarded an exploration permit for the &#8220;Vranino 1-11 Block&#8221;, a 98,205 acre oil and gas exploration
land located in Dobrudja Basin, Bulgaria, by the Bulgarian Counsel of Ministers. On April 1, 2014, the Company entered into an Agreement
for Crude Oil and Natural Gas Prospecting and Exploration in the Vranino 1-11 Block with the Ministry of Economy and Energy of Bulgaria
(the &#8220;License Agreement&#8221;). The initial term of the License Agreement is five years. This five-year period will commence once
the Bulgarian regulatory authorities approve of the Company&#8217;s work programs for the permit area. The License Agreement (or applicable
legislation) provides for possible extension periods for up to five additional years during the exploration phase, as well as the conversion
of the License Agreement to an exploitation concession, which can last for up to 35 years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined it would dispose of the Bulgaria property and that it would obtain the options to do so. As a result, the Company
recorded an impairment loss of $3,101,343 during the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Developments
of the Business after the Reporting Period</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the period after the Reporting Period, the company has been planning and implementing production optimization and artificial lift at
the SASB gas field to increase production rates on the field. It also shot 2-D seismic on the Oil Block M47.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Strategic
Focus</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trillion&#8217;s
strategy is to increase production and reserves at its 12,385 hectare SASB natural gas field and capitalize on high regional gas prices
to generate cash flow and build shareholder value through a multi-well drilling program.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
drilling five successful long reach directional wells and one re-completion at SASB, Trillion will continue to perform several new perforations
of existing wells and install velocity string production tubing, pumps, gas lift to optimize production and reduce well downtime. Trillion
is currently undertaking work programs to optimize production and reduce downtime on the SASB Field to ensure all 6 previously drilled
and completed wells are able to produce concurrently and with less than 90% downtime on a managed basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trillions
short term focus is on increasing production on eight wells at the SASB gas field. As in most oil and gas fields, the past production
history is a useful analog for predicting future production trends and results, and as such, our focus is on repeating the production
rates previously achieved from legacy wells drilled over 10 years ago.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the 2024-2025 SASB drilling program, several sidetrack wells have been engineered and are drill ready. These wells are expected to be
drilled first, followed by several stratigraphic exploration prospects. New re-processing of 3D seismic is expected to be completed during
2024. The new 3D seismic re-processing is expected to define stratigraphic exploration targets as well as to delineate reserves in structural
traps.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company has entered into a farm-in agreement with Derkim Poli&#252;retan Sanayi ve Ticaret A.S. to earn a 50% working &amp;
revenue interest in three oil exploration blocks (the &#8220;Oil Blocks&#8221;) comprised of 151,484 hectares (374,325 acres) within
the newly defined Cudi-Gabar petroleum province, Southeastern Turkiye. The Company is currently negotiating the Joint Operating Agreement,
will trigger certain work commitments to Trillion over a three year period. To earn the 50% the Company must acquire 351 km of 2D seismic
in 2023 and drill several wells in 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Business Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trillion
Energy International Inc. and its consolidated subsidiaries, (collectively referred to as the &#8220;Company&#8221;) is a Canadian based
oil and gas exploration and production company. Effective January 2022, the corporate headquarters moved to Suite 700, 838 West Hastings
Street, Vancouver, B.C., Canada from Turan Gunes Bulvari, Park Oran Ofis Plaza, 180-y, Daire:54, Kat:14, 06450, Oran, Cankaya, Anakara,
Turkey. The move coincided with the redomicile of the Company from Delaware to British Columbia, a move which was approved by shareholders
in November 2021. The Company also has a registered office in Turkey and Bulgaria. The Company was originally incorporated in Delaware
in 2015, and in January 2022 became a British Columbia company. The Company&#8217;s shares are traded on the OTCQB under the symbol &#8220;TRLEF&#8221;
and trade on the Canadian Securities Exchange under the symbol &#8220;TCF&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 21, 2022, the Company redomiciled from Delaware to a British Columbia corporation by way of an amalgamation transaction with
the Company&#8217;s British Columbian subsidiary, Trillion Energy International Inc. (the &#8220;Repatriation Transaction&#8221;). Pursuant
to the Repatriation Transaction, for every one common stock of Trillion Energy International Inc., the shareholders will receive one
common stock of Trillion Energy International Inc. The redomicile is effective January 22, 2022 and the Company started to operate under
the name Trillion Energy International Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Repatriation Transaction, the Company meets the definition of a foreign private issuer, as defined under Rule 3b-4 of
the Securities Exchange Act of 1934, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Organizational Structure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is part of a corporate group. The Company has the following subsidiaries:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Park
    Place Energy Corp. (&#8220;PPE Corp.&#8221;); (a Nevada corporation)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Park
    Place Energy Bermuda (&#8220;PPE Bermuda&#8221;) (a Bermuda corporation);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BG
    Exploration EOOD (&#8220;BG Exploration&#8221;) (a Bulgarian Corporation) ; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Park
    Place Energy Turkey (&#8220;PPE Turkey&#8221;) (a Cayman Island Corporation)</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Park
    Place Energy Gabar Limited (a Cayman Island Corporation)</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Property and Equipment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Turkey
Properties</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 18, 2017, the Company completed the acquisition of three oil and gas exploration and production companies operating in Turkey
(the &#8220;PPE Companies&#8221;). As a result of the acquisition of the PPE Companies, the Company now owns interests in three producing
oil and gas fields in Turkey, one of which is offshore and the other two are onshore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SASB</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary asset of the PPE Turkey is the offshore production license called the South Akcakoca Sub-Basin (&#8220;SASB&#8221;). PPE Turkey
owns a 49% working interest in SASB which has several producing fields with reserves, each with a production platform plus subsea pipelines
that connect the fields to an onshore gas plant. SASB is located off the north coast of Turkey towards the western end of the Black Sea
in water depths ranging from 60 to 100 meters. Gas is produced from Eocene age sandstone reservoirs at subsea depths ranging from 1,100
to 1,800 meters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
three nearer shore gas fields of Ayazli (discovered in 2004), Dogu Ayazli (discovered 2005) and Akkaya (discovered in 2006) were included
in an initial phase of development with first gas production in 2007. The deeper water Akcakoca field (discovered in 2006) was developed
later with first gas production in 2011. All the fields are developed using unmanned well head platforms/tripods tied back via an 18
km 12-inch pipeline to shared processing and compression facilities onshore at Cayagzi gas plant. The gas plant at Cayagzi is capable
of processing up to 75 million cubic feet of gas per day. Sales gas is exported via an 18.6 km long 16-inch onshore pipeline, which ties
into the main national gas transmission network operated by BOTAS. Historically, gas has been produced at rates of as high as 30 MMcf/d
from SASB; total gross production to date from the four fields is in excess of 43 Bcf. The production license for SASB is covered by
a modern 223 square kilometre 3D survey. There are five additional gas discoveries in SASB that have not yet been developed. Also, there
are several additional prospects defined by 3D seismic data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company commenced the SASB Development Program during September 2022, at which time the Uranus Rig mobilized to the license block from
Romania. The drilling rig was then positioned at the Akcakoca platform upon which it drilled South Akcakoca, re-completed Akcakoca-3,
drilled Akcakoca West 1 and Guluc 2. In addition, Bayhanli 2 and Alapli 2 were drilled off different tripods. Those 5 new wells and one
recompletion were put on production, thus generating revenue for the company. The wells experienced water loading due to the large production
tubing size and currently all gas pay in the wells will be perforated and production tubing changed to a smaller diameter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 the gross gas production rate for SASB was 2.93 MMcfd, net to Company was 1.26 MMcf/d (after royalty) The current
average daily 2023 gross production rate for the field was 5.75 MMcfd and net to Company was 2.46 MMcf/d (after royalty). Currently natural
gas is currently being sold at about US$10/mcf domestically in Turkey. The average monthly natural gas sale price year to date for 2023
was approximately US$14.17/ mcf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s immediate focus is resolving water loading issues on up to nine wells at SASB gas field, through tubing size optimization
and pumps. Once this is completed, the Company plans to drill several well extensions of older wells to recover missed pay.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also plans to evaluate exploration opportunities around the SASB development license area, which is currently 12,385 hectares.
The Company is currently reprocessing the existing 3D seismic with new technology and gathering additional data to determine and propose
new exploration work programs in and around the SASB block. Such new technology is expected to improve the resolution of the data, define
new exploration targets and delineate new reserves and resources on SASB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cendere</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the acquisition of the PPE Turkey, the Company also acquired a 19.6% interest in the Cendere field except three wells where the Company
has a 9.8% interest, a producing oil field located in Central Turkey.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
description of the Cendere Field geological and reservoir characteristics is as follows. The reservoirs are located in the South East
Anatolian Basin and within the Middle Cretaceous period. The carbonated Derdere Formation is the main reservoir in Cendere Field and
has dolomitization and fracturing, which enhance its production characteristics. There are also four additional oil reservoirs contained
within Cendere Field.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cendere Field is covered by 54 km2 of 3D seismic that was acquired in 2004.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
field was developed using a collection of dispersed oil wells from which production is collected and exported to the Cendere gathering
station. The produced oil is exported to the TPAO Karakus processing facility which then is transported onwards to the BOTAS-operated
oil pipeline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are 20 well pads which currently house 16 producing wells spread over an area of approximately 15 square kilometers. A field gathering
station, located to the southwest of the Cendere Field collects the oil and produced water from a collection of flowlines and manifolds.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cendere Field is a long-term low decline oil reserve.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bulgarian
Property</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October of 2010, the Company was awarded an exploration permit for the &#8220;Vranino 1-11 Block&#8221;, a 98,205 acre oil and gas exploration
land located in Dobrudja Basin, Bulgaria, by the Bulgarian Counsel of Ministers. On April 1, 2014, the Company entered into an Agreement
for Crude Oil and Natural Gas Prospecting and Exploration in the Vranino 1-11 Block with the Ministry of Economy and Energy of Bulgaria
(the &#8220;License Agreement&#8221;). The initial term of the License Agreement is five years. This five-year period will commence once
the Bulgarian regulatory authorities approve of the Company&#8217;s work programs for the permit area and the Company completes an environmental
impact assessment (&#8220;EIA&#8221;). The License Agreement (or applicable legislation) provides for possible extension periods for
up to five additional years during the exploration phase, as well as the conversion of the License Agreement to an exploitation concession,
which can last for up to 35 years. Under the License Agreement, the Company was to submit a yearly work program that is subject to approval
of the Bulgarian regulatory authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s commitment is to perform geological and geophysical exploration activities in the first 3 years of the initial term (the
&#8220;Exploration and Geophysical Work Stage&#8221;), followed by drilling activities in years 4 and 5 of the initial term (the &#8220;Data
Evaluation and Drilling Stage&#8221;). The Company is required to drill 10,000 meters (approximately 32,800 feet) of new wellbore (which
may be vertical, horizontal or diagonal) and conduct other exploration activities during the initial term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the License Agreement, the Company is obligated to incur minimum costs during the initial term as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$925,000
    for the Exploration and Geophysical Work Stage; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,675,000
    for the Data Evaluation and Drilling Stage.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, during the term of the License Agreement, the Company is obligated to pay an annual land rental fee of 15,897 BGN (US $9,061
based on the exchange rate of 0.57 Lev to U.S. Dollar as of April 1, 2022). The Company is permitted to commence limited production during
the initial term of the License Agreement. Upon confirmation of a commercial discovery, the Company is entitled to convert the productive
area of the license to an exploitation concession that may last for up to 35 years provided that the minimum work commitments are satisfied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October and November 2022, the Company determined it would dispose of the Bulgaria property and that it would obtain the options to do
so.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reserves
Reported to Other Agencies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not filed estimates of total in-place resources with any other federal authority or agency in the United States, Canada, Turkey
or Bulgaria at this time. Presently, we are not required to prepare an estimate with respect to the Bulgarian property or the Oil Blocks
in Turkey because our license has not yet become effective and there are no reserves as it is exploration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reserves</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt; background-color: white"><span style="font: small-caps 10pt Times New Roman, Times, Serif"><b>Summary
of Oil and Gas Reserves as of Fiscal-Year End Based on Average Fiscal-Year Prices</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt; background-color: white"><span style="font: small-caps 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt; background-color: white"><span style="font: small-caps 10pt Times New Roman, Times, Serif"><b></b></span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 11pt Aptos; vertical-align: top; white-space: nowrap; text-align: center; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
    51-101F</span></td>
    <td style="font: 11pt Aptos; text-align: center; width: 70%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE
    2.1.1 SUMMARY OF OIL AND GAS RESERVES as of December 31, 2023<br/>
    FORECAST PRICES AND COST</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt; background-color: white"><span style="font: small-caps 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt; background-color: white"><span style="font: small-caps 10pt Times New Roman, Times, Serif"><b></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">LIGHT AND MEDIUM <br/>
CRUDE OIL</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Conventional
<br/>
Natural Gas</p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Oil Equivalent</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross<br/> (Mbbl)</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Net (Mbbl)</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Company<br/> Gross<br/> MMcf</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Company<br/> Net<br/> MMcf</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Company<br/> Gross<br/> Mboe</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt; background-color: white"><span style="font: small-caps 10pt Times New Roman, Times, Serif"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
independent firm, GLJ Petroleum Consultants (GLJ or GLJ Consultants) completed an independent reserves assessment and evaluation of the
oil and gas properties located in Turkey of Trillion Energy International Inc. The effective date of this evaluation is December 31,
2023. The evaluation was prepared in accordance with procedures and standards contained in the Canadian Oil and Gas Evaluation (COGE)
Handbook.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Undeveloped
Acreage</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the amounts of our undeveloped acreage as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Area</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Net</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; padding-bottom: 1.5pt">M46c,d, M47 Oil Blocks, SE Turkey</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undeveloped
    acreage is considered to be those lease hectares on which wells have not been drilled or completed to a point that would permit the
    production of commercial quantities of oil and gas regardless of whether or not such acreage contains proved reserves.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
4A. <span style="text-transform: uppercase"><span id="p_023"></span>unresolved staff comments</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
5. <span style="text-transform: uppercase"><span id="p_024"></span>operating and financial review and prospects</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is management&#8217;s explanation of factors that have affected the Company&#8217;s financial condition and results
of operations for the historical periods covered by the financial statements, and management&#8217;s assessment of factors and trends
which are anticipated to have material effect on the Company&#8217;s financial condition and results of operations in future periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Operating Results</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
Ended December 31, 2023 Compared to Year Ended December 31, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net income for the year ended December 31, 2023 increased by $6,879,886 compared to the net loss for the year ended December 31, 2022
with a net income of $758,132 recognized during the year ended December 31, 2023 as compared to a net loss of $6,121,754 for the year
ended December 31, 2022.. Factors contributing to the net loss for the year included the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
increased by $7,422,337 from $9,375,029 in 2022 to $16,797,366 in 2023. The increase is primarily in relation to production from the
SASB fields increased as a result of the Company continuing their SASB drilling program.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, the Company incurred production expenses related to its Turkey operations of $4,365,710 (2022 - $3,567,875),
depletion charges of $5,119,174 (2022 - $1,451,032), depreciation expense of $175,764 (2022 - $145,035) and asset retirement obligation
accretion expense of $219,536 (2022 - $264,075). Production expenses for the year ended December 31, 2023 increased as compared with
the comparative period in 2022 as a result of the Company continuing with their drilling and production program which started in Q4 of
2022. Depletion increased by $3,668,142 as a result of an increase in production levels, while depreciation expenses increased due to
the purchase of additional equipment during the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, the Company had general and administrative expenses of $7,294,972, compared to $6,397,500 for the year
ended December 31, 2022. The increase is primarily due to an increase in salaries and compensation of $1,247,243 primarily due to an
increase in employees working the oil and gas operations and drilling programs in Turkey. Increases in professional fees of $267,072
correspond with the Company&#8217;s production ramp up. $3,385,421 (2022 &#8211; $3,578,868) in expenses were from the North American
head office and $3,909,551 (2022 - $2,818,632) for the Turkey office.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, the Company recorded stock-based compensation of $2,397,261 compared to $2,118,917 for the year ended
December 31, 2022. Stock-based compensation relates to the vesting of options and RSU&#8217;s granted to directors and consultants of
the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Income (Expense)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, the Company had other income of $4,239,593 compared to other expenses of $2,185,242 for the year ended
December 31, 2022. Other expenses for the year ended December 31, 2023 consists mainly of a foreign exchange loss of $10,990,604 (2022
&#8211; gain of $1,272,450), coupled with a loss on the impairment of assets held for sale of $1,556,787 (2022 - $nil) and a finance
cost of $2,249,055 (2022 &#8211; $79,693) as a result of interest and accretion recognized on convertible debentures issued during the
year. This is offset by the gain on net monetary position of $18,984,099 (2022 - $1,826,495).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Total
Assets</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, total assets increased by $21,592,209 from $37,018,219 as at December 31, 2022 to $58,610,428 as at December 31,
2023. The increase in total assets was primarily a result of an increase in oil and gas properties of $22,604,306 and the addition of
assets held for sale of $1,479,429. The increase in oil and gas reflect work performed and discoveries made in the Company&#8217;s SASB
fields in Turkey. and the assets held for sale relate to the Company&#8217;s left-over field equipment which management is committed
to sell. These increases are offset by a decrease in accounts receivable of $2,744,480 due to sales in Q4 of 2023 decreasing by $3 million
in comparison to Q4 of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Total
Non-current Financial Liabilities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
non-current liabilities as at December 31, 2023 increased by $13,256,722 from $5,346,538 as at December 31, 2022 to $18,603,260 as at
December 31, 2023. The increase in total non-current financial liabilities was primarily a result of an increase of $10,102,627 in convertible
debentures as a result of a convertible debenture financing closing during the year. The convertible debentures include include certain
conversion features and associated warrants which were valued using the option pricing model and required significant assumptions to
be made by management to value. Proceeds were $11,135,145 (CAD$15 million) less cash transaction costs from the offering of $775,747.
Proceeds of $10,359,398 were used for working capital to develop the Turkish SASB assets and general operating costs. The convertible
debentures matures on April 30, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
Ended December 31, 2022 Compared to Year Ended December 31, 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
this discussion, see our Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC on May 02, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Liquidity and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes our liquidity position:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%">Cash</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">1,188,445</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Working capital (deficit)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12,929,942</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">58,610,428</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">36,397,856</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">22,212,572</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, working capital deficit was $12,929,942 in comparison to working capital of $4,819,052 as at December
31, 2022. The $8,110,890 decrease in working capital is attributable to an increase in expenditures related to the Company&#8217;s drilling
activities in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company expects that is not fully funded for its next 12 months of operations, and accordingly is selling some of its excess drilling
inventory and is considering the sale of the Cendere oil field. As production increases, the Company intends to pay down its current
payables. When sufficient funds are available to reinstate a drilling program from production, the Company intends to drill one or more
sidetrack well extensions, as finances permit</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating,
Investing and Financing Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chart below highlights the Company&#8217;s cash flows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2023 ($)</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2022 ($)</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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31,</b></span></p>
                                                                                 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span><b>2021 ($)</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net cash provided by (used in):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">(1,869,543</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(18,783,032</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(37,427,683</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(181,845</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20,586,402</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(14,409</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">179,531</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">220,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Increase (decrease) in cash, cash equivalents, and restricted cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">262,384</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(100,929</td><td style="text-align: left">)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
Used in Operating Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities for the year ended December 31, 2023, was $1,526,577, compared to $7,031,965 cash provided by operating
activities for year ended December 31, 2022. . The current period loss of $1,102,194 was coupled with $849,664 in net non-cash items
and offset by $425,281 in changes in working capital items. This compares to a loss of $6,121,754, offset by $6,870,824 in working capital
items and 6,282,895 in net non-cash items for the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
Used in Investing Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities for the year ended December 31, 2023, was $18,783,032, compared to $37,427,683 used for the year ended
December 31, 2022. Oil and gas properties expenditures increased by $21,552,534 from $37,712,406 as of December 31, 2022 to $59,264,940
as of December 31, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b><i>Cash
Provided by Financing Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have funded our business to date from sales of our common stock through private placements and a convertible debenture loan. Net cash
provided by financing activities for the year ended December 31, 2023, was $20,586,402, compared to $30,115,258 for the year ended December
31, 2022. Cash provided by financing activities in the current period was primarily related to $8 million in proceeds, net of stock issuance
costs, for the issuance of stock related to private placements and warrant and option exercises. Additionally, the Company raised $10.4
million through the issuance of convertible debt during the year, net of issuance costs. In the comparative period cash from financing
activities was primarily related to the issuance of common shares, partially offset by repayment of note payable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
Operating Requirements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current plan of operation is to increase production from the SASB field through artificial lift and smaller production tubing to ramp
up cashflow to use cashflow to improve working capital. The funding for this plan and to pay down accounts payable will come from existing
revenues streams,, proceeds from sale of excess inventory from the previous drilling program and proceeds from sale of Cendere field.
Through the same of inventory and Cendere oil field sale, the Company believes this will be sufficient to improve working capital to
a management level. The Company does not currently have any plans to conduct an equity financing. The Company currently is open to receiving
a bank loan or other long-term debt instruments to improve cashflow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
we have brought production levels up to the anticipated levels we shall plan the continuation of drilling production wells extensions
at SASB to increase gas production, if and when cash is available. Each sidetrack well is expected to cost US $2.5 -$4 million net to
Trillon. Up to 10 sidetracks will be drilled, if and when cash is available from operations. As each of the wells is expected to generate
cashflow as they are brought online and as cash receipts from production are obtained on a monthly basis, our cash position will be enhanced
and capital outlays will be covered, such that increasing sales revenue will contribute positively to the Company&#8217;s working capital
and future anticipated capital expenditures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also plan to continue to develop our 50% working and revenue interest in Cudi-Gabar Oil Block in South-eastern Turkey and commence drilling
later this year. There has been a number of discoveries in the close vicinity of our block and the preliminary results of our seismic
studies indicate some promising areas. The Company is currently seeking a farm-in partner to pay for 100% of the expenditures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company had unrestricted cash of $1,188,445 and current liabilities of $17,794,596 which is not sufficient
to cover its plan of operations over the next 12 months and accordingly, the Company anticipates selling Cendere, and inventory to raise
further funds in the short term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Research and Development, Patents and Licenses, Etc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not developed a research and development policy. The Company holds no patents or licenses including technology licenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Trend Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
natural gas market in North America &amp; Europe and the oil market globally have incurred significant upward movement in commodity pricing.
Natural gas prices in Turkey and Europe have reached record highs in April 2022. Oil and gas markets have come off of lows suffered due
to COVID in 2020 and rallied during 2021. The rally in commodity pricing has positively impacted the economics of our oil and natural
gas production in Turkey and the future outlook for our SASB redevelopment. Oil and natural gas stocks have consequently generally risen
during 2021 and we were able to obtain a substantial financing during March 2022. The renewed focus in Europe and Turkey is on development
of domestic production for petroleum in an effort to shift away from Russian imports, which currently dominate the energy markets in
Europe and Turkey.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Off-Balance Sheet Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 1, 2018 the Company entered into an agreement to grant to a consultant of the Company a 2% (two percent) gross overriding royalty
on petroleum substances produced from certain of its currently undeveloped exploration properties, namely: Block 1-11 Vranino situated
in Dobrich District, Bulgaria and seven contiguous exploration licences in the province of Hakkari Yuksekova Semdiali Derecik, Turkey.
The Grant of the royalty agreement was for services involving technical and corporate advisory services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 1, 2018 the Company entered into an agreement to grant to the CEO of the Company a 0.5% (one half of one percent) gross overriding
royalty on petroleum substances produced from certain of its currently undeveloped exploration properties, namely: Block 1-11 Vranino
situated in Dobrich District, Bulgaria and seven contiguous exploration licences in the province of Hakkari Yuksekova Semdiali Derecik,
Turkey. The Grant of the royalty agreement was for services involving technical and corporate advisory services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.
Tabular Disclosure of Contractual Obligations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently has no contractual obligations in the nature of long term debt obligations, capital finance lease obligations, operating
lease obligations or purchase obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.
Safe Harbor</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
6. <span style="text-transform: uppercase"><span id="p_025"></span>DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Directors and Senior Management</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table and information that follows sets forth the names and positions of our directors and executive officers as of the date
of this annual report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current
    Office with Company</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since
    </b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Arthur
    Halleran</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President,
    Chief Executive Officer, Director </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    since October 4, 2011, President and CEO since September 2017 </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>David
    M. Thompson</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    Chief Financial Officer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    since October 29, 2013, CFO since January 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Jay
    Park</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    since December 5, 2023</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sean
    Stofer</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    since August 19, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Barry
    Wood</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    since December 31, 2018 until December 5, 2023</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dr.
Arthur Halleran - President and Chief Executive Officer, Director</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Halleran has been a director since October 4, 2011 and CEO since August, 2017. Dr. Halleran has a Ph.D. in Geology from the University
of Calgary and has 40 years of international petroleum exploration experience. His international experience includes work in countries
such as Canada, Colombia, Egypt, India, Guinea, Sierra Leone, Sudan, Suriname, Chile, Brazil, Pakistan, Peru, Tunisia, Trinidad Tobago,
Argentina, Ecuador and Guyana. Dr. Halleran&#8217;s experience includes work with Petro-Canada, Chevron, Rally Energy, Canacol Energy,
United Hunter Oil and Gas Corp. and United Hydrocarbon International Corp. In 2007, Dr. Halleran founded Canacol Energy Ltd., a company
with petroleum and natural gas exploration and development activities in Colombia, Brazil and Guyana, where he served as vice president
of exploration. Previously, Dr. Halleran was a consulting geologist for Rally Energy Corp. (Egypt), which discovered prolific reservoirs
in Egypt. Dr. Halleran currently serves as Vice President of Exploration &amp; Development for United Hydrocarbon International Corp.,
a company with oil interests in Chad, Africa. Dr. Halleran was appointed as a director of the Company to provide technical expertise
and oversight to the Dobrudja Basin gas project in Bulgaria. His education and technical experience in the energy sector are valuable
to our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>David
M. Thompson - Director and CFO</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Thompson has 30 years of financial experience in the oil and gas industry as a CPA, CMA. He successfully founded an oil trading company
in Bermuda with offices in the U.S. and Europe (Geneva, Moscow and Amsterdam). He was responsible for that company&#8217;s production
operations in Turkmenistan and successfully raised over $100 million in equity. Mr. Thompson also negotiated the farm-out of a number
of company assets. Mr. Thompson is Managing Director of AMS Limited, a Bermuda based Management Company. In the past he served as Founder,
President and CEO of Sea Dragon Energy Inc. (TSX:V), Chief Financial Officer of Aurado Energy, Chief Financial Officer of Forum Energy
Corporation (OTC), Financial Director of Forum Energy Plc (AIM) and Senior Vice President at Larmag Group of Companies. Mr. Thompson
is a Certified Management Accountant (1998).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Jay
Park</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jay
Park KC has been appointed to the board of directors of the Company. Mr. Park is a renowned energy lawyer with a particular focus on
upstream oil and gas transactions. He has worked on energy projects in more than fifty countries, including Turkey. He has advised international
energy companies, including oil and gas explorers, producers, marketers, pipeline companies, state oil companies, governments, banks
and multilateral agencies such as the World Bank. Mr. Park was formerly CEO (April 2018- September 2020) and then Chairman (September
2020-January 2022) of ReconAfrica (TSXV: RECO) exploring for oil &amp; gas in Namibia and Botswana. During this period ReconAfrica was
twice named to the TSX Venture 50 and was the top performing 2021 TSX Venture 50 company from the energy sector. Mr. Park is currently
Executive Chairman of MCF Energy Ltd. (TSX.V: MCF) exploring for gas in Europe.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sean
Stofer</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sean
Stofer has over 20 years of renewable energy experience. Mr. Stofer is a graduate of the University of British Columbia in Engineering
and is a registered Engineer in California. He is a founder of several successful renewable energy companies including for the arctic&#8217;s
largest solar array; 250 MW of solar in the USA; 200+MW of wind projects and over 300MW of hydroelectric projects. He is COO of Green
Data Center Real Estate, which uses renewable energy to power data centers. Sean is leading a project of over 500 MW using wind, solar
and hydropower. Sean has worked closely with Government to guide policy and has consulted to a wide range of companies. Sean was awarded
the Top 40 Under 40 in Vancouver, Canada for his business achievements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dr.
Barry Wood &#8211; Director</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
2008 to the present Dr. Wood has been an Independent Exploration Advisor, having assisted companies such as Dana Gas, NPC, Sea Dragon,
Maurel et Prom and others, establishing new offices, reviewing and recommending new opportunities, preparing contracts and managing G&amp;G
programs. From August, 2012 to 2015 Dr. Wood was an Advisor, Exploration, to NPC (Egypt). From 2008 to August 2012 Dr. Wood was an Advisor,
Exploration, to Sea Dragon Energy in Egypt. From 2006 to 2007 Dr. Wood was Country Manager for Maurel et Prom, based in Dar es Salaam,
Tanzania. From 2001to the present, Dr. Wood founded PetroQuest International Ltd. and advised to them in regards to new exploration fairways
in Tanzania, Syria and Egypt. From 1997 to 2001 Dr. Wood was employed at Oxford University Research in regards to Reservoir &amp; Structural
Development through Lithospheric Folding. From 1993 to 1997 Dr. Wood was the Exploration Manager for Marathon International Oil Company,
based in Cairo, Egypt. From 1989 to 1993 Dr. Wood was the Exploration and General Manager for Marathon International Oil Company, based
in Damascus, Syria. From 1985 to 1989 Dr. Wood was the Area Manager, New Ventures, for Marathon International Oil Company, in the areas
of Europe, N. &amp; E. Africa, Middle East, based in London and Houston. From 1981 to 1985 Dr. Wood was an Advanced Senior Geologist
with Marathon International Oil in Singapore. From 1980 to 1981 Dr. Wood was with Asamera Oil Ltd., Jakarta, Indonesia as a Senior Geologist
(N. Sumatra evaluation); from 1978 to 1980 Oasis Oil Company of Libya, Tripoli, Libya as a Senior Geologist (Sirte Basin Evaluation);
from 1976 to 1978 Pembina Pipeline, Calgary, Alberta as an Exploration Geologist, Western Canada Basin; and from 1972 to 1976 was with
Shell Canada, Calgary, Alberta as a New Ventures Exploration Geologist (Canadian Frontier).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Compensation of executive officers and directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables and accompanying notes set forth all compensation paid by our company to our directors and senior management for the
positions held during 20223 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
part of this compensation was paid pursuant to a profit sharing plan. There were no amounts set aside for a pension, retirement or similar
benefits plans for any director or officer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Directors
and Senior Management Compensation Table</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Long
Term Incentive Plan (LTIP) Awards</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the fiscal year ended December 31, 2023, we granted 1,235,925 (2022 &#8211; 705,012) restricted stock units (&#8220;RSUs&#8221;) to senior
management and directors as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: center">&#160;</td><td style="text-align: center">2023</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Barry Wood</td><td>&#160;</td>
    <td>Director</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">2023</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Kubilay Yildirim</td><td>&#160;</td>
    <td style="text-align: left">Former Director</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">2023</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">2022</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">153,439</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Sean Stofer</td><td>&#160;</td>
    <td>Director</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">2023</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">48,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">2022</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Jay Park</td><td>&#160;</td>
    <td>Director</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">2023</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">2022</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Board Practices</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Election
of Directors</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors of Trillion Energy International Inc. are elected annually and hold office until the earlier occurrence of the next annual
general meeting of our shareholders is held, their successors in office are duly elected or appointed or a director resigns. We have
not entered into service contracts with any directors of our company or any of our subsidiaries providing for benefits upon termination
of employment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Board
of Directors Independence</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors consists of five members; namely, Arthur Halleran, David Thompson, and Sean Stofer. Our Board of Directors has determined
that David Thompson, Jay Park, Sean Stofer are an independent director within the within the meaning of National Instrument 58-101 -
<i>Disclosure of Corporate Governance Practices</i> (<b>&#8220;NI 58-101&#8221;</b>) and the Marketplace Rules of the NASDAQ and as is
required by the applicable policies of the TSX. Arthur Halleran is not independent within the meaning of NI 58-101 as they are managers
and or officers of our company and thereby have a &#8220;material relationship&#8221; with our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company had 12 employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Share Ownership</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth, as of April 20, 2023, the number of common shares of our company beneficially owned by the directors and
members of senior management of Trillion International Energy Inc., individually, and as a group, and the percentage of ownership of
the outstanding common shares represented by such shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sean Stofer</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify; text-indent: -30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup></sup></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify; text-indent: -30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>Based on 115,250,810 common shares outstanding as at December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-align: justify; text-indent: -30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock
Options Outstanding</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
names and titles of the directors and executive officers of our company to whom outstanding stock options have been granted and the number
of common shares subject to such stock options is set forth in the following table as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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Date</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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0.40</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">David Thompson</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Barry Wood</td><td>&#160;</td>
    <td style="text-align: left">Former Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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0.75</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td>September 19, 2024</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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0.40</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td>July 31, 2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Kubilay Yildirim</td><td>&#160;</td>
    <td style="text-align: left">Former Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">262,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a group, executive officers and directors hold 1,090,000 stock options as at December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
7. <span style="text-transform: uppercase"><span id="p_026"></span>MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Major Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a publicly traded corporation, the shares of which are owned by Canadian residents, U.S. residents and residents of other
countries. As of April 29, 2023, the following parties had ownership of 5% or greater of the Company&#8217;s common shares, all of which
have the same voting rights attached thereto as all other common shares of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Common Shares Held</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage of Common Shares Held</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">N/A</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 29, 2024, the Company had approximately 325 shareholders of record holding 123,230,675 shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed above, the Company is not aware of any other company, any foreign government or any other person, jointly or severally,
that directly or indirectly controls the Company. The Company is not aware of any arrangements, the operation of which may at a future
date result in a change of control of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Related Party Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 10, 2023, the Company&#8217;s board of directors approved a new compensation plan for the directors of the Company effective
January 1, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, accounts payable and accrued liabilities included $115,526 (December 31, 2022 - $210,070) due to related parties.
The amounts are unsecured, non-interest bearing and due on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, management fees and salaries of $924,083 (2022 - $711,766), director fees of $145,500 (2022 - $92,000),
consulting fees of $52,313 (2022 - $nil), and stock-based compensation of $1,294,051 (2022 - $926,119) were incurred to related parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company issued 808,680 shares to directors for services performed and for RSU&#8217;s which were
granted and vested in previous periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company issued 80,000 shares with a fair value of $115,304 to a director to settle debt of CAD$160,000
(US$ $118,261) and recognized a gain on the settlement of $2,957. During the year ended December 31, 2022, the Company issued 400,000
units with a fair value of $260,681 for the settlement of accounts payable owed to related parties in the amount of $260,681, resulting
in no gain or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company repurchased 586,868 RSU&#8217;s from directors and recognized a reduction to equity of
$799,212 on the transaction. $473,331 of the RSU&#8217;s repurchased was applied against outstanding notes receivable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, notes receivable included $Nil (December 31, 2022 - $450,325) due from related parties. The amounts previously
receivable were unsecured, bear interest at 5% per annum and mature one to two years from issuance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, notes payable included CAD$402,115 (USD$420,281) (December 31, 2022 - $Nil) due to related parties. The note payable
is unsecured, bears interest at 6% per annum and matures on December 31, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Interests of Experts and Counsel</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
8. <span style="text-transform: uppercase"><span id="p_027"></span>FINANCIAL INFORMATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Financial Statements and Other Financial Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Financial
Statements filed as part of this annual report under item 18.</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Significant Changes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the date of the audited financial statements for the year ended December 31, 2023, there have been no significant changes in the Company&#8217;s
operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
9. <span style="text-transform: uppercase"><span id="p_028"></span>THE OFFER AND LISTING</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Offer and Listing Details</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a publicly traded corporation, the shares of which are owned by Canadian residents, U.S. residents and residents of other
countries. As of April 29, 2024, the following parties had ownership of 5% or greater of the Company&#8217;s common shares, all of which
have the same voting rights attached thereto as all other common shares of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Common Shares Held</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage of Common Shares Held</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">N/A</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"/><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 29, 2024, the Company had approximately 325 shareholders of record holding 123,230,675 shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Plan of Distribution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Markets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
common shares of the Company are quoted on the CSE under the trading symbol TCF and on the OTCQB operated by the OTC Markets Inc. under
the symbol &#8220;TRLEF&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s common stock is subject to the regulations on penny stocks; consequently, the market liquidity for the common stock may
be adversely affected by such regulations limiting the ability of broker/dealers to sell the Company&#8217;s common stock and the ability
of shareholders to sell their securities in the secondary market in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules
15g-1 through 15g-9 promulgated under the Exchange Act impose sales practice and disclosure requirements on certain broker-dealers who
engage in certain transactions involving Penny Stock. Subject to certain exceptions, a Penny Stock generally includes any non-NASDAQ
equity security that has a market price of less than $5.00 per share. The additional sales practice and disclosure requirements imposed
upon broker-dealers may discourage broker-dealers from effecting transactions in our shares, which could severely limit the market liquidity
of our shares and impede the sale of our shares in the secondary market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Penny Stock regulations, a broker-dealer selling Penny Stock to anyone other than an established customer or Accredited Investor
(generally, an individual with net worth in excess of $1,000,000 or an annual income exceeding $200,000, or $300,000 together with his
or her spouse) must make a special suitability determination for the purchaser and must receive the purchaser&#8217;s written consent
to the transaction prior to sale, unless the broker-dealer or the transaction is otherwise exempt. In addition, the Penny Stock regulations
require the broker-dealer to deliver, prior to any transaction involving a Penny Stock, a disclosure schedule prepared by the Commission
relating to the Penny Stock market, unless the broker-dealer or the transaction is otherwise exempt. A broker-dealer is also required
to disclose commissions payable to the broker-dealer and the registered representative and current quotations for the securities. Finally,
a broker-dealer is required to send monthly statements disclosing recent price information with respect to the Penny Stock held in a
customer&#8217;s account and information with respect to the limited market in Penny Stocks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Odyssey
Trust is the registrar and transfer agent for the Company&#8217;s common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Selling Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Dilution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.
Expenses of the Issue</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
10. <span style="text-transform: uppercase"><span id="p_029"></span>ADDITIONAL INFORMATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Share Capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has an authorized share capital of an unlimited number of common shares with no par value. The Company currently has 123,230,675
common shares issued and outstanding as fully paid and non-assessable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Memorandum and Articles of Association</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
filed with the Securities and Exchange Commission on the Company&#8217;s Form S-4/A Registration Statement filed on October 27, 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Material Contracts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arthur
Halleran amended management agreement effective September 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
Thompson amended management agreement effective September 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Exchange Controls</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no foreign exchange controls in Canada and funds can be moved easily. There is no restriction in this regard.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Canadian
Federal Income Tax Consequences</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes the principal Canadian federal income tax consequences applicable to the holding and disposition of common shares
in the capital of the Company by a United States resident, and who holds common shares solely as capital property, referred to as a &#8220;U.S.
Holder&#8221;. This summary is based on the current provisions of the Income Tax Act (Canada), referred to as the &#8220;Tax Act&#8221;,
the regulations thereunder, all amendments thereto publicly proposed by the government of Canada, the published administrative practices
of Revenue Canada, Customs, Excise and Taxation, and the current provisions of the Canada-United States Income Tax Convention, 1980,
as amended, referred to as the &#8220;Treaty&#8221;. Except as otherwise expressly provided, this summary does not take into account
any provincial, territorial or foreign (including without limitation, any United States) tax law or treaty. It has been assumed that
all currently proposed amendments will be enacted substantially as proposed and that there is no other relevant change in any governing
law or practice, although no assurance can be given in theses respects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Each
U.S. Holder is advised to obtain tax and legal advice applicable to such U.S. Holder&#8217;s particular circumstances.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
U.S. Holder is liable to pay a Canadian withholding tax on every dividend that is or is deemed to be paid or credited to the U.S. Holder
on the U.S. Holder&#8217;s common shares. The statutory rate of withholding tax is 25% of the gross amount of the dividend paid. The
Treaty reduces the statutory rate with respect to dividends paid to a U.S. Holder for the purposes of the Treaty. Where applicable, the
general rate of withholding tax under Treaty is 15% of the gross amount of the dividend. The Company is required to withhold the applicable
tax from the dividend payable to the U.S. Holder, and to remit the tax to the Receiver General of Canada for the account of the U.S.
Holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Tax Act, a U.S. Holder will not be subject to Canadian capital gains tax on any capital gain realized on an actual or deemed disposition
of a common share, including a deemed disposition on death, provided that the U.S. Holder did not hold the common share as capital property
used in carrying on a business in Canada, and that neither the U.S. Holder nor persons with whom the U.S. Holder did not deal at arms-length
(alone or together) owned or had the right or an option to acquire 25% or more of the issued shares of any class of the Company at any
time in the five years immediately preceding the disposition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>United
States Federal Income Tax Consequences</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a general summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below)
arising from the ownership and disposition of the common shares. This summary applies only to U.S. Holders who hold common shares as
capital assets (generally, property held for investment).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal
income tax considerations that may apply to a U.S. Holder as a result of the ownership and disposition of common shares. In addition,
this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S.
federal income tax consequences to such U.S. Holder, including specific tax consequences to a U.S. Holder under an applicable tax treaty.
Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect
to any particular U.S. Holder. In addition, this summary does not address the U.S. federal alternative minimum, U.S. federal estate and
gift, U.S. Medicare contribution, U.S. state and local, or non-U.S. tax consequences of the acquisition, ownership or disposition of
common shares. Except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each U.S.
Holder should consult its own tax advisor regarding all U.S. federal, U.S. state and local and non-U.S. tax consequences of the ownership
and disposition of common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
opinion from U.S. legal counsel or ruling from the Internal Revenue Service (the &#8220;IRS&#8221;) has been requested, or will be obtained,
regarding the U.S. federal income tax consequences of the ownership or disposition of common shares. This summary is not binding on the
IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, any position taken in this summary.
In addition, because the authorities upon which this summary is based are subject to various interpretations, the IRS and the U.S. courts
could disagree with one or more of the positions taken in this summary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Scope
of This Disclosure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorities
This summary is based on the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), Treasury Regulations (whether final,
temporary, or proposed), published rulings of the IRS, published administrative positions of the IRS, the Convention Between Canada and
the United States of America with Respect to Taxes on Income and on Capital, signed September 26, 1980, as amended (the &#8220;Canada-U.S.
Tax Convention&#8221;), and U.S. court decisions that are applicable and, in each case, as in effect and available, as of the date hereof.
Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change
could be applied on a retroactive or prospective basis which could affect the U.S. federal income tax considerations described in this
summary. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted,
could be applied on a retroactive or prospective basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders. For purposes of this summary, the term &#8220;U.S. Holder&#8221; means a beneficial owner of common shares that is for U.S.
federal income tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
individual who is a citizen or resident of the U.S.&#894;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws
of the U.S., any state thereof or the District of Columbia&#894;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
estate the income of which is subject to U.S. federal income taxation regardless of its source&#894; or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
trust that (a) is subject to the primary supervision of a court within the U.S. and the control of one or more U.S. persons for all substantial
decisions or (b) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this summary, a &#8220;non-U.S. Holder&#8221; is a beneficial owner of common shares that is not a partnership (or other
&#8220;passthrough&#8221; entity) for U.S. federal income tax purposes and is not a U.S. Holder. This summary does not address the U.S.
federal income tax considerations applicable to non-U.S. Holders arising from the ownership or disposition of common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
a non-U.S. Holder should consult its own tax advisor regarding all U.S. federal, U.S. state and local, and non-U.S. tax consequences
(including the potential application of and operation of any income tax treaties) relating to the purchase of the common shares and the
ownership or disposition of common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary does not address the U.S. federal income tax considerations of ownership or disposition of common shares by U.S. Holders that
are subject to special provisions under the Code, including, but not limited to, the following: (a) tax-exempt organizations, qualified
retirement plans, individual retirement accounts, or other tax-deferred accounts&#894; (b) financial institutions, underwriters, insurance
companies, real estate investment trusts, or regulated investment companies&#894; (c) broker-dealers, dealers, or traders in securities
or currencies that elect to apply a &#8220;mark-to-market&#8221; accounting method&#894; (d) U.S. Holders that have a &#8220;functional
currency&#8221; other than the U.S. dollar&#894; (e) U.S. Holders that own common shares as part of a straddle, hedging transaction,
conversion transaction, constructive sale, or other arrangement involving more than one position&#894; (f) U.S. Holders that acquire
common shares in connection with the exercise of employee stock options or otherwise as compensation for services&#894; (g) U.S. Holders
that hold common shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment
purposes)&#894; (h) U.S. Holders that own directly, indirectly, or by attribution, 10% or more, by voting power or value, of the outstanding
stock of the Company&#894; and (i) U.S. Holders subject to Section 451(b) of the Code. This summary also does not address the U.S. federal
income tax considerations applicable to U.S. Holders who are: (a) U.S. expatriates or former long-term residents of the U.S.&#894; (b)
persons that have been, are, or will be a resident or deemed to be a resident in Canada for purposes of the Tax Act&#894; (c) persons
that use or hold, will use or hold, or that are or will be deemed to use or hold common shares in connection with carrying on a business
in Canada&#894; (d) persons whose common shares constitute &#8220;taxable Canadian property&#8221; under the Tax Act&#894; or (e) persons
that have a permanent establishment in Canada for purposes of the Canada-U.S. Tax Convention. U.S. Holders that are subject to special
provisions under the Code, including U.S. Holders described immediately above, should consult their own tax advisors regarding all U.S.
federal, U.S. state and local, and non-U.S. tax consequences (including the potential application and operation of any income tax treaties)
relating to the acquisition, ownership, or disposition of common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an entity or arrangement that is classified as a partnership (or other &#8220;passthrough&#8221; entity) for U.S. federal income tax
purposes holds common shares, the U.S. federal income tax consequences to such partnership and the partners (or other owners) of such
partnership of the ownership, or disposition of the common shares generally will depend on the activities of the partnership and the
status of such partners (or other owners). This summary does not address the U.S. federal income tax consequences for any such partner
or partnership (or other &#8220;passthrough&#8221; entity or its owners). Owners of entities and arrangements that are classified as
partnerships (or other &#8220;passthrough&#8221; entities) for U.S. federal income tax purposes should consult their own tax advisors
regarding the U.S. federal income tax consequences of the ownership or disposition of common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sale
or Other Taxable Disposition of Common Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed below, upon the sale or other taxable disposition of common shares, a U.S. Holder generally will recognize
a capital gain or loss in an amount equal to the difference between the amount of cash plus the fair market value of any property received
and such U.S. Holder&#8217;s tax basis in the common shares sold or otherwise disposed of. Such capital gain or loss will generally be
a long-term capital gain or loss if, at the time of the sale or other taxable disposition, the U.S. Holder&#8217;s holding period for
the common shares is more than one year. Preferential tax rates apply to long-term capital gains of noncorporate U.S. Holders. Deductions
for capital losses are subject to significant limitations under the Code. A U.S. Holder&#8217;s tax basis in common shares generally
will be such U.S. Holder&#8217;s U.S. dollar cost for such common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Medicare
Tax</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax
on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition
of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive
Foreign Investment Company (&#8220;PFIC&#8221;) Status of the Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Company is producing revenue from its operations, the Company does not believe that it was classified as a PFIC for its taxable year
ended December 31, 2023. However, the Company has not performed an analysis of whether or not it will be deemed a PFIC for its current
taxable year. The determination of PFIC status is inherently factual, is subject to a number of uncertainties, and can be determined
only annually at the close of the tax year in question. Additionally, the analysis depends, in part, on the application of complex U.S.
federal income tax rules, which are subject to differing interpretations. If the Company is or becomes a PFIC, the foregoing description
of the U.S. federal income tax consequences to U.S. Holders of the acquisition, ownership and disposition of Common Shares will be different.
There can be no assurance that the Company will or will not be determined to be a PFIC for the current tax year or any prior or future
tax year, and no opinion of legal counsel or ruling from the IRS concerning the status of the Company as a PFIC has been obtained or
will be requested. U.S. Holders should consult their own U.S. tax advisors regarding the PFIC status of the Company. The U.S. federal
income tax consequences of owning and disposing of common shares if the Company is or becomes a PFIC are described below under the heading
&#8220;Tax Consequences if the Company is a PFIC.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. corporation is a PFIC for each tax year in which (i) 75% or more of its gross income is passive income (as defined for U.S.
federal income tax purposes) (the &#8220;income test&#8221;) or (ii) 50% or more (by value) of its assets (based on an average of the
quarterly values of the assets during such tax year) either produce or are held for the production of passive income (the &#8220;asset
test&#8221;). For purposes of the PFIC provisions, &#8220;gross income&#8221; generally includes sales revenues less cost of goods sold,
plus income from investments and from incidental or other operations or sources, and &#8220;passive income&#8221; generally includes
dividends, interest, certain rents and royalties, certain gains from commodities or securities transactions and the excess of gains over
losses from the disposition of certain assets which product passive income. If a non-U.S. corporation owns at least 25% (by value) of
the stock of another corporation, the non-U.S. corporation is treated, for purposes of the income test and asset test, as owning its
proportionate share of the assets of the other corporation and as receiving directly its proportionate share of the other corporation&#8217;s
income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
certain attribution and indirect ownership rules, if the Company is a PFIC, U.S. Holders will generally be deemed to own their proportionate
share of the Company&#8217;s direct or indirect equity interest in any company that is also a PFIC (a &#8220;Subsidiary PFIC&#8221;),
and will be subject to U.S. federal income tax on their proportionate share of (a) any &#8220;excess distributions,&#8221; as described
below, on the stock of a Subsidiary PFIC and (b) a disposition or deemed disposition of the stock of a Subsidiary PFIC by the Company
or another Subsidiary PFIC, both as if such U.S. Holders directly held the shares of such Subsidiary PFIC. In addition, U.S. Holders
may be subject to U.S. federal income tax on any indirect gain realized on the stock of a Subsidiary PFIC on the sale or disposition
of common shares. Accordingly, U.S. Holders should be aware that they could be subject to tax even if no distributions are received and
no redemptions or other dispositions of the Company&#8217;s common shares are made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
Consequences if the Company is a PFIC</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company is a PFIC for any tax year during which a U.S. Holder holds common shares, special rules may increase such U.S. Holder&#8217;s
U.S. federal income tax liability with respect to the ownership and disposition of such common shares. If the Company is a PFIC for any
tax year during which a U.S. Holder owns common shares, the Company will be treated as a PFIC with respect to such U.S. Holder for that
tax year and for all subsequent tax years, regardless of whether the Company meets the income test or the asset test for such subsequent
tax years, unless the U.S. Holder makes a &#8220;deemed sale&#8221; election with respect to the common shares. If the election is made,
the U.S. Holder will be deemed to sell the common shares it holds at their fair market value on the last day of the last taxable year
in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution regime.
After the deemed sale election, the U.S. Holder&#8217;s common shares would not be treated as shares of a PFIC unless the Company subsequently
becomes a PFIC. U.S. Holders should consult their own U.S. tax advisors regarding the availability and desirability of a deemed sale
election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Under
the default PFIC rules:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
gain realized on the sale or other disposition (including dispositions and certain other events that would not otherwise be treated as
taxable events) of common shares (including an indirect disposition of the stock of any Subsidiary PFIC) and any &#8220;excess distribution&#8221;
(defined as a distribution to the extent it (together with all other distributions received in the relevant tax year) exceeds 125% of
the average annual distribution received during the shorter of the preceding three years or the U.S. Holder&#8217;s holding period for
the common shares) received on common shares or with respect to the stock of a Subsidiary PFIC will be allocated ratably to each day
of such U.S. Holder&#8217;s holding period for the common shares&#894;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount allocated to the current tax year and any year prior to the first year in which the Company was a PFIC will be taxed as ordinary
income in the current year&#894;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount allocated to each of the other tax years (the &#8220;Prior PFIC Years&#8221;) will be subject to tax at the highest ordinary income
tax rate in effect for the applicable class of taxpayer for that year&#894; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
interest charge will be imposed with respect to the resulting tax attributable to each Prior PFIC Year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that makes a timely and effective &#8220;mark-to-market&#8221; election under Section 1296 of the Code (a &#8220;Mark-to-Market
Election&#8221;) or a timely and effective election to treat the Company and each Subsidiary PFIC as a &#8220;qualified electing fund&#8221;
(a &#8220;QEF&#8221;) under Section 1295 of the Code (a &#8220;QEF Election&#8221;) may generally mitigate or avoid the default PFIC
rules described above with respect to common shares U.S. Holders should be aware that there can be no assurance that the Company has
satisfied or will satisfy the recordkeeping requirements that apply to a QEF or that the Company has supplied or will supply U.S. Holders
with information such U.S. Holders require to report under the QEF rules in the event that the Company is a PFIC for any tax year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
timely and effective QEF Election requires a U.S. Holder to include currently in gross income each year its pro rata share of the Company&#8217;s
ordinary earnings and net capital gains, regardless of whether such earnings and gains are actually distributed. Thus, a U.S. Holder
could have a tax liability with respect to such ordinary earnings or gains without a corresponding receipt of cash from the Company.
If the Company is a QEF with respect to a U.S. Holder, the U.S. Holder&#8217;s basis in the common shares will be increased to reflect
the amount of the taxed but undistributed income. Distributions of income that had previously been taxed will result in a corresponding
reduction of basis in the common shares and will not be taxed again as a distribution to a U.S. Holder. Taxable gains on the disposition
of common shares by a U.S. Holder that has made a timely and effective QEF Election are generally capital gains. A U.S. Holder must make
a QEF Election for the Company and each Subsidiary PFIC if it wishes to have this treatment. To make a QEF Election, a U.S. Holder will
need to have an annual information statement from the Company setting forth the ordinary earnings and net capital gains for the year
and the Company may not provide this statement, in which case a QEF Election cannot be made. In general, a U.S. Holder must make a QEF
Election on or before the due date for filing its income tax return for the first year to which the QEF Election will apply. Under applicable
Treasury Regulations, a U.S. Holder will be permitted to make retroactive elections in particular, but limited, circumstances, including
if it had a reasonable belief that the Company was not a PFIC and did not file a protective election. If a U.S. Holder owns PFIC stock
indirectly through another PFIC, separate QEF Elections must be made for the PFIC in which the U.S. Holder is a direct shareholder and
the Subsidiary PFIC for the QEF rules to apply to both PFICs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
U.S. Holder should consult its own tax advisor regarding the availability and desirability of, and procedure for, making a timely and
effective QEF Election (including a &#8220;pedigreed&#8221; QEF election where necessary) for the Company and any Subsidiary PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
a Mark-to-Market Election may be made with respect to &#8220;marketable stock&#8221; in a PFIC if which is stock that is &#8220;regularly
traded&#8221; on a &#8220;qualified exchange or other market&#8221; (within the meaning of the Code and the applicable U.S. Treasury
Regulations). A class of stock that is traded on one or more qualified exchanges or other markets is considered to be &#8220;regularly
traded&#8221; for any calendar year during which such class of stock is traded in other than de minimis quantities on at least 15 days
during each calendar quarter. If the common shares are considered to be &#8220;regularly traded&#8221; within this meaning, then a U.S.
Holder generally will be eligible to make a Mark-to-Market Election with respect to its common shares. However, there is no assurance
that the common shares will be or remain &#8220;regularly traded&#8221; for this purpose. A Mark-to-Market Election may not be made with
respect to the stock of any Subsidiary PFIC. Hence, a Mark-to-Market Election will not be effective to eliminate the application of the
default PFIC rules, described above, with respect to deemed dispositions of Subsidiary PFIC stock, or excess distributions with respect
to a Subsidiary PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that makes a timely and effective Mark-to-Market Election with respect to common shares generally will be required to recognize
as ordinary income in each tax year in which the Company is a PFIC an amount equal to the excess, if any, of the fair market value of
such shares as of the close of such taxable year over the U.S. Holder&#8217;s adjusted tax basis in such shares as of the close of such
taxable year. A U.S. Holder&#8217;s adjusted tax basis in the common shares generally will be increased by the amount of ordinary income
recognized with respect to such shares. If the U.S. Holder&#8217;s adjusted tax basis in the common shares as of the close of a tax year
exceeds the fair market value of such shares as of the close of such taxable year, the U.S. Holder generally will recognize an ordinary
loss, but only to the extent of net mark-to-market income recognized with respect to such shares for all prior taxable years. A U.S.
Holder&#8217;s adjusted tax basis in its common shares generally will be decreased by the amount of ordinary loss recognized with respect
to such shares. Any gain recognized upon a disposition of the common shares generally will be treated as ordinary income, and any loss
recognized upon a disposition generally will be treated as an ordinary loss to the extent of net mark-to-market income recognized for
all prior taxable years. Any loss recognized in excess thereof will be taxed as a capital loss. Capital losses are subject to significant
limitations under the Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
U.S. Holder should consult its own tax advisor regarding the availability and desirability of, and procedure for, making a timely and
effective Mark-to-Market Election with respect to the common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Tax Credit</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that pays (whether directly or through withholding) Canadian income tax in connection with the ownership or disposition of
common shares may (under certain circumstances) be entitled to receive either a deduction or a credit for such Canadian income tax paid
generally at the election of such U.S. Holder. Generally, a credit will reduce a U.S. Holder&#8217;s U.S. federal income tax liability
on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder&#8217;s income subject to U.S. federal income tax. This election
is made on a year-by-year basis and applies to all creditable foreign taxes paid (whether directly or through withholding) by a U.S.
Holder during a year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complex
limitations apply to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of
a U.S. Holder&#8217;s U.S. federal income tax liability that such U.S. Holder&#8217;s &#8220;foreign source&#8221; taxable income bears
to such U.S. Holder&#8217;s worldwide taxable income. In applying this limitation, a U.S. Holder&#8217;s various items of income and
deduction must be classified, under complex rules, as either &#8220;foreign source&#8221; or &#8220;U.S. source.&#8221; Generally, dividends
paid by a non-U.S. corporation should be treated as foreign source for this purpose, and gains recognized on the sale of securities of
a non-U.S. corporation by a U.S. Holder should be treated as U.S. source for this purpose, except as otherwise provided in an applicable
income tax treaty and if an election is properly made under the Code. However, the amount of a distribution with respect to the common
shares that is treated as a &#8220;dividend&#8221; may be lower for U.S. federal income tax purposes than it is for Canadian federal
income tax purposes, resulting in a reduced foreign tax credit allowance to a U.S. Holder. In addition, this limitation is calculated
separately with respect to specific categories of income. The foreign tax credit rules are complex, and each U.S. Holder should consult
its own U.S. tax advisor regarding the foreign tax credit rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
rules apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution, including a constructive distribution,
from a PFIC. Subject to such special rules, non-U.S. taxes paid with respect to any distribution in respect of stock in a PFIC are generally
eligible for the foreign tax credit. The rules relating to distributions by a PFIC and their eligibility for the foreign tax credit are
complicated, and a U.S. Holder should consult its own tax advisor regarding their application to the U.S. Holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Receipt
of Foreign Currency</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of any distribution or proceeds paid in Canadian dollars to a U.S. Holder in connection with the ownership of common shares, or
on the sale or other taxable disposition of common shares will be included in the gross income of a U.S. Holder as translated into U.S.
dollars calculated by reference to the exchange rate prevailing on the date of actual or constructive receipt of the payment, regardless
of whether the Canadian dollars are converted into U.S. dollars at that time. If the Canadian dollars received are not converted into
U.S. dollars on the date of receipt, a U.S. Holder will have a basis in the Canadian dollars equal to their U.S. dollar value on the
date of receipt. Any U.S. Holder who receives payment in Canadian dollars and engages in a subsequent conversion or other disposition
of the Canadian dollars may have a foreign currency exchange gain or loss that would generally be treated as ordinary income or loss,
and generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual
method with respect to foreign currency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing
of Canadian dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
Reporting&#894; Backup Withholding</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
U.S. federal income tax law, certain categories of U.S. Holders must file information returns with respect to their investment in, or
involvement in, a non-U.S. corporation. For example, U.S. return disclosure obligations (and related penalties) are imposed on individuals
who are U.S. Holders that hold certain specified foreign financial assets in excess of certain threshold amounts. The definition of &#8220;specified
foreign financial assets&#8221; includes not only financial accounts maintained in non-U.S. financial institutions, but also, if held
for investment and not in an account maintained by certain financial institutions, any stock or security issued by a non-U.S. person,
any financial instrument or contract that has an issuer or counterparty other than a U.S. person and any interest in a non-U.S. entity.
A U.S. Holder may be subject to these reporting requirements unless such U.S. Holder&#8217;s common shares are held in an account at
certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should
consult with their own tax advisors regarding the requirements of filing information returns on IRS Form 8938, and, if applicable, filing
obligations relating to the PFIC rules, including possible reporting on an IRS Form 8621.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
made within the U.S. or by a U.S. payor or U.S. middleman of (a) distributions on the common shares, and (b) proceeds arising from the
sale or other taxable disposition of common shares generally will be subject to information reporting. In addition, backup withholding,
currently at a rate of 24%, may apply to such payments if a U.S. Holder (a) fails to furnish such U.S. Holder&#8217;s correct U.S. taxpayer
identification number (generally on IRS Form W9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by
the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding, or (d) fails to certify,
under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number and that the IRS has not
notified such U.S. Holder that it is subject to backup withholding. Certain exempt persons generally are excluded from these information
reporting and backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding
rules will be allowed as a credit against a U.S. Holder&#8217;s U.S. federal income tax liability, if any, or will be refunded, if such
U.S. Holder furnishes required information to the IRS in a timely manner. The information reporting and backup withholding rules may
apply even if, under the Canada-U.S. Tax Convention, payments are eligible for a reduced withholding rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion of reporting requirements set forth above is not intended to constitute an exhaustive description of all reporting requirements
that may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during
which the IRS can assess a tax, and, under certain circumstances, such an extension may apply to assessments of amounts unrelated to
any unsatisfied reporting requirement. Each U.S. Holder should consult its own tax advisor regarding the information reporting and backup
withholding rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above summary is not intended to constitute a complete analysis of all U.S. tax considerations applicable to U.S. holders with respect
to the ownership, exercise or disposition of common shares. U.S. Holders should consult their own tax advisors as to the tax considerations
applicable to them in their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.
Dividends and Paying Agents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.
Statement by Experts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.
Documents on Display</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
documents concerning the Company which are referred to in this Form 20-F Annual Report are either annexed hereto as exhibits <i>(see
Item 19)</i> or may be inspected at the principal offices of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.
Subsidiary Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has the following subsidiaries:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Park
    Place Energy Corp. (&#8220;PPE Corp.&#8221;);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Park
    Place Energy Bermuda (&#8220;PPE Bermuda&#8221;);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BG
    Exploration EOOD (&#8220;BG Exploration&#8221;); and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Park
    Place Energy Turkey (&#8220;PPE Turkey&#8221;)</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Park
    Place Energy Gabar Limited (&#8220;PPG&#8221;)</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
11. <span style="text-transform: uppercase"><span id="p_030"></span>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company does not engage in market activities or invest in financial instruments which give rise to market risk for the Company&#8217;s
financial resources. Our current assets are maintained in cash in U.S. dollars. Unallocated excess working capital has from time to time
been invested in short term guaranteed investment certificates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
12. <span style="text-transform: uppercase"><span id="p_031"></span>DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Debt Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Warrants and Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Other Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
American Depository Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_032"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
13. <span style="text-transform: uppercase"><span id="p_033"></span>DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
14. <span style="text-transform: uppercase"><span id="p_034"></span>Material Modifications to the Rights of Security Holders and Use of pROCEEDS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
15. <span style="text-transform: uppercase"><span id="p_035"></span>CONTROLS AND PROCEDURES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<span style="text-decoration: underline">Disclosure Controls and Procedures</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
required by Rule 13a-15 under the Exchange Act, as of the end of the period covered by this report, being December 31, 2023, we have
carried out an evaluation of the effectiveness of the design and operation of our Company&#8217;s disclosure controls and procedures.
This evaluation was carried out under the supervision and with the participation of our management, including our president and chief
executive officer and chief financial officer. Based upon that evaluation, our president and chief executive officer and chief financial
officer concluded that our disclosure controls and procedures were effective as of December 31, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<span style="text-decoration: underline">Management&#8217;s Annual Report on Internal Control Over Financial Reporting</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, and for evaluating the
effectiveness of internal control over financial reporting as of December 31, 2023. Internal control over financial reporting is a process
designed by, or under the supervision of, our principal executive officer and principal financial officer, and effected by our board
of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;).
Our system of 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 our transactions and dispositions of assets; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS; 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 financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management which includes our president and chief executive officer and chief financial officer, evaluated the effectiveness of our internal
control over financial reporting as of December 31, 2023 based upon criteria in <i>Internal Control &#8211; Integrated Framework</i>
issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013). Based on such evaluation, management determined
that our internal control over financial reporting was not effective as of December 31, 2023 because the following material weaknesses
in internal control over financial reporting existed as of December 31, 2023: the lack of independent review. In order to address this
deficiency, management is in the process of implementing additional levels of review as part of its financial close process.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<span style="text-decoration: underline">Attestation report of the registered public account firm</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Form 20-F Annual Report does not include an attestation report of the Company&#8217;s registered public accounting firm regarding internal
control over financial reporting. Management&#8217;s report was not subject to attestation by the Company&#8217;s registered public accounting
firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management&#8217;s report in
this Form 20-F Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
<span style="text-decoration: underline">Changes in internal control over financing reporting</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no changes in our internal controls over financial reporting that occurred during the period covered by this annual report that
have materially affected or are reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16A. <span style="text-transform: uppercase"><span id="p_036"></span>AUDIT COMMITTEE FINANCIAL EXPERT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not have an audit committee financial expert serving on its audit committee. Each of the Company&#8217;s directors serving
on the audit committee is financially literate and is able to professionally discharge the duties incumbent upon audit committee members.
However, none of the audit committee members are &#8220;financial experts&#8221;. At such time as the Company may secure a project and
is able to raise the significant funds necessary to exploit the opportunity, the Company will make a concerted effort to identify and
appoint a financial expert to its audit committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16B. <span style="text-transform: uppercase"><span id="p_037"></span>CODE OF ETHICS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 21, 2021, the Board of Directors of the Company (the &#8220;Board&#8221;) adopted a Code of Business Conduct and Ethics (the
&#8220;Code&#8221;), which applies to the Company&#8217;s directors, officers and employees. The Code was adopted to further strengthen
the Company&#8217;s internal compliance program. The Code addresses among other things, honesty and integrity, fair dealing, conflicts
of interest, compliance with laws, regulations and policies, including disclosure requirements under the federal securities laws, and
administration of the code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16C. <span style="text-transform: uppercase"><span id="p_038"></span>PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Fees</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, the aggregate fees to MNP LLP for professional services rendered for the audits of our annual financial
statements included in our Form 20-F Annual Report were $273,076. For the year ended December 31, 2022, the aggregate fees to MNP LLP
for professional services rendered for the audits of our annual financial statements included in our Form 20-F Annual Report were $164,218.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Related and Other Fees</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, the aggregate fees to MNP LLP for professional services rendered for the review of our interim financial
statements were $54,823.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company did not pay any audit related fees or fees for other non-audit services to MNP LLP during the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors pre-approves all services provided by our independent auditors. All the audit related and other non-audit services
and fees were reviewed and approved by the board of directors either before or after the respective services were rendered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16D. <span style="text-transform: uppercase"><span id="p_039"></span>EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16E. <span style="text-transform: uppercase"><span id="p_040"></span>PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16F. <span style="text-transform: uppercase"><span id="p_041"></span>CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16G. <span style="text-transform: uppercase"><span id="p_042"></span>CORPORATE GOVERNANCE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
governance refers to the policies and structure of the board of directors of a company whose members are elected by and are accountable
to the shareholders of the Company. Corporate governance encourages establishing a reasonable degree of independence of the board of
directors from executive management and the adoption of policies to ensure the board of directors recognizes the principles of good management.
The Board of the Company is committed to sound corporate governance practices, as such practices are both in the interests of shareholders
and help to contribute to effective and efficient decision-making.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
are considered to be independent if they have no direct or indirect material relationship with the Company. A &#8220;material relationship&#8221;
is a relationship which could, in the view of the Company&#8217;s Board, be reasonably expected to interfere with the exercise of a director&#8217;s
independent judgment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
non-independent member of the Board of the Company is:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arthur
    Halleran</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
independent member of the Board of the Company for the 2023 year is:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jay
    Park</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sean
    Stofer</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Thompson</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barry
    Wood</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has been delegated the responsibility for meeting defined corporate objectives, implementing approved strategic and operating plans,
carrying on the Company&#8217;s business in the ordinary course, managing cash flow, identifying new exploration prospects, evaluating
new business opportunities, recruiting staff and complying with applicable regulatory requirements. The board facilitates its independent
supervision over management by reviewing and approving long-term strategic, business and capital plans, material contracts and business
transactions, and all debt and equity financing transactions. Through its audit committee, the Board examines the effectiveness of the
Company&#8217;s internal control processes and management information systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directorships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors of the Company do not hold directorships in other reporting issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Orientation
and Continuing Education</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
new directors are appointed, they receive an orientation, commensurate with their previous experience, on the Company&#8217;s properties,
business, technology and industry and on the responsibilities of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
meetings may also include presentations by the Company&#8217;s management and employees to give the directors additional insight into
the Company&#8217;s business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ethical
Business Conduct</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board is of the view that the fiduciary duties placed on individual directors by the Company&#8217;s governing corporate legislation
and the common law are sufficient to ensure that the Board operates independently of management and in the best interests of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nomination
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board reviews its size each year. It considers the number of directors to recommend to the shareholders for election at the annual meeting
of shareholders, taking into account the number required to carry out the Board&#8217;s duties effectively and to maintain a diversity
of views and experience.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation committee consists of the board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Board Committees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has a reserves committee which consists of each Barry Wood, Art Halleran and David Thompson.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Assessments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board monitors the adequacy of information given to directors, communication between the Board and management and the strategic direction
and processes of the Board and committees. The Board has frequent communications with management and other board members, and is regularly
consulted on important Company decisions. In this context, the Board periodically reviews the performance of the Board as a whole, any
standing committees it has appointed, and individual directors, to ensure each is performing effectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16H. <span style="text-transform: uppercase"><span id="p_043"></span>mine safety disclosure</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_044"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
17. <span style="text-transform: uppercase"><span id="p_045"></span>FINANCIAL STATEMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected to report under Item 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
18. <span style="text-transform: uppercase"><span id="p_046"></span>FINANCIAL STATEMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial statements have been prepared in accordance with IFRS. Copies of the financial statements specified in Regulation
228.210 (Item 310) are filed with this Form 20-F Annual Report and are located following the signature page hereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Index
to Financial Statements</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Financial Statements of Trillion Energy International Inc. for the years ended December 31, 2023 and 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><a href="#am_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report of MNP LLP dated April 29, 2023</span></a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><a href="#am_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Financial Position as of December 31, 2023 and 2022</span></a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><a href="#am_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Loss and Comprehensive Loss for the years ended December 31, 2023 and 2022</span></a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><a href="#am_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Stockholders&#8217; Equity (Deficiency) for the year ended December 31, 2023 and 2022</span></a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><a href="#am_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022</span></a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><a href="#am_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements</span></a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
19. <span style="text-transform: uppercase"><span id="p_047"></span>EXHIBITS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copies
of the following documents are filed with this Form 20-F Annual Report as exhibits:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index
of Exhibits</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex11-1.htm">Code of ethics and business conduct</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-1.htm">Section 302 Certification of CEO</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-2.htm">Section 302 Certification of CFO</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-1.htm">Section 906 Certification of CEO</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trillion
Energy International Inc.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">CONSOLIDATED
FINANCIAL STATEMENTS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">FOR
THE YEAR ENDED DECEMBER 2023 AND 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>(Stated
in United States dollars)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><i>&#160;</i></span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><img src="aud_001.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="am_006"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders
of Trillion Energy International Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
on the Consolidated Financial Statements</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statements of financial position of Trillion Energy International Inc. (the &#8220;Company&#8221;)
as of December 31, 2023 and 2022, and the related consolidated statements of income (loss) and comprehensive income (loss), stockholders&#8217;
equity, and cash flows for the years then ended, and the related notes (collectively referred to as the &#8220;consolidated financial
statements&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the
Company as of December 31, 2023 and 2022, and the results of its consolidated operations and its consolidated cash flows for each of
the years in the two-year period ended December 31, 2023, in conformity with International Financial Reporting Standards as issued by
the International Accounting Standards Board (&#8220;IFRS&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements for the year ended December 31, 2021 were previously prepared in accordance with accounting principles
generally accepted in the United States of America (&#8220;US GAAP&#8221;). These consolidated statements prepared under US GAAP were
audited by another auditor whose report dated April 29, 2022 expressed an unmodified opinion on those consolidated financial statements,
prior to any adjustments applied to restate certain comparative information to comply with IFRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the adjustments that were applied to restate certain comparative information to comply with IFRS in the year ended December
31, 2021. In our opinion, such adjustments are appropriate and have been properly applied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were not engaged to audit, review, or apply any procedures to the consolidated financial statements of the Company for the year ended
December 31, 2021, other than with respect to the adjustments. Accordingly, we do not express an opinion or any other form of assurance
on the 2021 consolidated financial statements taken as a whole.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material
Uncertainty Related to Going Concern</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 1 to the consolidated financial statements, the Company has a negative working capital position, has accumulated deficits, and
negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern. Management&#8217;s
plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that
might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
for Opinion</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--AuditorName_c20230101__20231231_zIhI8waAMIxf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:AuditorName">MNP LLP</ix:nonNumeric></span></b></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite 2000, 112 - 4th Avenue SW,
    Calgary AB, T2P 0H3</span></td>
    <td style="text-align: right; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.877.500.0792
    T: 403.263.3385 F: 403.269.8450</span></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Critical
Audit Matters</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
critical audit matters communicated below are matters arising from the current period audit of the consolidated 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 consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The
communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole,
and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the
accounts or disclosures to which they relate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Assessment
of impairment indicators and the impact of estimated oil and gas reserves on oil and gas assets Critical Audit Matter Description</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer
to Note 2 (h) Material Accounting Policies and Note 6 Oil and Gas Properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total book value of oil and gas properties amounted to $52.5 million as at December 31, 2023. The Company uses estimated total proved
oil and gas reserves to deplete its oil and gas assets, to assess for indicators of impairment or impairment reversal on each of the
Company&#8217;s cash generating units (&#8220;CGU&#8221;) and if any such indicators exist, to perform an impairment test to estimate
the recoverable amount of a CGU.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
considered by management in assessing indicators of impairment may include: (i) Plans to discontinue or dispose of the asset before the
previously expected date; (ii) Significant reductions in estimates or reserves; (iii) Significant cost overrun on a capital project;
(iv) Significant increases in the expected cost of dismantling assets and restoring the site; and (v) Production difficulties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company depletes its net carrying value of oil and gas properties using the unit-of-production method by reference to the ratio of production
in the period to the related total proved oil and gas reserves, taking into account estimated forecasted future development costs necessary
to bring those reserves into production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated proved oil and gas reserves includes significant assumptions related to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forecasted
                                            oil and gas commodity prices;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forecasted
                                            production volumes;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forecasted
                                            operating costs;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forecasted
                                            royalty costs; and,</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forecasted
                                            future development costs.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company engages independent third-party reserve evaluators to estimate proved oil and gas reserves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
considered this a critcal audit matter due to the significance of the oil and gas properties, the significant judgment required to evaluate
the results of our audit procedures regarding the estimate of oil and gas reserves and the judgments made by management in its assessment
of indicators of impairment related to oil and gas properties, which have resulted in a high degree of subjectivity in performing audit
procedures related to these judgments applied by management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="aud_003.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Response</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
responded to this matter by performing procedures in relation to the estimate of oil and gas reserves as at December 31, 2023 and the
assessment of impairment indicators of oil and gas properties. Our audit work in relation to this included, but was not restricted to,
the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            assessed the period for which the Company has the right to explore and produce by comparing
                                            the remaining production life of the properties to the Company&#8217;s license and evaluated
                                            whether the oil and gas titles are in good standing by agreeing the rights to produce and
                                            explore to government agency websites, and other regulatory bodies, as applicable.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Read
                                            the Board of Directors&#8217; minutes and obtained budget approvals to evidence continued
                                            and planned exploration expenditure for 2024, which included evaluating results of current
                                            year work programs and management&#8217;s longer-term plans.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluated
                                            the reasonableness of management&#8217;s assessment of impairment indicators which included
                                            the assessment of external and internal factors that could be considered indicators of impairment
                                            on the Company&#8217;s oil and gas properties by considering evidence obtained in other areas
                                            of the audit.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
                                            respect to the estimate of proved oil and gas reserves as at December 31, 2023:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            evaluated the competence, capabilities and objectivity of the independent third-party reserve
                                            evaluators engaged by the Company.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            compared forecasted oil and gas commodity prices to those published by other independent
                                            third- party reserve evaluators.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            compared the actual production, operating costs, royalty costs and development costs of the
                                            Company to those estimates used in the prior year&#8217;s estimate of proved oil and gas
                                            reserves to assess the Company&#8217;s ability to accurately forecast.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            evaluated the appropriateness of forecasted production and forecasted operating costs, royalty
                                            costs and future development costs assumptions by comparing to historical results.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            consulted with local specialists in Turkey to assess compliance with laws and regulations.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            examined management&#8217;s calculation of depletion by comparing amounts to the underlying
                                            source data and performing recalculations.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going
Concern</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Critical
Audit Matter Description</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in Note 1 to the consolidated financial statements, there are material uncertainties regarding the Company&#8217;s ability
to execute its business plan and continue in the normal course of operations. The Company&#8217;s ability to continue as a going concern
is dependent upon its ability to obtain additional financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
identified the going concern assessment of the Company as a critical audit matter due to the significant assumptions and judgments made
by management in estimating future cash flows, which are subject to high degree of uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
matter is also described in the &#8220;Material Uncertainty Related to Going Concern&#8221; section of our report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="aud_003.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
response</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We responded
to this matter by performing audit procedures relating to going concern. Our audit work in relation to this included, but was not restricted
to, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 29.1pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            obtained management&#8217;s position paper which included management&#8217;s plans to mitigate
                                            the uncertainty and supporting calculations (including the 12-month cash-flow forecast) to
                                            determine whether use of the going concern assumption is appropriate.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 29.1pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            tested significant assumptions and judgments made by management in their supporting calculations
                                            (including the 12-month cash-flow forecast).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 29.1pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            assessed the adequacy of the going concern disclosure included in Note 1 to the consolidated
                                            financial statements and considered whether these appropriately reflected the assessments
                                            that management performed.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><img src="aud_002.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chartered
Professional Accountants</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have
served as the Company&#8217;s auditor since 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--AuditorLocation_c20230101__20231231_zHKCcgILj10e"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000055" name="dei:AuditorLocation">Calgary, Canada</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
29, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">PCAOB ID: <span id="xdx_909_edei--AuditorFirmId_c20230101__20231231_zUjlQvfaQIWl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000056" name="dei:AuditorFirmId">1930</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt"><img src="aud_003.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Index
to Consolidated Financial Statements for the Years Ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_001">Consolidated statements of financial position</a> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_002">Consolidated statements of income (loss) and comprehensive income (loss)</a> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F- <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_003">Consolidated statements of stockholders&#8217; equity</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-
    </span>9</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_004">Consolidated statements of cash flows</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-
    </span>10</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_005">Notes to the consolidated financial statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-11
    - F- 49</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="am_001"></span><b></b> Consolidated Statements of Financial Position</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed in U.S. dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_304_111_zyXPSs94gGIb" summary="xdx: Statement - Consolidated Statements of Financial Position" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Notes</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr id="xdx_40D_eifrs-full--PropertyPlantAndEquipment_i01I_maAz2Su_z1ZJQ3MvFEkb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: center">4</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
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  <tr id="xdx_401_eifrs-full--EquityAndLiabilitiesAbstract_i01B_pp0p0_zYtSwCcWeAxf" style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--CurrentLiabilitiesAbstract_i01B_zNJJIOFvHN9a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--TradeAndOtherCurrentPayables_i02I_maCLzxG6_z7AQlQ7DL9ui" style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31" id="Fact000097" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,065,019</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_ecustom--RestrictedStockUnitObligation_i02I_maCLzxG6_zC3wieUXEhWd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 10pt">RSU obligation</td><td>&#160;</td>
    <td style="text-align: center">18</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:RestrictedStockUnitObligation" contextRef="AsOf2023-12-31" id="Fact000100" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,398</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eifrs-full--ShorttermBorrowings_i02I_maCLzxG6_zXj4GF2eZdB3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 10pt">Loans payable</td><td>&#160;</td>
    <td style="text-align: center">10</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2023-12-31" id="Fact000103" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,464,450</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2022-12-31" id="Fact000104" format="ixt:numdotdecimal" decimals="0" unitRef="USD">145,866</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: center">12</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:ConvertibleDebtAccruedInterest" contextRef="AsOf2023-12-31" id="Fact000106" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">227,092</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0107">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--CurrentLeaseLiabilities_i02I_maCLzxG6_zfPb64bUwoZk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt">Lease liability</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">11</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact000109" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,637</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact000110" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,057</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--CurrentLiabilities_i02TI_mtCLzxG6_maLzppq_zNFK8BngOFb6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 20pt">Total current liabilities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2023-12-31" id="Fact000112" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,794,596</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2022-12-31" id="Fact000113" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,045,750</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--AssetRetirementObligations_i02I_maLzppq_z0bXQkQKsW5i" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_eifrs-full--LongtermBorrowings_i02I_maLzppq_zWD6JTHaH098" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Loans payable</td><td>&#160;</td>
    <td style="text-align: center">10,19</td><td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2022-12-31" id="Fact000119" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,689</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: justify; padding-left: 10pt">Accumulated other comprehensive loss</td><td>&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
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    <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 20pt">Total stockholders&#8217; equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31" id="Fact000160" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">22,212,572</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_408_eifrs-full--EquityAndLiabilities_i01TI_pp0p0_mtEALzXlV_zpndS6apWUXa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 20pt">Total liabilities and stockholders&#8217; equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:EquityAndLiabilities" contextRef="AsOf2023-12-31" id="Fact000163" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">58,610,428</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 7.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nature
of operations (Note 1)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
events (Note 26)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPROVED
    BY THE BOARD OF DIRECTORS ON APRIL 29, 2024:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#8220;Arthur
    Halleran&#8221;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#8220;David
    Thompson&#8221;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="am_002"></span><b></b> Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed in U.S. dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_309_113_zCuAAX2SkD79" summary="xdx: Statement - Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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                                                                                <p style="margin-top: 0; margin-bottom: 0">December 31, 2023</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">December 31, 2022</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">December 31, 2021 (Unaudited)</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--RevenueAbstract_iB_zVVgTOkbfati" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_40C_ecustom--DepletionExpense_i01_maEBNzmaP_z3qLoZVMNI2l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">6</td><td style="text-align: left">&#160;</td>
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    <td style="padding-left: 10pt; text-align: justify">Depreciation</td><td>&#160;</td>
    <td style="text-align: center">8</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000186" format="ixt:numdotdecimal" decimals="0" unitRef="USD">175,764</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2022-01-012022-12-31" id="Fact000187" format="ixt:numdotdecimal" decimals="0" unitRef="USD">145,035</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:AccretionOfAssetRetirementObligation" contextRef="From2021-01-012021-12-31" id="Fact000192" format="ixt:numdotdecimal" decimals="0" unitRef="USD">91,983</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--ExpenseFromSharebasedPaymentTransactionsWithEmployees_i01_maEBNzmaP_z1ZyT1oWnXE7" style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" contextRef="From2023-01-01to2023-12-31" id="Fact000194" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,397,261</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" contextRef="From2022-01-012022-12-31" id="Fact000195" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,118,917</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" contextRef="From2021-01-012021-12-31" id="Fact000196" format="ixt:numdotdecimal" decimals="0" unitRef="USD">336,366</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--GeneralAndAdministrativeExpense_i01_maEBNzmaP_z7ScnLgIYDn9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">20</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:GeneralAndAdministrativeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000198" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,294,972</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:GeneralAndAdministrativeExpense" contextRef="From2022-01-012022-12-31" id="Fact000199" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,397,500</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:GeneralAndAdministrativeExpense" contextRef="From2021-01-012021-12-31" id="Fact000200" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,162,934</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--GeologicalAndGeophysicalExpenses_i01_maEBNzmaP_zew9xsDvy2g" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:GeologicalAndGeophysicalExpenses" contextRef="From2023-01-01to2023-12-31" id="Fact000202" format="ixt:numdotdecimal" decimals="0" unitRef="USD">706,410</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:GeologicalAndGeophysicalExpenses" contextRef="From2022-01-012022-12-31" id="Fact000203" format="ixt:numdotdecimal" decimals="0" unitRef="USD">636,248</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0204">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--ImpairmentOfExplorationAndEvaluationAssets_i01_maEBNzmaP_z9fECiX4W1m3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Impairment of exploration and evaluation assets</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">7</td><td style="text-align: left">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="TRLEF:ImpairmentOfExplorationAndEvaluationAssets" contextRef="From2022-01-012022-12-31" id="Fact000207" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,101,343</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0208">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--ExpenseByNature_i01T_mtEBNzmaP_msPLBTz7qt_zcfFjmNvNa8g" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Total expenses</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:ExpenseByNature" contextRef="From2023-01-01to2023-12-31" id="Fact000210" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,278,827</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ExpenseByNature" contextRef="From2022-01-012022-12-31" id="Fact000211" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,682,025</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ExpenseByNature" contextRef="From2021-01-012021-12-31" id="Fact000212" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,655,855</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--ProfitLossBeforeTax_iT_mtPLBTz7qt_maILFCOzbnb_zGNhYCHtgYqj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2022-01-012022-12-31" id="Fact000215" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,306,996</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--ExpenseByNatureAbstract_iB_zIZS0Df8jqH5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Other income (expense)</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--RevenueFromInterest_i01_maOOIEz4sy_zU9GLLUjR6qb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Interest income</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RevenueFromInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000222" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,179</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:RevenueFromInterest" contextRef="From2022-01-012022-12-31" id="Fact000223" format="ixt:numdotdecimal" decimals="0" unitRef="USD">86,739</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:RevenueFromInterest" contextRef="From2021-01-012021-12-31" id="Fact000224" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,217</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--FinanceCosts_i01N_di_msOOIEz4sy_zYXfeXIzCCgd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">10,12</td><td style="text-align: left">&#160;</td>
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  <tr id="xdx_401_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_i01_pp0p0_maOOIEz4sy_zOYmXMieqiUk" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Foreign exchange gain (loss)</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000230" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">10,990,604</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_405_ecustom--GainLossOnExtinguishmentAccountsPayable_i01_maOOIEz4sy_z5vlgE40bJUa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Gain (loss) on extinguishment accounts payable</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="TRLEF:GainLossOnExtinguishmentAccountsPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000234" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,500</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:GainLossOnExtinguishmentAccountsPayable" contextRef="From2021-01-012021-12-31" id="Fact000236" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">159,383</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_i01_maOOIEz4sy_zFaiTwvhHjk1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Change in fair value of derivative liability</td><td>&#160;</td>
    <td style="text-align: center">17</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" contextRef="From2023-01-01to2023-12-31" id="Fact000238" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,827</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" contextRef="From2022-01-012022-12-31" id="Fact000239" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">686,504</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" contextRef="From2021-01-012021-12-31" id="Fact000240" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,590,762</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_ecustom--LossOnSettlementAgreement_i01N_di_msOOIEz4sy_zQzxwbd05Fna" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Loss on settlement agreement</td><td>&#160;</td>
    <td style="text-align: center">19</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0242">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:LossOnSettlementAgreement" contextRef="From2022-01-012022-12-31" id="Fact000243" format="ixt:numdotdecimal" decimals="0" unitRef="USD">285,120</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0244">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--LossOnWriteoffOfNotesAndOtherReceivables_i01N_di_msOOIEz4sy_z9ZpUXVqtHT8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Loss on write-off of notes and other receivables</td><td>&#160;</td>
    <td style="text-align: center">12</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0246">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:LossOnWriteoffOfNotesAndOtherReceivables" contextRef="From2022-01-012022-12-31" id="Fact000247" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,176</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0248">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--ImpairmentLossOnFinancialAssets_i01N_di_msOOIEz4sy_zT1f8Oa6qIdg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Loss on impairment of assets held for sale</td><td>&#160;</td>
    <td style="text-align: center">5</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:ImpairmentLossOnFinancialAssets" contextRef="From2023-01-01to2023-12-31" id="Fact000250" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,556,787</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0251">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0252">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--LossOnIssuanceOfShares_i01N_di_msOOIEz4sy_ze5qycOcq60e" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Loss on issuance of shares</td><td>&#160;</td>
    <td style="text-align: center">15</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="TRLEF:LossOnIssuanceOfShares" contextRef="From2023-01-01to2023-12-31" id="Fact000254" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,342</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0255">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0256">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--GainsLossesOnNetMonetaryPosition_i01_maOOIEz4sy_ztZZqhkknGYi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Gain on net monetary position</td><td>&#160;</td>
    <td style="text-align: center">2</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:GainsLossesOnNetMonetaryPosition" contextRef="From2023-01-01to2023-12-31" id="Fact000258" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,984,099</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:GainsLossesOnNetMonetaryPosition" contextRef="From2022-01-012022-12-31" id="Fact000259" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,826,495</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0260">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--GainsOnDisposalsOfPropertyPlantAndEquipment_i01_maOOIEz4sy_zQhJ64v3wFdf" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Gain on sale of equipment</td><td>&#160;</td>
    <td style="text-align: center">8</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:GainsOnDisposalsOfPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000262" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,535</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0263">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:GainsOnDisposalsOfPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact000264" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,074</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--GainOnTerminationOfLease_i01_maOOIEz4sy_zXyqG8CdFf3g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Gain on termination of lease</td><td>&#160;</td>
    <td style="text-align: center">8,11</td><td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:GainOnTerminationOfLease" contextRef="From2023-01-01to2023-12-31" id="Fact000266" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,864</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0267">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0268">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--OtherIncomeExpense_i01_maOOIEz4sy_zZAKS3gz5yHk" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Other income</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:OtherIncomeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000270" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,377</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0271">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="TRLEF:OtherIncomeExpense" contextRef="From2021-01-012021-12-31" id="Fact000272" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,600</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--OtherOperatingIncomeExpense_i01T_maILFCOzbnb_mtOOIEz4sy_zNgaxQRpmfW4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Total other income (expense)</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:OtherOperatingIncomeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000274" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,239,593</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherOperatingIncomeExpense" contextRef="From2022-01-012022-12-31" id="Fact000275" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,185,242</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:OtherOperatingIncomeExpense" contextRef="From2021-01-012021-12-31" id="Fact000276" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,937,998</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_eifrs-full--ProfitLossFromContinuingOperations_iT_mtILFCOzbnb_maPLzR3s_zM3YicJzEu3d" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">Net income (loss) before taxes</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossFromContinuingOperations" contextRef="From2023-01-01to2023-12-31" id="Fact000278" format="ixt:numdotdecimal" decimals="0" unitRef="USD">758,132</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossFromContinuingOperations" contextRef="From2022-01-012022-12-31" id="Fact000279" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,121,754</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossFromContinuingOperations" contextRef="From2021-01-012021-12-31" id="Fact000280" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,893,126</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eifrs-full--DeferredTaxExpenseIncome_iN_di_msPLzR3s_zvnm8izDtN7d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Deferred tax expense</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">24</td><td style="text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:DeferredTaxExpenseIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000282" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,860,326</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0283">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0284">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--ProfitLoss_iT_mtPLzR3s_maCIz6CA_zt4MRmjzbrJ" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">Net loss</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000286" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,102,194</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000287" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,121,754</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000288" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,893,126</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_eifrs-full--OtherComprehensiveIncomeAbstract_iB_zaYaHGlAtpMa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Other comprehensive loss</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="am_003"></span>Consolidated Statements of Stockholders&#8217; Equity</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed in U.S. dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr id="xdx_402_ecustom--StockIssuedDuringPeriodValueOfCommonStock_zBiCoYLpyL6j" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0341">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0342">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0343">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_ecustom--StockIssuedForDebtSettlementValue_zanT1Qu8jVq" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Stock issued for debt settlement</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0349">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0350">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0351">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0352">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0353">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0354">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--WarrantsExercisedToSettleDebt_zR6g00EitHfd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Warrants exercised to settle debt</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0360">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0361">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0362">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0363">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0364">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0365">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_ecustom--StockIssuedForServices_zKVMuUyZYEq7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Stock issued for services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_ecustom--StockIssuedForServicesShares_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zUfNdgzMvtIc" title="Stock issued for services, shares" style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForServicesShares" contextRef="From2021-01-012021-12-31_ifrs-full_OrdinarySharesMember" id="Fact000379" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">626,118</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0371">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0372">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0373">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0374">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0375">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0376">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_ecustom--StockIssuedDuringPeriodRestrictedStockUnitGrantsAndVesting_zrGrKOLD2YPa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">RSU grants and vesting</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0382">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0383">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnitGrantsAndVesting" contextRef="From2021-01-012021-12-31_custom_ObligationToIssueSharesMember" id="Fact000384" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,450</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0385">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0386">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0387">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_zsytljdQ6Age" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Warrants exercised (Restated)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--WarrantsExercisedShares_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zgrvFQkvEzpd" title="Warrants exercised, shares" style="text-align: right"><ix:nonFraction name="TRLEF:WarrantsExercisedShares" contextRef="From2021-01-012021-12-31_ifrs-full_OrdinarySharesMember" id="Fact000401" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,974,024</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0393">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0394">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0395">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2021-01-012021-12-31_custom_SharesToBeCancelledMember" id="Fact000396" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,323</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0397">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0398">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2021-01-012021-12-31" id="Fact000399" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,934,267</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--IncreaseDecreaseThroughExerciseOfOptions_zYGbfG8R4nTj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Options exercised</td><td>&#160;</td>
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  <tr id="xdx_400_eifrs-full--IncreaseDecreaseThroughConversionOfConvertibleInstruments_z8cTW3eceuuf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_ecustom--StockIssuedDuringPeriodWarrantsIssuedForLoan_zuBHFBQtHHt7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Warrants issued for loan</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_402_ecustom--OptionsIssuedValue_z4d7lg3hgJjc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Options issued</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0438">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0440">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0442">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_ecustom--WarrantsIssuedValue_zAyzdoZiTn02" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Warrants issued</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0447">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:WarrantsIssuedValue" contextRef="From2021-01-012021-12-31_custom_WarrantAndOptionReserveMember" id="Fact000448" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,616</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0449">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0450">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0451">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0452">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0453">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40F_eifrs-full--ComprehensiveIncome_zwHdFMwNgKo5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Net loss and comprehensive loss</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0458">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0459">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0460">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0461">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0462">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_438_c20220101__20221231_eifrs-full--Equity_iS_zwem6yzNgVYj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Balance, December 31, 2021</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(Unaudited)</b></p></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_custom_ObligationToIssueSharesMember" id="Fact000470" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,450</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_custom_SharesToBeCancelledMember" id="Fact000471" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,323</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="Fact000472" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">847,412</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_403_ecustom--ImpactOfChangeInFunctionalCurrency_zX3FmkZB6Shf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Impact of change in functional currency</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0480">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0481">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0482">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0483">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0484">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--StockIssuedDuringPeriodValueOfCommonStock_zVUWflSBK0uc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Issuance of common stock</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0489">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0490">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0491">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0492">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0493">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_eifrs-full--ShareIssueRelatedCost_iN_di_zga9KrmQbgsi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Stock issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2022-01-012022-12-31_ifrs-full_OrdinarySharesMember" id="Fact000498" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,649,823</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0499">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0500">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0501">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0502">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0503">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0504">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_ecustom--StockIssuedForDebtSettlementValue_zDNNGUIbGQpj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Stock issued for debt settlement</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForDebtSettlementValue" contextRef="From2022-01-012022-12-31_ifrs-full_OrdinarySharesMember" id="Fact000507" format="ixt:numdotdecimal" decimals="0" unitRef="USD">391,021</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0508">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0509">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0510">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0511">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0512">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0513">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForDebtSettlementValue" contextRef="From2022-01-012022-12-31" id="Fact000514" format="ixt:numdotdecimal" decimals="0" unitRef="USD">391,021</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--StockIssuedForPrepaidServicesValue_zKAHmh8y2wNf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Stock issued for prepaid services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--StockIssuedForPrepaidServicesShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_z7sS7aOK9fw" title="Stock issued for prepaid services, shares" style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForPrepaidServicesShares" contextRef="From2022-01-012022-12-31_ifrs-full_OrdinarySharesMember" id="Fact000527" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">221,818</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForPrepaidServicesValue" contextRef="From2022-01-012022-12-31_ifrs-full_OrdinarySharesMember" id="Fact000518" format="ixt:numdotdecimal" decimals="0" unitRef="USD">169,396</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0519">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0520">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0521">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0522">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0523">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0524">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForPrepaidServicesValue" contextRef="From2022-01-012022-12-31" id="Fact000525" format="ixt:numdotdecimal" decimals="0" unitRef="USD">169,396</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--StockIssuedDuringPeriodRestrictedStockUnit_zf1uN4372cek" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Shares issued for RSUs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_ecustom--StockIssuedDuringPeriodRestrictedStockUnitShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zvgVVOksD2ne" title="Shares issued for RSUs, shares" style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnitShares" contextRef="From2022-01-012022-12-31_ifrs-full_OrdinarySharesMember" id="Fact000538" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">220,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnit" contextRef="From2022-01-012022-12-31_ifrs-full_OrdinarySharesMember" id="Fact000529" format="ixt:numdotdecimal" decimals="0" unitRef="USD">111,122</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0530">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0531">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnit" contextRef="From2022-01-012022-12-31_custom_ObligationToIssueSharesMember" id="Fact000532" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">7,540</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0533">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0534">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0535">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnit" contextRef="From2022-01-012022-12-31" id="Fact000536" format="ixt:numdotdecimal" decimals="0" unitRef="USD">103,582</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_z01qEupzN3Lj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Warrants exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--WarrantsExercisedShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zV9E0Eu7Ar0f" title="Warrants exercised shares" style="text-align: right"><ix:nonFraction name="TRLEF:WarrantsExercisedShares" contextRef="From2022-01-012022-12-31_ifrs-full_OrdinarySharesMember" id="Fact000549" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,185,366</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2022-01-012022-12-31_ifrs-full_OrdinarySharesMember" id="Fact000540" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,144,128</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2022-01-012022-12-31_custom_WarrantAndOptionReserveMember" id="Fact000541" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">935,888</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2022-01-012022-12-31_custom_ReceivablesforEquityIssuedMember" id="Fact000542" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">10,310</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0543">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0544">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0545">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0546">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2022-01-012022-12-31" id="Fact000547" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,197,930</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--IncreaseDecreaseThroughExerciseOfOptions_zN7AhaikNMZc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Options exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_ecustom--StockIssuedDuringPeriodOptionsExercisedShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zWWvpJpXGUph" title="Options exercised, shares" style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodOptionsExercisedShares" contextRef="From2022-01-012022-12-31_ifrs-full_OrdinarySharesMember" id="Fact000560" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">675,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfOptions" contextRef="From2022-01-012022-12-31_ifrs-full_OrdinarySharesMember" id="Fact000551" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,152,269</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfOptions" contextRef="From2022-01-012022-12-31_custom_WarrantAndOptionReserveMember" id="Fact000552" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">474,906</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfOptions" contextRef="From2022-01-012022-12-31_custom_ReceivablesforEquityIssuedMember" id="Fact000553" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">41,349</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0554">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfOptions" contextRef="From2022-01-012022-12-31_custom_SharesToBeCancelledMember" id="Fact000555" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,322</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0556">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0557">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfOptions" contextRef="From2022-01-012022-12-31" id="Fact000558" format="ixt:numdotdecimal" decimals="0" unitRef="USD">638,336</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--FindersWarrantsIssued_zE0R1ZY7yfI4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Finder&#8217;s warrants issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0566">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0568">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--RepaymentAndWriteoffOfNotesReceivable_zvNftrKPNICa" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_ecustom--OptionsIssuedValue_zaOqP1n99Frj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0583">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_ecustom--EquityToBeIssuedForSettlementAgreement_zAtEzqC2m6F2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Equity to be issued for settlement agreement</td><td>&#160;</td>
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  <tr id="xdx_40B_ecustom--StockIssuedDuringPeriodValueRestrictedStockUnitsToBeIssued_zzDBAMyeiz21" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">RSUs to be issued</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0600">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0601">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_407_ecustom--StockIssuedDuringPeriodRestrictedStockUnitRepurchased_zRzSFgrDq867" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">RSU repurchase</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0609">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0610">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0611">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0612">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0613">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_ecustom--ImpactOfHyperinflation_z5YpMPmMOYQ3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Impact of hyperinflation</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0617">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0618">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0619">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40B_eifrs-full--ComprehensiveIncome_zjXlvp65XEhl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Net loss and comprehensive loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0625">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0626">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0627">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0628">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_433_c20220101__20221231_eifrs-full--Equity_iE_zqSnOgsdRH12" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt">Balance, December 31, 2022</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_436_c20230101__20231231_eifrs-full--Equity_iS_zOYa7jQbnV0k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0691">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0692">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0693">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0694">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0695">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnit" contextRef="From2023-01-01to2023-12-31" id="Fact000696" format="ixt:numdotdecimal" decimals="0" unitRef="USD">315,796</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--StockIssuedForDebtSettlementValue_zFjnGWS7eXkd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Stock issued for debt settlement</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForDebtSettlementValue" contextRef="From2023-01-012023-12-31_ifrs-full_OrdinarySharesMember" id="Fact000700" format="ixt:numdotdecimal" decimals="0" unitRef="USD">212,402</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0701">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0702">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0703">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0704">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0705">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0706">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForDebtSettlementValue" contextRef="From2023-01-01to2023-12-31" id="Fact000707" format="ixt:numdotdecimal" decimals="0" unitRef="USD">212,402</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--StockIssuedInMarketOfferingValue_zXU1KrfeI3n9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Stock issued in market offering</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0712">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0713">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0714">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0715">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0716">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0717">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedInMarketOfferingValue" contextRef="From2023-01-01to2023-12-31" id="Fact000718" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,960,687</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--ShareIssueRelatedCost_iN_di_zdAqLovzV8ri" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Stock issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2023-01-012023-12-31_ifrs-full_OrdinarySharesMember" id="Fact000722" format="ixt:numdotdecimal" decimals="0" unitRef="USD">803,012</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2023-01-012023-12-31_custom_WarrantAndOptionReserveMember" id="Fact000723" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">259,955</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0724">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0725">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0726">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0727">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0728">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2023-01-01to2023-12-31" id="Fact000729" format="ixt:numdotdecimal" decimals="0" unitRef="USD">543,057</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_ecustom--StockIssuedForServicesValue_zfNnBChNzxl8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Stock issued for services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_ecustom--StockIssuedForServicesShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zRz9SWDEQOi9" title="Stock issued for services, shares" style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForServicesShares" contextRef="From2023-01-012023-12-31_ifrs-full_OrdinarySharesMember" id="Fact000740" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForServicesValue" contextRef="From2023-01-012023-12-31_ifrs-full_OrdinarySharesMember" id="Fact000731" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,299</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForServicesValue" contextRef="From2023-01-012023-12-31_custom_WarrantAndOptionReserveMember" id="Fact000732" format="ixt:numdotdecimal" decimals="0" unitRef="USD">58,881</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0733">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForServicesValue" contextRef="From2023-01-012023-12-31_custom_ObligationToIssueSharesMember" id="Fact000734" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,873</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0735">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0736">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0737">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForServicesValue" contextRef="From2023-01-01to2023-12-31" id="Fact000738" format="ixt:numdotdecimal" decimals="0" unitRef="USD">107,053</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--StockbasedCompensationOptions_zGdfdKIRD1Cb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Stock-based compensation &#8211; options</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0742">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockbasedCompensationOptions" contextRef="From2023-01-012023-12-31_custom_WarrantAndOptionReserveMember" id="Fact000743" format="ixt:numdotdecimal" decimals="0" unitRef="USD">118,202</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0744">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0745">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0746">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0747">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0748">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockbasedCompensationOptions" contextRef="From2023-01-01to2023-12-31" id="Fact000749" format="ixt:numdotdecimal" decimals="0" unitRef="USD">118,202</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--StockIssuedDuringPeriodRestrictedStockUnitGrantsStockbasedCompensation_zY15MgHRsad8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Stock-based compensation &#8211; RSU&#8217;s</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0751">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnitGrantsStockbasedCompensation" contextRef="From2023-01-012023-12-31_custom_WarrantAndOptionReserveMember" id="Fact000752" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,879,832</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0753">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0754">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0755">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0756">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0757">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnitGrantsStockbasedCompensation" contextRef="From2023-01-01to2023-12-31" id="Fact000758" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,879,832</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--StockIssuedDuringPeriodRestrictedStockUnitRepurchased_zGF4mKPxnAU9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">RSU&#8217;s repurchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0760">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnitRepurchased" contextRef="From2023-01-012023-12-31_custom_WarrantAndOptionReserveMember" id="Fact000761" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">919,790</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnitRepurchased" contextRef="From2023-01-012023-12-31_custom_ReceivablesforEquityIssuedMember" id="Fact000762" format="ixt:numdotdecimal" decimals="0" unitRef="USD">604,537</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0763">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0764">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0765">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0766">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnitRepurchased" contextRef="From2023-01-01to2023-12-31" id="Fact000767" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">315,253</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_ecustom--StockIssuedForConvertibleDebtEquityComponent_zcRn4lpvl0r5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Convertible debt &#8211; Equity component</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0769">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:StockIssuedForConvertibleDebtEquityComponent" contextRef="From2023-01-012023-12-31_custom_WarrantAndOptionReserveMember" id="Fact000770" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,004,524</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0771">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0772">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0773">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0774">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0775">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40B_eifrs-full--ComprehensiveIncome_zBlViQB8zyc6" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000812" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">10,057,034</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_43D_c20230101__20231231_eifrs-full--Equity_iE_zl2pR6awrNZ8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt">Balance, December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_custom_SharesToBeCancelledMember" id="Fact000818" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,645</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="Fact000819" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,964,837</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_43F_c20230101__20231231_eifrs-full--Equity_iE_zx51UhhXj6M1" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt">Balance, December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--NumberOfSharesOutstanding_iE_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zcol1sIYVF0b" title="Balance, shares" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2023-12-31_ifrs-full_OrdinarySharesMember" id="Fact000834" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">115,250,810</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_custom_ObligationToIssueSharesMember" id="Fact000828" format="ixt:numdotdecimal" decimals="0" unitRef="USD">396,177</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_custom_SharesToBeCancelledMember" id="Fact000829" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,645</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="Fact000830" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,964,837</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_RetainedEarningsMember" id="Fact000831" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">45,939,198</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to consolidated financial statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="am_004"></span><b></b> Consolidated Statements of Cash Flows</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed in U.S. dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_40E_eifrs-full--CashFlowsFromUsedInOperatingActivities_i01T_maEOERCzNkv_mtN10M25_zovNlVIXUdZ6" style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: justify">Investing activities:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_i01N_di_msCFFUIz9qr_zyeP4iRItjEc" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--ProceedsFromStockSubscriptionsReceived_i01_maCFFUIzAcu_z5dq0Y6R6QX2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-left: 10pt; text-align: justify">Proceeds from exercise of options</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_405_eifrs-full--ProceedsFromExerciseOfWarrants_i01_maCFFUIzAcu_zf830neLeuG8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eifrs-full--RepaymentsOfBorrowingsClassifiedAsFinancingActivities_i01N_di_msCFFUIzAcu_zutEUmPXMhh5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact001004" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,719,721</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_403_ecustom--RepaymentOfNotesReceivable_i01N_di_msCFFUIzAcu_z0Fu4jZKUap4" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1014">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_i01N_di_msCFFUIzAcu_zUFp09Unrcr9" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_eifrs-full--EffectOfExchangeRateChangesOnCashAndCashEquivalents_maEOERCzNkv_z2XZeXabMltb" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="am_005"></span>Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001072" name="TRLEF:DisclosureOfNatureOfBusinessExplanatory"><p id="xdx_804_ecustom--DisclosureOfNatureOfBusinessExplanatory_znc3eLXIcqVl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zudVQQChjL6h">Organization</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trillion
Energy International Inc. and its consolidated subsidiaries, (collectively referred to as the &#8220;Company&#8221;) is a Canadian based
oil and gas exploration and production company. Effective January 2022, the corporate headquarters moved to Suite 700, 838 West Hastings
Street, Vancouver, B.C., Canada from Turan Gunes Bulvari, Park Oran Ofis Plaza, 180-y, Daire:54, Kat:14, 06450, Oran, Cankaya, Anakara,
Turkey. The Company also has a registered office in Canada and Bulgaria. The Company was incorporated in Delaware in 2015. The Company&#8217;s
shares trade on the OTCQB under the symbol &#8220;TRLEF&#8221; and trade on the Canadian Securities Exchange (the &#8220;Exchange&#8221;)
under the symbol &#8220;TCF&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 21, 2022, the Company redomiciled from Delaware to a British Columbia corporation by way of an amalgamation transaction with
the Company&#8217;s British Columbian subsidiary, Trillion Energy Inc. (the &#8220;Repatriation Transaction&#8221;). Pursuant to the
Repatriation Transaction, for every one common stock of Trillion Energy International Inc., the shareholders will receive one common
stock of Trillion Energy Inc. The Company will continue to operate and report under the name of Trillion Energy International Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Repatriation Transaction, the Company meets the definition of a foreign private issuer, as defined under Rule 3b-4 of
the Securities Exchange Act of 1934, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 18, 2023, the Company consolidated its issued share capital on a ratio of five old common shares for every one new post-consolidated
common share. All current and comparative references to the number of common shares, weighted average number of common shares, loss per
share, stock options and warrants have been restated to give effect to this share consolidation (the &#8220;Share Consolidation&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it
will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course
of operations. At December 31, 2023, the Company&#8217;s current liabilities exceeded its current assets by $<span id="xdx_904_ecustom--Workingcapital_iI_c20231231_z5dOtsapg7P6" title="Working Capital"><ix:nonFraction name="TRLEF:Workingcapital" contextRef="AsOf2023-12-31" id="Fact001074" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,929,942</ix:nonFraction></span> (2022 - $<span id="xdx_903_ecustom--Workingcapital_iI_c20221231_ztfDjYVI3QW6" title="Working Capital"><ix:nonFraction name="TRLEF:Workingcapital" contextRef="AsOf2022-12-31" id="Fact001076" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,819,052</ix:nonFraction></span>)
and its accumulated deficit amounts to $<span id="xdx_90D_eifrs-full--RetainedEarnings_iNI_di_c20231231_z1YbYXsACOGh" title="Retained earnings"><ix:nonFraction name="ifrs-full:RetainedEarnings" contextRef="AsOf2023-12-31" id="Fact001078" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">45,939,198</ix:nonFraction></span> (2022 - $<span id="xdx_90C_eifrs-full--RetainedEarnings_iNI_di_c20221231_z3SYFIAB5Fac" title="Retained earnings"><ix:nonFraction name="ifrs-full:RetainedEarnings" contextRef="AsOf2022-12-31" id="Fact001080" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">44,837,004</ix:nonFraction></span>). In addition, for the year ended December 31, 2023, the Company
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concern is dependent upon its ability to complete financings sufficient to meet current and future obligations, the successful results
from its business activities, and its ability to operate profitably and generate funds. Although the Company raised capital in current
and previous reporting periods, additional funding will be required to continue current operations and further advance its existing oil
and gas assets in the upcoming 12 months. These factors indicate the existence of material uncertainty which raises substantial doubt
about the Company&#8217;s ability to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001086" name="ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfMaterialAccountingPolicyInformationExplanatory_z9ug53UCkZn" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zd6h0a7M0r75">Material Accounting Policies</span> </b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001088" name="ifrs-full:DescriptionOfBasisOfPreparationOfSummarisedFinancialInformationOfAssociate"><p id="xdx_849_eifrs-full--DescriptionOfBasisOfPreparationOfSummarisedFinancialInformationOfAssociate_z1cRyIvKKsZb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86D_zPx2ss8OR2Ph">Basis of Presentation</span></span></p>



<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audited consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards
(&#8220;IFRS&#8221;) issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and Interpretations of the International
Financial Reporting Interpretations Committee (&#8220;IFRIC&#8221;), effective as at January 1, 2023. The consolidated financial statements
are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries
Park Place Energy Corp. (&#8220;PPE Corp.&#8221;), Park Place Energy Bermuda (&#8220;PPE Bermuda&#8221;), BG Exploration EOOD (&#8220;BG
Exploration&#8221;), and Park Place Energy Turkey (&#8220;PPE Turkey&#8221;). The Company&#8217;s oil and gas operations are conducted
jointly with its joint venture partner (Note 6). The joint arrangement meets the definition of a joint operation under IFRS 11, &#8220;Joint
Arrangements&#8221; (&#8220;IFRS 11&#8221;); therefore, the Company&#8217;s share of the assets, liabilities, revenues and expenses are
recorded in the consolidated financial statements. All intercompany balances and transactions are eliminated on consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric>


<ix:exclude><!-- Field: Page; Sequence: 53; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Accounting
    Policies (continued) </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functional currency of BG Exploration is the Bulgarian Lev. The functional currency of the Company&#8217;s Turkish operations is the
Turkish Lira (&#8220;&#8378;&#8221;). The functional currency of the Company&#8217;s Bermuda subsidiary is the United States dollar (&#8220;USD&#8221;),
and the function currency of PPE Corp is the USD. Prior to January 1, 2022, the functional currency of Trillion Energy International
Inc. was USD. The Company redomiciled from United States to Canada and became a Canadian Company in January 2022, resulting in the parent&#8217;s
expenditures being denominated primarily in Canadian dollar (&#8220;CAD&#8221;) and the Company being funded primarily from issuance
of equity instruments which proceeds are in CAD. As a result, the Company determined that the functional currency of the parent was changed
to CAD effective January 1, 2022. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has accounted for the change in functional currency prospectively with no impact of this change on prior period comparative information.
The Company has made an accounting policy choice to reassess the classification of financial instruments as liabilities or equity or
vice versa as applicable when the functional currency of the Company or its subsidiaries changes. The policy will be applied consistently
in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, certain of the Company&#8217;s CAD denominated warrants with a carrying value of $<span id="xdx_900_ecustom--WarrantsCarryingValue_iI_uCAD_c20220131_zNtgfn5xISZ7" title="Warrants carrying value"><ix:nonFraction name="TRLEF:WarrantsCarryingValue" contextRef="AsOf2022-01-31" id="Fact001090" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">472,899</ix:nonFraction></span>, which previously were classified
as a derivative liability as their exercise prices were denominated in a currency other the Company&#8217;s previous functional currency,
were reclassified to equity effective January 1, 2022. Further, effective January 1, 2022, certain of the Company&#8217;s USD denominated
warrants with a carrying value of $<span id="xdx_903_ecustom--WarrantsCarryingValue_iI_c20220131_z5mmNDf4sWdi" title="Warrants carrying value"><ix:nonFraction name="TRLEF:WarrantsCarryingValue" contextRef="AsOf2022-01-31" id="Fact001092" format="ixt:numdotdecimal" decimals="0" unitRef="USD">163,162</ix:nonFraction></span>, which previously were classified as equity instruments, were reclassified to derivative liability
as their exercise prices are denominated in a currency other than the Company&#8217;s new functional currency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
portion of the Company&#8217;s exploration and development activities are conducted jointly with others. The joint interests are accounted
for on a proportionate consolidation basis and as a result the financial statements reflect only the Company&#8217;s proportionate share
of the assets, liabilities, revenues, expenses and cash flows from these activities.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001094" name="TRLEF:DisclosureOfExplorationAndDevelopmentActivitiesExplanatory"><p id="xdx_89F_ecustom--DisclosureOfExplorationAndDevelopmentActivitiesExplanatory_zmw3E0alLy1j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span id="xdx_8BA_zmQysOGo4oEj" style="display: none">Schedule
of Exploration and Development activities</span></span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of the joint</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">arrangement</span></p></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nature
    of the relationship</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
    the joint arrangement</span></p></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    place of operation</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
    joint arrangement</span></p></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proportion
    of</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">participating
    share</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Akcakoca</span></p>
                                                                             <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sub-Basin (&#8220;SASB&#8221;)</span></p></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operator</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Turkey</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eifrs-full--ProportionOfOwnershipInterestInJointOperation_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__custom--SouthAkcakocaSubBasinMember_zjY82x3XhASh" title="Proportion of participating share"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" contextRef="From2023-01-012023-12-31_custom_SouthAkcakocaSubBasinMember" id="Fact001096" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">49</ix:nonFraction></span>%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cendere</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Participant</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Turkey</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--ProportionOfOwnershipInterestInJointOperation_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__custom--CendereMember_znxaYgEjevQ3" title="Proportion of participating share"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" contextRef="From2023-01-012023-12-31_custom_CendereMember" id="Fact001098" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">19.6</ix:nonFraction></span>%</span></td></tr>
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</ix:nonNumeric><p id="xdx_8A7_zxEDVAXLZ4x9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements were approved and authorized for issuance by the Board of Directors on April 29, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Basis
of Measurement</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements have been prepared on a historical cost basis except for certain derivative liabilities, which are
measured at fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Hyperinflation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to various qualitative factors and developments with respect to the economic environment in Turkey, including but not limited to, the
acceleration of multiple local inflation indices, the three-year cumulative inflation rate of the local Turkish wholesale price index
exceeding 100% at the end of February 2022 and the significant devaluation of the Turkish Lira, Turkey has been designated a hyper-inflationary
economy as of April 1, 2022 for accounting purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
IAS 29, Financial Reporting in Hyper-Inflationary Economies was adopted by the Company in its consolidated financial statements and applied
to these consolidated financial statements in relation to PPE Turkey. The consolidated financial statements are based on the historical
cost approach in IAS 29.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Accounting
    Policies (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
application of hyperinflation accounting requires restatement of PPE Turkey&#8217;s non-monetary assets and liabilities, equity and comprehensive
income (loss) items from the original transaction date when they were first recognized into the current purchasing power which reflects
a general price index current at the end of the reporting period. To measure the impact of inflation on its financial statements and
results, the Company has elected to use the consumer price index (&#8220;CPI&#8221;) as published by the Turkish Statistical Institute
&#8220;TURKSTAT&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IAS
29 also requires the restatement of comparative periods for the effects of hyperinflation unless the comparatives were previously presented
in a different presentation currency of a non-hyperinflationary economy. The consolidated financial statements of the Company are presented
in US dollars, a stable currency, and as a result the comparative amounts do not require restatement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 1, 2022, the Company recognized an adjustment of $<span id="xdx_908_ecustom--ImpactOfHyperinflationAccumulatedDepreciation_c20220401__20220401_zlooZwr40UNe" title="Impact of hyperinflation accumulated depreciation"><ix:nonFraction name="TRLEF:ImpactOfHyperinflationAccumulatedDepreciation" contextRef="From2022-04-012022-04-01" id="Fact001100" format="ixt:numdotdecimal" decimals="0" unitRef="USD">473,907</ix:nonFraction></span> for the impact of hyperinflation within accumulated other comprehensive
loss related to the non-monetary assets held by PPE Turkey, which have been restated from the historic date when they were first recognized
to the beginning of the reporting period (the &#8220;Opening Hyperinflation Adjustment&#8221;). On initial adoption of IAS 29, there
is an accounting policy choice to recognize the Opening Hyperinflation Adjustment directly to opening equity or to other comprehensive
income and the Company has elected to recognize this amount directly to opening equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of the CPI at December 31, 2023, was <span id="xdx_902_ecustom--ConsumerPriceIndex_iI_c20231231_z6p3StkEJcFj" title="Consumer price index"><ix:nonFraction name="TRLEF:ConsumerPriceIndex" contextRef="AsOf2023-12-31" id="Fact001102" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,859</ix:nonFraction></span> (2022 &#8211; <span id="xdx_90A_ecustom--ConsumerPriceIndex_iI_c20221231_zVhGErrtei4l" title="Consumer price index"><ix:nonFraction name="TRLEF:ConsumerPriceIndex" contextRef="AsOf2022-12-31" id="Fact001104" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,128</ix:nonFraction></span>) and the movement in the CPI for the year ended December 31, 2023
was <span id="xdx_906_ecustom--IncreaseIndexMovements_c20230101__20231231_zNimcAGmbWo1" title="Increase index movements"><ix:nonFraction name="TRLEF:IncreaseIndexMovements" contextRef="From2023-01-01to2023-12-31" id="Fact001106" format="ixt:numdotdecimal" decimals="0" unitRef="USD">731</ix:nonFraction></span> (December 31, 2022 &#8211; <span id="xdx_90C_ecustom--IncreaseIndexMovements_c20220101__20221231_zEKootJZLcA9" title="Increase index movements"><ix:nonFraction name="TRLEF:IncreaseIndexMovements" contextRef="From2022-01-012022-12-31" id="Fact001108" format="ixt:numdotdecimal" decimals="0" unitRef="USD">442</ix:nonFraction></span>), an increase of approximately <span id="xdx_907_ecustom--IncreaseIndexMovementsPercentage_pid_dp_uPure_c20230101__20231231_zAe1qDhnb3j2" title="Increase index movements percentage"><ix:nonFraction name="TRLEF:IncreaseIndexMovementsPercentage" contextRef="From2023-01-01to2023-12-31" id="Fact001110" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">65</ix:nonFraction></span>% (2022 &#8211; <span id="xdx_908_ecustom--IncreaseIndexMovementsPercentage_pid_dp_uPure_c20220101__20221231_zPC1ujtypjIc" title="Increase index movements percentage"><ix:nonFraction name="TRLEF:IncreaseIndexMovementsPercentage" contextRef="From2022-01-012022-12-31" id="Fact001112" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">64</ix:nonFraction></span>%). As a result, the Company recognized a net
monetary gain of $<span id="xdx_90F_eifrs-full--GainsLossesOnNetMonetaryPosition_c20230101__20231231_z5DMLHWRnoN5" title="Monetary position"><ix:nonFraction name="ifrs-full:GainsLossesOnNetMonetaryPosition" contextRef="From2023-01-01to2023-12-31" id="Fact001114" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,984,099</ix:nonFraction></span> for the year ended December 31, 2023 (2022 - $<span id="xdx_900_eifrs-full--GainsLossesOnNetMonetaryPosition_c20220101__20221231_z9qerDrjUBBc" title="Monetary position"><ix:nonFraction name="ifrs-full:GainsLossesOnNetMonetaryPosition" contextRef="From2022-01-012022-12-31" id="Fact001116" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,826,495</ix:nonFraction></span>) to restate transactions into a measuring unit current
as of each year end.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001118" name="TRLEF:DescriptionOfAccountingPolicyForUseOfEstimatesAndJudgementsExplanatory"><p id="xdx_848_ecustom--DescriptionOfAccountingPolicyForUseOfEstimatesAndJudgementsExplanatory_zTkOE3e3BgKd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86C_zHfYF8IFNm1l">Use of Estimates and Judgments</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the process of applying the Company&#8217;s accounting policies, management has made the following judgments, which have the most significant
effect on the amounts recognized in the consolidated financial statements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Functional
Currency</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functional currency for the Company and each of its subsidiaries is the currency of the primary economic environment in which the entity
operates. Determination of the functional currency involves certain judgments to determine the primary economic environment and the Company
reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic
environment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Determination
of Cash Generating Units (&#8220;CGUs&#8221;)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
CGU is the lowest grouping of integrated assets that generate identifiable cash inflows that are largely independent of the cash inflows
of other assets or groups of assets. The allocation of assets into CGUs requires significant judgment and interpretations with respect
to the integration between assets, the existence of active markets, similar exposure to market risks, shared infrastructure, and the
way in which management monitors the operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going
concern</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assessment of the Company&#8217;s ability to continue as a going concern and to raise sufficient funds to pay its ongoing operating expenditures
and to meet its liabilities for the ensuing year, involves significant judgment based on historical experience and other factors, including
expectation of future events that are believed to be reasonable under the circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    Accounting Policies (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Asset
Retirement Obligation</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes obligation for the future decommissioning and restoration of the Company&#8217;s exploration and evaluation assets
and oil and gas properties based on estimated future decommissioning and restoration costs. Management applies judgment in assessing
the existence and extent as well as the expected method of reclamation of the Company&#8217;s decommissioning and restoration obligations
at the end of each reporting period. Management also uses judgment to determine whether the nature of the activities performed is related
to decommissioning and restoration activities or normal operating activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the process of applying the Company&#8217;s accounting policies, management has made the following estimates, which have the most significant
effect on the amounts recognized in the consolidated financial statements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Convertible
debt</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company completed a convertible debenture financing. The convertible debentures include certain
conversion features and associated warrants which were valued using the option pricing model and required significant assumptions to
be made by management to value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Oil
and Gas Reserves</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s estimate of oil and gas reserves is considered in the measurement of depletion, depreciation, impairment, and decommissioning
and restoration obligations. The estimation of reserves is an inherently complex process and involves the exercise of professional judgment.
All reserves are evaluated annually by independent qualified reserves evaluators. Oil and gas reserves estimates are based on a range
of geological, technical and economic factors, including projected future rates of production, projected future commodity prices, engineering
data, and the timing and amount of future expenditures, all of which are subject to uncertainty. Estimates reflect market and regulatory
conditions existing at the evaluation date, which could differ significantly from other points in time throughout the period, or future
periods. Changes in market and regulatory conditions and assumptions, as well as climate change, and the evolving worldwide demand for
energy and global advancement of alternative sources of energy that are not sourced from fossil fuels can materially impact the estimation
of net reserves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Allowance
for doubtful accounts</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimates
are inherent in the on-going assessment of the recoverability of amounts receivable. The Company maintains an allowance for doubtful
accounts to reflect the expected credit losses. Uncertainty relates to the actual collectability of customer balances that can vary from
the Company&#8217;s estimation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Asset
Retirement Obligation</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes obligation for the future decommissioning and restoration of the Company&#8217;s exploration and evaluation assets
and oil and gas properties based on estimated future decommissioning and restoration costs. Actual costs are uncertain, and estimates
may vary as a result of changes to relevant laws and regulations related to the use of certain technologies, the emergence of new technology,
operating experience, prices and closure plans. The estimated timing of future decommissioning and restoration may change due to certain
factors, including reserves life. Changes to estimates related to future expected costs, discount rates, inflation assumptions, and timing
may have a material impact on the amounts presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Estimated
useful lives and depreciation of equipment </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
of equipment is dependent upon estimates of useful lives which are determined through the exercise of judgment. Changes to the estimated
useful life of equipment could result in differences in their carrying amounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Accounting
    Policies (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leases
&#8211; Estimating the incremental borrowing rate</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company cannot readily determine the interest rate implicit in leases where it is the lessee. As such, it uses its incremental borrowing
rate (&#8220;IBR&#8221;) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over
a similar term, and with a similar security, the funds necessary to obtain an asset of comparable value to the right-of-use asset in
a similar economic environment. IBR therefore reflects what the Company &#8220;would have to pay&#8221;, which requires estimation when
no observable rates are available or where the applicable rates need to be adjusted to reflect the terms and conditions of the lease.
The Company estimates the IBR using observable inputs (such as market interest rates) when available and makes certain entity-specific
estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leases
&#8211; Estimating the lease term </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company includes renewal options in the term of the lease when management deems that it is reasonably certain that the option will be
exercised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment
of Non-current Assets</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
applies judgment in assessing the existence of impairment indicators based on various internal and external factors. The recoverable
amount of assets is determined based on the higher of fair value less costs of disposal or value-in-use calculations. The key estimates
the Company applies in determining the recoverable amount normally include estimated future commodity prices, discount rates, expected
production volumes, future operating and development costs, income taxes, and operating margins. In determining the recoverable amount,
management may also be required to make judgments regarding the likelihood of occurrence of a future event. Changes to these estimates
and judgments will affect the recoverable amounts of assets and may then require a material adjustment to their related carrying value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock-based
Compensation </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of equity-settled stock-based transactions (options, warrants, and equity-settled RSUs) with directors, officers and employees are
measured by reference to the fair value of the equity instruments. Estimating fair value for equity-settled stock-based payment transactions
requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate
also requires determining and making assumptions about the most appropriate inputs to the valuation model including the expected life,
volatility, risk-free interest rate, expected forfeiture rate and dividend yield of the stock option. Changes to these estimates and
judgments will affect the operating result and may then require a material adjustment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash-settled
RSUs are accounted for as liability instruments and are measured at fair value based on the market value of the Company&#8217;s common
shares at each reporting period. The fair value is recognized as stock-based compensation over the vesting period. Fluctuations in the
fair values are recognized as stock-based compensation over the vesting period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair
Value of Derivative Liability</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s warrants and conversion features with exercise prices denominated in a currency other the Company&#8217;s functional
currency are recognized as derivatives measured at fair value through the consolidated statements of income (loss) and comprehensive
income (loss). Estimating fair value for derivative liability requires determining the most appropriate valuation model, which is dependent
on the terms and conditions of the issuance. This estimate also requires determining and making assumptions about the most appropriate
inputs to the valuation model including the expected life, volatility, risk-free interest rate, expected forfeiture rate and dividend
yield of the derivatives. Changes to these estimates and judgments will affect the operating result and may then require a material adjustment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Accounting
    Policies (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Deferred
Tax </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgments
are made by management at the end of the reporting period to determine the probability that deferred tax assets will be realized from
future taxable earnings. Assessing the recoverability of deferred tax assets requires the Company to make judgments related to the expectations
of future cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that assumptions regarding
future profitability change, there can be an increase or decrease in the amounts recognized in consolidated statements of income (loss)
and comprehensive income (loss) in the period in which the change occurs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001120" name="ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_z9PIbosTYm34" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86F_zvTLcOVVIzel">Cash and Cash Equivalents</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001122" name="ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory"><p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_z27i06nrJcWi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_861_z7B6dVlLsECd">Amounts Receivable</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
receivable consist primarily of oil and gas receivables. The Company has classified these as current assets in the consolidated statements
of financial position because the Company expects repayment or recovery within the next 12 months. The Company evaluates these accounts
receivable for collectability and, when necessary, records allowance for doubtful accounts. The Company deems all accounts receivable
to be collectable and has not recorded any expected credit losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001124" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zCBxEK6berub" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86A_z3QLVIJHrRN5">Property and Equipment</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost and depreciated using the straight-line method over the estimated useful life of the asset. <span id="xdx_905_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20230101__20231231_zzzNnKkl9ZFh" title="Property and equipment, depreciation useful lives description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001126" name="ifrs-full:DepreciationMethodPropertyPlantAndEquipment">The estimate
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term of the lease and other equipment - <span id="xdx_90F_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--OtherPropertyPlantAndEquipmentMember_zKB1jzPispJk" title="Property and equipment, depreciation useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_OtherPropertyPlantAndEquipmentMember" format="ixt-sec:duryear" id="Fact001134" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">3</ix:nonNumeric></span> years.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001136" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zfgPpmwQogcl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_866_zwKD7sqj7bnl">Revenue Recognition</span></span></p>



<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
from Contracts with Customers</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue when it satisfies its performance obligation(s) by transferring control over a product to a customer. Revenue
is measured based on the consideration the Company expects to receive in exchange for those products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Performance
Obligations and Significant Judgments</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company sells oil and natural gas products in Turkey. The Company enters into contracts that generally include one type of distinct product
in variable quantities and priced based on a specific index related to the type of product.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
oil and natural gas are typically sold in an unprocessed state to processors and other third parties for processing and sale to customers.
The Company recognizes revenue at a point in time when control of the oil is transferred. For oil sales, control is typically transferred
to the customer upon receipt at the wellhead or a contractually agreed upon delivery point. Under the Company&#8217;s natural gas contracts
with processors, control transfers upon delivery at the wellhead or the inlet of the processing entity&#8217;s system. For the Company&#8217;s
other natural gas contracts, control transfers upon delivery at the inlet or to a contractually agreed upon delivery point. In the cases
where the Company sells to a processor, the Company has determined that the Company is the principal in the arrangement and the processors
are the Company&#8217;s customers. The Company recognizes the revenue in these contracts based on the net proceeds received from the
processor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>




<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Accounting
    Policies (continued)</b></span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Company&#8217;s product sales that have a contract term greater than one year, the Company uses the practical expedient in IFRS 15
Paragraph 121(a) which states the Company is not required to disclose the transaction price allocated to remaining performance obligations
if the variable consideration is allocated entirely to an unsatisfied performance obligation. Under these sales contracts, each unit
of product represents a separate performance obligation; therefore, future volumes are unsatisfied, and disclosure of the transaction
price allocated to remaining performance obligations is not required. The Company has no unsatisfied performance obligations at the end
of each reporting period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not believe that significant judgments are required with respect to the determination of the transaction price, including
any variable consideration identified. There is a low level of uncertainty due to the precision of measurement and use of index-based
pricing with predictable differentials. Additionally, any variable consideration identified is not constrained.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001138" name="ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures"><p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures_zU6sQLpQNMpg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86F_zMHRuEmGXffl">Evaluation and Exploration Assets</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-license
exploration costs are recognized in the consolidated statements of income (loss) and comprehensive income (loss) as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
costs to acquire non-producing oil and gas properties or licenses to explore, drill exploratory wells and the costs to evaluate the commercial
potential of underlying resources, including related borrowing costs, are initially capitalized as exploration and evaluation assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exploration
and evaluation assets are subject to technical, commercial and management review to confirm the continued intent to develop and extract
the underlying resources. If an area or exploration well is no longer considered commercially viable, the related capitalized costs are
charged to exploration expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exploration
and evaluation assets are not subject to depreciation, depletion, and amortization. When management determines with reasonable certainty
that an exploration and evaluation asset will be developed, as evidenced by the classification of proved or probable reserves and the
appropriate internal and external approvals, the asset is transferred to oil and gas properties. The Company records geological and geophysical
expenses to the consolidated statements of income (loss) and comprehensive income (loss) as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001140" name="ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory"><p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory_zxeeBWLSp5el" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86B_z9KubWc4kuQg">Oil and Gas Properties</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oil
and gas properties (&#8220;O&amp;G&#8221;) include development and productions costs, less accumulated depletion and depreciation and
accumulated impairment loss. O&amp;G are grouped into CGUs for impairment testing. The Company has grouped its O&amp;G into two CGUs:
the Cendere Oil Field and SASB Gas Field.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
significant parts of an item of O&amp;G have different useful lives, they are accounted for as separate items (major components). Costs
incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of O&amp;G
are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures
are recognized in the consolidated statements of income (loss) and comprehensive income (loss) as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
capitalized items generally represent costs incurred in developing proved and/or probable reserves and bringing on or enhancing production
from such reserves and are accumulated on a field or geotechnical area basis. The carrying amount of any replaced or sold component is
derecognized. The costs of the day-to-day servicing of oil and gas properties are recognized in the consolidated statements of income
(loss) and comprehensive income (loss) as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>




<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    Accounting Policies (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oil
                                            and Gas Properties (continued)</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net carrying value of O&amp;G is depleted using the unit-of-production method by reference to the ratio of production in the year to
the related proved reserves, considering estimated future development costs necessary to bring those reserves into production. The estimated
future development costs is added to the carrying value of O&amp;G to calculate depletion. These estimates are reviewed by independent
reservoir engineers at least annually.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001142" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_zHy7dB9P1hFf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86E_zDKmCtoUb6cc">Impairment of Non-financial Assets</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exploration
and evaluation assets, O&amp;G, and property and equipment are reviewed when events or changes in circumstances indicate the assets may
not be recoverable. Exploration and evaluation assets are also tested for impairment immediately prior to being transferred to O&amp;G.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss,
if any. Impairment exists when the carrying value of an asset exceeds its recoverable amount, which is the higher of its fair value less
costs to sell and its value in use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated
to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is
recognized in the </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">consolidated statements of income
(loss) and comprehensive income (loss)<span style="background-color: white">. For an asset that does not generate largely independent
cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
calculations are based on available data, other observable inputs, and projections of cash flows, all of which are subject to estimates
and assumptions. Recoverable amounts are also sensitive to assumptions about the future usefulness of in-process development and the
related marketing rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001144" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_zhCg3AvP0imd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_860_zl0v9d5MXB5c">Provisions</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
are recognized by the Company when it has a legal or constructive obligation as a result of past events, it is probable that an outflow
of economic resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
are recognized for the asset retirement obligation associated with the Company&#8217;s exploration and evaluation assets and O&amp;G.
Provisions for the asset retirement obligation are measured at the present value of management&#8217;s best estimate of the future cash
flows required to settle the present obligation, using the risk-free interest rate. The value of the obligation is added to the carrying
amount of the associated asset and amortized over the useful life of the asset. The provision is accreted over time with actual expenditures
charged against the accumulated obligation. Changes in the future cash flow estimates resulting from revisions to the estimated timing
or amount of undiscounted cash flows are recognized as a change in the asset retirement obligation and related assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Accounting
    Policies (continued)</b></span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001146" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_zqtgB4T3bpv1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86D_zMubDqX2mLUe">Financial Instruments</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Classification
</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company classifies its financial instruments into one of the following categories: fair value through profit or loss (&#8220;FVTPL&#8221;),
fair value through other comprehensive income (&#8220;FVOCI&#8221;), or at amortized cost. This determination is made at initial recognition.
All financial instruments are initially recognized at fair value on the consolidated statements of financial position, net of any transaction
costs except for financial instruments classified as FVTPL, where transaction costs are expensed as incurred. Subsequent measurement
of financial instruments is based on their classification. The Company classifies its derivative liability and cash and cash equivalents
as FVTPL, amounts receivable and notes and amounts receivable for equity issued as financial assets at amortized cost, and accounts payable
and accrued liabilities, loans payable, and convertible debt as financial liabilities at amortized cost. Embedded derivatives in other
financial instruments or other host contracts are recorded as separate derivatives when their risks and characteristics are not closely
related to those of the host contract.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Measurement</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial
assets and liabilities at amortized cost</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently
carried at amortized cost sing the effective interest rate (&#8220;EIR&#8221;), less any impairment. Amortized cost is calculated by
taking into account any discount or premium on acquisition and any fees or costs that are an integral part of the EIR. The EIR amortization
is included in finance income in the consolidated statements of income (loss) and comprehensive income (loss).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial
assets and liabilities at FVTPL</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements
of income (loss) and comprehensive income (loss). Realized and unrealized gains and losses arising from subsequent changes in the fair
value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of income (loss) and comprehensive
income (loss) in the period in which they arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Debt
investments at FVTOCI</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
assets are subsequently measured at fair value. Interest income calculated using the EIR method, foreign exchange gains and losses and
impairment are recognized in the consolidated statements of income (loss) and comprehensive income (loss). Other net gains and losses
are recognized in other comprehensive income (&#8220;OCI&#8221;). On derecognition, net gains and losses accumulated in OCI are reclassified
to the consolidated statements of income (loss) and comprehensive income (loss).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity
investments at FVTOCI</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
assets are subsequently measured at fair value. Dividends are recognized as income in the consolidated statements of income (loss) and
comprehensive income (loss) unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains
and losses are recognized in OCI and are never reclassified to consolidated statements of income (loss) and comprehensive income (loss).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 61; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Accounting
    Policies (continued)</b></span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Impairment
of Financial Assets at Amortized Cost</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes an allowance for doubtful accounts on financial assets that are measured at amortized cost. At each reporting date,
the Company measures the allowance for doubtful accounts for the financial asset at an amount equal to the lifetime expected credit losses
if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date the credit
risk has not increased significantly since initial recognition, the Company measures the allowance for doubtful accounts for the financial
asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in the consolidated statements of income
(loss) and comprehensive income (loss), as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required
to adjust the allowance for doubtful accounts at the reporting date to the amount that is required to be recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Fair
value</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value estimates are made at the consolidated statements of financial position date based on relevant market information and other information
about financial instruments. Financial assets and financial liabilities measured at fair value in the consolidated statements of financial
position are grouped into a fair value evaluation hierarchy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
hierarchy groups financial assets and financial liabilities into three levels according to the significance of the inputs used in the
fair value evaluation of the financial assets and financial liabilities. The fair value levels of the hierarchy are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 &#8211; Quoted prices (unadjusted) in active markets for identical assets and liabilities at the financial reporting date;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 &#8211; Inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or
indirectly; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 &#8211; Inputs for the assets or liabilities that are not based on observable market data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
level within which the financial asset or financial liability is classified is determined based on the lowest level of significant input
to the fair value measurement. The Company&#8217;s cash and cash equivalents is categorized as Level 1 and its derivative liability is
categorized as Level 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Derecognition
</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial
assets</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company derecognizes financial assets only when the contractual rights to cash flow from the financial assets expire, or when it transfers
the financial assets and substantially all the associated risks and rewards of ownership to another entity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial
liabilities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company derecognizes financial liability when its contractual obligations are discharged or cancelled or expire. The Company also derecognizes
a financial liability when the terms of the liability are modified such that the terms and / or cash flows of the modified instrument
are substantially different, in which case a new financial liability based on the modified terms is initially recognized at fair value.
Gains and losses on derecognition are recognized in consolidated statements of income (loss) and comprehensive income (loss).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Accounting
    Policies (continued)</b></span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001148" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForIncomeTaxExplanatory_zvwzbpOkekt9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_868_zln39cHvCTC8">Income Taxes</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Current
Tax</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to taxation authorities.
The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in
the countries where the Company operates and generates taxable income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject
to interpretation and establishes provisions where appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Deferred
Tax</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax is recognized on temporary differences at the reporting date arising between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes. Deferred tax relating to items recognized directly in OCI or equity is recognized in OCI or
equity and not in profit or loss</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amount of deferred tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable
that future taxable income will be available to allow all or part of the temporary differences to be utilized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability
is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted and are expected to apply by the end of
the reporting period. Deferred tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to set
off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001150" name="ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_zg7PmALR94Sb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_862_zJpGTTVcqUQ6">Stock-Based Compensation</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Company&#8217;s equity-based compensation plans, stock-based awards may be granted to executives, employees, and non-employee directors.
The Company grants restricted share units (&#8220;RSUs&#8221;) and stock options to directors, officers, employees, and consultants.
An individual is classified as an employee when the individual is an employee for legal or tax purposes or provides services like those
performed by an employee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
costs of equity-settled transactions with employees are measured by reference to the fair value at the date on which they are granted,
using the Black Scholes valuation model. The costs of equity-settled transactions are recognized, together with a corresponding increase
in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant
employees become fully entitled to the award (the &#8220;vesting date&#8221;). For cash settled stock-based compensation, the expense
is determined based on the fair value of the liability at the end of the reporting period until the award is settled.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
situations where equity instruments are issued to non-employees and some or all of the goods or services received by the Company as consideration
cannot be specifically identified, they are measured at fair value of the stock-based payment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    Accounting Policies (continued)</b></span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-Based
                                            Compensation (continued)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cumulative expense is recognized for equity-settled transactions at each reporting date until the vesting date reflects the Company&#8217;s
best estimate of the number of equity instruments that will ultimately vest. The profit or loss charge or credit for a period represents
the movement in cumulative expense recognized as at the beginning and end of that period, and the corresponding amount is represented
in the warrant and option reserve. At the end of each reporting period, the Company re-assesses its estimates of the number of awards
that are expected to vest and recognizes the impact of the revisions in the consolidated statements of income (loss) and comprehensive
income (loss).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition,
which are treated as vesting irrespective of whether or not the market condition is satisfied provided that all other performance and/or
service conditions are satisfied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the terms of an equity settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award,
provided the original terms of the award are met. An additional expense or its reduction is recognized for any modification which increases
or decreases the total fair value of the stock-based payment arrangement or is otherwise beneficial to the employee as measured at the
date of modification. Where an award is cancelled by the Company or the counterparty, any remaining element of the fair value of the
award is expensed immediately or reversed through profit or loss, depending on the type of cancellation. The dilutive effect of outstanding
options is reflected as additional dilution in the computation of earnings per share whereas anti-dilutive options are ignored.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consideration
paid to the Company on exercise of stock-based awards is credited to share capital and the associated amount in warrant and option reserve
is reclassified to share capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001152" name="TRLEF:DescriptionOfUnitOfferingsPolicyExplanatory"><p id="xdx_849_ecustom--DescriptionOfUnitOfferingsPolicyExplanatory_zhdCVY9Hhd81" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86E_zlf6rFT63Mog">Unit Offerings</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
shares are classified as equity. Proceeds from unit placements are allocated between shares and warrants issued using the residual method.
The residual method first allocates fair value to the component with the best evidence of fair value and then the residual value, if
any, to the less easily measurable component. If the attached warrants do not meet the definition of a derivative liability, the fair
value of the common shares, measured on date of issue, are determined to be the component with the best evidence of fair value. The balance,
if any, is allocated to the attached warrants. If the attached warrants meet the definition of a derivative liability, the proceeds are
first allocated to the fair value of the warrants and then the residual value, if any, is allocated to the common shares. Costs directly
identifiable with share capital financings are charged against share capital. If the subscription is not funded upon issuance, the Company
records a receivable as a contra account to shareholders&#8217; equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001154" name="ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_zJCDSQxnXRl1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86B_zSGmPJTiKXy">Loss per Share</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings per share are calculated by dividing the net earnings for the period by the weighted average number of common shares outstanding
during the period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted
earnings per share is calculated by adjusting the weighted average number of common shares outstanding for dilutive common shares. The
number of shares included is computed using the treasury stock method. As certain instruments can be exchanged for common shares of the
Company, they are considered potentially dilutive and are included in the calculation of the Company&#8217;s diluted net earnings per
share if they have a dilutive impact in the period. The impact of potentially dilutive securities is not considered in periods in which
there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Accounting
    Policies (continued)</b></span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001156" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForLeasesExplanatory_zjpeotJWs3Mh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_869_z093VmafOiMk">Leases</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right
to control the use of an identified asset for a period of time in exchange for consideration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured
based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any
initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset
on the site on which it is located, less any lease incentives received. The assets are depreciated to the earlier of the end of the useful
life of the right-of-use asset or the lease term. Judgment is applied to determine the lease term where a renewal option exists. Right-of-use
assets are depreciated using the straight-line method as this most closely reflects the expected pattern of consumption of the future
economic benefits. In addition, the right-of-use assets may be reduced by impairment losses or adjusted for certain remeasurements of
the lease liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of twelve
months or less. The lease payments are recognized as an expense when incurred over the lease term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company&#8217;s incremental borrowing
rate. Lease payments include fixed payments, and variable payments that are based on an index or rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
payments for the principal portion of the lease liability are presented within the financing activities section and the interest portion
of the lease liability is presented within the operating activities section of the consolidated statements of cash flows. Short-term
lease payments and variable lease payments not included in the measurement of the lease liability are presented within the operating
activities section of the consolidated statements of cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001158" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zMWkw9AnaJR" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_867_zi6485dI3sz5">Foreign Currency Translation</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Functional
currencies of the Company&#8217;s individual entities are the currency of the primary economic environment in which the entity operates.
Transactions in foreign currencies are translated to the appropriate functional currency at foreign exchange rates that approximate those
on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the appropriate functional
currency at foreign exchange rates as at the date of the statement of financial position. Foreign exchange differences arising on translation
are recognized in net earnings. Non-monetary assets that are measured in a foreign currency at historical cost are translated using the
exchange rate at the date of the transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preparing the Company&#8217;s consolidated financial statements, the financial statements of each entity are translated into USD, the
presentation currency of the Company. The assets and liabilities of foreign operations are translated into USD at exchange rates as at
the date of the statement of financial position. Revenues and expenses of foreign operations, whose functional currency is not the currency
of a hyperinflationary economy, are translated into USD using average foreign exchange rates for the period. The financial statements
(i.e. assets, liabilities, revenues and expenses) of foreign operations whose functional currency is the currency of a hyperinflationary
economy, is first adjusted in accordance with the Company&#8217;s hyperinflation accounting policy, and then translated to USD at exchange
rates as at the date of the statement of financial position. Foreign exchange differences resulting from translation from functional
currency to presentation currency are recognized in other comprehensive income or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 65; Value: 2 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 12pt Aptos; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 12pt Aptos; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Accounting Policies (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001160" name="TRLEF:DescriptionOfAccountingPolicyConvertibleDebtExplanatory"><p id="xdx_84D_ecustom--DescriptionOfAccountingPolicyConvertibleDebtExplanatory_zuWZd7UmRzO6" style="font: 12pt Aptos; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_867_zujCL4MeAaHl">Convertible Debt</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The components of the compound financial instrument
(convertible debt) issued by the Company are classified separately as financial liabilities and equity in accordance with the substance
of the contractual arrangement and the definitions of a financial liability and an equity instrument. The conversion option that will
be settled by the exchange of a fixed amount in cash for a fixed number of equity instruments of the Company is classified as an equity
instrument. At the issue date, the liability component is recognized at fair value, which is estimated using the interest rate on the
market for similar nonconvertible instruments. Subsequently, the liability component is measured at amortized cost using the EIR until
it is extinguished on conversion or maturity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The value of the conversion option classified as equity
is determined at the issue date, by deducting the amount of the liability component from the fair value of the compound instrument as
a whole. This amount is recognized in equity, net of tax effects, and is not revised subsequently. When the conversion option is exercised,
the equity component of the convertible notes will be transferred to share capital. No profit or gain is recognized to the conversion
or expiration of the conversion option.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001162" name="TRLEF:DescriptionOfAccountingPolicyAssetsHeldForSaleExplanatory"><p id="xdx_84E_ecustom--DescriptionOfAccountingPolicyAssetsHeldForSaleExplanatory_zYovMscTAR0d" style="font: 12pt Aptos; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_869_zbuGLp9PZxQj">Assets Held For Sale</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is met when
the sale is highly probable, the asset is available for immediate sale in its present condition and the sale is expected to be completed
within one year from the date of classification.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-current assets held for sale are presented separately
in current assets within the consolidated statements of financial position. Assets held for sale are measured at the lower of carrying
amount and fair value less cost to sell, and are not depreciated, depleted or amortized. An impairment loss is recognized for any initial
or subsequent write-down of the assets held for sale to fair value less costs to sell. The comparative period consolidated statement of
financial position is not restated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain pronouncements were issued by the IASB or
the IFRIC that are mandatory for accounting periods commencing on or after January 1, 2024.Many are not applicable or do not have a significant
impact to the Company and have been excluded.The following have not yet been adopted and are being evaluated to determine their impact
on the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IAS 1 &#8211;Presentation of Financial Statements
(&#8220;IAS 1&#8221;) was amended in January 2020 to provide a more general approach to the classification of liabilities under IAS 1
based on the contractual arrangements in place at the reporting date. The amendments clarify that the classification of liabilities as
current or noncurrent is based solely on a company&#8217;s right to defer settlement at the reporting date. The right needs to be unconditional
and must have substance. The amendments also clarify that the transfer of a company&#8217;s own equity instruments is regarded as settlement
of a liability, unless it results from the exercise of a conversion option meeting the definition of an equity instrument. The amendments
are effective for annual periods beginning on January 1, 2024.</p>

</ix:nonNumeric><p id="xdx_857_zIgkfRSr6331" style="font: 12pt Aptos; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001166" name="TRLEF:DisclosureOfAmountsReceivableExplanatory"><p id="xdx_800_ecustom--DisclosureOfAmountsReceivableExplanatory_zgHchZId56Yi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zliXPKvf9PN4">Amounts Receivable</span> </b></span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001168" name="TRLEF:DisclosureOfDetailedInformationAboutAmountsReceivableExplanatory"><p id="xdx_891_ecustom--DisclosureOfDetailedInformationAboutAmountsReceivableExplanatory_zdkAFwpjJyV3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_zKlDJklblQz9" style="display: none">Schedule
of Amounts Receivable</span></span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8A8_zsHQN5RvMvC" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;</span></b></span></p>


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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--PrepaidExpensesAndDepositsCurrent_iI_zwj1Dq2X8IG3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1208">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--LongtermDeposits_iI_zLLlQq9ZXcDk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Long-term deposits</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1211">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AB_z7nGm6vJbWlb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001213" name="TRLEF:DisclosureOfAssetsHeldForSaleExplanatory"><p id="xdx_803_ecustom--DisclosureOfAssetsHeldForSaleExplanatory_zRlSauE375cf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_z7bvMHMnKsB3">Assets held for sale</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2023, management committed to a plan to sell left-over field equipment with a carrying amount of $<span id="xdx_906_eifrs-full--InventoriesAtFairValueLessCostsToSell_iI_c20231231_ztgvOmu0FT21" title="Sell left-over field equipment"><ix:nonFraction name="ifrs-full:InventoriesAtFairValueLessCostsToSell" contextRef="AsOf2023-12-31" id="Fact001215" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,036,216</ix:nonFraction></span>. Accordingly, the equipment
is presented as assets held for sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
losses of $<span id="xdx_90C_eifrs-full--ImpairmentLoss_c20230101__20231231_zIQY0JVVnKp1" title="Impairment losses"><ix:nonFraction name="ifrs-full:ImpairmentLoss" contextRef="From2023-01-01to2023-12-31" id="Fact001217" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,556,787</ix:nonFraction></span> (2022 - $<span id="xdx_900_eifrs-full--ImpairmentLoss_dxL_c20220101__20221231_zBM2nslNLTGd" title="Impairment losses::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1219">Nil</span></span>) were recognized for the write-down of the assets held for sale to the lower of its carrying amount
and its fair value less costs to sell. As at December 31, 2023, the value of the Company&#8217;s assets held for sale are $<span id="xdx_906_ecustom--AssetsHeldForSale_iI_c20231231_zg0dWqaJISX" title="Assets held for sale"><ix:nonFraction name="TRLEF:AssetsHeldForSale" contextRef="AsOf2023-12-31" id="Fact001221" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,479,429</ix:nonFraction></span>
(December 31, 2022 - $<span id="xdx_901_ecustom--AssetsHeldForSale_iI_dxL_c20221231_zgQmQkQuB9l4" title="Assets held for sale::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1223">Nil</span></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
non-recurring fair value measurement for the assets held for sale has been categorized as a Level 3 fair value and is based on management&#8217;s
best estimate of the fair value of similar products in similar conditions in the marketplace. The key inputs used by management to estimate
the fair value of the assets-held-for sale is based on offers received from third parties for a large portion of the equipment and extrapolation
of the discount to similar items in the assets listing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 67; Value: 2 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001225" name="TRLEF:DisclosureOfOilAndGasAssetsExplanatory"><p id="xdx_801_ecustom--DisclosureOfOilAndGasAssetsExplanatory_zh7LpiucyBDk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zNJNwWndg2J">Oil and Gas Properties</span></b></span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001227" name="TRLEF:DisclosureOfDetailedOilAndGasPropertiesExplanatory"><p id="xdx_895_ecustom--DisclosureOfDetailedOilAndGasPropertiesExplanatory_zHATcxyLR26h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_z9MlDHwUlj4b" style="display: none">Schedule
of Oil and Gas Properties</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_438_c20220101__20221231_eifrs-full--OilAndGasAssets_iS_zcl7NXUJVrWf" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_ecustom--AdditionsCost_zwr9IpumvgUl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:AdditionsCost" contextRef="From2022-01-012022-12-31_custom_SouthAkcakocaSubBasinMember" id="Fact001233" format="ixt:numdotdecimal" decimals="0" unitRef="USD">44,369,191</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1234">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:AdditionsCost" contextRef="From2022-01-012022-12-31" id="Fact001235" format="ixt:numdotdecimal" decimals="0" unitRef="USD">44,369,191</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--JvContributionCost_z2SjnlAGOuhg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">JV Contribution</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:JvContributionCost" contextRef="From2022-01-012022-12-31_custom_SouthAkcakocaSubBasinMember" id="Fact001237" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,656,785</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1238">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_ecustom--ChangeInAroEstimate_zJiX9pzhoMjc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Change in ARO estimate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:ChangeInAroEstimate" contextRef="From2022-01-012022-12-31_custom_SouthAkcakocaSubBasinMember" id="Fact001241" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,865,772</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:ChangeInAroEstimate" contextRef="From2022-01-012022-12-31_custom_CendereMember" id="Fact001242" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,562</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:ChangeInAroEstimate" contextRef="From2022-01-012022-12-31" id="Fact001243" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,871,334</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">Currency translation adjustment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:CurrencyTranslationAdjustmentCost" contextRef="From2022-01-012022-12-31_custom_SouthAkcakocaSubBasinMember" id="Fact001245" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,748,897</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1246">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:CurrencyTranslationAdjustmentCost" contextRef="From2022-01-012022-12-31" id="Fact001247" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,748,897</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40F_ecustom--ImpactOfHyperinflationCost_zzJyqsPr2tr8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Impact of hyperinflation</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>As at December 31, 2022</td><td>&#160;</td>
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  <tr id="xdx_433_c20230101__20231231_eifrs-full--OilAndGasAssets_iS_zCpz9lGN9456" style="display: none; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost, Beginning Balance</span></td><td>&#160;</td>
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<tr id="xdx_404_ecustom--AdditionsCost_zbnaggIehP05" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:AdditionsCost" contextRef="From2023-01-012023-12-31_custom_SouthAkcakocaSubBasinMember" id="Fact001261" format="ixt:numdotdecimal" decimals="0" unitRef="USD">56,381,768</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td>As at December 31, 2022</td><td>&#160;</td>
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<tr id="xdx_40A_ecustom--DepletionExpenses_zmbyDAYk78f5" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AC_zh9Qxs749Oq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cendere
oil field</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cendere onshore oil field, which is located in South East Turkey has a total of 25 wells. The operator of the Cendere Field is T&#252;rkiye
Petrolleri Anonim Ortakl&#305;&#287;&#305; (&#8220;TPAO&#8221;). The Company&#8217;s interest is <span id="xdx_90D_ecustom--InterestPercentageForWells_pid_dp_uPure_c20230101__20231231_zI0Ae08tnAA4" title="Interest percentage for wells"><ix:nonFraction name="TRLEF:InterestPercentageForWells" contextRef="From2023-01-01to2023-12-31" id="Fact001349" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">19.6</ix:nonFraction></span>% for all wells except for
wells C-13, C-15 and C-16, for which its interest is <span id="xdx_90B_ecustom--InterestPercentageForWells_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__custom--CendereOilFieldMember_zKbWjAlicf6g" title="Interest percentage for wells"><ix:nonFraction name="TRLEF:InterestPercentageForWells" contextRef="From2023-01-012023-12-31_custom_CendereOilFieldMember" id="Fact001351" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.8</ix:nonFraction></span>%. As at December 31, 2023, the depletion calculation includes future development
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 68; Value: 2 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Oil
    and Gas Properties (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
South Akcakoca Sub-Basin (&#8220;SASB&#8221;)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company owns offshore production licenses called the South Akcakoca Sub-Basin (&#8220;SASB&#8221;). The Company owns a <span id="xdx_903_ecustom--WorkingInterestPercentage_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__custom--SouthAkcakocaSubBasinMember_z3OSityHrpAd" title="Working Interest rate"><ix:nonFraction name="TRLEF:WorkingInterestPercentage" contextRef="From2023-01-012023-12-31_custom_SouthAkcakocaSubBasinMember" id="Fact001357" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">49</ix:nonFraction></span>% working interest
in SASB in partnership with TPAO. SASB has four producing fields, each with a production platform plus subsea pipelines that connect
the fields to an onshore gas plant. The four SASB fields are located off the north coast of Turkey towards the western end of the Black
Sea.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
assesses each field for impairment indicators at each reporting date. Impairment indicators considered include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 8pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plans
                                            to discontinue or dispose of the asset before the previously expected date;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
                                            reductions in estimates or reserves;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
                                            cost overrun on a capital project;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
                                            increases in the expected cost of dismantling assets and restoring the site; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
                                            difficulties.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, the Company performed an assessment of potential impairment indicators and noted that the Company&#8217;s net asset
value was greater than its market capitalization. As a result of the impairment indicator noted, the Company performed an impairment
test in accordance with IFRS using fair value less cost to sell. For the purposes of testing impairment and determining fair value less
cost to sell, the Company used a 30 year forecast of net cash flows obtained from the annual reserve report discounted at 10% and 20%
to estimate the fair value of the oil and gas properties. The resulting recoverable amount exceeded the book values of the oil and gas
properties and as such, no impairment charge was recognized as at December 31, 2023. As at December 31, 2023, the depletion calculation
includes future development costs of $<span id="xdx_903_ecustom--DevelopmentExpense_c20230101__20231231_zaBic2gwwjJ3" title="Development expense"><ix:nonFraction name="TRLEF:DevelopmentExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001359" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,144,000</ix:nonFraction></span> (2022 - $<span id="xdx_907_ecustom--DevelopmentExpense_c20220101__20221231_z6hwaiAFzzJc" title="Development expense"><ix:nonFraction name="TRLEF:DevelopmentExpense" contextRef="From2022-01-012022-12-31" id="Fact001361" format="ixt:numdotdecimal" decimals="0" unitRef="USD">49,960,000</ix:nonFraction></span>) based on the most recent reserve report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001363" name="ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfExplorationAndEvaluationAssetsExplanatory_zJaQ6Ls9gao8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_824_zRTSHK7dP807">Exploration &amp; Evaluation Assets</span></b></span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001365" name="TRLEF:DisclosureOfDetailedExplorationAndEvaluationAssetsExplanatory"><p id="xdx_89D_ecustom--DisclosureOfDetailedExplorationAndEvaluationAssetsExplanatory_zVvOvizwAlo6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_zxVkdbLEF2y5" style="display: none">Schedule
of Exploration &amp; Evaluation Asset</span></span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: center">Unproved<br/> properties</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">Unproven<br/> properties</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center"/><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Total</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: justify">As at December 31, 2021</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_98D_eifrs-full--OilAndGasAssets_iS_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--ExplorationAndEvaluationAssetsMember__ifrs-full--GeographicalAreasAxis__custom--UnprovenPropertiesTurkeyMember_z1kwPKLLdaR5" title="Assets" style="width: 14%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1367">-</span></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_981_eifrs-full--OilAndGasAssets_iS_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--ExplorationAndEvaluationAssetsMember__ifrs-full--GeographicalAreasAxis__custom--UnprovenPropertiesBulgariaMember_zTCF9UB8ZgZa" title="Assets" style="width: 14%; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:OilAndGasAssets" contextRef="AsOf2022-12-31_ifrs-full_ExplorationAndEvaluationAssetsMember_custom_UnprovenPropertiesBulgariaMember" id="Fact001369" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,116,146</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_981_eifrs-full--OilAndGasAssets_iS_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--ExplorationAndEvaluationAssetsMember_zuetxHejl6e1" title="Assets" style="width: 14%; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:OilAndGasAssets" contextRef="AsOf2022-12-31_ifrs-full_ExplorationAndEvaluationAssetsMember" id="Fact001371" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,116,146</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Impairment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--ImpairmentOfExplorationAndEvaluationAssets_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--ExplorationAndEvaluationAssetsMember__ifrs-full--GeographicalAreasAxis__custom--UnprovenPropertiesTurkeyMember_z4xzCCHuoG57" title="Impairment" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1373">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--ImpairmentOfExplorationAndEvaluationAssets_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--ExplorationAndEvaluationAssetsMember__ifrs-full--GeographicalAreasAxis__custom--UnprovenPropertiesBulgariaMember_zVcozKYFmxr" title="Impairment" style="text-align: right">(<ix:nonFraction name="TRLEF:ImpairmentOfExplorationAndEvaluationAssets" contextRef="From2023-01-012023-12-31_ifrs-full_ExplorationAndEvaluationAssetsMember_custom_UnprovenPropertiesBulgariaMember" id="Fact001375" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,101,343</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--ImpairmentOfExplorationAndEvaluationAssets_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--ExplorationAndEvaluationAssetsMember_zVRLwIO75Cj6" title="Impairment" style="text-align: right">(<ix:nonFraction name="TRLEF:ImpairmentOfExplorationAndEvaluationAssets" contextRef="From2023-01-012023-12-31_ifrs-full_ExplorationAndEvaluationAssetsMember" id="Fact001377" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,101,343</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Currency translation adjustment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_ecustom--ForeignCurrencyTranslationChangeOilAndGasProperties_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--ExplorationAndEvaluationAssetsMember__ifrs-full--GeographicalAreasAxis__custom--UnprovenPropertiesTurkeyMember_z48SBWhAY5Y7" title="Foreign currency translation change" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1379">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_ecustom--ForeignCurrencyTranslationChangeOilAndGasProperties_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--ExplorationAndEvaluationAssetsMember__ifrs-full--GeographicalAreasAxis__custom--UnprovenPropertiesBulgariaMember_z9cECtZtkKBh" title="Foreign currency translation change" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="TRLEF:ForeignCurrencyTranslationChangeOilAndGasProperties" contextRef="From2023-01-012023-12-31_ifrs-full_ExplorationAndEvaluationAssetsMember_custom_UnprovenPropertiesBulgariaMember" id="Fact001381" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">14,803</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_ecustom--ForeignCurrencyTranslationChangeOilAndGasProperties_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--ExplorationAndEvaluationAssetsMember_zosTD39sF9Ka" title="Foreign currency translation change" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="TRLEF:ForeignCurrencyTranslationChangeOilAndGasProperties" contextRef="From2023-01-012023-12-31_ifrs-full_ExplorationAndEvaluationAssetsMember" id="Fact001383" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">14,803</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">As at December 31, 2022 and 2023</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_988_eifrs-full--OilAndGasAssets_iE_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--ExplorationAndEvaluationAssetsMember__ifrs-full--GeographicalAreasAxis__custom--UnprovenPropertiesTurkeyMember_z0LwLcsXBOX1" title="Assets" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1385">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_989_eifrs-full--OilAndGasAssets_iE_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--ExplorationAndEvaluationAssetsMember__ifrs-full--GeographicalAreasAxis__custom--UnprovenPropertiesBulgariaMember_zz26QCshQPxb" title="Assets" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1387">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_98B_eifrs-full--OilAndGasAssets_iE_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--ExplorationAndEvaluationAssetsMember_zPLhHcQQMYY2" title="Assets" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1389">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A5_zlq0QxHhhEy5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bulgaria</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company holds a 98,205-acre oil and gas exploration claim in the Dobrudja Basin located in northeast Bulgaria. The Company intends to
conduct exploration for natural gas and test production activities over a five-year period in accordance with or exceeding its minimum
work program obligation. The Company&#8217;s commitment is to perform geological and geophysical exploration activities in the first
3 years of the initial term (the &#8220;Exploration and Geophysical Work Stage&#8221;), followed by drilling activities in years 4 and
5 of the initial term (the &#8220;Data Evaluation and Drilling Stage&#8221;). Prior to the Exploration and Geophysical Work Stage, the
Company is required to complete an environmental impact assessment (&#8220;EIA&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 69; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exploration &amp; Evaluation
    Assets (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the fall of 2022, the Company decided to recommence the EIA. The Company consulted with local counsel and an environmental consultant
but was unable to determine whether it would be able to obtain the license. In October and November 2022, management made repeated efforts
to obtain a visa to visit Bulgaria and seek clarification on the status of the license, however the visa applications were declined and
management determined that it would no longer pursue the work program and would dispose of the property. As a result, the Company recorded
an impairment loss of $<span id="xdx_903_ecustom--ImpairmentOfExplorationAndEvaluationAssets_c20220101__20221231_ztHEzPhC5eEb" title="Impairment loss"><ix:nonFraction name="TRLEF:ImpairmentOfExplorationAndEvaluationAssets" contextRef="From2022-01-012022-12-31" id="Fact001391" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,101,343</ix:nonFraction></span> during the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Turkey</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
July 25, 2023, the Company entered into a farm-in agreement (the &#8220;Farm-in Agreement&#8221;) with a company existing under the laws
of the Republic of Turkey (the &#8220;Farmor&#8221;). The Farmor holds a 100% undivided interest in three exploration licenses and is
willing to assign and transfer a 50% undivided interest in the licenses to the Company in accordance with the terms of Farm-in Agreement.
The Company has committed to the following terms to earn its interest (the &#8220;Farm-in Obligations&#8221;):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2D
                                            Seismic Data Acquisition and Data Processing:</b> Conduct (through contractors) a minimum
                                            of 351km 2D seismic data acquisition in the licensed area within 2023 (not completed - see
                                            below). Until the determination of exploration well locations, all seismic survey expenses
                                            (including all costs related to seismic crews, land damages, processing, interpretation,
                                            reporting, procurement, and reprocessing of previously acquired seismic lines in the license
                                            area, gravity surveys, etc.) will be covered by the Company. All reports and results of the
                                            conducted work, along with potential structures identified as a result of these activities,
                                            will be shared with Farmor. After joint evaluations and decisions, exploration wells will
                                            be drilled at the most suitable structures.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exploration
                                            Well Drilling Obligation:</b> Conduct (through contractors) drilling of 4 (four) exploration
                                            wells in the license area within the year 2024. Drilling of those four exploration wells
                                            shall be fully funded by the Company (including location, infrastructure development, land
                                            usage, and any other expenses). After the drilling and testing of the four exploration wells,
                                            the restoration of well locations to their original state, mud-pit clean-up, and any damage
                                            compensation costs, if applicable, will be borne by the Company</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
                                            Consideration Payment Obligation. </b>In addition to the obligations stated in (1) and (2)
                                            above, the Company agreed to pay the Farmor a monthly fee of USD<span id="xdx_909_ecustom--PaymentForFee_uUSD_c20230101__20231231_zFkR5Egmom07" title="Payment for fee"><ix:nonFraction name="TRLEF:PaymentForFee" contextRef="From2023-01-01to2023-12-31" id="Fact001393" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,000</ix:nonFraction></span>, starting from the
                                            date of contract signing until the completion date of all obligations specified in (1) and
                                            (2) above, or until December 31, 2024 (whichever occurs earlier).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and the Farmor will notify each other of their intent to enter into a joint exploration period. After the Company&#8217;s fulfillment
of the Farm-in Obligations, the costs and liabilities of operations within the licenses will be shared equally based on a 50-50 principle.
During the joint exploration period, there will be no Cash Consideration Payment Obligation as specified in (3) above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the Farm-in Agreement, the Company had to complete a minimum of 351km 2D seismic data acquisition within 2023, which could
not be completed due to unfavorable weather conditions. In addition, the Farm-in Agreement specifies that the parties have agreed to
enter into a joint operating agreement (&#8220;JOA&#8221;) and that if the JOA is not signed within 2 months (i.e. September 25, 2023),
the Farm-in Agreement shall automatically terminate without the need for any additional notice, unless otherwise agreed by the parties.
Although the deadline has passed, the Company and the Farmor continue to operate in good faith towards the completion of the Farm-in
Obligations and towards the signing of a JOA, although no amending agreements or notices of understanding have been executed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company expensed $<span id="xdx_908_ecustom--GeologicalAndGeophysicalExpenses_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FarmInAgreementMember_zBRKgoAW32pe" title="Geological and geophysical expenses"><ix:nonFraction name="TRLEF:GeologicalAndGeophysicalExpenses" contextRef="From2023-01-012023-12-31_custom_FarmInAgreementMember" id="Fact001395" format="ixt:numdotdecimal" decimals="0" unitRef="USD">381,618</ix:nonFraction></span> in relation to the Farm-in Agreement in accordance with its pre-license
exploration accounting policy. The amount is included in geological and geophysical expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 70; Value: 2 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001397" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p id="xdx_807_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_zkxW6TUlXk5j" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_823_z1pmLgSl4aSd">Property and Equipment</span></b></span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001399" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><p id="xdx_898_eifrs-full--DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_zVLcDh87l0jd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
<span>of Property, Plant and Equipment</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_435_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--AccumulatedDepreciationMember_eifrs-full--PropertyPlantAndEquipment_iS_zhnkDG2nHtMk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_407_eifrs-full--DepreciationPropertyPlantAndEquipment_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--AccumulatedDepreciationMember_zGaTpkg17wce" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>Disposals</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:DisposalsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_AccumulatedDepreciationMember_ifrs-full_RightofuseAssetsMember" id="Fact001527" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,332</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_407_eifrs-full--IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--AccumulatedDepreciationMember_z5CDT2T9exU5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; padding-bottom: 1.5pt">As at December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_438_c20231231_eifrs-full--PropertyPlantAndEquipment_iI_zNa8LeVDrHOg" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 71; Value: 2 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001599" name="ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory"><p id="xdx_807_eifrs-full--DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory_zOSUUzdeQ2Cg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9. </b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zx4rL86KV7p8">Accounts Payable and Accrued Liabilities</span></b></span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001601" name="TRLEF:DisclosureOfAccountsPayableAndAccruedLiabilitiesExplanatory"><p id="xdx_890_ecustom--DisclosureOfAccountsPayableAndAccruedLiabilitiesExplanatory_z4TwCOZK6CZ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zZLW4sXahcW4" style="display: none">Schedule
of Accounts Payable and Accrued Liabilities</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20231231_z4bkLzHA49N2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20221231_znuMcMtEQZt5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_405_ecustom--AccountsPayable_iI_maTAOCPzkOH_zIuSwfjzLpAe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Accounts payable</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:AccountsPayable" contextRef="AsOf2023-12-31" id="Fact001603" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,567,262</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40F_ecustom--AccruedLiabilities_iI_maTAOCPzkOH_zSgoi81u9hT9" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Payroll, withholding and sales tax liabilities</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_40D_ecustom--CashCallsReceivedFromJvPartner_maTAOCPzkOH_zqwpn4SzptI4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Cash calls received from JV partner</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1612">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="margin: 0">&#160;</p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001618" name="ifrs-full:DisclosureOfBorrowingsExplanatory"><p id="xdx_805_eifrs-full--DisclosureOfBorrowingsExplanatory_zIXAngaCsrN3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_zAs3Yb9TUVW4">Loans Payable</span></b></span></p>





<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001620" name="TRLEF:DisclosureOfLoansPayableExplanatory"><p id="xdx_89D_ecustom--DisclosureOfLoansPayableExplanatory_z7sEqqksYpge" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BD_z9U45SzkK10h" style="display: none">Schedule of Loans Payable</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_custom_UnsecuredLoanFourMember" id="Fact001637" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,461</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1638">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--Borrowings_iI_hifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFiveMember_zJqvQTUf05ig" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unsecured, interest-bearing loan at <span id="xdx_90D_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFiveMember_z5URTnwSWVS" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_UnsecuredLoanFiveMember" id="Fact001645" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction></span>% per annum<sup id="xdx_F4C_zP7zkwBBQkRe">7,8</sup></span></td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_custom_UnsecuredLoanFiveMember" id="Fact001642" format="ixt:numdotdecimal" decimals="0" unitRef="USD">614,899</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1643">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--Borrowings_iI_hifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixMember_zx9QW8YIXRPi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unsecured, interest-bearing loan at <span id="xdx_90E_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixMember_zCY1GnOwugXe" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_UnsecuredLoanSixMember" id="Fact001650" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% per month<sup id="xdx_F49_zSxGTEDi3h2e">6</sup></span></td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_custom_UnsecuredLoanSixMember" id="Fact001647" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,822,250</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1648">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--Borrowings_iI_hifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSevenMember_zQCW4RKHvSik" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unsecured, non- interest-bearing loan<sup id="xdx_F4E_zAVCkwewh32d">9</sup></span></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_custom_UnsecuredLoanSevenMember" id="Fact001652" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,840</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1653">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--Borrowings_iI_zMKkplcSp5m2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total loans payable</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31" id="Fact001655" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,464,450</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31" id="Fact001656" format="ixt:numdotdecimal" decimals="0" unitRef="USD">166,555</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--ShorttermBorrowings_iNI_di_zazuzAY2Mge6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Current portion of loans payable</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2023-12-31" id="Fact001658" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,464,450</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2022-12-31" id="Fact001659" format="ixt:numdotdecimal" decimals="0" unitRef="USD">145,866</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40C_eifrs-full--LongtermBorrowings_iI_zxCRwuLKP6Th" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Long-term portion of loans payable</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1661">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2022-12-31" id="Fact001662" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,689</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0C_zIRtOJJjtIjj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_z48ePp4wjDQ5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001663" xml:lang="en-US">Loans
                                            bearing interest accrue at <span id="xdx_90A_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanOneMember_zZ6SgxfJxi9c" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_UnsecuredLoanOneMember" id="Fact001665" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% per annum are all unsecured. The loans matured between <span id="xdx_90F_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanOneMember_zPM72JpavTRa" title="Loan, maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanOneMember" id="Fact001667" name="ifrs-full:BorrowingsMaturity">January
                                            and April 1, 2021</ix:nonNumeric></span> and thereafter were due on demand. During the year ended December 31, 2023,
                                            the Company made principal payments of $<span id="xdx_903_ecustom--DebtInstrumentPrincipalPayments_dxL_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanOneMember_zbLfGqnmPlZe" title="Principal payments::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span style="-sec-ix-hidden: xdx2ixbrl1669">Nil</span></span> (2022 - $<span id="xdx_90D_ecustom--DebtInstrumentPrincipalPayments_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanOneMember_zYUCkmljaaEc" title="Principal payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentPrincipalPayments" contextRef="From2022-01-012022-12-31_custom_UnsecuredLoanOneMember" id="Fact001671" format="ixt:numdotdecimal" decimals="0" unitRef="USD">135,868</ix:nonFraction></span>) and $<span id="xdx_90F_ecustom--DebtInstrumentInterestPayments_dxL_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanOneMember_zKVw4R3UCejg" title="Interest payments::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span style="-sec-ix-hidden: xdx2ixbrl1673">Nil</span></span> (2022 - $<span id="xdx_908_ecustom--DebtInstrumentInterestPayments_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanOneMember_z90Ov9qaOEc1" title="Interest payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentInterestPayments" contextRef="From2022-01-012022-12-31_custom_UnsecuredLoanOneMember" id="Fact001675" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,515</ix:nonFraction></span>) in
                                            interest payments. During the year ended December 31, 2023, the Company wrote off the remaining
                                            balance of $<span id="xdx_904_ecustom--WroteOffRemainingBalance_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanOneMember_zEWfbMLtxX1e" title="Wrote off remaining balance" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:WroteOffRemainingBalance" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanOneMember" id="Fact001677" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,107</ix:nonFraction></span>.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F08_z7JyyreLlDIi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zwGRAkcfsnSj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001678" xml:lang="en-US">On
                                            May 25, 2022, Garanti Bank extended a long-term loan to Park Place Turkey Limited in the
                                            amount of &#8378;<span id="xdx_909_eifrs-full--NotionalAmount_iI_uTurkishlira_c20220525__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanTwoMember_zknvD0Rnmjj3" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2022-05-25_custom_UnsecuredLoanTwoMember" id="Fact001680" format="ixt:numdotdecimal" decimals="0" unitRef="Turkishlira">1,500,000</ix:nonFraction></span> (or approximately USD$<span id="xdx_909_eifrs-full--NotionalAmount_iI_c20220525__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanTwoMember_zPm2ZGtY0d4l" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2022-05-25_custom_UnsecuredLoanTwoMember" id="Fact001682" format="ixt:numdotdecimal" decimals="0" unitRef="USD">91,961</ix:nonFraction></span>). The loan matures on <span id="xdx_90D_eifrs-full--BorrowingsMaturity_c20220525__20220525__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanTwoMember_zOvr4VxzQMsg" title="Loan, maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2022-05-252022-05-25_custom_UnsecuredLoanTwoMember" id="Fact001684" name="ifrs-full:BorrowingsMaturity">May 23, 2024</ix:nonNumeric></span>,
                                            and bears interest at <span id="xdx_909_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20220525__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanTwoMember_zf0QauXFIRJ1" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2022-05-25_custom_UnsecuredLoanTwoMember" id="Fact001686" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">45.33</ix:nonFraction></span>% per annum. Principal and accrued interest are paid monthly.
                                            During the year ended December 31, 2023, the Company made $<span id="xdx_905_ecustom--DebtInstrumentPrincipalPayments_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanTwoMember_zwsWsB1uaMx" title="Principal payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentPrincipalPayments" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanTwoMember" id="Fact001688" format="ixt:numdotdecimal" decimals="0" unitRef="USD">45,832</ix:nonFraction></span> (2022 - $<span id="xdx_902_ecustom--DebtInstrumentPrincipalPayments_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanTwoMember_zA8UZ9l8PZYj" title="Principal payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentPrincipalPayments" contextRef="From2022-01-012022-12-31_custom_UnsecuredLoanTwoMember" id="Fact001690" format="ixt:numdotdecimal" decimals="0" unitRef="USD">26,968</ix:nonFraction></span>) in principal
                                            payments and $<span id="xdx_908_ecustom--DebtInstrumentInterestPayments_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanTwoMember_zrxUpK1n6fec" title="Interest payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentInterestPayments" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanTwoMember" id="Fact001692" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,717</ix:nonFraction></span> (2022 - $<span id="xdx_90F_ecustom--DebtInstrumentInterestPayments_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanTwoMember_zQUfJ7MDnWtb" title="Interest payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentInterestPayments" contextRef="From2022-01-012022-12-31_custom_UnsecuredLoanTwoMember" id="Fact001694" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,636</ix:nonFraction></span>) in interest payments.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td id="xdx_F08_zo15jaBI0EN6" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zdJg1ckk9h96" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001695" xml:lang="en-US">On
                                            November 23, 2022, Garanti Bank extended a short-term loan to Park Place Turkey Limited in
                                            the amount of &#8378;<span id="xdx_903_eifrs-full--NotionalAmount_iI_uTurkishlira_c20221123__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanThreeMember_zusWESBWlMj7" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2022-11-23_custom_UnsecuredLoanThreeMember" id="Fact001697" format="ixt:numdotdecimal" decimals="0" unitRef="Turkishlira">2,000,000</ix:nonFraction></span> (or approximately USD$<span id="xdx_904_eifrs-full--NotionalAmount_iI_c20221123__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanThreeMember_zUpyHcXuvtKc" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2022-11-23_custom_UnsecuredLoanThreeMember" id="Fact001699" format="ixt:numdotdecimal" decimals="0" unitRef="USD">107,356</ix:nonFraction></span>). The loan matures on <span id="xdx_908_eifrs-full--BorrowingsMaturity_c20221123__20221123__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanThreeMember_zfpTBA6xzBY9" title="Loan, maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2022-11-232022-11-23_custom_UnsecuredLoanThreeMember" id="Fact001701" name="ifrs-full:BorrowingsMaturity">November
                                            23, 2023</ix:nonNumeric></span>, and bears interest at the Turkish Lira Overnight Reference Rate (&#8220;TLREF&#8221;)
                                            plus <span id="xdx_902_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20221123__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanThreeMember_zRHdyS3oQNO1" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2022-11-23_custom_UnsecuredLoanThreeMember" id="Fact001703" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.5944</ix:nonFraction></span>% per annum. Principal and accrued interest are paid monthly. During the year
                                            ended December 31, 2023, the Company made $<span id="xdx_900_ecustom--DebtInstrumentPrincipalPayments_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanThreeMember_zUg2DhDnvMi" title="Principal payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentPrincipalPayments" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanThreeMember" id="Fact001705" format="ixt:numdotdecimal" decimals="0" unitRef="USD">79,372</ix:nonFraction></span> (2022 - $<span id="xdx_900_ecustom--DebtInstrumentPrincipalPayments_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanThreeMember_zYTdspV959p7" title="Principal payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentPrincipalPayments" contextRef="From2022-01-012022-12-31_custom_UnsecuredLoanThreeMember" id="Fact001707" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,183</ix:nonFraction></span>) in principal payments
                                            and $<span id="xdx_90C_ecustom--DebtInstrumentInterestPayments_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanThreeMember_zdmdJ0fJGpoa" title="Interest payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentInterestPayments" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanThreeMember" id="Fact001709" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,264</ix:nonFraction></span> (2022 - $<span id="xdx_90F_ecustom--DebtInstrumentInterestPayments_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanThreeMember_zZhMk6eXMOW" title="Interest payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentInterestPayments" contextRef="From2022-01-012022-12-31_custom_UnsecuredLoanThreeMember" id="Fact001711" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,607</ix:nonFraction></span>) in interest payments.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td id="xdx_F00_zAxtHwrHTZd8" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zvETIgoOabTe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001712" xml:lang="en-US">On
                                            March 13, 2023, Garanti Bank extended a long-term loan to Park Place Turkey Limited in the
                                            amount of &#8378;<span id="xdx_900_eifrs-full--NotionalAmount_iI_uTurkishlira_c20230312__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFourMember_zKgp9KzGrhq" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2023-03-12_custom_UnsecuredLoanFourMember" id="Fact001714" format="ixt:numdotdecimal" decimals="0" unitRef="Turkishlira">2,000,000</ix:nonFraction></span> (or approximately USD$<span id="xdx_905_eifrs-full--NotionalAmount_iI_c20230312__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFourMember_zIFAXQu1Ple5" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2023-03-12_custom_UnsecuredLoanFourMember" id="Fact001716" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,386</ix:nonFraction></span>). The loan matures on <span id="xdx_901_eifrs-full--BorrowingsMaturity_c20230313__20230313__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFourMember_zVtEJ1FoXOkf" title="Loan, maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2023-03-132023-03-13_custom_UnsecuredLoanFourMember" id="Fact001718" name="ifrs-full:BorrowingsMaturity">March 12,
                                            2024</ix:nonNumeric></span>, and bears interest at <span id="xdx_906_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20230312__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFourMember_z5F3TC4Kfzl1" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-03-12_custom_UnsecuredLoanFourMember" id="Fact001720" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">37.67</ix:nonFraction></span>% per annum. Principal and accrued interest are paid monthly.
                                            During the year ended December 31, 2023, the Company made $<span id="xdx_906_ecustom--DebtInstrumentPrincipalPayments_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFourMember_zvbKIOIqSd4e" title="Principal payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentPrincipalPayments" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanFourMember" id="Fact001722" format="ixt:numdotdecimal" decimals="0" unitRef="USD">61,627</ix:nonFraction></span> (2022 - $<span id="xdx_90E_ecustom--DebtInstrumentPrincipalPayments_dxL_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFourMember_zHW41GbvZN19" title="Principal payments::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span style="-sec-ix-hidden: xdx2ixbrl1724">nil</span></span>) in principal
                                            payments and $<span id="xdx_90D_ecustom--DebtInstrumentInterestPayments_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFourMember_zoeG4pBYmIuk" title="Interest payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentInterestPayments" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanFourMember" id="Fact001726" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,676</ix:nonFraction></span> (2022 - $<span id="xdx_908_ecustom--DebtInstrumentInterestPayments_dxL_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFourMember_z6ZjRe9ZIsw2" title="Interest payments::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span style="-sec-ix-hidden: xdx2ixbrl1728">nil</span></span>) in interest payments.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 72; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Loans
    Payable (continued) </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            February 1, 2023, the Company entered into an agreement with TR1 Master Fund to borrow $<span id="xdx_904_eifrs-full--Borrowings_iI_c20230201__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFiveMember_z96gn7ryPTg1" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-02-01_custom_UnsecuredLoanFiveMember" id="Fact001729" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,200,000</ix:nonFraction></span>.
                                            The loan was issued with a $<span id="xdx_904_eifrs-full--PaymentsForDebtIssueCosts_c20230201__20230201__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFiveMember_zmqZPtTI6Af9" title="Debt discount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:PaymentsForDebtIssueCosts" contextRef="From2023-02-012023-02-01_custom_UnsecuredLoanFiveMember" id="Fact001731" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></span> discount and bears interest at a rate of <span id="xdx_90F_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20230201__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFiveMember_zNpi2fCmoLRj" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-02-01_custom_UnsecuredLoanFiveMember" id="Fact001733" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% per month.
                                            The maturity date is <span id="xdx_90F_eifrs-full--BorrowingsMaturity_c20230201__20230201__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFiveMember_zsOF4fT6aDm7" title="Loan, maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2023-02-012023-02-01_custom_UnsecuredLoanFiveMember" id="Fact001735" name="ifrs-full:BorrowingsMaturity">April 1, 2024</ix:nonNumeric></span>. In the event that the loan is repaid in full prior to
                                            the maturity date, the minimum interest payment on the loan is $<span id="xdx_908_ecustom--InterestPaymentOnLoan_c20230201__20230201__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFiveMember_z0xL0Z2NtGRg" title="Interest payment on loan" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:InterestPaymentOnLoan" contextRef="From2023-02-012023-02-01_custom_UnsecuredLoanFiveMember" id="Fact001737" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span>. Upon repayment of
                                            the loan at any time, the Company has to pay an exit fee of $<span id="xdx_90B_ecustom--ExitFee_iI_c20230201__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFiveMember_zYfGRn5vHELc" title="Exit fee" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:ExitFee" contextRef="AsOf2023-02-01_custom_UnsecuredLoanFiveMember" id="Fact001739" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span>. The minimum interest
                                            payment and exit fee have been recorded on the consolidated statements of income (loss) and
                                            comprehensive income (loss) as finance costs. If, during the period that any amount of the
                                            loan remains outstanding, the Company issues any equity, the Lender may demand repayment
                                            of all or part of the principal amount of the loan in an amount equal to the aggregate subscription
                                            price of the equity offering. On April 26, 2023, the Company repaid the loan in its entirety,
                                            including the minimum interest and exit fee. In addition to the minimum interest and exit
                                            fee, the Company recorded interest expense of $<span id="xdx_901_ecustom--DebtInstrumentInterestExpense_c20230426__20230426__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanFiveMember_zfwBlI16Nrqg" title="Interest expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentInterestExpense" contextRef="From2023-04-262023-04-26_custom_UnsecuredLoanFiveMember" id="Fact001741" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></span>, representing the accretion of the
                                            discount.</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0E_zqmzqrAg99D4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zUktdYQuIggl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001742" xml:lang="en-US">On
                                            July 1, 2023, the Company entered into agreements with TR1 Master Fund to borrow $<span id="xdx_90B_eifrs-full--Borrowings_iI_c20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundOneMember_zV1nQE5VLySg" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-07-01_custom_UnsecuredLoanSixFundOneMember" id="Fact001743" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,065,000</ix:nonFraction></span>
                                            and $<span id="xdx_907_eifrs-full--Borrowings_iI_c20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundTwoMember_zggeVylrj33g" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-07-01_custom_UnsecuredLoanSixFundTwoMember" id="Fact001744" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,597,500</ix:nonFraction></span>. The loans were issued with a $<span id="xdx_90E_eifrs-full--PaymentsForDebtIssueCosts_c20230701__20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundOneMember_zOBeuFU2CUTg" title="Debt discount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:PaymentsForDebtIssueCosts" contextRef="From2023-07-012023-07-01_custom_UnsecuredLoanSixFundOneMember" id="Fact001746" format="ixt:numdotdecimal" decimals="0" unitRef="USD">65,000</ix:nonFraction></span> and $<span id="xdx_904_eifrs-full--PaymentsForDebtIssueCosts_c20230701__20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundTwoMember_z63batIKFnc" title="Debt discount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:PaymentsForDebtIssueCosts" contextRef="From2023-07-012023-07-01_custom_UnsecuredLoanSixFundTwoMember" id="Fact001748" format="ixt:numdotdecimal" decimals="0" unitRef="USD">97,500</ix:nonFraction></span> discount, respectively,
                                            and bear an interest rate of <span id="xdx_904_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundOneMember_zdP7XFGPtru6" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span id="xdx_902_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundTwoMember_zkVHX1IiwBRf" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-07-01_custom_UnsecuredLoanSixFundOneMember" id="Fact001750" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-07-01_custom_UnsecuredLoanSixFundTwoMember" id="Fact001752" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></ix:nonFraction></span></span>% per month. The maturity date was <span id="xdx_900_eifrs-full--BorrowingsMaturity_c20230701__20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundOneMember_zw8ggP8qNqId" title="Loan, maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span id="xdx_90D_eifrs-full--BorrowingsMaturity_c20230701__20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundTwoMember_zgqTwkFmGqkd" title="Loan, maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2023-07-012023-07-01_custom_UnsecuredLoanSixFundOneMember" id="Fact001754" name="ifrs-full:BorrowingsMaturity"><ix:nonNumeric contextRef="From2023-07-012023-07-01_custom_UnsecuredLoanSixFundTwoMember" id="Fact001756" name="ifrs-full:BorrowingsMaturity">December 31, 2023</ix:nonNumeric></ix:nonNumeric></span></span>, and the
                                            Company is claiming that the principal of TR1 Master Fund agreed to extend the loans to <span id="xdx_901_ecustom--BorrowingsMaturityExtend_c20230701__20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundOneMember_zQWvf0Prv8y8" title="Loan, maturity date extend" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span id="xdx_907_ecustom--BorrowingsMaturityExtend_c20230701__20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundTwoMember_zmyQ006EkIS1" title="Loan, maturity date extend" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2023-07-012023-07-01_custom_UnsecuredLoanSixFundOneMember" id="Fact001758" name="TRLEF:BorrowingsMaturityExtend"><ix:nonNumeric contextRef="From2023-07-012023-07-01_custom_UnsecuredLoanSixFundTwoMember" id="Fact001760" name="TRLEF:BorrowingsMaturityExtend">December
                                            31, 2024</ix:nonNumeric></ix:nonNumeric></span></span>. In the event that the loan is repaid in full prior to the maturity date, the minimum
                                            interest payments on the loans are $<span id="xdx_900_ecustom--InterestPaymentOnLoan_c20230701__20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundOneMember_zADT902Sn6s8" title="Interest payment on loan" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:InterestPaymentOnLoan" contextRef="From2023-07-012023-07-01_custom_UnsecuredLoanSixFundOneMember" id="Fact001762" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,000</ix:nonFraction></span> and $<span id="xdx_905_ecustom--InterestPaymentOnLoan_c20230701__20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundTwoMember_zchb0hX0oWB6" title="Interest payment on loan" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:InterestPaymentOnLoan" contextRef="From2023-07-012023-07-01_custom_UnsecuredLoanSixFundTwoMember" id="Fact001764" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,000</ix:nonFraction></span>, respectively. The minimum interest
                                            payments have been recorded on the consolidated statements of income (loss) and comprehensive
                                            income (loss) as finance costs. Accrued interest in excess of the minimum interest payments
                                            of $<span id="xdx_90B_eifrs-full--InterestPayable_iI_c20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundOneMember_zMSmTJyKajZf" title="Accrued interest" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:InterestPayable" contextRef="AsOf2023-07-01_custom_UnsecuredLoanSixFundOneMember" id="Fact001766" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,900</ix:nonFraction></span> and $<span id="xdx_90D_eifrs-full--InterestPayable_iI_c20230701__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundTwoMember_z6aj0bblkHol" title="Accrued interest" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:InterestPayable" contextRef="AsOf2023-07-01_custom_UnsecuredLoanSixFundTwoMember" id="Fact001768" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,850</ix:nonFraction></span>, respectively were recorded during the year ended December 31, 2023.
                                            Accretion of the discount recognized on the loans during the period were $<span id="xdx_909_ecustom--AccretionDiscountRates_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundOneMember_zL1ti3F5xukk" title="Accretion discount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:AccretionDiscountRates" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanSixFundOneMember" id="Fact001770" format="ixt:numdotdecimal" decimals="0" unitRef="USD">63,916</ix:nonFraction></span> and $<span id="xdx_909_ecustom--AccretionDiscountRates_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSixFundTwoMember_zR4KapljUui3" title="Accretion discount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:AccretionDiscountRates" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanSixFundTwoMember" id="Fact001772" format="ixt:numdotdecimal" decimals="0" unitRef="USD">96,138</ix:nonFraction></span>,
                                            respectively. If, during the period that any amount of the loan remains outstanding, the
                                            Company issues any equity, the Lender may demand repayment of all or part of the principal
                                            amount of the loan in an amount equal to the aggregate subscription price of the equity offering.
                                            The Company is currently in discussions with the lender and has not made any repayments as
                                            at the date of these consolidated financial statements (Note 25).</ix:footnote></span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F05_zShrNCwFOAka" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zdNZUiBXLKG4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001773" xml:lang="en-US">On
                                            July 20, 2023, the Company entered into a promissory note with 1324025 BC Ltd for CAD$<span id="xdx_902_eifrs-full--DebtSecurities_iI_uCAD_c20230720__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSevenMember_zc6K4Lkf66z6" title="Debt instruments issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:DebtSecurities" contextRef="AsOf2023-07-20_custom_UnsecuredLoanSevenMember" id="Fact001775" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">300,000</ix:nonFraction></span>
                                            (USD$<span id="xdx_90D_eifrs-full--DebtSecurities_iI_c20230720__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSevenMember_z7QV2jLoCTtf" title="Debt instruments issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:DebtSecurities" contextRef="AsOf2023-07-20_custom_UnsecuredLoanSevenMember" id="Fact001777" format="ixt:numdotdecimal" decimals="0" unitRef="USD">228,023</ix:nonFraction></span>). The promissory note bears an interest rate of <span id="xdx_90F_ecustom--DebtSecuritiesInterestRate_iI_pid_dp_c20230720__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSevenMember_z1ei0SgZ4phk" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtSecuritiesInterestRate" contextRef="AsOf2023-07-20_custom_UnsecuredLoanSevenMember" id="Fact001779" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction></span>% per annum. The principal
                                            plus all accrued unpaid interest is to be repaid on demand but no later than December 31,
                                            2024. During the year ended December 31, 2023, CAD$<span id="xdx_902_ecustom--DebtSecuritiesPrincipalAmount_uCAD_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSevenMember_zDDRXPFzLJjj" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtSecuritiesPrincipalAmount" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanSevenMember" id="Fact001781" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">50,000</ix:nonFraction></span> (USD$<span id="xdx_90E_ecustom--DebtSecuritiesPrincipalAmount_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSevenMember_zcwbNBBseTd8" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtSecuritiesPrincipalAmount" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanSevenMember" id="Fact001783" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,717</ix:nonFraction></span>) of the principal balance
                                            was repaid and CAD$<span id="xdx_90B_ecustom--DebtInstrumentInterestPayments_uCAD_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSevenMember_zLmvTDK0kIc1" title="Interest payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentInterestPayments" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanSevenMember" id="Fact001785" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">7,917</ix:nonFraction></span> (USD$<span id="xdx_909_ecustom--DebtInstrumentInterestPayments_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanSevenMember_z1ZE7gBWwZf3" title="Interest payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentInterestPayments" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanSevenMember" id="Fact001787" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,867</ix:nonFraction></span>) in interest was accrued.</ix:footnote></span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td id="xdx_F06_zmt9vFfRkt5g" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zgaN8bUd1WC8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001788" xml:lang="en-US">On
                                            September 1, 2023, the Company entered into a promissory note with 2476393 Alberta Ltd for
                                            CAD$<span id="xdx_90A_eifrs-full--DebtSecurities_iI_uCAD_c20230901__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanEightMember_zR6Ij3h42FV4" title="Debt instruments issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:DebtSecurities" contextRef="AsOf2023-09-01_custom_UnsecuredLoanEightMember" id="Fact001790" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">546,000</ix:nonFraction></span> (USD$<span id="xdx_900_eifrs-full--DebtSecurities_iI_c20230901__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanEightMember_z7RC8goldPZg" title="Debt instruments issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:DebtSecurities" contextRef="AsOf2023-09-01_custom_UnsecuredLoanEightMember" id="Fact001792" format="ixt:numdotdecimal" decimals="0" unitRef="USD">402,115</ix:nonFraction></span>). The promissory note bears an interest rate of <span id="xdx_902_ecustom--DebtSecuritiesInterestRate_iI_pid_dp_c20230901__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanEightMember_zTg7PV6HLJ0i" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtSecuritiesInterestRate" contextRef="AsOf2023-09-01_custom_UnsecuredLoanEightMember" id="Fact001794" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction></span>% per annum. The
                                            principal plus all accrued unpaid interest is to be repaid on demand but no later than December
                                            31, 2024. As at December 31, 2023, no repayments had been made. During 2023, CAD$<span id="xdx_90E_ecustom--DebtInstrumentInterestPayments_uCAD_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanEightMember_zFsjgCxLYPg8" title="Interest payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentInterestPayments" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanEightMember" id="Fact001796" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">10,734</ix:nonFraction></span> (USD$<span id="xdx_902_ecustom--DebtInstrumentInterestPayments_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanEightMember_zldwnI7KBYKk" title="Interest payments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtInstrumentInterestPayments" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanEightMember" id="Fact001798" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,954</ix:nonFraction></span>)
                                            in interest was accrued.</ix:footnote></span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 17.85pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 17.85pt"><span id="xdx_F09_zUYUGh36x4Cf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_znp0t7tDToW9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001799" xml:lang="en-US">On
                                            November 23, 2023, the Company entered into a short-term non-interest-bearing promissory
                                            note with 1647020 Alberta Ltd. for CAD$<span id="xdx_906_eifrs-full--DebtSecurities_iI_uCAD_c20231123__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanNineMember_zC3wsLmKibLb" title="Debt instruments issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:DebtSecurities" contextRef="AsOf2023-11-23_custom_UnsecuredLoanNineMember" id="Fact001801" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">12,000</ix:nonFraction></span> (USD$<span id="xdx_90A_eifrs-full--DebtSecurities_iI_c20231123__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanNineMember_zLgv089wWrFh" title="Debt instruments issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:DebtSecurities" contextRef="AsOf2023-11-23_custom_UnsecuredLoanNineMember" id="Fact001803" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,766</ix:nonFraction></span>). During the year ended December
                                            31, 2023, CAD$<span id="xdx_902_ecustom--DebtSecuritiesPrincipalAmount_uCAD_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanNineMember_zDoPmCsb79b2" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtSecuritiesPrincipalAmount" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanNineMember" id="Fact001805" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,614</ix:nonFraction></span> (USD $<span id="xdx_90E_ecustom--DebtSecuritiesPrincipalAmount_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanNineMember_zqOXIRHYrW1g" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtSecuritiesPrincipalAmount" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanNineMember" id="Fact001807" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,179</ix:nonFraction></span>) of the principal had been applied against amounts owed by
                                            the note holder.</ix:footnote></span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 17.85pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            November 23, 2023, the Company entered into a short-term non-interest-bearing promissory
                                            note with a consultant of the Company for CAD$<span id="xdx_904_eifrs-full--DebtSecurities_iI_uCAD_c20231123__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanTenMember_z0uH9H0kFK34" title="Debt instruments issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:DebtSecurities" contextRef="AsOf2023-11-23_custom_UnsecuredLoanTenMember" id="Fact001809" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">200,000</ix:nonFraction></span> (USD$<span id="xdx_90F_eifrs-full--DebtSecurities_iI_c20231123__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanTenMember_zjwZnQO1O5yc" title="Debt instruments issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:DebtSecurities" contextRef="AsOf2023-11-23_custom_UnsecuredLoanTenMember" id="Fact001811" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,121</ix:nonFraction></span>). During the year ended
                                            December 31, 2023, CAD$<span id="xdx_90B_ecustom--DebtSecuritiesPrincipalAmount_uCAD_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanTenMember_ztvugL9rxcGb" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtSecuritiesPrincipalAmount" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanTenMember" id="Fact001813" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">200,000</ix:nonFraction></span> (USD$<span id="xdx_905_ecustom--DebtSecuritiesPrincipalAmount_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--UnsecuredLoanTenMember_zDi13WbhfoKi" title="Principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="TRLEF:DebtSecuritiesPrincipalAmount" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanTenMember" id="Fact001815" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,121</ix:nonFraction></span>) of the principal had been repaid.</span></td></tr></table>

</ix:nonNumeric><p id="xdx_8A8_z5W5Edag0zlb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 73; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001817" name="ifrs-full:DisclosureOfLeasesExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfLeasesExplanatory_zsNesblX5CJ3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_828_z1YUBLNd28sc">Leases</span> </b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company leases certain assets under lease agreements. During the year ended December 31, 2023, the Company entered into three new office
leases in Turkey, commencing January 1, 2023, February 15, 2023 and March 1, 2023, respectively. The leases all have a <span id="xdx_906_ecustom--RemainingLeaseTerms_dxL_c20230101__20231231_zOf0hHZPw1eb" title="Remaining lease terms::XDX::P5Y"><span style="-sec-ix-hidden: xdx2ixbrl1819">five</span></span>-year term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company used an incremental borrowing rate (&#8220;IBR&#8221;) of <span id="xdx_90D_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20231231_zrdTlY4HpTkl" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31" id="Fact001821" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">35</ix:nonFraction></span>% in determining its lease liabilities. The IBR was derived from
the Company&#8217;s assessment of its borrowings in Turkey.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001823" name="TRLEF:DisclosureOfQuantitativeInformationAboutLeaseLiabilitiesExplanatory"><p id="xdx_89C_ecustom--DisclosureOfQuantitativeInformationAboutLeaseLiabilitiesExplanatory_zjgl0sxxRNZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_z72BlUh7A5r8" style="display: none">Schedule
of Changes in Lease Liability</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Lease liability</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&#160;</td>
    <td id="xdx_49C_20230101__20231231_zv6AIObk12Lj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&#160;</td>
    <td id="xdx_49C_20220101__20221231_zbpJpeyUWSQh" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Lease liability</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--LeaseLiabilities_iS_zOy4SkrojOZ3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Beginning balance</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact001825" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,609</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2021-12-31" id="Fact001826" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,324</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--AdditionsToLeaseLiabilities_zumjLmn6bF17" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Additions, cost</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:AdditionsToLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001828" format="ixt:numdotdecimal" decimals="0" unitRef="USD">236,201</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1829">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--InterestExpenseOnLeaseLiabilities_zMKeeKLRkZci" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest expense</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001831" format="ixt:numdotdecimal" decimals="0" unitRef="USD">53,831</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2022-01-012022-12-31" id="Fact001832" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,378</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--PaymentsForLeaseLiabilities_zWGWE1CHTJac" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Lease payments</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="TRLEF:PaymentsForLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001834" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">85,271</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:PaymentsForLeaseLiabilities" contextRef="From2022-01-012022-12-31" id="Fact001835" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,499</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_ecustom--LeaseLiabilityCurrencyTranslationAdjustment_z9QD4Dwr4MHj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Currency translation adjustment</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="TRLEF:LeaseLiabilityCurrencyTranslationAdjustment" contextRef="From2023-01-01to2023-12-31" id="Fact001837" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,458</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:LeaseLiabilityCurrencyTranslationAdjustment" contextRef="From2022-01-012022-12-31" id="Fact001838" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,594</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_ecustom--TerminationOfLease_zXWVEgdQcwQj" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Termination of lease</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="TRLEF:TerminationOfLease" contextRef="From2023-01-01to2023-12-31" id="Fact001840" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">69,217</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1841">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--LeaseLiabilities_iE_zgEqTz75u5ha" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Ending balance</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact001843" format="ixt:numdotdecimal" decimals="0" unitRef="USD">141,695</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact001844" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,609</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_zifNkeDkVm6f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001846" name="TRLEF:DisclosureOfLeaseLiabilityExplanatory"><p id="xdx_89C_ecustom--DisclosureOfLeaseLiabilityExplanatory_zGcAawO8CE0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, the Company&#8217;s lease liability is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BF_zIx0ui0Otdl6" style="display: none">Schedule of Lease Liability</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Lease liability</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&#160;</td>
    <td id="xdx_496_20231231_znSP7ay5kIJ8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&#160;</td>
    <td id="xdx_497_20221231_zm9oaJjKMytg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Lease liability</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--CurrentLeaseLiabilities_iI_zN1ImgboWkzb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Current portion of lease liability</td><td style="width: 2%; font-weight: bold">&#160;</td>
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  <tr id="xdx_40D_eifrs-full--NoncurrentLeaseLiabilities_iI_zxoj5AGZJ0V1" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eifrs-full--LeaseLiabilities_iTI_z3XlFSKAqTyi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A5_zjmjXxKPoFkj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001857" name="ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory"><p id="xdx_89A_eifrs-full--DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory_zejYppr155z1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
minimum lease payments to be paid by the Company as a lessee as of December 31, 2023 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B1_zKLc0Jr27jw5" style="display: none">Schedule of Future Minimum Lease Payments</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Operating lease commitments and lease liability</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20231231_z07pRQwfaXQ4" style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_40E_eifrs-full--GrossLeaseLiabilities_iI_pp0p0_hifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zRlTu676Z6W6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: justify">2024</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right"><ix:nonFraction name="ifrs-full:GrossLeaseLiabilities" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact001859" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">58,919</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--GrossLeaseLiabilities_iI_pp0p0_hifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zhQsSEPcysF6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:GrossLeaseLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact001861" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">57,488</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--GrossLeaseLiabilities_iI_pp0p0_hifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zNoIYE83L2E" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:GrossLeaseLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact001863" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">59,163</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--GrossLeaseLiabilities_iI_pp0p0_hifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember_zff6JWzEKG17" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">2027</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:GrossLeaseLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" id="Fact001865" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,921</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--GrossLeaseLiabilities_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Total future minimum lease payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:GrossLeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact001867" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">236,491</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--DiscountLeaseLiabilities_iNI_pp0p0_di_zrJ7iZsCvmw8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Discount</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="TRLEF:DiscountLeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact001869" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">94,796</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_400_eifrs-full--LeaseLiabilities_iI_pp0p0_zXEEG6LlRJK6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact001871" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">141,695</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zANZEtuPmC5e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, $<span id="xdx_90B_eifrs-full--LeaseCommitmentsForShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_iI_c20231231_zVYh3rKyUrFj" title="Short-term leases"><ix:nonFraction name="ifrs-full:LeaseCommitmentsForShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" contextRef="AsOf2023-12-31" id="Fact001873" format="ixt:numdotdecimal" decimals="0" unitRef="USD">33,743</ix:nonFraction></span> (2022 - $<span id="xdx_90E_eifrs-full--LeaseCommitmentsForShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_iI_c20221231_z0RIdbXhIpOd" title="Short-term leases"><ix:nonFraction name="ifrs-full:LeaseCommitmentsForShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" contextRef="AsOf2022-12-31" id="Fact001875" format="ixt:numdotdecimal" decimals="0" unitRef="USD">42,118</ix:nonFraction></span>) of short-term leases were expensed to the consolidated statements of income
(loss) and comprehensive income (loss).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001877" name="TRLEF:DisclosureOfConvertibleDebenturesExplanatory"><p id="xdx_808_ecustom--DisclosureOfConvertibleDebenturesExplanatory_zWC2VFhTL7Q7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zpVCkTXjbPMi">Convertible debentures</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 20, 2023, the Company entered into an agreement to issue <span id="xdx_90B_eifrs-full--NumberOfSharesIssued_iI_c20230420__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EightCapitalMember_ztguN7PJWkV1" title="Number of units issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-04-20_custom_EightCapitalMember" id="Fact001879" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000</ix:nonFraction></span> units of the Company (the &#8220;Units&#8221;) at a price of CAD$<span id="xdx_902_eifrs-full--WeightedAverageSharePrice2019_uCADPShares_c20230420__20230420__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EightCapitalMember_zCUSGBJTPwq4" title="Units price per share"><ix:nonFraction name="ifrs-full:WeightedAverageSharePrice2019" contextRef="From2023-04-202023-04-20_custom_EightCapitalMember" id="Fact001881" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">1,000</ix:nonFraction></span>
per unit, for gross proceeds of CAD$<span id="xdx_904_eifrs-full--ProceedsFromIssuingShares_uCAD_c20230420__20230420__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EightCapitalMember_z2vxUl2vxDGc" title="Proceeds from share issuance"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2023-04-202023-04-20_custom_EightCapitalMember" id="Fact001883" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">15,000,000</ix:nonFraction></span> (USD$<span id="xdx_90D_eifrs-full--ProceedsFromIssuingShares_c20230420__20230420__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EightCapitalMember_zlqhf2zKUrj8" title="Proceeds from share issuance"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2023-04-202023-04-20_custom_EightCapitalMember" id="Fact001885" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,135,145</ix:nonFraction></span>). Each Unit will consist of CAD$<span id="xdx_903_eifrs-full--NotesAndDebenturesIssued_iI_uCAD_c20230420_zpDYTBlTAWA3" title="Secured convertible debenture"><ix:nonFraction name="ifrs-full:NotesAndDebenturesIssued" contextRef="AsOf2023-04-20" id="Fact001887" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,000</ix:nonFraction></span> (approximately USD$<span id="xdx_907_eifrs-full--NotesAndDebenturesIssued_iI_uUSD_c20230420_zzD7hyubwqkj" title="Secured convertible debenture"><ix:nonFraction name="ifrs-full:NotesAndDebenturesIssued" contextRef="AsOf2023-04-20" id="Fact001889" format="ixt:numdotdecimal" decimals="0" unitRef="USD">742</ix:nonFraction></span>) principal
amount secured convertible debenture (&#8220;Debenture&#8221;) and <span id="xdx_906_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20230420__20230420_zg9R9rAFrrMh" title="Warrants to purchase shares"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2023-04-202023-04-20" id="Fact001891" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">333</ix:nonFraction></span> common share purchase warrants of the Company (the &#8220;Warrants&#8221;).
Each Warrant will be exercisable for one common share of the Company at an exercise price of CAD$<span id="xdx_90D_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_uCADPShares_c20230420__20230420_z5YrCqU5wp0e" title="Exercise price of warrants"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2023-04-202023-04-20" id="Fact001893" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">2.50</ix:nonFraction></span> (approximately USD$<span id="xdx_90A_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_uUSDPShares_c20230420__20230420_zicn8zAFWP77" title="Exercise price of warrants"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2023-04-202023-04-20" id="Fact001895" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.86</ix:nonFraction></span>) and shall
have an expiry date of <span id="xdx_905_ecustom--WarrantsExpireDate_c20230420__20230420_zq0Dkq1rO926" title="Warrants expire date"><ix:nonNumeric contextRef="From2023-04-202023-04-20" format="ixt:datemonthdayyearen" id="Fact001897" name="TRLEF:WarrantsExpireDate">June 29, 2025</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 74; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convertible
    debentures (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Debentures will mature on <span id="xdx_906_eifrs-full--BorrowingsMaturity_c20230420__20230420_zpdDI2cFOA01" title="Loan, maturity date"><ix:nonNumeric contextRef="From2023-04-202023-04-20" id="Fact001899" name="ifrs-full:BorrowingsMaturity">April 30, 2025</ix:nonNumeric></span> (the &#8220;Maturity Date&#8221;) and will accrue interest at the rate of <span id="xdx_90A_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20230420_zeETbISQyEkc" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-04-20" id="Fact001901" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>% per annum, payable
semi-annually. The Company has the ability to redeem the Debentures at any time between the dates of April 30, 2024 and April 30, 2025
at a redemption price of <span id="xdx_90B_ecustom--RedeemDebenturesPercent_iI_pid_dp_uPure_c20230420_zhG7IXw6jole" title="Redeem debentures percent"><ix:nonFraction name="TRLEF:RedeemDebenturesPercent" contextRef="AsOf2023-04-20" id="Fact001903" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">105</ix:nonFraction></span>% of the principal amount plus any accrued interest. At the holders&#8217; option, the Debentures may be
converted into common shares of the Company at any time, up to the earlier of the Maturity Date and the redemption of the Debentures,
at a conversion price of CAD$<span id="xdx_909_ecustom--ConversionPricePerShare_iI_uCADPShares_c20230420_zuudhWmuvDTg" title="Conversion price per share"><ix:nonFraction name="TRLEF:ConversionPricePerShare" contextRef="AsOf2023-04-20" id="Fact001905" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">3.00</ix:nonFraction></span> (approximately USD$<span id="xdx_90E_ecustom--ConversionPricePerShare_iI_c20230420_zW4ucjWBpByc" title="Conversion price per share"><ix:nonFraction name="TRLEF:ConversionPricePerShare" contextRef="AsOf2023-04-20" id="Fact001907" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.23</ix:nonFraction></span>) per common share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
convertible debentures were determined to be a financial instrument comprising a host debt component, a conversion feature classified
as equity, and freestanding warrants classified as equity. The warrants and conversion features were determined to be equity components
because the exercise prices are denominated in the functional currency of the Company. Thus, these components the criterion of an equity
instrument.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company paid an underwriting fee of CAD$<span id="xdx_900_ecustom--UnderwritingFee_iI_uCAD_c20230420_zrAliqCYc6Af" title="Underwriting fee"><ix:nonFraction name="TRLEF:UnderwritingFee" contextRef="AsOf2023-04-20" id="Fact001909" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,045,000</ix:nonFraction></span> (USD$<span id="xdx_905_ecustom--UnderwritingFee_iI_uUSD_c20230420_zJirvQRLLhZj" title="Underwriting fee"><ix:nonFraction name="TRLEF:UnderwritingFee" contextRef="AsOf2023-04-20" id="Fact001911" format="ixt:numdotdecimal" decimals="0" unitRef="USD">775,748</ix:nonFraction></span>) and issued <span id="xdx_908_eifrs-full--NumberOfSharesIssued_iI_c20230420__ifrs-full--ComponentsOfEquityAxis__custom--BrokerWarrantsMember_z4FvLYv0nP71" title="Common stock, shares" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-04-20_custom_BrokerWarrantsMember" id="Fact001913" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">300,000</ix:nonFraction></span> broker warrants (the &#8220;Broker Warrants&#8221;)
in conjunction with the financing. The Broker Warrants are exercisable for one common share of the Company at an exercise price of CAD$<span id="xdx_908_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_uCAD_c20230420__20230420__ifrs-full--ComponentsOfEquityAxis__custom--BrokerWarrantsMember_zImRUZIaoiU1" title="Exercise price of warrant" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvYW5zIFBheWFibGUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2023-04-202023-04-20_custom_BrokerWarrantsMember" id="Fact001915" format="ixt:numdotdecimal" decimals="INF" unitRef="CAD">2.50</ix:nonFraction></span>
and shall have an expiry date of <span id="xdx_902_ecustom--WarrantsExpireDate_c20230420__20230420__ifrs-full--ComponentsOfEquityAxis__custom--BrokerWarrantsMember_zkNI0U2yDQmk" title="Warrants expire date"><ix:nonNumeric contextRef="From2023-04-202023-04-20_custom_BrokerWarrantsMember" format="ixt:datemonthdayyearen" id="Fact001917" name="TRLEF:WarrantsExpireDate">April 20, 2025</ix:nonNumeric></span>. The fair value of the Broker Warrants was estimated to be $<span id="xdx_90B_ecustom--FairValueOfWarrantsIssued_iI_c20230420__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--WarrantsMember_zLyigSalwOch" title="Fair value of warrants"><ix:nonFraction name="TRLEF:FairValueOfWarrantsIssued" contextRef="AsOf2023-04-20_ifrs-full_WarrantsMember" id="Fact001919" format="ixt:numdotdecimal" decimals="0" unitRef="USD">216,777</ix:nonFraction></span> and was determined
using the Black-Scholes Option Pricing Model using the following assumptions: risk-free interest rate: <span id="xdx_908_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20230420__20230420__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_ztv9m7IkeG4k" title="Risk free interest rate, share options granted"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-04-202023-04-20_ifrs-full_WarrantsMember" id="Fact001921" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.77</ix:nonFraction></span>%, expected volatility: <span id="xdx_901_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20230420__20230420__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_z0al9tRPteW" title="Expected volatility, share options granted"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2023-04-202023-04-20_ifrs-full_WarrantsMember" id="Fact001923" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100.96</ix:nonFraction></span>%,
dividend yield: <span id="xdx_909_eifrs-full--ExpectedDividendAsPercentageShareOptionsGranted_pid_dp_uPure_c20230420__20230420__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zbM7OH9wXkI3" title="Expected dividend as percentage, share options granted"><ix:nonFraction name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" contextRef="From2023-04-202023-04-20_ifrs-full_WarrantsMember" id="Fact001925" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>% and expected life: <span id="xdx_902_ecustom--DescriptionOfExpectedYerasAsShareOptionsGranted_dtY_c20230420__20230420__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_z9nHeSPhFBC5" title="Expected Expected years, share options granted"><ix:nonNumeric contextRef="From2023-04-202023-04-20_ifrs-full_WarrantsMember" format="ixt-sec:duryear" id="Fact001927" name="TRLEF:DescriptionOfExpectedYerasAsShareOptionsGranted">2</ix:nonNumeric></span> years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
initial recognition, the proceeds were first allocated to the fair value of the host debt component, calculated using a market interest
rate of <span id="xdx_906_ecustom--MarketInterestRate_iI_pid_dp_uPure_c20230420_z4zkTfqU8Kfg" title="Market interest rate"><ix:nonFraction name="TRLEF:MarketInterestRate" contextRef="AsOf2023-04-20" id="Fact001929" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16</ix:nonFraction></span>%, which is the market interest rate of a debt instrument with similar terms but without the equity conversion feature. The
residual proceeds were then allocated to the conversion feature and warrant equity components using the relative fair value method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001931" name="ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory"><p id="xdx_89F_eifrs-full--DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory_znSn0v0QWj4h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
relative fair value of the warrants and conversion features were determined using the Black-Scholes Option Pricing Model using the assumptions
set out as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B9_zSOgX1EjjDCi" style="display: none">Schedule
of Fair Value Assumptions of Conversion Features</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">April 20, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: justify">Risk-free interest rate</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right"><span id="xdx_90A_eifrs-full--SignificantUnobservableInputLiabilities_iI_pid_uPure_c20230420__ifrs-full--BorrowingsByNameAxis__custom--WarrantsAndConversionMember__ifrs-full--UnobservableInputsAxis__ifrs-full--InterestRateMeasurementInputMember_zkAFlDjiHlD8" title="Warrant inputs"><ix:nonFraction name="ifrs-full:SignificantUnobservableInputLiabilities" contextRef="AsOf2023-04-20_custom_WarrantsAndConversionMember_ifrs-full_InterestRateMeasurementInputMember" id="Fact001933" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">3.86</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Expected volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--SignificantUnobservableInputLiabilities_iI_pid_uPure_c20230420__ifrs-full--BorrowingsByNameAxis__custom--WarrantsAndConversionMember__ifrs-full--UnobservableInputsAxis__ifrs-full--HistoricalVolatilityForSharesMeasurementInputMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_z9tZyuP2Key1" title="Warrant inputs"><ix:nonFraction name="ifrs-full:SignificantUnobservableInputLiabilities" contextRef="AsOf2023-04-20_custom_WarrantsAndConversionMember_ifrs-full_HistoricalVolatilityForSharesMeasurementInputMember_ifrs-full_BottomOfRangeMember" id="Fact001935" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">101.71</ix:nonFraction></span> &#8211;<span id="xdx_907_eifrs-full--SignificantUnobservableInputLiabilities_iI_pid_uPure_c20230420__ifrs-full--BorrowingsByNameAxis__custom--WarrantsAndConversionMember__ifrs-full--UnobservableInputsAxis__ifrs-full--HistoricalVolatilityForSharesMeasurementInputMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zqhsyRXuT1d8" title="Warrant inputs"> <ix:nonFraction name="ifrs-full:SignificantUnobservableInputLiabilities" contextRef="AsOf2023-04-20_custom_WarrantsAndConversionMember_ifrs-full_HistoricalVolatilityForSharesMeasurementInputMember_ifrs-full_TopOfRangeMember" id="Fact001937" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">119.94</ix:nonFraction></span></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_909_eifrs-full--SignificantUnobservableInputLiabilities_iI_pid_uPure_c20230420__ifrs-full--BorrowingsByNameAxis__custom--WarrantsAndConversionMember__ifrs-full--UnobservableInputsAxis__custom--DividendYieldMeasurementInputMember_z5YMWItpMIPh" title="Warrant inputs"><ix:nonFraction name="ifrs-full:SignificantUnobservableInputLiabilities" contextRef="AsOf2023-04-20_custom_WarrantsAndConversionMember_custom_DividendYieldMeasurementInputMember" id="Fact001939" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Expected life</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--SignificantUnobservableInputLiabilitiesLife_dtY_c20230420__20230420__ifrs-full--BorrowingsByNameAxis__custom--WarrantsAndConversionMember__ifrs-full--UnobservableInputsAxis__custom--ExpectedLifeMeasurementInputMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zowqrVIrXKf5" title="Expected life (years)"><ix:nonNumeric contextRef="From2023-04-202023-04-20_custom_WarrantsAndConversionMember_custom_ExpectedLifeMeasurementInputMember_ifrs-full_BottomOfRangeMember" format="ixt-sec:duryear" id="Fact001941" name="TRLEF:SignificantUnobservableInputLiabilitiesLife">2.03</ix:nonNumeric></span>&#8211;<span id="xdx_909_ecustom--SignificantUnobservableInputLiabilitiesLife_dtY_c20230420__20230420__ifrs-full--BorrowingsByNameAxis__custom--WarrantsAndConversionMember__ifrs-full--UnobservableInputsAxis__custom--ExpectedLifeMeasurementInputMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_z7HHgQiWmon4" title="Expected life (years)"><ix:nonNumeric contextRef="From2023-04-202023-04-20_custom_WarrantsAndConversionMember_custom_ExpectedLifeMeasurementInputMember_ifrs-full_TopOfRangeMember" format="ixt-sec:duryear" id="Fact001943" name="TRLEF:SignificantUnobservableInputLiabilitiesLife">2.19</ix:nonNumeric></span> years</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_ztbMjOGXRYBi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001945" name="TRLEF:DisclosureOfConvertibleDebtExplanatory"><p id="xdx_89A_ecustom--DisclosureOfConvertibleDebtExplanatory_zRZX1uumcukd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
continuity schedule of the Company&#8217;s convertible debt is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B8_zmKCQBNwArke" style="display: none">Schedule
of Convertible Debt</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_498_20230101__20231231_z3BaHRgZYzrj" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--NetDebt_iS_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Balance as at January 1, 2023</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1947">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--IssueOfConvertibleInstruments_i_pp0p0" style="vertical-align: bottom; background-color: White">
    <td style="width: 78%; text-align: justify">Issued</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2023-01-01to2023-12-31" id="Fact001949" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,135,145</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--TransactionCosts_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Transaction costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:TransactionCosts" contextRef="From2023-01-01to2023-12-31" id="Fact001951" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">992,525</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_ecustom--TransactionCostsAllocatedToEquity_zmYGcc9siaba" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Transaction costs allocated to equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:TransactionCostsAllocatedToEquity" contextRef="From2023-01-01to2023-12-31" id="Fact001953" format="ixt:numdotdecimal" decimals="0" unitRef="USD">77,086</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--RelativeFairValueOfConversionFeature_zmdFHOG1O9u1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Relative fair value of conversion feature</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:RelativeFairValueOfConversionFeature" contextRef="From2023-01-01to2023-12-31" id="Fact001955" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">369,181</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_401_ecustom--RelativeFairValueOfWarrants_z4cr0KU8wMQc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Relative fair value of Warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:RelativeFairValueOfWarrants" contextRef="From2023-01-01to2023-12-31" id="Fact001957" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">495,653</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_407_ecustom--Repayment_z8TSyeFMY7oe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Repayment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:Repayment" contextRef="From2023-01-01to2023-12-31" id="Fact001959" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">709,022</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_409_ecustom--AccretionExpenses_i_pp0p0" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Accretion</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:AccretionExpenses" contextRef="From2023-01-01to2023-12-31" id="Fact001961" format="ixt:numdotdecimal" decimals="0" unitRef="USD">578,675</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--InterestExpense_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001963" format="ixt:numdotdecimal" decimals="0" unitRef="USD">931,962</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--CurrencyTranslationAdjustment_zBb50byhoxKb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Currency translation adjustment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="TRLEF:CurrencyTranslationAdjustment" contextRef="From2023-01-01to2023-12-31" id="Fact001965" format="ixt:numdotdecimal" decimals="0" unitRef="USD">173,232</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--NetDebt_iE_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Balance as at December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:NetDebt" contextRef="AsOf2023-12-31" id="Fact001967" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">10,329,719</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Current</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_985_eifrs-full--CurrentDebtInstrumentsIssued_iI_c20231231_z4GsKKR4oci8" title="Current, convertible debt" style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentDebtInstrumentsIssued" contextRef="AsOf2023-12-31" id="Fact001969" format="ixt:numdotdecimal" decimals="0" unitRef="USD">227,092</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Long-term</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_981_ecustom--LongTermNetDebt_iI_c20231231_zxuFkqUyysnk" title="Long-term, convertible debt" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="TRLEF:LongTermNetDebt" contextRef="AsOf2023-12-31" id="Fact001971" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,102,627</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8A9_zLLxXwnLGSt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001973" name="TRLEF:DisclosureOfAssetRetirementObligationsExplanatory"><p id="xdx_804_ecustom--DisclosureOfAssetRetirementObligationsExplanatory_z5esSEiLsa65" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_z6WqavyKzBxj">Asset Retirement Obligation</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001975" name="TRLEF:DisclosureOfContinuityAssetRetirementObligationsExplanatory"><p id="xdx_892_ecustom--DisclosureOfContinuityAssetRetirementObligationsExplanatory_zyWMRCCgR7b3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a continuity of the Company&#8217;s asset retirement obligations:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BB_zzkK136hpa65" style="display: none">Schedule
of Asset Retirement Obligations</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&#160;</td>
    <td id="xdx_495_20230101__20231231_z3pyh7cDub15" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&#160;</td>
    <td id="xdx_49A_20220101__20221231_zCdt8xQckXHe" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_408_ecustom--AssetRetirementObligations_iS_zEAZ21dXjCPd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Beginning balance</td><td style="width: 2%; font-weight: bold">&#160;</td>
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  <tr id="xdx_401_ecustom--AssetRetirementObligationAddition_zlkkA3zWadef" style="vertical-align: bottom; background-color: White">
    <td>Additions</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1981">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--AssetRetirementObligationAccretionExpenses_zfWWGMlLDtsc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accretion expense</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:AssetRetirementObligationAccretionExpenses" contextRef="From2023-01-01to2023-12-31" id="Fact001983" format="ixt:numdotdecimal" decimals="0" unitRef="USD">219,536</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_ecustom--AssetRetirementObligationImpactOfHyperinflation_zaraM0JfkQr5" style="vertical-align: bottom; background-color: White">
    <td>Impact of hyperinflation</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="TRLEF:AssetRetirementObligationImpactOfHyperinflation" contextRef="From2023-01-01to2023-12-31" id="Fact001986" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">599,096</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:AssetRetirementObligationImpactOfHyperinflation" contextRef="From2022-01-012022-12-31" id="Fact001987" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">69,379</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_ecustom--AssetRetirementObligationCurrencyTranslationAdjustment_z0eXZ8048QMa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Currency translation adjustment</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:AssetRetirementObligationCurrencyTranslationAdjustment" contextRef="From2023-01-01to2023-12-31" id="Fact001989" format="ixt:numdotdecimal" decimals="0" unitRef="USD">603,856</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1990">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--AssetRetirementObligationRevisionOfEstimates_z1XXkm2uZWxk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Change in estimate</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="TRLEF:AssetRetirementObligationRevisionOfEstimates" contextRef="From2023-01-01to2023-12-31" id="Fact001992" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">90,841</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="TRLEF:AssetRetirementObligationRevisionOfEstimates" contextRef="From2022-01-012022-12-31" id="Fact001993" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,871,334</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_407_ecustom--AssetRetirementObligations_iE_zhhMxY2XcnBb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Ending balance</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:AssetRetirementObligations" contextRef="AsOf2023-12-31" id="Fact001995" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,247,027</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="TRLEF:AssetRetirementObligations" contextRef="AsOf2022-12-31" id="Fact001996" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,316,470</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zTBNfmaYp2U" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s asset retirement obligations (&#8220;ARO&#8221;) result from its interest in oil and gas assets including well sites.
The total ARO is estimated based on the Company&#8217;s net ownership interest in all sites, estimated costs to reclaim and abandon these
wells and the estimated timing of the costs to be included in future years. The Company estimated the total undiscounted amount required
to settle the ARO as at December 31, 2023 is $<span id="xdx_902_ecustom--UndiscountedAmountRequiredToSettleAssetRetirementObligation_iI_pn5n6_c20231231_zG6wnAsJACj4" title="Undiscounted amount"><ix:nonFraction name="TRLEF:UndiscountedAmountRequiredToSettleAssetRetirementObligation" contextRef="AsOf2023-12-31" id="Fact001998" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">16.5</ix:nonFraction></span> million (December 31, 2022 - $<span id="xdx_904_ecustom--UndiscountedAmountRequiredToSettleAssetRetirementObligation_iI_pn5n6_c20221231_zNqzC9LC0tbj" title="Undiscounted amount"><ix:nonFraction name="TRLEF:UndiscountedAmountRequiredToSettleAssetRetirementObligation" contextRef="AsOf2022-12-31" id="Fact002000" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.6</ix:nonFraction></span> million). The ARO is calculated using an inflation
rate of <span id="xdx_903_ecustom--ExpectedRatesOfInflation_iI_pid_dp_uPure_c20231231_zlwGCwMh2M6" title="Inflation interest rate"><ix:nonFraction name="TRLEF:ExpectedRatesOfInflation" contextRef="AsOf2023-12-31" id="Fact002002" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction></span>% (December 31, 2022 &#8211; <span id="xdx_900_ecustom--ExpectedRatesOfInflation_iI_pid_dp_uPure_c20221231_z6AIrVRxWzxi" title="Inflation interest rate"><ix:nonFraction name="TRLEF:ExpectedRatesOfInflation" contextRef="AsOf2022-12-31" id="Fact002004" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction></span>%) and discounted using a risk free rate of <span id="xdx_907_ecustom--DiscountedInterestFreeRate_iI_pid_dp_uPure_c20231231_z3O9tAmnwt4d" title="Interest free rate"><ix:nonFraction name="TRLEF:DiscountedInterestFreeRate" contextRef="AsOf2023-12-31" id="Fact002006" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span>% (December 31, 2022 &#8211; <span id="xdx_906_ecustom--DiscountedInterestFreeRate_iI_pid_dp_uPure_c20221231_zgnbtIEOUkka" title="Interest free rate"><ix:nonFraction name="TRLEF:DiscountedInterestFreeRate" contextRef="AsOf2022-12-31" id="Fact002008" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.91</ix:nonFraction></span>%) between <span id="xdx_902_ecustom--AssetRetirementObligationsYears_dtY_c20230101__20231231__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zRcBXoihhHfh" title="Asset retirement obligations years"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_BottomOfRangeMember" format="ixt-sec:duryear" id="Fact002010" name="TRLEF:AssetRetirementObligationsYears">10</ix:nonNumeric></span>
and <span id="xdx_903_ecustom--AssetRetirementObligationsYears_dtY_c20230101__20231231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zr3NqsDQr8U6" title="Asset retirement obligations years"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_TopOfRangeMember" format="ixt-sec:duryear" id="Fact002012" name="TRLEF:AssetRetirementObligationsYears">20</ix:nonNumeric></span> years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2023, the Company and TPAO agreed to establish a close out-fund (the &#8220;Close-Out Fund&#8221;) in a US dollar bank account. The amounts
accumulated in the Close-Out Fund will not be used for any purpose other than to cover the cost of close-out of the SASB project. The
US dollar bank account is held by TPAO. Starting with the July 2023 natural gas revenue, each party agreed to transfer <span id="xdx_905_ecustom--NaturalGasRevenueDepositPercentage_iI_pid_dp_c20231231_zP1GK2GPjwk9" title="Natural gas revenue deposit percentage"><ix:nonFraction name="TRLEF:NaturalGasRevenueDepositPercentage" contextRef="AsOf2023-12-31" id="Fact002014" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% of its revenue
into the Close-Out Fund on a monthly basis, until an amount agreed to by both parties is attained. The Company accounted for its share
in the Close-Out Fund as a long-term deposit (Note 4). As at December 31, 2023, the Company share of the Close-Out Fund amounted to $<span id="xdx_900_eifrs-full--DepositsFromBanks_iI_c20231231_zhSbPTNt4oX5" title="Close out Fund amounted"><ix:nonFraction name="ifrs-full:DepositsFromBanks" contextRef="AsOf2023-12-31" id="Fact002016" format="ixt:numdotdecimal" decimals="0" unitRef="USD">371,124</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002018" name="TRLEF:DisclosureOfNotesAndAmountsReceivableForEquityIssuedExplanatory"><p id="xdx_804_ecustom--DisclosureOfNotesAndAmountsReceivableForEquityIssuedExplanatory_z5dEV7jha3g7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82E_zaknFMC50vNk">Notes and Amounts Receivable for Equity Issued</span></b></span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002020" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><p id="xdx_89E_eifrs-full--DisclosureOfTradeAndOtherReceivablesExplanatory_zT6puWcVNHya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B8_zQCHEOQntOF5" style="display: none">Schedule
of Notes and Amounts Receivable for the Equity Issued</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&#160;</td>
    <td id="xdx_492_20231231_z23euquZpX69" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&#160;</td>
    <td id="xdx_49A_20221231_zlpHGNgHjCfi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_405_ecustom--NotesReceivableForEquityIssued_iI_maNAARFzYuF_zkP2mR4KjzM" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:NotesReceivableForEquityIssued" contextRef="AsOf2023-12-31" id="Fact002022" format="ixt:numdotdecimal" decimals="0" unitRef="USD">97,907</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Amounts receivable</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes and Amounts Receivable
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</ix:nonNumeric><p id="xdx_8A1_z5CZIaAwiuZd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts receivable are non-interest bearing and due on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 76; Value: 2 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: justify">Balance, December 31, 2022</td><td>&#160;</td>
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  <tr id="xdx_43A_c20230101__20231231_eifrs-full--NotesAndDebenturesIssued_iS_z5KMt0WDnfj6" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NotesAndDebenturesIssued" contextRef="AsOf2023-12-31_custom_AmountsReceivableMember" id="Fact002072" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,402</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NotesAndDebenturesIssued" contextRef="AsOf2023-12-31" id="Fact002073" format="ixt:numdotdecimal" decimals="0" unitRef="USD">113,309</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_436_c20230101__20231231_eifrs-full--NotesAndDebenturesIssued_iE_zJdOBGaQD3ji" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Balance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NotesAndDebenturesIssued" contextRef="AsOf2023-12-31_custom_NotesReceivablesMember" id="Fact002075" format="ixt:numdotdecimal" decimals="0" unitRef="USD">97,907</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NotesAndDebenturesIssued" contextRef="AsOf2023-12-31_custom_AmountsReceivableMember" id="Fact002076" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,402</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NotesAndDebenturesIssued" contextRef="AsOf2023-12-31" id="Fact002077" format="ixt:numdotdecimal" decimals="0" unitRef="USD">113,309</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AB_zwiauvdiJ767" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the interest income totaled $<span id="xdx_90C_eifrs-full--InterestIncomeOnLoansAndReceivables_c20230101__20231231_ztOi9ev8IPW" title="Accrued interest income"><ix:nonFraction name="ifrs-full:InterestIncomeOnLoansAndReceivables" contextRef="From2023-01-01to2023-12-31" id="Fact002079" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,373</ix:nonFraction></span> (2022 - $<span id="xdx_907_eifrs-full--InterestIncomeOnLoansAndReceivables_c20220101__20221231_ztnOBEmJ9dx3" title="Accrued interest income"><ix:nonFraction name="ifrs-full:InterestIncomeOnLoansAndReceivables" contextRef="From2022-01-012022-12-31" id="Fact002081" format="ixt:numdotdecimal" decimals="0" unitRef="USD">52,502</ix:nonFraction></span>). As at December 31, 2023, accrued interest of
$<span id="xdx_909_eifrs-full--InterestReceivable_iI_c20231231_zvVoZjINkjCl" title="Accrued interest"><ix:nonFraction name="ifrs-full:InterestReceivable" contextRef="AsOf2023-12-31" id="Fact002083" format="ixt:numdotdecimal" decimals="0" unitRef="USD">44,262</ix:nonFraction></span> (December 31, 2022 - $<span id="xdx_901_eifrs-full--InterestReceivable_iI_c20221231_zdKkK4Fgr2Kg" title="Accrued interest"><ix:nonFraction name="ifrs-full:InterestReceivable" contextRef="AsOf2022-12-31" id="Fact002085" format="ixt:numdotdecimal" decimals="0" unitRef="USD">52,538</ix:nonFraction></span>) was included in amounts receivable (Note 4). During the year ended December 31, 2023, $<span id="xdx_901_ecustom--CashRepayment_c20230101__20231231_za0QFE7BrPqc" title="Cash repayment"><ix:nonFraction name="TRLEF:CashRepayment" contextRef="From2023-01-01to2023-12-31" id="Fact002087" format="ixt:numdotdecimal" decimals="0" unitRef="USD">80,991</ix:nonFraction></span> (2022
- $<span id="xdx_90B_ecustom--CashRepayment_c20220101__20221231_zdpdhdhsknHe" title="Cash repayment"><ix:nonFraction name="TRLEF:CashRepayment" contextRef="From2022-01-012022-12-31" id="Fact002089" format="ixt:numdotdecimal" decimals="0" unitRef="USD">136,611</ix:nonFraction></span>) in cash repayments were made and $<span id="xdx_902_ecustom--RepaymentsOfNotes_c20230101__20231231_ztguSJyN7a2f" title="Repayment of account payable"><ix:nonFraction name="TRLEF:RepaymentsOfNotes" contextRef="From2023-01-01to2023-12-31" id="Fact002091" format="ixt:numdotdecimal" decimals="0" unitRef="USD">252,915</ix:nonFraction></span> (2022 &#8211; $<span id="xdx_90C_ecustom--RepaymentsOfNotes_c20220101__20221231_zEg3wx6zsude" title="Repayment of account payable"><ix:nonFraction name="TRLEF:RepaymentsOfNotes" contextRef="From2022-01-012022-12-31" id="Fact002093" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,528</ix:nonFraction></span>) repayments were made through reductions of accounts payable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002095" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_znhCgXYzn3h4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zkb1DJkCp0g9">Common Stock</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has an unlimited number of common shares authorized with <span id="xdx_908_eifrs-full--ParValuePerShare_iI_do_c20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zbH1prEy1wPi" title="Par value"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-12-31_ifrs-full_OrdinarySharesMember162516125" id="Fact002097" format="ixt-sec:numwordsen" decimals="INF" unitRef="USDPShares">no</ix:nonFraction></span> par value. As at December 31, 2023, <span id="xdx_907_eifrs-full--NumberOfSharesOutstanding_iI_c20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_za9gglOjakW9" title="Shares outstanding"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2023-12-31_ifrs-full_OrdinarySharesMember162516125" id="Fact002099" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">115,250,810</ix:nonFraction></span> common shares were
issued and outstanding (December 31, 2022 &#8211; <span id="xdx_90A_eifrs-full--NumberOfSharesOutstanding_iI_c20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z2Nt5yeKfZh1" title="Shares outstanding"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2022-12-31_ifrs-full_OrdinarySharesMember162516140" id="Fact002101" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">76,775,071</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the year ended December 31, 2023</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 28, 2023, the Company completed a short form prospectus, issuing <span id="xdx_90D_eifrs-full--NumberOfSharesIssued_iI_uShares_c20231128__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_z57XyJvzmvm4"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-11-28_ifrs-full_IssuedCapitalMember" id="Fact002102" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">36,057,934</ix:nonFraction></span> common shares of the Company at a price of CAD$<span id="xdx_909_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20231128__20231128__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_ziKeGuKL5buj"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-11-282023-11-28_custom_StockOptionsMember" id="Fact002103" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.30</ix:nonFraction></span>(approximately
USD$<span id="xdx_909_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20231128__20231128__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zWi9Fap805x3"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-11-282023-11-28_custom_StockOptionsMember" id="Fact002104" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.22</ix:nonFraction></span>) per common share for aggregate gross proceeds of CAD$<span id="xdx_903_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20231128__20231128__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zQv0YN0YuY52"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-11-282023-11-28_ifrs-full_IssuedCapitalMember" id="Fact002105" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">10,817,380</ix:nonFraction></span> (approximately USD$<span id="xdx_909_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20231128__20231128__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zYnNu9kA28vl"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-11-282023-11-28_ifrs-full_IssuedCapitalMember" id="Fact002106" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,960,687</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
finder&#8217;s fee of CAD$<span id="xdx_908_eifrs-full--PaymentsForShareIssueCosts_pp0p0_uCAD_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CashFindersFeeMember_zyK4SoXh9hF4" title="Payment of cash finder's fee"><ix:nonFraction name="ifrs-full:PaymentsForShareIssueCosts" contextRef="From2023-01-012023-12-31_custom_CashFindersFeeMember" id="Fact002108" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">737,934</ix:nonFraction></span> (USD$<span id="xdx_90B_eifrs-full--PaymentsForShareIssueCosts_pp0p0_uUSD_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CashFindersFeeMember_zd6gzRGZrG47"><ix:nonFraction name="ifrs-full:PaymentsForShareIssueCosts" contextRef="From2023-01-012023-12-31_custom_CashFindersFeeMember" id="Fact002109" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">543,057</ix:nonFraction></span>) were paid and <span id="xdx_905_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsMember_zfDjDb05KqIi" title="Number of warrants, Issued"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember" id="Fact002111" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,101,726</ix:nonFraction></span> finder&#8217;s warrants were issued. The finder&#8217;s warrants
are exercisable to purchase one common share of the Company at an exercise price of CAD$<span id="xdx_90F_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_uCADPShares_c20220101__20221231_z499QCfwdlW" title="Exercise price of warrant"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31" id="Fact002113" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.30</ix:nonFraction></span> (approximately USD$<span id="xdx_90F_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_uUSDPShares_c20220101__20221231_zDNqga7y59m8" title="Exercise price of warrant"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31" id="Fact002115" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.22</ix:nonFraction></span>) until November
28, 2025. The finder&#8217;s warrants issued have a fair value of CAD$<span id="xdx_903_ecustom--NumberOfSharesIssuedAndFairValue_pp0p0_uCAD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_ziBqywvPecX2" title="Shares issued and fair value"><ix:nonFraction name="TRLEF:NumberOfSharesIssuedAndFairValue" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember" id="Fact002117" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">353,288</ix:nonFraction></span> (approximately USD$<span id="xdx_902_ecustom--NumberOfSharesIssuedAndFairValue_pp0p0_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_z4DAbRG9RUnd" title="Shares issued and fair value"><ix:nonFraction name="TRLEF:NumberOfSharesIssuedAndFairValue" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember" id="Fact002119" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">259,955</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company issued <span id="xdx_904_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--BorrowingsByNameAxis__ifrs-full--LiabilitiesMember_z4ET2Dg99Bq3" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_ifrs-full_LiabilitiesMember" id="Fact002121" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">150,000</ix:nonFraction></span> shares with a fair value of $<span id="xdx_90D_eifrs-full--IssueOfEquity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__ifrs-full--LiabilitiesMember_zDixIHbOrgCk" title="Fair value of share issued"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2023-01-012023-12-31_ifrs-full_LiabilitiesMember" id="Fact002123" format="ixt:numdotdecimal" decimals="0" unitRef="USD">212,632</ix:nonFraction></span> to settle debt of $<span id="xdx_902_eifrs-full--NetDebt_iI_c20231231__ifrs-full--BorrowingsByNameAxis__ifrs-full--LiabilitiesMember_ztSWDE9o9658" title="Net debt"><ix:nonFraction name="ifrs-full:NetDebt" contextRef="AsOf2023-12-31_ifrs-full_LiabilitiesMember" id="Fact002125" format="ixt:numdotdecimal" decimals="0" unitRef="USD">195,290</ix:nonFraction></span> and recognized
a loss on the settlement of $<span id="xdx_903_ecustom--LossOnIssuanceOfDebt_iI_c20231231__ifrs-full--BorrowingsByNameAxis__ifrs-full--LiabilitiesMember_zbj2OB2REat2" title="Loss on issuance of debt"><ix:nonFraction name="TRLEF:LossOnIssuanceOfDebt" contextRef="AsOf2023-12-31_ifrs-full_LiabilitiesMember" id="Fact002127" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,342</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company issued <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitMember_z3tTOZlFPqMk"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_RestrictedStockUnitMember" id="Fact002128" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,762,805</ix:nonFraction></span> shares for RSU&#8217;s which were granted and vested in previous periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, <span id="xdx_907_eifrs-full--ProceedsFromExerciseOfWarrants_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zryaLcHWsIP" title="Proceeds from exercise of warrants"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfWarrants" contextRef="From2023-01-012023-12-31_ifrs-full_OrdinarySharesMember" id="Fact002130" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span> warrants with an exercise price of CAD$<span id="xdx_902_ecustom--ExercisePricePerShare_uCADPShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zrqhIrY9URV2" title="Exercise price per share"><ix:nonFraction name="TRLEF:ExercisePricePerShare" contextRef="From2023-01-012023-12-31_ifrs-full_OrdinarySharesMember" id="Fact002132" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.60</ix:nonFraction></span> (approximately USD$<span id="xdx_903_ecustom--ExercisePricePerShare_uUSDPShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zxKDK9I1lWdg" title="Exercise price per share"><ix:nonFraction name="TRLEF:ExercisePricePerShare" contextRef="From2023-01-012023-12-31_ifrs-full_OrdinarySharesMember" id="Fact002134" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.44</ix:nonFraction></span>) were exercised for gross
proceeds of CAD$<span id="xdx_90B_ecustom--ProceedsFromSharesIssued_uCAD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_ze20sfMC7mg2" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2023-01-012023-12-31_ifrs-full_OrdinarySharesMember" id="Fact002136" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">3,000</ix:nonFraction></span> (USD$<span id="xdx_90F_ecustom--ProceedsFromSharesIssued_uUSD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--OrdinarySharesMember_zkYTTohVONyd" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2023-01-012023-12-31_ifrs-full_OrdinarySharesMember" id="Fact002138" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,215</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company issued <span id="xdx_901_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--BorrowingsByNameAxis__custom--ServicesRenderedMember_zfMUDWONr6re" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_ServicesRenderedMember" id="Fact002140" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span> shares valued at $<span id="xdx_90A_eifrs-full--IssueOfEquity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--ServicesRenderedMember_zokHpIw544mc" title="Fair value of share issued"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2023-01-012023-12-31_custom_ServicesRenderedMember" id="Fact002142" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,299</ix:nonFraction></span> for services rendered valued at $<span id="xdx_901_ecustom--ServicesRenderedAmount_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--ServicesRenderedMember_zmTfqF9ToSq7" title="Services rendered"><ix:nonFraction name="TRLEF:ServicesRenderedAmount" contextRef="From2023-01-012023-12-31_custom_ServicesRenderedMember" id="Fact002144" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,957</ix:nonFraction></span>. A $<span id="xdx_90A_ecustom--LossOnIssuanceOfDebt_iI_c20231231__ifrs-full--BorrowingsByNameAxis__custom--ServicesRenderedMember_zc2NbkhcbwP3" title="Loss on issuance of debt"><ix:nonFraction name="TRLEF:LossOnIssuanceOfDebt" contextRef="AsOf2023-12-31_custom_ServicesRenderedMember" id="Fact002146" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,342</ix:nonFraction></span>
loss on the issuance of shares was recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company entered into a consulting agreement pursuant to which an obligation to issue shares valued
at $<span id="xdx_900_eifrs-full--IssueOfEquity_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--ConsultingAgreementMember_zM5DYR36kXCa" title="Fair value of share issued"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2023-01-012023-12-31_custom_ConsultingAgreementMember" id="Fact002148" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,873</ix:nonFraction></span> was accrued. The obligation to issue shares relate to <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--TypesOfContractsAxis__custom--ConsultingAgreementMember_zrmrfZH2r9Vj" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_ConsultingAgreementMember" id="Fact002150" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></span> shares owed as a signing bonus and <span id="xdx_904_ecustom--NumberOfSharesBonus_iI_c20231231__ifrs-full--TypesOfContractsAxis__custom--ConsultingAgreementMember_z0PQZ680KE2h" title="Shares bonus"><ix:nonFraction name="TRLEF:NumberOfSharesBonus" contextRef="AsOf2023-12-31_custom_ConsultingAgreementMember" id="Fact002152" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span> shares owed relating
to services rendered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 77; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company issued shares for the exercise of options as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
    Stock (continued)</b></span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="font: 12pt Aptos; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 12pt Aptos; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zC2d8ZQGC59k"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_StockOptionsMember" id="Fact002153" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,000</ix:nonFraction></span> common shares for the exercise of <span id="xdx_905_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zaH6PIu7jTSb"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_StockOptionsMember" id="Fact002154" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,000</ix:nonFraction></span> options at CAD$<span id="xdx_904_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zAeH9Gqf6iO3"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_StockOptionsMember" id="Fact002155" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.75</ix:nonFraction></span> (approximately USD$<span id="xdx_90A_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_z2DGFGYv7On7"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_StockOptionsMember" id="Fact002156" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.55</ix:nonFraction></span>) for cash proceeds of CAD$<span id="xdx_903_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_z0n7ceeILfV5"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-01-012023-12-31_custom_StockOptionsMember" id="Fact002157" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">30,000</ix:nonFraction></span> (USD$<span id="xdx_902_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_znsRXioHTIP7"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-01-012023-12-31_custom_StockOptionsMember" id="Fact002158" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,872</ix:nonFraction></span>). As a result, $<span id="xdx_90C_ecustom--WarrantAndOptionReserve_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_z6M1Paxu45Ih"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2023-01-012023-12-31_custom_StockOptionsMember" id="Fact002159" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,475</ix:nonFraction></span> was transferred from option reserves to share capital; and</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font: 12pt Aptos"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 12pt Aptos; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_zxxV36B3bXw5"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_StockOptionsOneMember" id="Fact002160" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">70,000</ix:nonFraction></span> common shares for the exercise of <span id="xdx_90E_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_z50r5QCFJuM2"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_StockOptionsOneMember" id="Fact002161" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">70,000</ix:nonFraction></span> options at CAD$<span id="xdx_909_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_z9NGKF9FnQc5"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_StockOptionsOneMember" id="Fact002162" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">2.20</ix:nonFraction></span> (approximately USD$<span id="xdx_90C_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_zKQxv8LVrJW2"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_StockOptionsOneMember" id="Fact002163" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.62</ix:nonFraction></span>) for cash proceeds of CAD$<span id="xdx_905_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_z3a8c9kOj1m3"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-01-012023-12-31_custom_StockOptionsOneMember" id="Fact002164" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">154,000</ix:nonFraction></span> (USD$<span id="xdx_908_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_zjeRcgh4OLVc"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-01-012023-12-31_custom_StockOptionsOneMember" id="Fact002165" format="ixt:numdotdecimal" decimals="0" unitRef="USD">113,717</ix:nonFraction></span>). As a result, $<span id="xdx_90C_ecustom--WarrantAndOptionReserve_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_zqzm5EvgUEV1"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2023-01-012023-12-31_custom_StockOptionsOneMember" id="Fact002166" format="ixt:numdotdecimal" decimals="0" unitRef="USD">72,050</ix:nonFraction></span> was transferred from option reserves to share capital.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font: 12pt Aptos"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 12pt Aptos; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_zhq98UMIHsOg"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_StockOptionsTwoMember" id="Fact002167" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">70,000</ix:nonFraction></span> common shares for the exercise of <span id="xdx_907_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_zVjOsgDlu9I8"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_StockOptionsTwoMember" id="Fact002168" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">70,000</ix:nonFraction></span> options at CAD$<span id="xdx_901_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_zajdT8dG8g8g"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_StockOptionsTwoMember" id="Fact002169" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.80</ix:nonFraction></span> (approximately USD$<span id="xdx_906_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_z41cRayVVbzc"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_StockOptionsTwoMember" id="Fact002170" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.60</ix:nonFraction></span>) for cash proceeds of CAD$<span id="xdx_909_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_zlTEyrNFf9j"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-01-012023-12-31_custom_StockOptionsTwoMember" id="Fact002171" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">56,453</ix:nonFraction></span> (USD$<span id="xdx_902_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_zHaZFKV24sz6"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-01-012023-12-31_custom_StockOptionsTwoMember" id="Fact002172" format="ixt:numdotdecimal" decimals="0" unitRef="USD">42,000</ix:nonFraction></span>). As a result, $<span id="xdx_90E_ecustom--WarrantAndOptionReserve_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_z0JsDEzCy0fi"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2023-01-012023-12-31_custom_StockOptionsTwoMember" id="Fact002173" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,174</ix:nonFraction></span> was transferred from option reserves to share capital.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font: 12pt Aptos"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 12pt Aptos; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zGYvneNjDmM4"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_StockOptionsThreeMember" id="Fact002174" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span> common shares for the exercise of <span id="xdx_906_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zf5OEVvPzNkl"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_StockOptionsThreeMember" id="Fact002175" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span> options at CAD$<span id="xdx_906_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zLqUOShpLlj2"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_StockOptionsThreeMember" id="Fact002176" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.75</ix:nonFraction></span> (approximately USD$<span id="xdx_903_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zWgYIANhKVvd"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_StockOptionsThreeMember" id="Fact002177" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.56</ix:nonFraction></span>) for cash proceeds of CAD$<span id="xdx_907_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zh1DZ2kjWNt3"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-01-012023-12-31_custom_StockOptionsThreeMember" id="Fact002178" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">45,000</ix:nonFraction></span> (USD$<span id="xdx_903_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zOMFya9DeWE7"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-01-012023-12-31_custom_StockOptionsThreeMember" id="Fact002179" format="ixt:numdotdecimal" decimals="0" unitRef="USD">33,479</ix:nonFraction></span>). As a result, $<span id="xdx_904_ecustom--WarrantAndOptionReserve_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zdI7inS6lcCa"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2023-01-012023-12-31_custom_StockOptionsThreeMember" id="Fact002180" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,939</ix:nonFraction></span> was transferred from option reserves to share capital.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font: 12pt Aptos"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 12pt Aptos; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsFourMember_zOca7wdq3lca"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_StockOptionsFourMember" id="Fact002181" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> common shares for the exercise of <span id="xdx_90E_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsFourMember_zWl9C96zGJu2"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_StockOptionsFourMember" id="Fact002182" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> options at CAD$<span id="xdx_904_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsFourMember_zYtb4uFGmwm4"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_StockOptionsFourMember" id="Fact002183" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">2.20</ix:nonFraction></span> (approximately USD$<span id="xdx_900_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsFourMember_z1AtgPLio4th"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_StockOptionsFourMember" id="Fact002184" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.66</ix:nonFraction></span>) for cash proceeds of CAD $<span id="xdx_905_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsFourMember_zliFQA5bXcJ2"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-01-012023-12-31_custom_StockOptionsFourMember" id="Fact002185" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">440,000</ix:nonFraction></span> (USD$<span id="xdx_902_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsFourMember_z0SqeTUp0pXd"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-01-012023-12-31_custom_StockOptionsFourMember" id="Fact002186" format="ixt:numdotdecimal" decimals="0" unitRef="USD">331,796</ix:nonFraction></span>). As a result, $<span id="xdx_902_ecustom--WarrantAndOptionReserve_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsFourMember_zaA3Bwo2iMXc"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2023-01-012023-12-31_custom_StockOptionsFourMember" id="Fact002187" format="ixt:numdotdecimal" decimals="0" unitRef="USD">273,583</ix:nonFraction></span> was transferred from option reserves to share capital.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>For the year ended December 31, 2022</i></p>

<p style="font: 12pt Aptos; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2022, the Company
issued shares for the exercise of warrants as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Aptos; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eifrs-full--NumberOfSharesIssued_iI_c20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_ze9sAasFBExh"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_ifrs-full_WarrantsMember" id="Fact002188" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">538,250</ix:nonFraction></span> common shares for the exercise of <span id="xdx_901_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_zjKmuRK6y5gf"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember" id="Fact002189" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">538,250</ix:nonFraction></span> warrants at CAD$<span id="xdx_907_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_zZEl7DWPFzPf"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember" id="Fact002190" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.50</ix:nonFraction></span> (approximately USD$<span id="xdx_90C_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_zry8uEYm45C4"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember" id="Fact002191" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.38</ix:nonFraction></span>) for cash proceeds of CAD$<span id="xdx_905_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_zT9xeCqNih3"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember" id="Fact002192" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">269,125</ix:nonFraction></span> (USD$<span id="xdx_902_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_zqz5dvdfWVS9"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember" id="Fact002193" format="ixt:numdotdecimal" decimals="0" unitRef="USD">202,713</ix:nonFraction></span>). As a result, $<span id="xdx_90C_ecustom--WarrantAndOptionReserve_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_zrHVAtdNT6jl"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember" id="Fact002194" format="ixt:numdotdecimal" decimals="0" unitRef="USD">336,464</ix:nonFraction></span> was transferred from warrant reserves to common stock and share premium;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_uShares_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsOneMember_zYdClpkWKnOk"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_WarrantsOneMember" id="Fact002195" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">160,000</ix:nonFraction></span> common shares for the exercise of <span id="xdx_908_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsOneMember_znBWV0TcVxwe"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_WarrantsOneMember" id="Fact002196" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">160,000</ix:nonFraction></span> warrants at CAD$<span id="xdx_90C_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsOneMember_zku7LXM7MOe9" title="Exercise price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsOneMember" id="Fact002198" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.50</ix:nonFraction></span> (approximately USD$<span id="xdx_90A_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsOneMember_zu7TU3cwmr2j"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsOneMember" id="Fact002199" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.37</ix:nonFraction></span>) In lieu of cash, the Company acquired prepaid services in the amount of $<span id="xdx_903_ecustom--ProceedsFromSharesIssued_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsOneMember_zMzYT91i0hbi" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2022-01-012022-12-31_custom_WarrantsOneMember" id="Fact002201" format="ixt:numdotdecimal" decimals="0" unitRef="USD">58,698</ix:nonFraction></span>. As a result, $<span id="xdx_90A_ecustom--WarrantAndOptionReserve_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsOneMember_zxj7zm0aalm5" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2022-01-012022-12-31_custom_WarrantsOneMember" id="Fact002203" format="ixt:numdotdecimal" decimals="0" unitRef="USD">98,786</ix:nonFraction></span> was transferred from warrant reserves to common stock and share premium;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eifrs-full--NumberOfSharesIssued_iI_uShares_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTwoMember_zcRCBp9m5tlf"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_WarrantsTwoMember" id="Fact002204" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> common shares for the exercise of <span id="xdx_90D_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTwoMember_zrLyzYrUUwg6"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_WarrantsTwoMember" id="Fact002205" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> warrants at CAD$<span id="xdx_900_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTwoMember_zFgQ13zBXRR" title="Exercise price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsTwoMember" id="Fact002207" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.50</ix:nonFraction></span> (approximately USD$<span id="xdx_904_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTwoMember_ztWkIi6Q14sa"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsTwoMember" id="Fact002208" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.37</ix:nonFraction></span>). In lieu of cash, debt owed to the equity holder was settled in the amount of CAD$<span id="xdx_90D_ecustom--ProceedsFromSharesIssued_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTwoMember_z5xJHAoNQrE4" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2022-01-012022-12-31_custom_WarrantsTwoMember" id="Fact002210" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">10,949</ix:nonFraction></span> (USD$<span id="xdx_90B_ecustom--ProceedsFromSharesIssued_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTwoMember_zZZmz1gowLLk" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2022-01-012022-12-31_custom_WarrantsTwoMember" id="Fact002212" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,034</ix:nonFraction></span>). Pursuant to the issuance, $<span id="xdx_90D_ecustom--WarrantAndOptionReserve_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTwoMember_zz8s08FLXQTc" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2022-01-012022-12-31_custom_WarrantsTwoMember" id="Fact002214" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,511</ix:nonFraction></span> was transferred from warrant reserves to common stock and share premium. As at December 31, 2022, CAD$<span id="xdx_901_ecustom--ReceivablesForEquity_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTwoMember_zplf6M9Skk7i" title="Receivables for equity"><ix:nonFraction name="TRLEF:ReceivablesForEquity" contextRef="From2022-01-012022-12-31_custom_WarrantsTwoMember" id="Fact002216" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">14,051</ix:nonFraction></span> (USD$<span id="xdx_903_ecustom--ReceivablesForEquity_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTwoMember_zZgek4Pze5I3" title="Receivables for equity"><ix:nonFraction name="TRLEF:ReceivablesForEquity" contextRef="From2022-01-012022-12-31_custom_WarrantsTwoMember" id="Fact002218" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,310</ix:nonFraction></span>) was recorded to receivables for equity issued for the remainder of the amount;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--NumberOfSharesIssued_iI_uShares_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsThreeMember_zBqJczxuugef"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_WarrantsThreeMember" id="Fact002219" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000</ix:nonFraction></span> common shares for the exercise of <span id="xdx_907_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsThreeMember_zlE3Wnshfzz7"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_WarrantsThreeMember" id="Fact002220" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000</ix:nonFraction></span> warrants at CAD$<span id="xdx_90B_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsThreeMember_z96Ovh0UQ7uj" title="Exercise price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsThreeMember" id="Fact002222" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.60</ix:nonFraction></span> (approximately USD$<span id="xdx_901_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsThreeMember_zhm8LUFlLJE3"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsThreeMember" id="Fact002223" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.44</ix:nonFraction></span>) for cash proceeds of CAD$<span id="xdx_906_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsThreeMember_zmBfAs4eWHF9"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_WarrantsThreeMember" id="Fact002224" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">3,000</ix:nonFraction></span> (USD$<span id="xdx_902_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsThreeMember_z0GyrptYDcc4"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_WarrantsThreeMember" id="Fact002225" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,213</ix:nonFraction></span>);</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_uShares_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFourMember_zAPVKCGOhFi7"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_WarrantsFourMember" id="Fact002226" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">49,000</ix:nonFraction></span> common shares for the exercise of <span id="xdx_901_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFourMember_z1eIX1iIrkji"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_WarrantsFourMember" id="Fact002227" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">49,000</ix:nonFraction></span> warrants at CAD$<span id="xdx_903_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFourMember_z8t376i2AdM8" title="Exercise price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsFourMember" id="Fact002229" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">1.00</ix:nonFraction></span> (approximately USD$<span id="xdx_90A_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFourMember_zL0d8ZP6z6w8"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsFourMember" id="Fact002230" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.76</ix:nonFraction></span>) for cash proceeds of CAD$<span id="xdx_907_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFourMember_zw5ZAELRMWCh"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_WarrantsFourMember" id="Fact002231" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">49,000</ix:nonFraction></span> (USD$<span id="xdx_908_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFourMember_zHB51RjDOwP9"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_WarrantsFourMember" id="Fact002232" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,225</ix:nonFraction></span>);</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eifrs-full--NumberOfSharesIssued_iI_uShares_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFiveMember_zA6fXooNkY1d"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_WarrantsFiveMember" id="Fact002233" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">550,000</ix:nonFraction></span> common shares for the exercise of <span id="xdx_90C_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFiveMember_zumLqDkB68nb"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_WarrantsFiveMember" id="Fact002234" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">550,000</ix:nonFraction></span> warrants at CAD$<span id="xdx_90A_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFiveMember_zoBXeM10VCL9" title="Exercise price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsFiveMember" id="Fact002236" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">1.55</ix:nonFraction></span> (approximately USD$<span id="xdx_905_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFiveMember_z6rONSiScZr4"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsFiveMember" id="Fact002237" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.15</ix:nonFraction></span>) for cash proceeds of CAD$<span id="xdx_909_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFiveMember_z5Hmwkatwgxf"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_WarrantsFiveMember" id="Fact002238" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">852,500</ix:nonFraction></span> (USD$<span id="xdx_90D_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFiveMember_zM9DnTKoXTNi"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_WarrantsFiveMember" id="Fact002239" format="ixt:numdotdecimal" decimals="0" unitRef="USD">635,127</ix:nonFraction></span>). As a result, $<span id="xdx_906_ecustom--WarrantAndOptionReserve_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsFiveMember_zaL0ukCX8Nf4"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2022-01-012022-12-31_custom_WarrantsFiveMember" id="Fact002240" format="ixt:numdotdecimal" decimals="0" unitRef="USD">467,968</ix:nonFraction></span> was transferred from warrant reserves to common stock and share premium;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eifrs-full--NumberOfSharesIssued_iI_uShares_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsSixMember_zxtdruIWqdr5"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_WarrantsSixMember" id="Fact002241" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,500</ix:nonFraction></span> common shares for the exercise of <span id="xdx_90F_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsSixMember_zcrIhbBiYEO6"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_WarrantsSixMember" id="Fact002242" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,500</ix:nonFraction></span> warrants at CAD$<span id="xdx_90B_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsSixMember_zI2I3DA7yxz9"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsSixMember" id="Fact002243" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">2.25</ix:nonFraction></span> (approximately USD$<span id="xdx_902_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsSixMember_zHYc1cMV4Zuj"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsSixMember" id="Fact002244" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.69</ix:nonFraction></span>) for cash proceeds of CAD$<span id="xdx_905_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsSixMember_zzCZv6p4pmKc"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_WarrantsSixMember" id="Fact002245" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">21,375</ix:nonFraction></span> (USD$<span id="xdx_90C_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsSixMember_zRwgJ5ViqCNb"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_WarrantsSixMember" id="Fact002246" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,101</ix:nonFraction></span>). As a result, $<span id="xdx_908_ecustom--WarrantAndOptionReserve_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsSixMember_zvfdeBN5Yoob"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2022-01-012022-12-31_custom_WarrantsSixMember" id="Fact002247" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,159</ix:nonFraction></span> was transferred from warrant reserves to common stock and share premium;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eifrs-full--NumberOfSharesIssued_iI_uShares_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsSevenMember_z8CqR9BrZYTb"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_WarrantsSevenMember" id="Fact002248" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">221,616</ix:nonFraction></span> common shares for the exercise of <span id="xdx_90B_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsSevenMember_zy95kl7PBWSf"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_WarrantsSevenMember" id="Fact002249" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">221,616</ix:nonFraction></span> warrants at $<span id="xdx_905_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsSevenMember_zxqDHpxrSn9c"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsSevenMember" id="Fact002250" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.39</ix:nonFraction></span> for cash proceeds of $<span id="xdx_908_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsSevenMember_zW1HHytxdX0g"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_WarrantsSevenMember" id="Fact002251" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">87,071</ix:nonFraction></span>. As the warrants were liability classified, the fair value of the shares of $<span id="xdx_90F_eifrs-full--IssueOfEquity_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsSevenMember_zEYIhw9sPF8f"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-01-012022-12-31_custom_WarrantsSevenMember" id="Fact002252" format="ixt:numdotdecimal" decimals="0" unitRef="USD">326,695</ix:nonFraction></span> was transferred to share premium;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--NumberOfSharesIssued_iI_uShares_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsEightMember_zV5fxlWEw0Jc"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_WarrantsEightMember" id="Fact002253" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span> common shares for the exercise of <span id="xdx_90E_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsEightMember_zabGS9AqvZ8i"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_WarrantsEightMember" id="Fact002254" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span> warrants at $<span id="xdx_90F_eifrs-full--ExercisePriceShareOptionsGranted2019_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsEightMember_zn3Mf0sEzl22" title="Exercise price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsEightMember" id="Fact002256" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.40</ix:nonFraction></span>. In lieu of cash, the Company acquired prepaid services in the amount of $<span id="xdx_90C_ecustom--ProceedsFromSharesIssued_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsEightMember_zMg9toynOXI3" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2022-01-012022-12-31_custom_WarrantsEightMember" id="Fact002258" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span>. As the warrants were liability classified, the fair value of the shares of $<span id="xdx_90E_eifrs-full--IssueOfEquity_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsEightMember_zSVPuVhtVE3g"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-01-012022-12-31_custom_WarrantsEightMember" id="Fact002259" format="ixt:numdotdecimal" decimals="0" unitRef="USD">121,604</ix:nonFraction></span> was transferred to share premium;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--NumberOfSharesIssued_iI_uShares_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsNineMember_z1YtCITev9R"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_WarrantsNineMember" id="Fact002260" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">152,000</ix:nonFraction> </span>common shares for the exercise of <span id="xdx_904_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsNineMember_zCcoJBgBkSa4"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_WarrantsNineMember" id="Fact002261" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">152,000</ix:nonFraction></span> warrants at $<span id="xdx_904_eifrs-full--ExercisePriceShareOptionsGranted2019_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsNineMember_zYCPzNOMb026" title="Exercise price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsNineMember" id="Fact002263" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction></span> for cash proceeds of $<span id="xdx_908_ecustom--ProceedsFromSharesIssued_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsNineMember_zKc2kww6mO6l" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2022-01-012022-12-31_custom_WarrantsNineMember" id="Fact002265" format="ixt:numdotdecimal" decimals="0" unitRef="USD">67,797</ix:nonFraction></span>. As the warrants were liability classified, the fair value of the shares of $<span id="xdx_900_eifrs-full--IssueOfEquity_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsNineMember_zxnXAShpmiP7"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-01-012022-12-31_custom_WarrantsNineMember" id="Fact002266" format="ixt:numdotdecimal" decimals="0" unitRef="USD">164,025</ix:nonFraction></span> was transferred to share premium; and</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--NumberOfSharesIssued_iI_uShares_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTenMember_z9brBu6K7Ebf"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_WarrantsTenMember" id="Fact002267" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> common shares for the exercise of <span id="xdx_904_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTenMember_zZ0VHXNYIMCi"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_WarrantsTenMember" id="Fact002268" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> warrants at $<span id="xdx_905_eifrs-full--ExercisePriceShareOptionsGranted2019_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTenMember_zYcpmb5jpmi2" title="Exercise price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_WarrantsTenMember" id="Fact002270" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.80</ix:nonFraction></span> for cash proceeds of $<span id="xdx_90E_ecustom--ProceedsFromSharesIssued_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTenMember_zCjJ5CUyXBY7" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2022-01-012022-12-31_custom_WarrantsTenMember" id="Fact002272" format="ixt:numdotdecimal" decimals="0" unitRef="USD">160,000</ix:nonFraction></span>. As the warrants were liability classified, the fair value of the shares of $<span id="xdx_90E_eifrs-full--IssueOfEquity_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsTenMember_zzGbVjmXofYg"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-01-012022-12-31_custom_WarrantsTenMember" id="Fact002273" format="ixt:numdotdecimal" decimals="0" unitRef="USD">210,627</ix:nonFraction></span> was transferred to share premium.</span></td></tr>
  </table>
<p style="font: 12pt Aptos; margin: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>


<ix:exclude><!-- Field: Page; Sequence: 78; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
    Stock (continued)</b></span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, the Company issued shares for the exercise of options as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eifrs-full--NumberOfSharesIssued_iI_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zVuk97cS2Jg1"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_StockOptionsMember" id="Fact002274" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span>
                                            common shares for the exercise of <span id="xdx_908_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_ztyELo99tqb9"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_StockOptionsMember" id="Fact002275" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span> options at CAD$<span id="xdx_908_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zb0s2ZXCtdb4"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_StockOptionsMember" id="Fact002276" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.40</ix:nonFraction></span> (approximately USD$<span id="xdx_90D_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zA0HGfuBeiWg"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_StockOptionsMember" id="Fact002277" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.29</ix:nonFraction></span>) for
                                            cash proceeds of CAD$<span id="xdx_907_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zmfN1SKPmzWk"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_StockOptionsMember" id="Fact002278" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">24,000</ix:nonFraction></span> (USD$<span id="xdx_90F_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zJrUBg7fwdXa"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_StockOptionsMember" id="Fact002279" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,609</ix:nonFraction></span>). As a result, $<span id="xdx_909_ecustom--WarrantAndOptionReserve_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zAAR69TrrID1"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2022-01-012022-12-31_custom_StockOptionsMember" id="Fact002280" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,557</ix:nonFraction></span> was transferred from option
                                            reserves to common stock and share premium;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eifrs-full--NumberOfSharesIssued_iI_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_zO9Se4fIS798"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_StockOptionsOneMember" id="Fact002281" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">155,000</ix:nonFraction></span>
                                            common shares for the exercise of <span id="xdx_904_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_zxmFeToF0Ix9"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_StockOptionsOneMember" id="Fact002282" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">149,000</ix:nonFraction></span> options at CAD$<span id="xdx_90F_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_zMTrwG40KAA4"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_StockOptionsOneMember" id="Fact002283" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.50</ix:nonFraction></span> (approximately USD$<span id="xdx_909_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_zfzbsOagaG9l"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_StockOptionsOneMember" id="Fact002284" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.39</ix:nonFraction></span>) for
                                            cash proceeds of CAD$<span id="xdx_90F_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_zxnDFlfBD071"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_StockOptionsOneMember" id="Fact002285" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">77,500</ix:nonFraction></span> (USD$<span id="xdx_909_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_zQTEYq9HNSq9"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_StockOptionsOneMember" id="Fact002286" format="ixt:numdotdecimal" decimals="0" unitRef="USD">58,751</ix:nonFraction></span>). <span id="xdx_905_ecustom--CommonStockIssuedWereCancelled_iI_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_zpUX7GeV2QLk"><ix:nonFraction name="TRLEF:CommonStockIssuedWereCancelled" contextRef="AsOf2022-12-31_custom_StockOptionsOneMember" id="Fact002287" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000</ix:nonFraction></span> Common shares were issued in error. As a
                                            result, $<span id="xdx_908_ecustom--ShareOptionsCancelledInSharebasedPaymentArrangement_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_zLPbzs7YSEE8" title="Shares to be cancelled"><ix:nonFraction name="TRLEF:ShareOptionsCancelledInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_StockOptionsOneMember" id="Fact002289" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,322</ix:nonFraction></span> was recorded in shares to be cancelled. Pursuant to the issuance, $<span id="xdx_909_ecustom--WarrantAndOptionReserve_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsOneMember_znmghpzachOk"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2022-01-012022-12-31_custom_StockOptionsOneMember" id="Fact002290" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,001</ix:nonFraction></span>
                                            was transferred from option reserves to common stock and share premium;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--NumberOfSharesIssued_iI_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_zgyOkCPoFZs9"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_StockOptionsTwoMember" id="Fact002291" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span>
                                            common shares pursuant to the exercise of <span id="xdx_904_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_zkdUJRQaGfWf"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_StockOptionsTwoMember" id="Fact002292" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> options at CAD$<span id="xdx_90B_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_zAuTVs4eGFa1"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_StockOptionsTwoMember" id="Fact002293" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.50</ix:nonFraction></span> (approximately USD$<span id="xdx_90B_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_zTIfnub6OWch"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_StockOptionsTwoMember" id="Fact002294" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.39</ix:nonFraction></span>).
                                            In lieu of cash, debt in the amount of CAD$<span id="xdx_909_ecustom--ProceedsFromSharesIssued_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_zNIfaBfQTEZd" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2022-01-012022-12-31_custom_StockOptionsTwoMember" id="Fact002296" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">25,000</ix:nonFraction></span> (USD$<span id="xdx_90E_ecustom--ProceedsFromSharesIssued_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_zJPV5m3RSlz5" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2022-01-012022-12-31_custom_StockOptionsTwoMember" id="Fact002298" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,270</ix:nonFraction></span>) was settled. Pursuant to the
                                            issuance, $<span id="xdx_909_ecustom--WarrantAndOptionReserve_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsTwoMember_zqgCtYHQCatb"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2022-01-012022-12-31_custom_StockOptionsTwoMember" id="Fact002299" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,474</ix:nonFraction></span> was transferred from option reserves to common stock and share premium;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eifrs-full--NumberOfSharesIssued_iI_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zP306Br8hSig"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_StockOptionsThreeMember" id="Fact002300" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">330,000</ix:nonFraction></span>
                                            common shares for the exercise of <span id="xdx_90C_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_znqMIe9gyAc4"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_StockOptionsThreeMember" id="Fact002301" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">330,000</ix:nonFraction></span> options at CAD$<span id="xdx_90C_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_znrVfxJfy1Hj"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_StockOptionsThreeMember" id="Fact002302" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">2.20</ix:nonFraction></span> (approximately USD$<span id="xdx_90E_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zmWNGbM8ATW3"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_StockOptionsThreeMember" id="Fact002303" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.50</ix:nonFraction></span>) for
                                            cash proceeds of CAD$<span id="xdx_90C_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_z1qcxeDCMn1k"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_StockOptionsThreeMember" id="Fact002304" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">726,000</ix:nonFraction></span> (USD$<span id="xdx_900_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zaCfcrEj1K17"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_StockOptionsThreeMember" id="Fact002305" format="ixt:numdotdecimal" decimals="0" unitRef="USD">494,706</ix:nonFraction></span>). As a result, $<span id="xdx_90E_ecustom--WarrantAndOptionReserve_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zmzskGHjQN24"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2022-01-012022-12-31_custom_StockOptionsThreeMember" id="Fact002306" format="ixt:numdotdecimal" decimals="0" unitRef="USD">341,584</ix:nonFraction></span> was transferred from option
                                            reserves to common stock and share premium. As at December 31, 2022, CAD$<span id="xdx_905_ecustom--ReceivablesForEquity_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zW87JKzXGKNk" title="Receivables for equity"><ix:nonFraction name="TRLEF:ReceivablesForEquity" contextRef="From2022-01-012022-12-31_custom_StockOptionsThreeMember" id="Fact002308" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">56,000</ix:nonFraction></span> (USD$<span id="xdx_90E_ecustom--ReceivablesForEquity_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsThreeMember_zr2cTlFRF4Rk" title="Receivables for equity"><ix:nonFraction name="TRLEF:ReceivablesForEquity" contextRef="From2022-01-012022-12-31_custom_StockOptionsThreeMember" id="Fact002310" format="ixt:numdotdecimal" decimals="0" unitRef="USD">41,349</ix:nonFraction></span>)
                                            had not yet been received and was recorded to receivables for equity issued; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eifrs-full--NumberOfSharesIssued_iI_c20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsFourMember_zmQVbYkQ8Yd1"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_StockOptionsFourMember" id="Fact002311" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">80,000</ix:nonFraction></span>
                                            common shares pursuant to the exercise of <span id="xdx_906_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsFourMember_zZWfpWzHvUuh"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_StockOptionsFourMember" id="Fact002312" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">80,000</ix:nonFraction></span> options at $<span id="xdx_908_eifrs-full--ExercisePriceShareOptionsGranted2019_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsFourMember_zrYzR0vQ8Qki"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-01-012022-12-31_custom_StockOptionsFourMember" id="Fact002313" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.60</ix:nonFraction></span>. In lieu of cash, debt
                                            owed to the equity holders was settled in the amount of $<span id="xdx_903_ecustom--ProceedsFromSharesIssued_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsFourMember_zFCtjjqp8Dn8" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2022-01-012022-12-31_custom_StockOptionsFourMember" id="Fact002315" format="ixt:numdotdecimal" decimals="0" unitRef="USD">48,000</ix:nonFraction></span>. Pursuant to the issuance,
                                            $<span id="xdx_900_ecustom--WarrantAndOptionReserve_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsFourMember_zJAwVoliEh4i"><ix:nonFraction name="TRLEF:WarrantAndOptionReserve" contextRef="From2022-01-012022-12-31_custom_StockOptionsFourMember" id="Fact002316" format="ixt:numdotdecimal" decimals="0" unitRef="USD">43,290</ix:nonFraction></span> was transferred from option reserves to common stock and share premium.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2022, the Company issued <span id="xdx_904_eifrs-full--NumberOfSharesIssued_iI_c20220330__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember_z52ehPpNE3Fc" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-03-30_custom_NonBrokeredPrivatePlacementMember" id="Fact002318" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">21,331,588</ix:nonFraction></span> units at CAD$<span id="xdx_90F_ecustom--ShareIssuedPricePerShare_iI_uCADPShares_c20220330__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember_znVcmYVOaAO" title="Share issued price per share"><ix:nonFraction name="TRLEF:ShareIssuedPricePerShare" contextRef="AsOf2022-03-30_custom_NonBrokeredPrivatePlacementMember" id="Fact002320" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.825</ix:nonFraction></span> per unit for gross proceeds of CAD$<span id="xdx_90D_ecustom--ProceedsFromSharesIssued_uCAD_c20220301__20220330__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember_zPTosmgwQJQ9" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2022-03-012022-03-30_custom_NonBrokeredPrivatePlacementMember" id="Fact002322" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">17,598,610</ix:nonFraction></span> (USD$<span id="xdx_905_ecustom--ProceedsFromSharesIssued_uUSD_c20220301__20220330__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember_zbDCnzSBiZgk" title="Proceeds from shares issued"><ix:nonFraction name="TRLEF:ProceedsFromSharesIssued" contextRef="From2022-03-012022-03-30_custom_NonBrokeredPrivatePlacementMember" id="Fact002324" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,886,226</ix:nonFraction></span>) pursuant
to the closing of a non-brokered private placement. Each unit comprises one common share and one half of one share purchase warrant.
Each whole warrant entitles the holder to purchase one common share for CAD$<span id="xdx_90F_ecustom--ShareIssuedPricePerShare_iI_uCADPShares_c20220330__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJGDX0LHS7Oi" title="Share issued price per share"><ix:nonFraction name="TRLEF:ShareIssuedPricePerShare" contextRef="AsOf2022-03-30_ifrs-full_OrdinarySharesMember" id="Fact002326" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">2.25</ix:nonFraction></span> for two years from the date of the closing of the offering.
As the fair value of the common shares on the same date exceeded the issuance price, no residual value was assigned to the warrants.
Cash finder&#8217;s fee of CAD$<span id="xdx_906_eifrs-full--PaymentsForShareIssueCosts_pp0p0_uCAD_c20220301__20220330__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember_z2hYAYwt4jSe" title="Payment of cash finder's fee"><ix:nonFraction name="ifrs-full:PaymentsForShareIssueCosts" contextRef="From2022-03-012022-03-30_custom_NonBrokeredPrivatePlacementMember" id="Fact002328" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">1,397,495</ix:nonFraction></span> (USD$<span id="xdx_90C_eifrs-full--PaymentsForShareIssueCosts_pp0p0_uUSD_c20220301__20220330__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember_z62UsPyNzVwl"><ix:nonFraction name="ifrs-full:PaymentsForShareIssueCosts" contextRef="From2022-03-012022-03-30_custom_NonBrokeredPrivatePlacementMember" id="Fact002329" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,108,790</ix:nonFraction></span>) were paid and <span id="xdx_900_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20220301__20220330__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsMember_zkc73VjuXSx5" title="Number of warrants, Issued"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2022-03-012022-03-30_ifrs-full_WarrantsMember" id="Fact002331" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,501,357</ix:nonFraction></span> finder&#8217;s warrants were issued with a fair value
of $<span id="xdx_90D_eifrs-full--IssueOfEquity_pp0p0_uCAD_c20220301__20220330__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsMember_zIdDNuB0Nqj" title="Fair value of share issued"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-03-012022-03-30_ifrs-full_WarrantsMember" id="Fact002333" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">994,775</ix:nonFraction></span>. The finder&#8217;s warrants have the same terms as the warrants attached to the units. The Company also issued <span id="xdx_90B_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20220301__20220330__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--ProductsAndServicesAxis__custom--DebtSettlementMember_zDpe0hOFRKja" title="Number of warrants, Issued"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2022-03-012022-03-30_custom_NonBrokeredPrivatePlacementMember_custom_DebtSettlementMember" id="Fact002335" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">600,000</ix:nonFraction></span> units
for debt settlement of CAD$<span id="xdx_908_eifrs-full--IssueOfEquity_pp0p0_uCAD_c20220301__20220330__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--ProductsAndServicesAxis__custom--DebtSettlementMember_z7ihrWEtqOpc" title="Fair value of share issued"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-03-012022-03-30_custom_NonBrokeredPrivatePlacementMember_custom_DebtSettlementMember" id="Fact002337" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">495,000</ix:nonFraction></span> (USD$<span id="xdx_904_eifrs-full--IssueOfEquity_pp0p0_uUSD_c20220301__20220330__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--ProductsAndServicesAxis__custom--DebtSettlementMember_ztCIGWUU1WO2" title="Fair value of share issued"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-03-012022-03-30_custom_NonBrokeredPrivatePlacementMember_custom_DebtSettlementMember" id="Fact002339" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">391,021</ix:nonFraction></span>) under the same terms of the private placement financing with no loss or gain recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 1, 2022, the Company entered into a consulting agreement with a third party. Pursuant to the consulting agreement, the Company
issued <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_c20221102__ifrs-full--ProductsAndServicesAxis__custom--ConsultingServiceMember__ifrs-full--TypesOfContractsAxis__custom--ConsultingAgreementMember_z6Wuve32DHB7" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-11-02_custom_ConsultingServiceMember_custom_ConsultingAgreementMember" id="Fact002341" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,000</ix:nonFraction></span> common shares on November 2, 2022 for the consulting services received in March 2022 with a fair value of $<span id="xdx_90F_eifrs-full--IssueOfEquity_c20220101__20221231__ifrs-full--ProductsAndServicesAxis__custom--ConsultingServiceMember__ifrs-full--TypesOfContractsAxis__custom--ConsultingAgreementMember_z07Z3wAry8og" title="Fair value of share issued"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-01-012022-12-31_custom_ConsultingServiceMember_custom_ConsultingAgreementMember" id="Fact002343" format="ixt:numdotdecimal" decimals="0" unitRef="USD">51,208</ix:nonFraction></span>. The
amount of $<span id="xdx_904_eifrs-full--AdjustmentsForSharebasedPayments_c20220101__20221231__ifrs-full--ProductsAndServicesAxis__custom--ConsultingServiceMember__ifrs-full--TypesOfContractsAxis__custom--ConsultingAgreementMember_zuDDvFeQ0bW7" title="Share-based compensation"><ix:nonFraction name="ifrs-full:AdjustmentsForSharebasedPayments" contextRef="From2022-01-012022-12-31_custom_ConsultingServiceMember_custom_ConsultingAgreementMember" id="Fact002345" format="ixt:numdotdecimal" decimals="0" unitRef="USD">51,208</ix:nonFraction></span> was expensed and included in consulting services on the consolidated statements of loss and comprehensive loss for
the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 17, 2022, the Company issued <span id="xdx_904_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20220317__20220317__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--ProductsAndServicesAxis__custom--InvestorRelationMember_z22uuzdRf4ue" title="Number of warrants, Issued"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2022-03-172022-03-17_custom_NonBrokeredPrivatePlacementMember_custom_InvestorRelationMember" id="Fact002347" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">181,818</ix:nonFraction></span> units for investor relations services from February to July 2022 valued at CAD$<span id="xdx_90F_eifrs-full--IssueOfEquity_pp0p0_uCAD_c20220317__20220317__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--ProductsAndServicesAxis__custom--InvestorRelationMember_zVWKwEV2ynz2"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-03-172022-03-17_custom_NonBrokeredPrivatePlacementMember_custom_InvestorRelationMember" id="Fact002348" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">150,000</ix:nonFraction></span> (USD$<span id="xdx_902_eifrs-full--IssueOfEquity_pp0p0_uUSD_c20220317__20220317__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--ProductsAndServicesAxis__custom--InvestorRelationMember_zxxZ3rcLKwy2" title="Fair value of share issued"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-03-172022-03-17_custom_NonBrokeredPrivatePlacementMember_custom_InvestorRelationMember" id="Fact002350" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">118,188</ix:nonFraction></span>).
The amount of CAD$<span id="xdx_90C_eifrs-full--AdjustmentsForSharebasedPayments_pp0p0_uCAD_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--ProductsAndServicesAxis__custom--InvestorRelationMember_zkF9PfPwWoGh" title="Share-based compensation"><ix:nonFraction name="ifrs-full:AdjustmentsForSharebasedPayments" contextRef="From2022-01-012022-12-31_custom_NonBrokeredPrivatePlacementMember_custom_InvestorRelationMember" id="Fact002352" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">150,000</ix:nonFraction></span> (USD$<span id="xdx_904_eifrs-full--AdjustmentsForSharebasedPayments_pp0p0_uUSD_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--ProductsAndServicesAxis__custom--InvestorRelationMember_zVmZzcRHEQ0d" title="Share-based compensation"><ix:nonFraction name="ifrs-full:AdjustmentsForSharebasedPayments" contextRef="From2022-01-012022-12-31_custom_NonBrokeredPrivatePlacementMember_custom_InvestorRelationMember" id="Fact002354" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">118,188</ix:nonFraction></span>) was expensed and included in investor relations on the consolidated statements of loss and comprehensive
loss for the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, the Company issued <span id="xdx_909_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--VestingOfRestrictedStockUnitsMember_zxComaCHTgYl" title="Number of warrants, Issued"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2022-01-012022-12-31_custom_NonBrokeredPrivatePlacementMember_custom_VestingOfRestrictedStockUnitsMember" id="Fact002356" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">220,000</ix:nonFraction></span> shares, <span id="xdx_905_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--VestingOfRestrictedStockUnitsMember_zWMgJZS29KQ9" title="Number of warrants, Issued"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2021-01-012021-12-31_custom_NonBrokeredPrivatePlacementMember_custom_VestingOfRestrictedStockUnitsMember" id="Fact002358" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></span> of which relate to the vesting of restricted stock units
granted in 2021 and <span id="xdx_909_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--GrantingAndVestingOfRestrictedStockUnitsMember_zKuHCChCjgRh" title="Number of warrants, Issued"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2022-01-012022-12-31_custom_NonBrokeredPrivatePlacementMember_custom_GrantingAndVestingOfRestrictedStockUnitsMember" id="Fact002360" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">210,000</ix:nonFraction></span> relating to the granting and vesting of restricted stock units during the year ended December 31, 2022. The
value of the shares issued is $<span id="xdx_906_eifrs-full--IssueOfEquity_pp0p0_uCAD_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--GrantingAndVestingOfRestrictedStockUnitsMember_zxORPMDL9BXe" title="Fair value of share issued"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-01-012022-12-31_custom_NonBrokeredPrivatePlacementMember_custom_GrantingAndVestingOfRestrictedStockUnitsMember" id="Fact002362" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">111,122</ix:nonFraction></span>. $<span id="xdx_90D_eifrs-full--AdjustmentsForSharebasedPayments_pp0p0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--VestingOfRestrictedStockUnitsMember_zLdotMQlusVb" title="Share-based compensation"><ix:nonFraction name="ifrs-full:AdjustmentsForSharebasedPayments" contextRef="From2021-01-012021-12-31_custom_NonBrokeredPrivatePlacementMember_custom_VestingOfRestrictedStockUnitsMember" id="Fact002364" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,540</ix:nonFraction></span> of the stock-based compensation was recorded in the prior year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 29, 2022, the Company completed a short form prospectus, issuing <span id="xdx_909_eifrs-full--NumberOfSharesIssued_iI_uShares_c20220629__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zcaamNDcqf98"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-06-29_ifrs-full_IssuedCapitalMember" id="Fact002365" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,507,380</ix:nonFraction></span> units of the Company at a price of CAD$<span id="xdx_908_eifrs-full--ExercisePriceShareOptionsGranted2019_uCADPShares_c20220629__20220629__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zLlVw0wk6Jmb"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-06-292022-06-29_custom_StockOptionsMember" id="Fact002366" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">1.55</ix:nonFraction></span> (approximately
USD$<span id="xdx_900_eifrs-full--ExercisePriceShareOptionsGranted2019_uUSDPShares_c20220629__20220629__ifrs-full--ComponentsOfEquityAxis__custom--StockOptionsMember_zU9S10hBiTg7"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-06-292022-06-29_custom_StockOptionsMember" id="Fact002367" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.20</ix:nonFraction></span>) per unit for aggregate gross proceeds of up to CAD$<span id="xdx_90A_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uCAD_c20220629__20220629__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_z6NYpZBsavH3"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-06-292022-06-29_ifrs-full_IssuedCapitalMember" id="Fact002368" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">22,486,439</ix:nonFraction></span> (approximately USD$<span id="xdx_90F_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20220629__20220629__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zf603rVJVLp1"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2022-06-292022-06-29_ifrs-full_IssuedCapitalMember" id="Fact002369" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,408,856</ix:nonFraction></span>). Each unit consists of one common
share of the Company and one half of one common share purchase warrant. Each warrant will be exercisable to purchase one common share
of the Company at an exercise price of CAD$<span id="xdx_90C_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_uCADPShares_c20220629__20220629__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsMember_zXrXX7csx896"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-06-292022-06-29_ifrs-full_WarrantsMember" id="Fact002370" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">2.50</ix:nonFraction></span> (approximately USD$<span id="xdx_905_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_uUSDPShares_c20220629__20220629__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsMember_zzuCpmziQ8F"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-06-292022-06-29_ifrs-full_WarrantsMember" id="Fact002371" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.95</ix:nonFraction></span>) until June 29, 2025. A value of CAD$<span id="xdx_90F_ecustom--NumberOfShareOptionsGrantedResidualSharesInSharebasedPaymentArrangement_uCADPShares_c20220629__20220629__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsMember_zYYs5XxDUSY9" title="Warrant issued price per share"><ix:nonFraction name="TRLEF:NumberOfShareOptionsGrantedResidualSharesInSharebasedPaymentArrangement" contextRef="From2022-06-292022-06-29_ifrs-full_WarrantsMember" id="Fact002373" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.20</ix:nonFraction></span> was allocated to each
warrant based on the residual method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 79; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
    Stock (continued)</b></span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
finder&#8217;s fee of CAD$<span id="xdx_90C_eifrs-full--PaymentsForShareIssueCosts_pp0p0_uCAD_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember_zxnGUP1sqKJc" title="Payment of cash finder's fee"><ix:nonFraction name="ifrs-full:PaymentsForShareIssueCosts" contextRef="From2022-01-012022-12-31_custom_NonBrokeredPrivatePlacementMember" id="Fact002375" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CAD">1,994,906</ix:nonFraction></span> (USD$<span id="xdx_90A_eifrs-full--PaymentsForShareIssueCosts_pp0p0_uUSD_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--NonBrokeredPrivatePlacementMember_zYeS4hnMiSbg"><ix:nonFraction name="ifrs-full:PaymentsForShareIssueCosts" contextRef="From2022-01-012022-12-31_custom_NonBrokeredPrivatePlacementMember" id="Fact002376" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,549,196</ix:nonFraction></span>) were paid and <span id="xdx_900_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsMember_zvDbloUQT3gc" title="Number of warrants, Issued"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember" id="Fact002378" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">850,288</ix:nonFraction></span> finder&#8217;s warrants were issued with a fair value of CAD$<span id="xdx_907_eifrs-full--IssueOfEquity_uCAD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsMember_zMp59AvXilMd" title="Fair value of share issued"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember" id="Fact002380" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,014,290</ix:nonFraction></span>
(USD$<span id="xdx_906_eifrs-full--IssueOfEquity_uUSD_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--WarrantsMember_zagCngFxA3C9" title="Fair value of share issued"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember" id="Fact002382" format="ixt:numdotdecimal" decimals="0" unitRef="USD">787,785</ix:nonFraction></span>). The finder&#8217;s warrants are exercisable to purchase units, with each unit consisting of one common share and one-half
share purchase warrant of the Company at an exercise price of CAD$<span id="xdx_908_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_uCADPShares_c20220101__20221231_zXLdmQTlkupe" title="Exercise price of warrant"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31" id="Fact002384" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">1.55</ix:nonFraction></span> (approximately USD$<span id="xdx_904_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_uUSDPShares_c20220101__20221231_z1108E80hPsj" title="Exercise price of warrant"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31" id="Fact002386" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.20</ix:nonFraction></span>) until June 29, 2025. Each warrant is
exercisable at CAD$<span id="xdx_906_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_uCADPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_z6XK4dEhMb41" title="Exercisable price"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember" id="Fact002388" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">2.50</ix:nonFraction></span> (approximately USD$<span id="xdx_903_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_uUSDPShares_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_zgLznKOLBQLf" title="Exercisable price"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember" id="Fact002390" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.80</ix:nonFraction></span>) until June 29, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002392" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory"><p id="xdx_802_eifrs-full--DisclosureOfSharebasedPaymentArrangementsExplanatory_zw9yykdoVWMj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zYjVtKNP7wG2">Stock Options</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--IncentivePlans_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--TwoThousandAndTwentyTwoLongTermIncentiveEquityPlanMember_zVbVorjYs8ka" title="Incentive plans"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_TwoThousandAndTwentyTwoLongTermIncentiveEquityPlanMember" id="Fact002394" name="TRLEF:IncentivePlans">The
Board of Directors adopted the Trillion Energy International Inc. 2022 Long-Term Incentive Equity Plan (the &#8220;2022 Plan&#8221;)
effective as of December 1, 2022.</ix:nonNumeric></span> The 2022 Plan permits grants of stock options and restricted stock awards and other stock-based awards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the 2022 Plan, the maximum number of shares of authorized stock that may be delivered is <span id="xdx_906_ecustom--NumberOfSharesOfCommonStockIssuedAndOutstandingPercentage_pid_dp_uPure_c20230101__20231231__custom--PlansNameAxis__custom--TwoThousandAndTwentyTwoLongTermIncentiveEquityPlanMember_zqq3nlGE2QIj" title="Number of shares issued and outstanding percentage"><ix:nonFraction name="TRLEF:NumberOfSharesOfCommonStockIssuedAndOutstandingPercentage" contextRef="From2023-01-012023-12-31_custom_TwoThousandAndTwentyTwoLongTermIncentiveEquityPlanMember" id="Fact002396" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% of the total number of shares of common
stock issued and outstanding of the Company as determined on the applicable date of grant of an award under the 2022 Plan. Under the
2022 Plan, the exercise price of each option shall be determined by the Board of Directors, subject to any applicable Exchange approval
or rules, at the time any option or other stock-based award is granted. In no event shall such exercise price be lower than the exercise
price permitted by the Exchange. The vesting schedule for each option or other stock-based award shall be specified by the Board of Directors
at the time of grant, subject to any applicable Exchange approval or rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002398" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"><p id="xdx_89C_eifrs-full--DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory_zjoFy6zV17la" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
continuity of the Company&#8217;s outstanding stock options for the year ended December 31, 2023 and the year ended December 31, 2022
is presented below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B1_zeIxMmPQ7Lbi" style="display: none">Summary of Changes in Stock Options</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Number of options</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted average <br/> exercise price (CAD)</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify">Outstanding, December 31, 2021</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--NumberOfOutstandingShareOptions_iS_uShares_c20220101__20221231_z8YmX6tK9273" title="Number of purchase share outstanding, Beginning of the period" style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2021-12-31" id="Fact002400" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,528,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_c20220101__20221231_zNAHbkn2kXS6" title="Weighted average exercise price, Ending Balance" style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2021-12-31" id="Fact002402" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.79</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pp0d_uShares_c20220101__20221231_zI7okwUy7g21" title="Number of options outstanding, Granted" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31" id="Fact002404" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">1,442,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019_c20220101__20221231_zuCmlQKQXP" title="Weighted average exercise price, Granted" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31" id="Fact002406" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.86</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_iN_pp0d_di_uShares_c20220101__20221231_zrjRhIkN4STd" title="Number of options outstanding, Exercised" style="text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31" id="Fact002408" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">669,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019_c20220101__20221231_z0uQiWvKoe7b" title="Weighted average exercise price, Exercised" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31" id="Fact002410" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.33</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt">Expired</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_iN_pp0d_di_uShares_c20220101__20221231_zmUbH2FQ8nIc" title="Number of options outstanding, Exercised" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfShareOptionsExpiredInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31" id="Fact002412" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">1,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019_c20220101__20221231_zyTEB9hHYl5j" title="Weighted average exercise price, Expired" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31" id="Fact002414" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Outstanding, December 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--NumberOfOutstandingShareOptions_iS_uShares_c20230101__20231231_zQTIfBah4fHa" title="Number of options outstanding, Ending Balance" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31" id="Fact002416" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,300,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_985_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_c20230101__20231231_z3RH80rhWTlk" title="Weighted average exercise price, Ending Balance" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31" id="Fact002418" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.27</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_iN_pp0d_di_uShares_c20230101__20231231_z3a949xoHly" title="Number of options outstanding, Exercised" style="text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2023-01-01to2023-12-31" id="Fact002420" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">440,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019_c20230101__20231231_zNdLBAabq62i" title="Weighted average exercise price, Exercised" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" contextRef="From2023-01-01to2023-12-31" id="Fact002422" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.65</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt">Expired</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_iN_pp0d_di_uShares_c20230101__20231231_znYhFA37ahD4" title="Number of options outstanding, Expired" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfShareOptionsExpiredInSharebasedPaymentArrangement" contextRef="From2023-01-01to2023-12-31" id="Fact002424" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">240,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019_c20230101__20231231_zR2fm6YtD3Ne" title="Weighted average exercise price, Expired" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019" contextRef="From2023-01-01to2023-12-31" id="Fact002426" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.79</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Outstanding, December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_eifrs-full--NumberOfOutstandingShareOptions_iE_uShares_c20230101__20231231_zsWLUraZHFgc" title="Number of options outstanding, Ending Balance" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-12-31" id="Fact002428" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,620,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_987_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iE_c20230101__20231231_zJmWp7pxBkff" title="Weighted average exercise price, Ending Balance" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2023-12-31" id="Fact002430" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.24</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Exercisable, December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iE_uShares_c20230101__20231231_zk7dtAYDHnpb" title="Number of options Exercisable, Ending Balance" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2023-12-31" id="Fact002432" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,620,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_988_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExercisableInSharebasedPaymentArrangement2019_iE_c20230101__20231231_zwuNHZOXANh9" title="Weighted average shares exercisable, Ending Balance" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExercisableInSharebasedPaymentArrangement2019" contextRef="AsOf2023-12-31" id="Fact002434" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.24</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_znbjA9tWMyVh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002436" name="TRLEF:DisclosureOfSharebasedPaymentArrangementsOptionsOutstandingAndExercisableExplanatory"><p id="xdx_892_ecustom--DisclosureOfSharebasedPaymentArrangementsOptionsOutstandingAndExercisableExplanatory_zlA8X5LoYqe3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023 the Company had the following outstanding stock options:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B1_zdbgB3HmSSXi" style="display: none">Schedule
of Stock Options Outstanding and Exercisable</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td id="xdx_98B_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20231231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--ExercisePriceSevenMember_zZg8kP2fo7R" title="Number of Options Outstanding" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-12-31_custom_ExercisePriceSevenMember" id="Fact002486" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-align: justify; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20230101__20231231_zOELXTR00QF3" title="Number of Options Vested" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2023-01-01to2023-12-31" id="Fact002496" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,620,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_zkkP2tfMBUJ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, the weighted average remaining contractual life of outstanding stock options is <span id="xdx_908_eifrs-full--WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019_dtY_c20230101__20231231_zlp0u9893wY4" title="Contractual life"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact002498" name="ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019">1.26</ix:nonNumeric></span> years (December 31, 2022 &#8211;
<span id="xdx_908_eifrs-full--WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019_dtY_c20220101__20221231_zJY7KpwjObt3" title="Weighted average remaining contractual life of outstanding share options"><ix:nonNumeric contextRef="From2022-01-012022-12-31" format="ixt-sec:duryear" id="Fact002500" name="ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019">2.09</ix:nonNumeric></span> years).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 80; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
    Options (continued)</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, the Company recognized $<span id="xdx_904_eifrs-full--KeyManagementPersonnelCompensationSharebasedPayment_c20230101__20231231_zFhjZbDsh8E5" title="Stock-based compensation expense"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" contextRef="From2023-01-01to2023-12-31" id="Fact002502" format="ixt:numdotdecimal" decimals="0" unitRef="USD">118,202</ix:nonFraction></span> (2022 - $<span id="xdx_90C_eifrs-full--KeyManagementPersonnelCompensationSharebasedPayment_c20220101__20221231_zUEAHtbvKr7a" title="Stock-based compensation expense"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" contextRef="From2022-01-012022-12-31" id="Fact002504" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,421,267</ix:nonFraction></span>) in stock-based compensation expense for options
granted and vested. At December 31, 2023, the Company has $<span id="xdx_901_eifrs-full--ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_dxL_c20230101__20231231_zVunPXB9mk64" title="Unrecognized compensation expenses::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2506">Nil</span></span> (December 31, 2022 - $<span id="xdx_905_eifrs-full--ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_c20220101__20221231_zoSMtufU6hO7" title="Unrecognized compensation expenses"><ix:nonFraction name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" contextRef="From2022-01-012022-12-31" id="Fact002508" format="ixt:numdotdecimal" decimals="0" unitRef="USD">123,873</ix:nonFraction></span>) in unrecognized compensation expense related
to stock options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
stock options were granted during the year ended December 31, 2023.</span></p>
<!-- Field: Split-Segment; Name: 002 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002510" name="TRLEF:DisclosureOfWarrantsExplanatory"><p id="xdx_801_ecustom--DisclosureOfWarrantsExplanatory_zdfXqVIV0YDe" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82F_zPuCepXUQdBh">Warrants</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002512" name="TRLEF:DisclosureOfChangeInWarrantsExplanatory"><p id="xdx_89C_ecustom--DisclosureOfChangeInWarrantsExplanatory_zZpJ88DIduXc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
continuity of the Company&#8217;s outstanding share purchase warrants for the year ended December 31, 2023 and the year ended December
31, 2022 is presented below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BC_zICj8uFF5OZ5" style="display: none">Summary of Changes in Warrants</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted average exercise price (CAD)</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify">Outstanding, December 31, 2021</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zv6ClasfERX3" title="Warrants, Issued" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember162520250" id="Fact002518" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">21,011,038</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zrB5mtvqEq8j" title="Weighted Average Exercise Price, Issued" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember162520250" id="Fact002520" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.31</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_iN_di_uShares_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zborD28wAJsb" title="Warrants, Excercised" style="text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember162520250" id="Fact002522" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,185,366</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zZXfEGes5uWa" title="Weighted Average Exercise Price, Exercised" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember162520250" id="Fact002524" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.87</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Expired</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement_iN_di_uShares_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zJnFntbEbr29" title="Warrants, Expired" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember162520250" id="Fact002526" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_986_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement2019_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_z5LsJFXcuTQj" title="Weighted Average Exercise Price, Expired" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember162520250" id="Fact002528" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Outstanding, December 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iS_uShares_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zmNsTsHxaXek" title="Number of purchase share outstanding, Beginning of the period" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_ifrs-full_WarrantsMember162520296" id="Fact002530" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,387,538</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98E_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_iS_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zY5G72aqwKxb" title="Weighted Average Exercise Price, Outstanding, Beginning Balance" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31_ifrs-full_WarrantsMember162520296" id="Fact002532" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.33</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_uShares_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zmK3TxLmeL5k" title="Warrants, Issued" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember162520312" id="Fact002534" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,402,726</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zP7QPiR6P9F4" title="Weighted Average Exercise Price, Issued" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember162520312" id="Fact002536" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.88</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Expired</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eifrs-full--NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement_iN_di_uShares_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zLW2I0ojMkBb" title="Warrants, Expired" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember162520312" id="Fact002538" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement2019_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zpTqjs8PMToh" title="Weighted Average Exercise Price, Expired" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement2019" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember162520312" id="Fact002540" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.17</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Outstanding, December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iE_uShares_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zj1DrdaoOg5a" title="Number of purchase share outstanding, Ending of the period" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" contextRef="AsOf2023-12-31_ifrs-full_WarrantsMember" id="Fact002542" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">27,780,264</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_98F_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_iE_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zrTjxvrKYI0h" title="Weighted Average Exercise Price, Outstanding, Ending Balance" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2023-12-31_ifrs-full_WarrantsMember" id="Fact002544" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.21</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zshNjptbSiZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002546" name="TRLEF:DisclosureOfSharebasedPaymentArrangementsForPurchaseWarrantsOutstandingExplanatory"><p id="xdx_893_ecustom--DisclosureOfSharebasedPaymentArrangementsForPurchaseWarrantsOutstandingExplanatory_z9yQZG0jZxL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, the Company had the following outstanding share purchase warrants:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B5_zHILEJOqYsuf" style="display: none">Schedule of Purchase Warrants Outstanding</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Outstanding</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Exercise Price</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Expiry Date</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td id="xdx_98E_ecustom--CompensationWarrantsNumberOfWarrants_iI_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantOneMember_z44Lxf7Kgm72" title="Number of warrants outstanding" style="width: 32%; text-align: right"><ix:nonFraction name="TRLEF:CompensationWarrantsNumberOfWarrants" contextRef="AsOf2023-12-31_custom_WarrantOneMember" id="Fact002548" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,341,088</ix:nonFraction></td><td style="width: 2%; text-align: left">&#160;</td>
    <td style="width: 32%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--CompensationWarrantsExercisePrice_iI_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantOneMember_zQaW6oJIbpfa" title="Compensation warrants, exercise price"><ix:nonFraction name="TRLEF:CompensationWarrantsExercisePrice" contextRef="AsOf2023-12-31_custom_WarrantOneMember" id="Fact002550" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.25</ix:nonFraction></span> CAD </span></td><td style="width: 2%; text-align: left">&#160;</td>
    <td style="width: 32%; text-align: right"><span id="xdx_909_ecustom--WarrantExpiryDate_dd_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantOneMember_z0vOkRyp0llb" title="Expiry date"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WarrantOneMember" format="ixt:datemonthdayyearen" id="Fact002552" name="TRLEF:WarrantExpiryDate">March 15, 2024</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--CompensationWarrantsExercisePrice_iI_uUSDPShares_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantTwoMember_zxY7HPLNY7h3" title="Compensation warrants, exercise price"><ix:nonFraction name="TRLEF:CompensationWarrantsExercisePrice" contextRef="AsOf2023-12-31_custom_WarrantTwoMember" id="Fact002556" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.25</ix:nonFraction></span> CAD</span></td><td style="text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><span id="xdx_903_ecustom--WarrantExpiryDate_dd_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantFiveMember_zxFvqae7tbad" title="Expiry date"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WarrantFiveMember" format="ixt:datemonthdayyearen" id="Fact002576" name="TRLEF:WarrantExpiryDate">March 24, 2024</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: right; padding-bottom: 1.5pt"><span id="xdx_90F_ecustom--WarrantExpiryDate_dd_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantTenMember_zixn1VxeBr44" title="Expiry date"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WarrantTenMember" format="ixt:datemonthdayyearen" id="Fact002606" name="TRLEF:WarrantExpiryDate">November 28, 2025</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td id="xdx_989_ecustom--CompensationWarrantsNumberOfWarrants_iI_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_z742Amut6R1b" title="Number of warrants outstanding" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="TRLEF:CompensationWarrantsNumberOfWarrants" contextRef="AsOf2023-12-31_ifrs-full_WarrantsMember" id="Fact002608" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">27,780,265</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-align: right; padding-bottom: 1.5pt">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A5_zh8K3evv2gn8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, the weighted average remaining contractual life of outstanding warrants is <span id="xdx_90C_eifrs-full--WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019_dtY_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zqc9cNm5mvmb" title="Weighted average remaining contractual life of outstanding share options"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember162520312" format="ixt-sec:duryear" id="Fact002610" name="ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019">0.95</ix:nonNumeric></span> years (December 31, 2022 &#8211;
<span id="xdx_904_eifrs-full--WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019_dtY_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zScTYXKT1Fab" title="Weighted average remaining contractual life of outstanding share options"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember162520250" format="ixt-sec:duryear" id="Fact002612" name="ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019">1.71</ix:nonNumeric></span> years).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had previously issued warrants in connection with private placements, or debt settlements where the exercise price of such warrants
was denominated in USD. As such the warrants were classified as derivate liabilities. As at December 31, 2023, the fair value of the
warrants were remeasured at $<span id="xdx_903_ecustom--FairValueOfWarrantsIssued_iI_dxL_c20231231_zFtXLyzRoMkj" title="Fair value of warrants::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2614">Nil</span></span> as all the warrants had expired. The Company recognized a gain on the fair value change of $<span id="xdx_900_eifrs-full--LossesOnChangeInFairValueOfDerivatives_c20230101__20231231_z2wIWpJGFCj9" title="Losses on change in fair value of derivatives"><ix:nonFraction name="ifrs-full:LossesOnChangeInFairValueOfDerivatives" contextRef="From2023-01-01to2023-12-31" id="Fact002616" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,827</ix:nonFraction></span> (2022
&#8211; loss of $<span id="xdx_903_eifrs-full--LossesOnChangeInFairValueOfDerivatives_c20220101__20221231_zS8xVCCRUAm2" title="Losses on change in fair value of derivatives"><ix:nonFraction name="ifrs-full:LossesOnChangeInFairValueOfDerivatives" contextRef="From2022-01-012022-12-31" id="Fact002618" format="ixt:numdotdecimal" decimals="0" unitRef="USD">686,504</ix:nonFraction></span>) for the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 81; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
    (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002620" name="TRLEF:DisclosureOfWarrantDerivativeLiabilityExplanatory"><p id="xdx_89C_ecustom--DisclosureOfWarrantDerivativeLiabilityExplanatory_zAyCLWDAHiJg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a continuity of the Company&#8217;s derivative warrant liability:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_zX0f0iN3zyM1" style="display: none">Schedule of Warrant Derivative Liability</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Total</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%">Balance, December 31, 2021</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_982_ecustom--GainsLossesOnChangeInFairValueOfDerivative_iS_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantsMember_zKqbWTYyEG76" title="Beginning of the period" style="width: 18%; text-align: right"><ix:nonFraction name="TRLEF:GainsLossesOnChangeInFairValueOfDerivative" contextRef="AsOf2021-12-31_ifrs-full_WarrantsMember162521109" id="Fact002622" format="ixt:numdotdecimal" decimals="0" unitRef="USD">472,899</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Effect of change in functional currency</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_ecustom--EffectOfChangeInFunctionalCurrencyOfWarrantOfDerivatives_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantsMember_zrlWgmUdA3e6" title="Effect of change in functional currency" style="text-align: right">(<ix:nonFraction name="TRLEF:EffectOfChangeInFunctionalCurrencyOfWarrantOfDerivatives" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember162521125" id="Fact002624" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">309,006</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercise of warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_ecustom--SharesIssuedForExerciseOfWarrants_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantsMember_zP79ykbE2Pl6" title="Exercise of warrants" style="text-align: right">(<ix:nonFraction name="TRLEF:SharesIssuedForExerciseOfWarrants" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember162521125" id="Fact002626" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">822,950</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Change in fair value of derivative</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--ChangeInFairValueOfWarrantOfDerivativesOutstanding_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantsMember_zB7usxxpuIee" title="Change in fair value of derivative" style="text-align: right"><ix:nonFraction name="TRLEF:ChangeInFairValueOfWarrantOfDerivativesOutstanding" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember162521125" id="Fact002628" format="ixt:numdotdecimal" decimals="0" unitRef="USD">686,504</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left">Foreign currency translation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_ecustom--ForeignExchangeDifferenceOfWarrantOfDerivatives_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantsMember_zBg4gUxttjhg" title="Foreign exchange difference" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="TRLEF:ForeignExchangeDifferenceOfWarrantOfDerivatives" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember162521125" id="Fact002630" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">22,620</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Balance, December 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_985_ecustom--GainsLossesOnChangeInFairValueOfDerivative_iS_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantsMember_zHFPJEzbOPw9" title="Beginning of the period" style="text-align: right"><ix:nonFraction name="TRLEF:GainsLossesOnChangeInFairValueOfDerivative" contextRef="AsOf2022-12-31_ifrs-full_WarrantsMember162521140" id="Fact002632" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,827</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left">Change in fair value of derivative</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_ecustom--ChangeInFairValueOfWarrantOfDerivativesOutstanding_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantsMember_zDvEHYdKyA9i" title="Change in fair value of derivative" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="TRLEF:ChangeInFairValueOfWarrantOfDerivativesOutstanding" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember162521156" id="Fact002634" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,827</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Balance, December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_983_ecustom--GainsLossesOnChangeInFairValueOfDerivative_iE_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantsMember_zfFV6gngeh" title="End of the period" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2636">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8A5_ztV5bwVY36g9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair values for finder&#8217;s warrants granted during the year ended December 31, 2023 and the warrants granted during the year ended
December 31, 2022, have been estimated using the Black-Scholes option pricing model using the following assumptions:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002638" name="TRLEF:DisclosureOfMeasurementInputsAndvalidationTechniquesForWarrantsExplanatory"><p id="xdx_89F_ecustom--DisclosureOfMeasurementInputsAndvalidationTechniquesForWarrantsExplanatory_zWIQ0yuVtsj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BA_zlMXA5Umeovc" style="display: none">Schedule of Weighted Average Assumption for Warrants</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Risk-free interest rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zIHYvWnqnC8g" title="Risk free interest rate"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember_ifrs-full_BottomOfRangeMember" id="Fact002640" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.77</ix:nonFraction></span> &#8211; <span id="xdx_904_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zxIFICSndbka" title="Risk free interest rate"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember_ifrs-full_TopOfRangeMember" id="Fact002642" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.43</ix:nonFraction></span></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zmrwpuXhKoQ5" title="Risk free interest rate"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember_ifrs-full_BottomOfRangeMember" id="Fact002644" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.21</ix:nonFraction></span> &#8211; <span id="xdx_90A_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zvlZFI5BtOR6" title="Risk free interest rate"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember_ifrs-full_TopOfRangeMember" id="Fact002646" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.13</ix:nonFraction></span></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: justify">Expected life (years)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span id="xdx_901_ecustom--ExpectedLifeOfOptions_dtY_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zmpxTxQa0I1a" title="Expected life (years)"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember162520312" format="ixt-sec:duryear" id="Fact002648" name="TRLEF:ExpectedLifeOfOptions">2</ix:nonNumeric></span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--ExpectedLifeOfOptions_dtY_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zL04TrdcJvW2" title="Expected life"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember_ifrs-full_BottomOfRangeMember" format="ixt-sec:duryear" id="Fact002650" name="TRLEF:ExpectedLifeOfOptions">2</ix:nonNumeric></span> &#8211; <span id="xdx_903_ecustom--ExpectedLifeOfOptions_dtY_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zcZjGcid4Cb4" title="Expected life"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember_ifrs-full_TopOfRangeMember" format="ixt-sec:duryear" id="Fact002652" name="TRLEF:ExpectedLifeOfOptions">3</ix:nonNumeric></span></span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zN67kHMJZ7gi" title="Expected volatility"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember_ifrs-full_BottomOfRangeMember" id="Fact002654" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">101</ix:nonFraction></span> &#8211; <span id="xdx_90D_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zHtxCYHmElHa" title="Expected volatility"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember_ifrs-full_TopOfRangeMember" id="Fact002656" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">104</ix:nonFraction></span>% </span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zN9QdbrawoX6" title="Expected volatility"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember_ifrs-full_BottomOfRangeMember" id="Fact002658" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">154</ix:nonFraction></span> &#8211; <span id="xdx_901_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_ztBeFPcI9dM3" title="Expected volatility"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember_ifrs-full_TopOfRangeMember" id="Fact002660" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">182</ix:nonFraction></span>%</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Dividend yield</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_905_eifrs-full--ExpectedDividendAsPercentageShareOptionsGranted_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zvFqQ8Eo7cjb" title="Expected dividend yield"><ix:nonFraction name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember162520312" id="Fact002662" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_908_eifrs-full--ExpectedDividendAsPercentageShareOptionsGranted_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsMember_zY8d3Zdcxmj3" title="Expected dividend yield"><ix:nonFraction name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" contextRef="From2022-01-012022-12-31_ifrs-full_WarrantsMember162520250" id="Fact002664" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_znRNBNpvXWKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002666" name="TRLEF:DisclosureOfRestrictedStockUnitsExplanatory"><p id="xdx_80D_ecustom--DisclosureOfRestrictedStockUnitsExplanatory_z2hli4lcG2Qa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82F_zcgENGpmCDke">Restricted Stock Units</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company granted RSUs as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            January 1, 2023, the Company granted <span id="xdx_90A_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20230101__20230101__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zhsGr0rO2Log" title="Number of options vested"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-01-01_custom_RestrictedStockUnitsMember" id="Fact002668" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">256,800</ix:nonFraction></span> RSU&#8217;s which vest quarterly beginning January
                                            1, 2023.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            May 11, 2023, the Company granted <span id="xdx_903_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20230511__20230511__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zOvlp0c7cw04" title="Number of options vested"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2023-05-112023-05-11_custom_RestrictedStockUnitsMember" id="Fact002670" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">601,000</ix:nonFraction></span> RSU&#8217;s which vested immediately.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            July 6, 2023, the Company granted <span id="xdx_902_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20230706__20230706__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_z2yn2zKOxPS3" title="Number of options vested"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2023-07-062023-07-06_custom_RestrictedStockUnitsMember" id="Fact002672" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">75,000</ix:nonFraction></span> RSU&#8217;s, which vested immediately.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            September 2, 2023, the Company granted <span id="xdx_903_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20230902__20230902__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_z0FJ5dDXQIeb" title="Number of options vested"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2023-09-022023-09-02_custom_RestrictedStockUnitsMember" id="Fact002674" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">75,464</ix:nonFraction></span> RSU&#8217;s, which vested immediately.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            September 15, 2023, the Company granted <span id="xdx_901_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20230915__20230915__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zqEEJ8SOFofl" title="Number of options vested"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2023-09-152023-09-15_custom_RestrictedStockUnitsMember" id="Fact002676" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">452,785</ix:nonFraction></span> RSU&#8217;s, which vested immediately.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            October 17, 2023, the Company granted <span id="xdx_900_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20230917__20230917__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zTF4VCv4DIal" title="Number of options vested"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2023-09-172023-09-17_custom_RestrictedStockUnitsMember" id="Fact002678" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">650,000</ix:nonFraction></span> RSU&#8217;s, which vested immediately.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, the Company recognized $<span id="xdx_908_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_z87a3fWhmGOc" title="Stock based compensation expenses"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember" id="Fact002682" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,279,059</ix:nonFraction></span> (2022 - $<span id="xdx_902_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zOlIcTtCgPwg" title="Stock based compensation expenses"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2022-01-012022-12-31_custom_RestrictedStockUnitsMember" id="Fact002684" format="ixt:numdotdecimal" decimals="0" unitRef="USD">697,650</ix:nonFraction></span>) in stock-based compensation expense for RSUs granted
and vested.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002686" name="TRLEF:DisclosureOfInformationAboutRestrictedStockUnitsExplanatory"><p id="xdx_895_ecustom--DisclosureOfInformationAboutRestrictedStockUnitsExplanatory_zYe7rYiVxoT8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B8_za96wkKb9tu7" style="display: none">Schedule
of Restricted Stock Units</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Number of unvested <br/>restricted stock units</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted average<br/> fair value per award</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Balance, December 31, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zHA4ai01z5Tb" title="Number of restricted stock units, Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2688">&#8211;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_988_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zIUyIOgYhQHd" title="Weighted average fair value per award, Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2690">&#8211;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 60%; text-align: justify">Granted</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_982_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zQQQRzQU1Pi4" title="Number of restricted stock units, Granted" style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_RestrictedStockUnitsMember" id="Fact002692" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">885,012</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zIQRK4L7Hthf" title="Weighted average fair value per award, Granted" style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31_custom_RestrictedStockUnitsMember" id="Fact002694" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.10</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt">Vested</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zAsfLQj7LGx7" title="Number of restricted stock units, Vested" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_RestrictedStockUnitsMember" id="Fact002696" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Shares">885,012</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_ecustom--WeightedAverageExercisePriceOfShareOptionsVestedInSharebasedPaymentArrangement2019_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zcYmRFnzcwpc" title="Weighted average fair value per award, Vested" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="TRLEF:WeightedAverageExercisePriceOfShareOptionsVestedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31_custom_RestrictedStockUnitsMember" id="Fact002698" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.10</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Balance, December 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zMPg77R3KRdd" title="Number of restricted stock units, Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2700">&#8211;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zdF6UvPbqsmc" title="Weighted average fair value per award, Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2702">&#8211;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zEpPAz0ZDVr1" title="Number of restricted stock units, Granted" style="text-align: right"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember" id="Fact002704" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,476,659</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_ziSM7A4E5AOf" title="Weighted average fair value per award, Granted" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember" id="Fact002706" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.81</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Canceled</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zRAr5zjhu38b" title="Number of restricted stock units, Canceled" style="text-align: right">(<ix:nonFraction name="ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember" id="Fact002708" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_z359n0WrSKHf" title="Weighted average fair value per award, Canceled" style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember" id="Fact002710" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt">Vested</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zK3CMBdj3hSe" title="Number of restricted stock units, Vested" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember" id="Fact002712" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Shares">3,446,659</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_ecustom--WeightedAverageExercisePriceOfShareOptionsVestedInSharebasedPaymentArrangement2019_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_z9OPFQRz6xN5" title="Weighted average fair value per award, Vested" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="TRLEF:WeightedAverageExercisePriceOfShareOptionsVestedInSharebasedPaymentArrangement2019" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember" id="Fact002714" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.80</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Balance, December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--NumberOfOutstandingShareOptions_iE_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_znnYrpibgMWi" title="Number of restricted stock units, Ending balance" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2716">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iE_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zOR65Y78FPe3" title="Weighted average fair value per award, Ending balance" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2718">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zyL7sUho9Lb7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 82; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restricted
    Stock Units (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company previously granted certain RSU&#8217;s whereby the holder has the right and option to require the Company to withhold up to one
third of the RSU shares awarded to pay the cash equivalent of the market price of the shares on the date of vesting. As a result, a portion
of the value of the RSU&#8217;s is recorded as a RSU obligation liability. As at December 31, 2023, the balance of the RSU obligation
was $<span id="xdx_900_eifrs-full--DefinedBenefitObligationAtPresentValue_iI_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zDVUxOiMJsvd" title="Obligaton"><ix:nonFraction name="ifrs-full:DefinedBenefitObligationAtPresentValue" contextRef="AsOf2023-12-31_custom_RestrictedStockUnitsMember" id="Fact002720" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,398</ix:nonFraction></span> (December 31, 2022 - $<span id="xdx_90A_eifrs-full--DefinedBenefitObligationAtPresentValue_iI_c20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zTRkwrKMfJ8f" title="Obligaton"><ix:nonFraction name="ifrs-full:DefinedBenefitObligationAtPresentValue" contextRef="AsOf2022-12-31_custom_RestrictedStockUnitsMember" id="Fact002722" format="ixt:numdotdecimal" decimals="0" unitRef="USD">295,747</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company repurchased <span id="xdx_900_ecustom--NumberOfShareOptionsRepurchasedPayment_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zdk8FmyVKkti" title="Repurchased RSU's shares"><ix:nonFraction name="TRLEF:NumberOfShareOptionsRepurchasedPayment" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember" id="Fact002724" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">667,868</ix:nonFraction></span> RSU&#8217;s for $<span id="xdx_901_ecustom--RepurchasedFairValue_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_z94oqXHzrcIh" title="Repurchase fair value"><ix:nonFraction name="TRLEF:RepurchasedFairValue" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember" id="Fact002726" format="ixt:numdotdecimal" decimals="0" unitRef="USD">993,136</ix:nonFraction></span>, equaling the fair value of the Company&#8217;s
shares at the time of repurchase and did not recognize any gain or loss on the transaction. As a result of the transaction, the Company
recognized a reduction to equity of $<span id="xdx_903_ecustom--StockIssuedDuringPeriodRestrictedStockReductionEquity_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_z8WYmh1EaOK4" title="Reduction equity"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockReductionEquity" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember" id="Fact002728" format="ixt:numdotdecimal" decimals="0" unitRef="USD">919,790</ix:nonFraction></span> and a reduction to the RSU obligation liability of $<span id="xdx_909_eifrs-full--DefinedBenefitObligationAtPresentValue_iI_c20231231_znwxYFQTCi0g" title="Obligaton"><ix:nonFraction name="ifrs-full:DefinedBenefitObligationAtPresentValue" contextRef="AsOf2023-12-31" id="Fact002730" format="ixt:numdotdecimal" decimals="0" unitRef="USD">73,346</ix:nonFraction></span>. Outstanding notes receivable
of $<span id="xdx_902_ecustom--StockIssuedDuringPeriodRestrictedStockUnitRepurchased_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_znvNBPyVu131" title="Repurchase value"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnitRepurchased" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember" id="Fact002732" format="ixt:numdotdecimal" decimals="0" unitRef="USD">604,537</ix:nonFraction></span> were settled through the RSU&#8217;s repurchased (Note 14).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company recorded an obligation to issue shares of $<span id="xdx_90D_ecustom--NumberOfShareIssuedObligation_iI_uShares_c20231231_zYeXpPZjJ47e" title="Issuance of shares obligation"><ix:nonFraction name="TRLEF:NumberOfShareIssuedObligation" contextRef="AsOf2023-12-31" id="Fact002734" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">283,094</ix:nonFraction></span> relating to the accrual of <span id="xdx_900_ecustom--NumberOfShareIssuedObligationAccrual_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zwVbvTvr2KEf" title="Issuance of shares obligation accrual"><ix:nonFraction name="TRLEF:NumberOfShareIssuedObligationAccrual" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember" id="Fact002736" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,365,610</ix:nonFraction></span>
RSUs owed to a consultant and to a related party of the Company as a bonus for additional services provided during the 2023 fiscal year.
As at December 31, 2023, the Company had <span id="xdx_90C_ecustom--NumberOfShareIssuanceOfOutstanding_iI_uShares_c20231231_zQZStyxBj7O3" title="Issuance of private placement shares"><ix:nonFraction name="TRLEF:NumberOfShareIssuanceOfOutstanding" contextRef="AsOf2023-12-31" id="Fact002738" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,518,010</ix:nonFraction></span> RSU&#8217;s (December 31, 2022 &#8211; <span id="xdx_901_ecustom--NumberOfShareIssuanceOfOutstanding_iI_uShares_c20221231_zAYNV1v8H3Ki" title="Issuance of private placement shares"><ix:nonFraction name="TRLEF:NumberOfShareIssuanceOfOutstanding" contextRef="AsOf2022-12-31" id="Fact002740" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">675,012</ix:nonFraction></span>) outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002742" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p id="xdx_806_eifrs-full--DisclosureOfRelatedPartyExplanatory_zye85GB8rE4h" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82E_zIkpljY8Jkd5">Related Party Transactions</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 10, 2023, the Company&#8217;s Board of Directors approved a new compensation plan for the directors of the Company effective
January 1, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, accounts payable and accrued liabilities included $<span id="xdx_90D_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20231231_zYKp6lssAR24" title="Due to related parties"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31" id="Fact002744" format="ixt:numdotdecimal" decimals="0" unitRef="USD">115,526</ix:nonFraction></span> (December 31, 2022 - $<span id="xdx_901_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20221231_zhsDXfqdeC0b" title="Due to related parties"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-12-31" id="Fact002746" format="ixt:numdotdecimal" decimals="0" unitRef="USD">210,070</ix:nonFraction></span>) due to related parties.
The amounts are unsecured, non-interest bearing and due on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, management fees and salaries of $<span id="xdx_903_eifrs-full--PortfolioAndOtherManagementFeeIncome_c20230101__20231231_zbYIe4de6XX8" title="Management fees"><ix:nonFraction name="ifrs-full:PortfolioAndOtherManagementFeeIncome" contextRef="From2023-01-01to2023-12-31" id="Fact002748" format="ixt:numdotdecimal" decimals="0" unitRef="USD">924,083</ix:nonFraction></span> (2022 - $<span id="xdx_903_eifrs-full--PortfolioAndOtherManagementFeeIncome_c20220101__20221231_zpDU7mIHqqSi" title="Management fees"><ix:nonFraction name="ifrs-full:PortfolioAndOtherManagementFeeIncome" contextRef="From2022-01-012022-12-31" id="Fact002750" format="ixt:numdotdecimal" decimals="0" unitRef="USD">711,766</ix:nonFraction></span>), director fees of $<span id="xdx_907_eifrs-full--ProfessionalFeesExpense_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--DirectorFeesMember_zOeGIWEd8xBg" title="Director fees"><ix:nonFraction name="ifrs-full:ProfessionalFeesExpense" contextRef="From2023-01-012023-12-31_custom_DirectorFeesMember" id="Fact002752" format="ixt:numdotdecimal" decimals="0" unitRef="USD">145,500</ix:nonFraction></span> (2022 - $<span id="xdx_902_eifrs-full--ProfessionalFeesExpense_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--DirectorFeesMember_zvxsiKAOMiTd" title="Director fees"><ix:nonFraction name="ifrs-full:ProfessionalFeesExpense" contextRef="From2022-01-012022-12-31_custom_DirectorFeesMember" id="Fact002754" format="ixt:numdotdecimal" decimals="0" unitRef="USD">92,000</ix:nonFraction></span>),
consulting fees of $<span id="xdx_90D_ecustom--ConsultingFees_c20230101__20231231_zPqztG7WxsFg" title="Consulting fees"><ix:nonFraction name="TRLEF:ConsultingFees" contextRef="From2023-01-01to2023-12-31" id="Fact002756" format="ixt:numdotdecimal" decimals="0" unitRef="USD">52,313</ix:nonFraction></span> (2022 - $<span id="xdx_908_ecustom--ConsultingFees_dxL_c20220101__20221231_zR8VcPMAsbsi" title="Consulting fees::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2758">nil</span></span>), and stock-based compensation of $<span id="xdx_90F_eifrs-full--KeyManagementPersonnelCompensationSharebasedPayment_uUSD_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zv8VMWuBdTge" title="Stock based compensation"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" contextRef="From2023-01-012023-12-31_ifrs-full_RelatedPartiesMember" id="Fact002760" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,294,051</ix:nonFraction></span> (2022 - $<span id="xdx_904_eifrs-full--KeyManagementPersonnelCompensationSharebasedPayment_uUSD_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zzAsjx1j6wne" title="Stock based compensation"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" contextRef="From2022-01-012022-12-31_ifrs-full_RelatedPartiesMember" id="Fact002762" format="ixt:numdotdecimal" decimals="0" unitRef="USD">926,119</ix:nonFraction></span>) were incurred to related parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company issued <span id="xdx_90B_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--CounterpartiesAxis__custom--DirectorsMember_zeBIfypiC4e6"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_DirectorsMember" id="Fact002763" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">808,680</ix:nonFraction></span> shares to directors for services performed and for RSU&#8217;s which were
granted and vested in previous periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company issued <span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_uShares_c20231231_zaYgccGORUW"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31" id="Fact002764" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">80,000</ix:nonFraction></span> shares with a fair value of $<span id="xdx_90E_eifrs-full--TradeAndOtherPayables_iI_c20231231_zMc7iUXsrkQj"><ix:nonFraction name="ifrs-full:TradeAndOtherPayables" contextRef="AsOf2023-12-31" id="Fact002765" format="ixt:numdotdecimal" decimals="0" unitRef="USD">115,304</ix:nonFraction></span> to a director to settle debt of CAD$<span id="xdx_906_ecustom--SettleOfDebt_uCAD_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zsg9Lptks13i"><ix:nonFraction name="TRLEF:SettleOfDebt" contextRef="From2023-01-012023-12-31_ifrs-full_RelatedPartiesMember" id="Fact002766" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">160,000</ix:nonFraction></span>
(USD$ $<span id="xdx_903_ecustom--SettleOfDebt_uUSD_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_z9s716j3i7p9" title="Settle of debt"><ix:nonFraction name="TRLEF:SettleOfDebt" contextRef="From2023-01-012023-12-31_ifrs-full_RelatedPartiesMember" id="Fact002768" format="ixt:numdotdecimal" decimals="0" unitRef="USD">118,261</ix:nonFraction></span>) and recognized a gain on the settlement of $<span id="xdx_904_ecustom--SettleOfDebt_c20230101__20231231_z72Z8EilMOuk" title="Settle of debt"><ix:nonFraction name="TRLEF:SettleOfDebt" contextRef="From2023-01-01to2023-12-31" id="Fact002770" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,957</ix:nonFraction></span>. During the year ended December 31, 2022, the Company issued <span id="xdx_904_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zs0zAnUAmS8a" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_RestrictedStockUnitsMember" id="Fact002772" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000</ix:nonFraction></span>
units with a fair value of $<span id="xdx_90B_eifrs-full--TradeAndOtherPayables_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zB9TnPl6etL9" title="Trade and other payables"><ix:nonFraction name="ifrs-full:TradeAndOtherPayables" contextRef="AsOf2023-12-31_ifrs-full_RelatedPartiesMember" id="Fact002774" format="ixt:numdotdecimal" decimals="0" unitRef="USD">260,681</ix:nonFraction></span> for the settlement of accounts payable owed to related parties in the amount of $<span id="xdx_908_ecustom--EquityReduction_iI_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zFs1Dy1urG97" title="Reduction to equity"><ix:nonFraction name="TRLEF:EquityReduction" contextRef="AsOf2023-12-31_custom_RestrictedStockUnitsMember" id="Fact002776" format="ixt:numdotdecimal" decimals="0" unitRef="USD">260,681</ix:nonFraction></span>, resulting
in no gain or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company repurchased <span id="xdx_903_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CounterpartiesAxis__custom--DirectorsMember_zdRbyxyc5r62" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember_ifrs-full_IssuedCapitalMember_custom_DirectorsMember" id="Fact002778" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">586,868</ix:nonFraction></span> RSU&#8217;s from directors and recognized a reduction to equity of
$<span id="xdx_909_ecustom--EquityReduction_iI_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CounterpartiesAxis__custom--DirectorsMember_zzU9Y1dsAPr3" title="Reduction to equity"><ix:nonFraction name="TRLEF:EquityReduction" contextRef="AsOf2023-12-31_custom_RestrictedStockUnitsMember_ifrs-full_IssuedCapitalMember_custom_DirectorsMember" id="Fact002780" format="ixt:numdotdecimal" decimals="0" unitRef="USD">799,212</ix:nonFraction></span> on the transaction. $<span id="xdx_907_ecustom--RepurchasedOutstandingReceivable_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CounterpartiesAxis__custom--DirectorsMember_zxCLQ6x0fXr3" title="Reduction to equity"><ix:nonFraction name="TRLEF:RepurchasedOutstandingReceivable" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember_ifrs-full_IssuedCapitalMember_custom_DirectorsMember" id="Fact002782" format="ixt:numdotdecimal" decimals="0" unitRef="USD">473,331</ix:nonFraction></span> of the RSU&#8217;s repurchased was applied against outstanding notes receivable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, notes receivable included $<span id="xdx_902_eifrs-full--NotesAndDebenturesIssued_iI_dxL_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zu8YTNU3YJA7" title="Notes receivables::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2784">Nil</span></span> (December 31, 2022 - $<span id="xdx_905_eifrs-full--NotesAndDebenturesIssued_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zoYg4dJHRMwb" title="Notes receivables"><ix:nonFraction name="ifrs-full:NotesAndDebenturesIssued" contextRef="AsOf2022-12-31_ifrs-full_RelatedPartiesMember" id="Fact002786" format="ixt:numdotdecimal" decimals="0" unitRef="USD">450,325</ix:nonFraction></span>) due from related parties. The amounts previously
receivable were unsecured, bear interest at <span id="xdx_902_ecustom--ReceivableInterestRate_iI_pid_dp_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zJcqs794yjh" title="Receivable interest rate"><ix:nonFraction name="TRLEF:ReceivableInterestRate" contextRef="AsOf2023-12-31_ifrs-full_RelatedPartiesMember" id="Fact002788" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% per annum and mature one to two years from issuance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, notes payable included CAD$<span id="xdx_90A_eifrs-full--Borrowings_iI_uCAD_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zvjGBirQRsp9" title="Notes payable"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_RelatedPartiesMember" id="Fact002790" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">402,115</ix:nonFraction></span> (USD$<span id="xdx_90E_eifrs-full--Borrowings_iI_uUSD_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zDjz097vnt81" title="Notes payable"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_RelatedPartiesMember" id="Fact002792" format="ixt:numdotdecimal" decimals="0" unitRef="USD">420,281</ix:nonFraction></span>) (December 31, 2022 - $<span id="xdx_907_eifrs-full--Borrowings_iI_dxL_uUSD_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zP5ekVzmD9oi" title="Notes payable::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2794">Nil</span></span>) due to related parties. The note payable
is unsecured, bears interest at <span id="xdx_90E_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--OfficerMember_zZ04yuBOo5lh" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_srt_OfficerMember" id="Fact002796" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction></span>% per annum and matures on <span id="xdx_907_eifrs-full--BorrowingsMaturity_uShares_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zPG5rMhX5B27" title="Maturity date"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_RelatedPartiesMember" id="Fact002798" name="ifrs-full:BorrowingsMaturity">December 31, 2024</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 83; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party Transactions
    (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2022, pursuant to agreements between four directors and the Company, each of the four directors shall be granted <span id="xdx_905_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zAgisnjZ725j" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_RestrictedStockUnitsMember_ifrs-full_RelatedPartiesMember" id="Fact002800" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,000</ix:nonFraction></span>
fully vested RSUs upon each anniversary of the contract and three of the four directors shall be granted <span id="xdx_901_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zvkhzc6qqgk5" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember_ifrs-full_IssuedCapitalMember_ifrs-full_RelatedPartiesMember" id="Fact002802" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> fully vested RSUs upon
successful spudding of the first well by the Company. For two of the four directors, the amount of RSUs shall be indexed pro-rata to
account for any dilution incurred by subsequent share issuance by the Company. During the year ended December 31, 2022, the Company issued
<span id="xdx_90B_eifrs-full--NumberOfSharesIssued_iI_c20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--DirectorMember_zhWAwzmkJEnk"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31_custom_RestrictedStockUnitsMember_srt_DirectorMember" id="Fact002803" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">80,000</ix:nonFraction></span> shares with a fair value of $<span id="xdx_90F_ecustom--NumberOfSharesIssuedValue_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--DirectorMember_zyJt3SjjxEt7" title="Number of shares issued , value"><ix:nonFraction name="TRLEF:NumberOfSharesIssuedValue" contextRef="AsOf2022-12-31_srt_DirectorMember" id="Fact002805" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,077</ix:nonFraction></span> for the RSU&#8217;s to one of the directors. The shares for the remainder of the RSU&#8217;s
granted under the agreements were either issued or the underlying RSU&#8217;s were repurchased in 2023. The value of these RSUs and the
stock-based compensation recognized is $<span id="xdx_90F_eifrs-full--KeyManagementPersonnelCompensationSharebasedPayment_uUSD_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_ziduihkQRGMi" title="Stock based compensation"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" contextRef="From2022-01-012022-12-31_custom_RestrictedStockUnitsMember" id="Fact002807" format="ixt:numdotdecimal" decimals="0" unitRef="USD">255,206</ix:nonFraction></span>. $<span id="xdx_906_ecustom--NumberOfSharesReserves_iI_c20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zH1YdyVfFS0j" title="Number of shares reserves"><ix:nonFraction name="TRLEF:NumberOfSharesReserves" contextRef="AsOf2022-12-31_custom_RestrictedStockUnitsMember" id="Fact002809" format="ixt:numdotdecimal" decimals="0" unitRef="USD">65,160</ix:nonFraction></span> has been recorded to reserves as at December 31, 2022 and $<span id="xdx_900_ecustom--RestrictedStockUnitObligation_iI_c20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember_zQggfSDhYwj1" title="Restricted stock unit obligation liability"><ix:nonFraction name="TRLEF:RestrictedStockUnitObligation" contextRef="AsOf2022-12-31_custom_RestrictedStockUnitsMember" id="Fact002811" format="ixt:numdotdecimal" decimals="0" unitRef="USD">190,047</ix:nonFraction></span> has been
recorded as a RSU obligation liability as the directors have the right and option to require the Company to withhold up to one third
of the RSU shares awarded to pay the director the cash equivalent of the market price of the shares on the date of vesting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2022, a director of the Company was granted <span id="xdx_90B_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_uShares_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--DirectorsMember_zpPdBtbJkBjh" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_DirectorsMember" id="Fact002813" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,000</ix:nonFraction></span> RSUs for services performed. The value of these RSUs and the stock-based
compensation recognized is $<span id="xdx_909_eifrs-full--KeyManagementPersonnelCompensationSharebasedPayment_uUSD_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--DirectorsMember_z5FpAfAAD3Gj" title="Stock based compensation"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" contextRef="From2022-01-012022-12-31_custom_DirectorsMember" id="Fact002815" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,283</ix:nonFraction></span>. As at December 31, 2022, the shares for these RSUs had not been issued. $<span id="xdx_90E_ecustom--NumberOfSharesReserves_iI_c20221231_zAtklgOlBzz" title="Number of shares reserves"><ix:nonFraction name="TRLEF:NumberOfSharesReserves" contextRef="AsOf2022-12-31" id="Fact002817" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,189</ix:nonFraction></span> has been recorded
to reserves as at December 31, 2022 and $<span id="xdx_902_ecustom--RestrictedStockUnitObligation_iI_c20221231__ifrs-full--CounterpartiesAxis__custom--DirectorsMember_zGF8ifvD3hf2" title="Restricted stock unit obligation liability"><ix:nonFraction name="TRLEF:RestrictedStockUnitObligation" contextRef="AsOf2022-12-31_custom_DirectorsMember" id="Fact002819" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,094</ix:nonFraction></span> has been recorded as a RSU obligation liability as the director has the right and option
to require the Company to withhold up to one third of the RSU shares awarded to pay the director the cash equivalent of the market price
of the shares on the date of vesting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 2, 2020, the CEO signed an employment agreement with the Company in which the CEO shall receive:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 8pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20200902__20200902__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefExecutiveOfficerMember_zdIqu2LHc3Xk" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2020-09-022020-09-02_custom_RestrictedStockUnitsMember_ifrs-full_IssuedCapitalMember_srt_ChiefExecutiveOfficerMember" id="Fact002821" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000</ix:nonFraction></span>
                                            fully vested RSUs upon the first anniversary of the agreement. The amount of RSUs shall be
                                            indexed pro-rata to account for any dilution incurred by subsequent share issuances by the
                                            Company;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            during the term of the Agreement, the Company completes any cash financing of $<span id="xdx_902_eifrs-full--ProceedsFromExerciseOfOptions_c20200902__20200902__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefExecutiveOfficerMember_z8lWWOKmF8Tg" title="Proceeds from stock plans"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2020-09-022020-09-02_custom_RestrictedStockUnitsMember_srt_ChiefExecutiveOfficerMember" id="Fact002823" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000,000</ix:nonFraction></span>,
                                            the Company shall issue <span id="xdx_90B_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_uShares_c20200902__20200902__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefExecutiveOfficerMember_zsrGec2fa9Ja" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2020-09-022020-09-02_custom_RestrictedStockUnitsMember_srt_ChiefExecutiveOfficerMember" id="Fact002825" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> fully vested RSUs and $<span id="xdx_90A_eifrs-full--ProceedsFromExerciseOfOptions_c20200902__20200902__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefExecutiveOfficerMember__srt--RangeAxis__ifrs-full--BottomOfRangeMember_zwzuxMkuH9x5" title="Proceeds from stock plans"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2020-09-022020-09-02_custom_RestrictedStockUnitsMember_srt_ChiefExecutiveOfficerMember_ifrs-full_BottomOfRangeMember" id="Fact002827" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span> for each $<span id="xdx_903_eifrs-full--ProceedsFromExerciseOfOptions_c20200902__20200902__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefExecutiveOfficerMember__srt--RangeAxis__ifrs-full--TopOfRangeMember_zK3b0z8qU1t3" title="Proceeds from stock plans"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2020-09-022020-09-02_custom_RestrictedStockUnitsMember_srt_ChiefExecutiveOfficerMember_ifrs-full_TopOfRangeMember" id="Fact002829" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000,000</ix:nonFraction></span> raised.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
                                            spudding of the first well by the Company, the Company shall grant <span id="xdx_907_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20220915__20220915__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefExecutiveOfficerMember_z2bOvQ3cwyOi" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2022-09-152022-09-15_ifrs-full_IssuedCapitalMember_custom_RestrictedStockUnitsMember_srt_ChiefExecutiveOfficerMember" id="Fact002831" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> fully vested RSUs
                                            and <span id="xdx_907_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20220915__20220915__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefExecutiveOfficerMember_zYCUtt0ywGd3" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2022-09-152022-09-15_ifrs-full_IssuedCapitalMember_custom_RestrictedStockUnitsMember_srt_ChiefExecutiveOfficerMember" id="Fact002833" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> fully vested RSUs every anniversary of the spud date (condition was met on September
                                            15, 2022). This amount is indexed pro-rata to account for any dilution incurred by subsequent
                                            share issuances by the Company; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            during the term of the Agreement, the Company enters into any non-financing transaction,
                                            a cash bonus of USD$<span id="xdx_901_eifrs-full--WagesAndSalaries_uUSD_c20220915__20220915__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefExecutiveOfficerMember_zkd0M1Wm4se8" title="Cash bonus"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2022-09-152022-09-15_ifrs-full_IssuedCapitalMember_custom_RestrictedStockUnitsMember_srt_ChiefExecutiveOfficerMember" id="Fact002835" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span> is owed upon the successful closing.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of these RSUs and the stock-based compensation recognized is $<span id="xdx_904_ecustom--StockBasedCompensation_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefExecutiveOfficerMember_zUqXL84iMM3h" title="Stock based compensation"><ix:nonFraction name="TRLEF:StockBasedCompensation" contextRef="From2022-01-012022-12-31_custom_RestrictedStockUnitsMember_srt_ChiefExecutiveOfficerMember" id="Fact002837" format="ixt:numdotdecimal" decimals="0" unitRef="USD">295,818</ix:nonFraction></span>. As at December 31, 2022, the shares for these RSUs have
not been issued. $<span id="xdx_906_ecustom--RestrictedStockUnits_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefExecutiveOfficerMember_zWP8xJeKUfu6" title="Restricted stock units"><ix:nonFraction name="TRLEF:RestrictedStockUnits" contextRef="From2022-01-012022-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002839" format="ixt:numdotdecimal" decimals="0" unitRef="USD">197,212</ix:nonFraction></span> has been recorded to reserves as at December 31, 2022 and $<span id="xdx_90F_ecustom--RestrictedStockUnitObligation_iI_c20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefExecutiveOfficerMember_zdMD0yprT7o5" title="Restricted stock unit obligation liability"><ix:nonFraction name="TRLEF:RestrictedStockUnitObligation" contextRef="AsOf2022-12-31_custom_RestrictedStockUnitsMember_srt_ChiefExecutiveOfficerMember" id="Fact002841" format="ixt:numdotdecimal" decimals="0" unitRef="USD">98,606</ix:nonFraction></span> has been recorded as a RSU obligation liability
as the CEO has the right and option to require the Company to withhold up to one third of the RSU shares awarded to pay the CEO the cash
equivalent of the market price of the shares on the date of vesting. As at December 31, 2023, the shares for these RSUs have either been
issued or the underlying RSUs were repurchased by the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 15, 2022, the CFO signed an employment agreement with the Company in which the CFO shall receive:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20220715__20220715__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsFirstAnniversaryAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember_zZBFPYBE5ZN4" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2022-07-152022-07-15_ifrs-full_IssuedCapitalMember_custom_RestrictedStockUnitsFirstAnniversaryAgreementMember_srt_ChiefFinancialOfficerMember" id="Fact002843" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000</ix:nonFraction></span>
                                            fully vested RSUs upon the first anniversary of the agreement;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20220715__20220715__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsSecondAnniversaryAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember_zzZ0dLn9iCwi" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2022-07-152022-07-15_ifrs-full_IssuedCapitalMember_custom_RestrictedStockUnitsSecondAnniversaryAgreementMember_srt_ChiefFinancialOfficerMember" id="Fact002845" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span>
                                            fully vested RSUs upon the second anniversary of the agreement;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            each subsequent year, the number of RSUs is determined in context of the market price of
                                            the shares and in respect to the performance of the Company;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            bonus of <span id="xdx_90A_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20220715__20220715__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zMAUT3vua2Ik" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2022-07-152022-07-15_ifrs-full_IssuedCapitalMember_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember_ifrs-full_BottomOfRangeMember" id="Fact002847" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000</ix:nonFraction></span> RSUs plus the sum of $<span id="xdx_90E_eifrs-full--WagesAndSalaries_uUSD_c20220715__20220715__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsSecondAnniversaryAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zHzRxB3yGvmc" title="Cash bonus"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2022-07-152022-07-15_ifrs-full_IssuedCapitalMember_custom_RestrictedStockUnitsSecondAnniversaryAgreementMember_srt_ChiefFinancialOfficerMember_ifrs-full_BottomOfRangeMember" id="Fact002849" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,000</ix:nonFraction></span> cash paid upon the successful completion of
                                            the Company&#8217;s phase A drilling program at the SASB gas field;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            bonus of <span id="xdx_908_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20220715__20220715__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SASBPhaseBMember_zIut2bDOY7se" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2022-07-152022-07-15_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember_custom_SASBPhaseBMember" id="Fact002851" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span> RSUs plus the sum of $<span id="xdx_908_eifrs-full--WagesAndSalaries_uUSD_c20220715__20220715__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsSecondAnniversaryAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SASBPhaseBMember_zp74DZgnYGha" title="Cash bonus"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2022-07-152022-07-15_custom_RestrictedStockUnitsSecondAnniversaryAgreementMember_srt_ChiefFinancialOfficerMember_custom_SASBPhaseBMember" id="Fact002853" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,000</ix:nonFraction></span> cash paid upon the successful completion of
                                            at least an additional seven wells as part of the Company&#8217;s phase B drilling program
                                            at the SASB gas field; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 8pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            bonus of $<span id="xdx_903_eifrs-full--WagesAndSalaries_uUSD_c20220715__20220715__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SASBPhaseAMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SASBPhaseBMember_z7QQHiTo3tMf" title="Cash bonus"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2022-07-152022-07-15_custom_SASBPhaseAMember_srt_ChiefFinancialOfficerMember_custom_SASBPhaseBMember" id="Fact002855" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span> cash upon the executive arranging a credit line for SASB of at least $<span id="xdx_900_eifrs-full--WagesAndSalaries_uUSD_c20220715__20220715__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SASBPhaseBMember__srt--RangeAxis__ifrs-full--BottomOfRangeMember_zlwyczbKngsi" title="Cash bonus"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2022-07-152022-07-15_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember_custom_SASBPhaseBMember_ifrs-full_BottomOfRangeMember" id="Fact002857" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000,000</ix:nonFraction></span>.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the agreement can be terminated at any time, the RSU&#8217;s are recognized only upon the conditions above being met; as a result, no
share based compensation has been recognized under this agreement for the year ended December 31, 2022. During the year ended December
31, 2023, <span id="xdx_90F_ecustom--StockIssuedDuringPeriodRestrictedStockUnitShares_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsFirstAnniversaryAgreementMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember_z2ARu901H0J6" title="Shares issued for RSUs, shares"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnitShares" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsFirstAnniversaryAgreementMember_ifrs-full_IssuedCapitalMember_srt_ChiefFinancialOfficerMember" id="Fact002859" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000</ix:nonFraction></span> shares were issued pursuant to the RSUs granted on the first anniversary of the agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 84; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party Transactions
    (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 15, 2022, the COO signed an employment agreement with the Company in which the COO shall receive:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20220715__20220715__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsFirstAnniversaryAgreementMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefOperatingOfficerMember_zoyUBUvw8tWe" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2022-07-152022-07-15_custom_RestrictedStockUnitsFirstAnniversaryAgreementMember_ifrs-full_IssuedCapitalMember_srt_ChiefOperatingOfficerMember" id="Fact002861" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span>
                                            fully vested RSUs upon the first anniversary of the agreement;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20220715__20220715__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsSecondAnniversaryAgreementMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefOperatingOfficerMember_zrmgXVXJsra6" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2022-07-152022-07-15_custom_RestrictedStockUnitsSecondAnniversaryAgreementMember_ifrs-full_IssuedCapitalMember_srt_ChiefOperatingOfficerMember" id="Fact002863" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span>
                                            fully vested RSUs upon the second anniversary of the agreement;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            each subsequent year, the number of RSUs is determined in context of the market price of
                                            the shares and in respect to the performance of the Company;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            bonus of <span id="xdx_902_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20220715__20220715__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefOperatingOfficerMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zXIT2qEOG4ha" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2022-07-152022-07-15_custom_RestrictedStockUnitsMember_ifrs-full_IssuedCapitalMember_srt_ChiefOperatingOfficerMember_ifrs-full_BottomOfRangeMember" id="Fact002865" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000</ix:nonFraction></span> RSUs plus the sum of $<span id="xdx_90D_eifrs-full--WagesAndSalaries_uUSD_c20220715__20220715__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsSecondAnniversaryAgreementMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefOperatingOfficerMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zeygX3of4b3e" title="Cash bonus"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2022-07-152022-07-15_custom_RestrictedStockUnitsSecondAnniversaryAgreementMember_ifrs-full_IssuedCapitalMember_srt_ChiefOperatingOfficerMember_ifrs-full_BottomOfRangeMember" id="Fact002867" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,000</ix:nonFraction></span> cash paid upon the successful completion of
                                            the company&#8217;s phase A drilling program at the SASB gas field; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 8pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            bonus of <span id="xdx_908_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20220715__20220715__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefOperatingOfficerMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SASBPhaseBMember_ztZpPPvC6Ha6" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2022-07-152022-07-15_custom_RestrictedStockUnitsMember_srt_ChiefOperatingOfficerMember_ifrs-full_BottomOfRangeMember_custom_SASBPhaseBMember" id="Fact002869" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span> RSUs plus the sum of $<span id="xdx_90B_eifrs-full--WagesAndSalaries_uUSD_c20220715__20220715__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsSecondAnniversaryAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefOperatingOfficerMember__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SASBPhaseBMember_zfCqyjUUVit3" title="Cash bonus"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2022-07-152022-07-15_custom_RestrictedStockUnitsSecondAnniversaryAgreementMember_srt_ChiefOperatingOfficerMember_custom_SASBPhaseBMember" id="Fact002871" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,000</ix:nonFraction></span> cash paid upon the successful completion of
                                            at least an additional seven wells as part of the Company&#8217;s phase B drilling program
                                            at the SASB gas field;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the agreement can be terminated at any time, the RSU&#8217;s are recognized only upon the conditions above being met; as a result, no
share based compensation has been recognized under this agreement for the year ended December 31, 2022. As at December 31, 2023, <span id="xdx_907_ecustom--StockIssuedDuringPeriodRestrictedStockUnitShares_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsFirstAnniversaryAgreementMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefOperatingOfficerMember_zuzWTXAz0yFb" title="Shares issued for RSUs, shares"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnitShares" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsFirstAnniversaryAgreementMember_ifrs-full_IssuedCapitalMember_srt_ChiefOperatingOfficerMember" id="Fact002873" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span>
shares valued at $<span id="xdx_90C_ecustom--StockIssuedDuringPeriodRestrictedStockUnit_uUSD_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsFirstAnniversaryAgreementMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefOperatingOfficerMember_zsiU9XvWxP75" title="Shares issued for RSUs"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodRestrictedStockUnit" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsFirstAnniversaryAgreementMember_ifrs-full_IssuedCapitalMember_srt_ChiefOperatingOfficerMember" id="Fact002875" format="ixt:numdotdecimal" decimals="0" unitRef="USD">33,111</ix:nonFraction></span> were owed pursuant to the RSUs granted on the first anniversary of the agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 18, 2022, the Company entered into a settlement agreement with the former CFO of the Company upon resignation, whereupon the Company
will issue/pay:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eifrs-full--NumberOfSharesIssued_iI_c20220818__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember_zSHlHtWounfh" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-08-18_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember" id="Fact002877" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">65,000</ix:nonFraction></span>
                                            common shares with a fair value of $<span id="xdx_904_ecustom--StockIssuedDuringPeriodValueObligation_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember_z8oOmeLgEzZc" title="Value of stock issued for obligation"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodValueObligation" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember" id="Fact002879" format="ixt:numdotdecimal" decimals="0" unitRef="USD">94,300</ix:nonFraction></span> (not issued as at December 31, 2023);</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90C_eifrs-full--PaymentsForShareIssueCosts_c20220818__20220818__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember_zCuKoWiseSfj" title="Cash payments"><ix:nonFraction name="ifrs-full:PaymentsForShareIssueCosts" contextRef="From2022-08-182022-08-18_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember" id="Fact002881" format="ixt:numdotdecimal" decimals="0" unitRef="USD">210,000</ix:nonFraction></span>
                                            in cash to be paid as follows:</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_908_eifrs-full--PaymentsForShareIssueCosts_c20220818__20220818__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zZkFeR95xjGj" title="Cash payments"><ix:nonFraction name="ifrs-full:PaymentsForShareIssueCosts" contextRef="From2022-08-182022-08-18_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember_ifrs-full_BottomOfRangeMember" id="Fact002883" format="ixt:numdotdecimal" decimals="0" unitRef="USD">110,000</ix:nonFraction></span>
                                            paid upon execution of the agreement (Paid);</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9675;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_902_eifrs-full--PaymentsForShareIssueCosts_c20230131__20230131__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember_zHjrqfpSuFhl" title="Cash payments"><ix:nonFraction name="ifrs-full:PaymentsForShareIssueCosts" contextRef="From2023-01-312023-01-31_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact002885" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span>
                                            to be paid on or before January 31, 2023 (Unpaid);</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#9675;</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_902_eifrs-full--PaymentsForShareIssueCosts_c20230331__20230331__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember_zfGNk1Qpifqd" title="Cash payments"><ix:nonFraction name="ifrs-full:PaymentsForShareIssueCosts" contextRef="From2023-03-312023-03-31_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact002887" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span>
                                            to be paid on or before March 31, 2023 (Unpaid);</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_uShares_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zTmZzeOFniCd" title="Cash payments"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember_ifrs-full_IssuedCapitalMember" id="Fact002889" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,000</ix:nonFraction></span>
                                            RSUs with a fair value of $<span id="xdx_90E_ecustom--StockIssuedDuringPeriodValueObligation_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_z3vzijctDk5g" title="Value of stock issued for obligation"><ix:nonFraction name="TRLEF:StockIssuedDuringPeriodValueObligation" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember_ifrs-full_IssuedCapitalMember" id="Fact002891" format="ixt:numdotdecimal" decimals="0" unitRef="USD">32,635</ix:nonFraction></span> for services rendered as a director (shares issued in 2023);</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--NumberOfShareOptionsVestedInSharebasedPaymentArrangement_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zbJZdI4MsZMe" title="Vested shares issued"><ix:nonFraction name="TRLEF:NumberOfShareOptionsVestedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember_ifrs-full_IssuedCapitalMember" id="Fact002893" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000</ix:nonFraction></span>
                                            RSUs with a fair value of $<span id="xdx_908_eifrs-full--AuditorsRemuneration_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--RestrictedStockUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__srt--ChiefFinancialOfficerMember_zidnZ96W6a81" title="Auditors remuneration"><ix:nonFraction name="ifrs-full:AuditorsRemuneration" contextRef="From2023-01-012023-12-31_custom_RestrictedStockUnitsMember_srt_ChiefFinancialOfficerMember" id="Fact002895" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,762</ix:nonFraction></span> for services rendered as an audit committee member (shares
                                            issued in 2023);</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the compensation above, all previous amounts owed/owing will be settled, including $<span id="xdx_909_ecustom--SettlementOfAmountInNotesReceivables_c20220101__20221231_zuqGrA8jEOIl" title="Settlement of amount in notes receivables"><ix:nonFraction name="TRLEF:SettlementOfAmountInNotesReceivables" contextRef="From2022-01-012022-12-31" id="Fact002897" format="ixt:numdotdecimal" decimals="0" unitRef="USD">49,800</ix:nonFraction></span> in notes receivable. The Company recognized
a loss on the settlement of $<span id="xdx_905_ecustom--LossOnSettlement_c20220101__20221231_zXVouLkm7fx1" title="Loss on Settlement"><ix:nonFraction name="TRLEF:LossOnSettlement" contextRef="From2022-01-012022-12-31" id="Fact002899" format="ixt:numdotdecimal" decimals="0" unitRef="USD">285,120</ix:nonFraction></span> during fiscal 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002901" name="ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory"><p id="xdx_805_eifrs-full--DisclosureOfGeneralAndAdministrativeExpenseExplanatory_zoe6qfhkkWbj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_z6asRljLXywb">General and Administrative</span></b></span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002903" name="TRLEF:DisclosureOfDetailedInformationAboutGeneralAndAdministrativeExpenseExplanatory"><p id="xdx_89E_ecustom--DisclosureOfDetailedInformationAboutGeneralAndAdministrativeExpenseExplanatory_zm6YhUNGmrX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B1_zeCy6AwHSRs1" style="display: none">Schedule of General and Administrative Expense</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20230101__20231231_zUqsnLRN8dtc" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_494_20220101__20221231_zHFAMjSQded7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--WagesAndSalaries_maGAAEzQpm_z4dIlLcWviWi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Salaries and compensation</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2023-01-01to2023-12-31" id="Fact002905" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,633,959</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2022-01-012022-12-31" id="Fact002906" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,386,716</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--ProfessionalFeesExpense_maGAAEzQpm_znLzfCd8Cv0h" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Professional fees</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:ProfessionalFeesExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002908" format="ixt:numdotdecimal" decimals="0" unitRef="USD">820,047</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_ecustom--InvestorRelationsExpense_maGAAEzQpm_z1Iczk4wH758" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investor relations</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:InvestorRelationsExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002911" format="ixt:numdotdecimal" decimals="0" unitRef="USD">236,441</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40E_ecustom--OfficeExpense_maGAAEzQpm_zHdsrMpP1cYe" style="vertical-align: bottom; background-color: White">
    <td>Office</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:OfficeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002914" format="ixt:numdotdecimal" decimals="0" unitRef="USD">230,472</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eifrs-full--AdvertisingExpense_maGAAEzQpm_zldxlWDcwPR3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Advertising</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:AdvertisingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002917" format="ixt:numdotdecimal" decimals="0" unitRef="USD">123,293</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40B_ecustom--FilingAndTransferFeesExpense_maGAAEzQpm_z5WHJMTg7xHg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Filing and transfer fees</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="TRLEF:FilingAndTransferFeesExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002920" format="ixt:numdotdecimal" decimals="0" unitRef="USD">111,987</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_eifrs-full--TravelExpense_maGAAEzQpm_zsdA0SgPvRNh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Travel</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:TravelExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002923" format="ixt:numdotdecimal" decimals="0" unitRef="USD">114,335</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:TravelExpense" contextRef="From2022-01-012022-12-31" id="Fact002924" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,285</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--UtilitiesExpense_maGAAEzQpm_z1NHNZ2VY7O1" style="vertical-align: bottom; background-color: White">
    <td>Penalties</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:UtilitiesExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002926" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,763</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:UtilitiesExpense" contextRef="From2022-01-012022-12-31" id="Fact002927" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,208</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--BankAndSimilarCharges_maGAAEzQpm_zwq8vto7BqBa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Bank charges and other</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:BankAndSimilarCharges" contextRef="From2023-01-01to2023-12-31" id="Fact002929" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,675</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:BankAndSimilarCharges" contextRef="From2022-01-012022-12-31" id="Fact002930" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,140</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--GeneralAndAdministrativeExpense_iT_pp0p0_mtGAAEzQpm_ztSL96FM2H3f" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">General and Administrative</span></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8AF_zL232VkZSkwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002935" name="ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfEntitysReportableSegmentsExplanatory_zQAdjSVo08Ad" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>21.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_zQ5B84HZ7vxj">Segmented Information</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002937" name="ifrs-full:DisclosureOfOperatingSegmentsExplanatory"><p id="xdx_89A_eifrs-full--DisclosureOfOperatingSegmentsExplanatory_zO2rpvPdryx9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, and the year ended December 31, 2022, the Company&#8217;s operations were in the resource industry
in Turkey with head offices in Canada and a satellite office in Sofia, Bulgaria.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B1_zpXlHexNGlO3" style="display: none">Schedule of Geographical Segment Information</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2970">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_ecustom--GainLossOnImpairmentOfAssetsHeldForSale_znhMI5afbWie" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Loss on impairment of assets held for sale</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2979">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: justify">Gain on net monetary position</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3026">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: justify">Depreciation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2022-01-012022-12-31_country_CA" id="Fact003029" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,826</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2022-01-012022-12-31_country_TR" id="Fact003030" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">140,209</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3031">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2022-01-012022-12-31" id="Fact003032" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">145,035</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--AccretionOfAssetRetirementObligation_pp0p0_maEBNzBb0_zlSGOkWirdab" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Accretion of asset retirement obligation</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:AccretionOfAssetRetirementObligation" contextRef="From2022-01-012022-12-31_country_TR" id="Fact003035" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">264,075</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3036">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_eifrs-full--ExpenseFromSharebasedPaymentTransactionsWithEmployees_pp0p0_maEBNzBb0_zSdrYWb4eywf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Stock-based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" contextRef="From2022-01-012022-12-31_country_CA" id="Fact003039" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,118,917</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3040">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3041">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" contextRef="From2022-01-012022-12-31" id="Fact003042" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,118,917</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--ImpairmentOfExplorationAndEvaluationAssets_pp0p0_maEBNzBb0_zoZpziScK78a" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Loss on impairment of exploration and evaluation assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3044">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3045">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:ImpairmentOfExplorationAndEvaluationAssets" contextRef="From2022-01-012022-12-31_country_BG" id="Fact003046" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,101,343</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:ImpairmentOfExplorationAndEvaluationAssets" contextRef="From2022-01-012022-12-31" id="Fact003047" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,101,343</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--GainLossOnDebtSettlements_zXjDGj3zc0ui" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Gain on debt extinguishment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:GainLossOnDebtSettlements" contextRef="From2022-01-012022-12-31_country_CA" id="Fact003049" format="ixt:numdotdecimal" decimals="0" unitRef="USD">97,051</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3050">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3051">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_eifrs-full--GainsLossesOnNetMonetaryPosition_zfX3OKcWWoP4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Gain on net monetary position</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3054">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:GainsLossesOnNetMonetaryPosition" contextRef="From2022-01-012022-12-31_country_TR" id="Fact003055" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,826,495</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3056">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_439_c20220101__20221231_eifrs-full--NoncurrentAssetsAbstract_iB_z4nCC0nwoyR9" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_43E_c20220101__20221231_eifrs-full--NoncurrentAssetsAbstract_iB_zSmEj92OqxEc" style="display: none; vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_431_c20221231_eifrs-full--NoncurrentAssets_iI_zzgVax4ymJw3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BE_zTZbD8q90VQ" style="display: none">Schedule
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</ix:nonNumeric><p id="xdx_8A6_z3wdk8zcGDhc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003096" name="ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory_zjZdUHh74h15" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_zjiBjVq1ljZj">Capital Management</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s objectives when managing capital are to safeguard the Company&#8217;s ability to continue as a going concern to support
its business plan, as well as to ensure that the Company is able to meet its financial obligations as they become due.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
basis for the Company&#8217;s capital structure is dependent on the Company&#8217;s expected business growth and changes in business
environment. To maintain or adjust the capital structure, the Company may issue new shares through private placement, incur debt or return
capital to members.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is dependent upon external financings to fund activities. In order to carry future projects and pay administrative costs, the
Company will utilize its existing working capital and raise additional funds as needed. Management reviews its capital management approach
on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company is not subject
to externally imposed capital requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003098" name="ifrs-full:DisclosureOfFinancialRiskManagementExplanatory"><p id="xdx_805_eifrs-full--DisclosureOfFinancialRiskManagementExplanatory_z5UwNfKTwCp9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zEGeVFg6pqng">Financial Instruments and Risk Management</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is exposed, through its operations, to the following financial risks:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
                                            risk</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
                                            risk</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
                                            risk</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is exposed to risks that arise from its use of financial instruments. This note describes the Company&#8217;s objectives, policies,
and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks
is presented throughout these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been no substantive changes in the Company&#8217;s exposure to financial instrument risks, its objectives, polices and processes
for managing those risks or the methods used to measure them from previous reported periods unless otherwise stated in the note. The
overall objective of management is to set policies that seek to reduce risk as far as possible without unduly affecting the Company&#8217;s
competitiveness and flexibility. Further details regarding these policies are set out below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
                                            risk</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
risk is the risk of loss that may arise from changes in market factors such as foreign currency exchange, interest rates and equity price
risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign
currency risk:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated
in currencies that differ from the respective functional currency. The Company and its subsidiaries are exposed to currency risk as it
has transactions denominated in currencies that are different from their functional currencies. The Company does not hedge its exposure
to fluctuations in foreign exchange rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, the Company&#8217;s significant foreign exchange currency exposure on its financial instruments, expressed in USD
was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    Instruments and Risk Management (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
rate risk:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
rate risk is the risk that future cash flows will fluctuate because of changes in market interest rates. The interest earned on cash
is insignificant and the Company does not rely on interest income to fund its operations. The Company does not have significant debt
facilities with variable interest rates and is therefore not exposed to interest rate risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
price risk:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. The Company does not hold equity investments in other entities and therefore is not exposed to a significant risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
                                            risk</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to credit risk on its cash and cash equivalents and amounts receivable which consists primarily of trade receivables
and notes and amounts receivable for equity issued. The Company limits its exposure to credit loss on cash and cash equivalents by placing
its cash with a high-quality financial institution. Exposure to credit loss notes and amounts receivable for equity issued is limited
by entering into these types of transactions with related parties and entities that are well known to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company only has two customers. The Company mitigates credit risk by evaluating the creditworthiness of customers prior to conducting
business with them and monitoring its exposure for credit losses with existing customers. One of the customers is the largest oil refinery
in Turkey. The other customer provides letters of credit to be used by the Company in the event of default. As at December 31, 2023,
all of the Company&#8217;s trade receivables are current (&lt; 30 days outstanding).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s maximum credit exposure is $<span id="xdx_90E_eifrs-full--MaximumExposureToCreditRiskOfLoansOrReceivables_iI_pp0p0_c20231231_zp0eGb19kUAk" title="Maximum credit exposure"><ix:nonFraction name="ifrs-full:MaximumExposureToCreditRiskOfLoansOrReceivables" contextRef="AsOf2023-12-31" id="Fact003106" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,848,457</ix:nonFraction></span> (December 31, 2022 - $<span id="xdx_90A_eifrs-full--MaximumExposureToCreditRiskOfLoansOrReceivables_c20221231_pp0p0" title="Maximum credit exposure"><ix:nonFraction name="ifrs-full:MaximumExposureToCreditRiskOfLoansOrReceivables" contextRef="AsOf2022-12-31" id="Fact003108" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,263,886</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
                                            risk</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk arises from the Company&#8217;s general and capital financing needs. The Company continuously monitors and reviews both actual and
forecasted cash flows, and also matches the maturity profile of financial assets and liabilities, when feasible. The Company anticipates
increases in revenue in future periods resulting from the completion of an additional well subsequent to the period end. Historically,
the Company&#8217;s sources of funding has been through equity and debt financings. The Company&#8217;s access to financing is uncertain.
There can be no assurance of continued access to significant debt or equity funding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 88; Value: 2 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    Instruments and Risk Management (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003110" name="ifrs-full:DisclosureOfInformationAboutMaturityProfileOfDefinedBenefitObligationExplanatory"><p id="xdx_890_eifrs-full--DisclosureOfInformationAboutMaturityProfileOfDefinedBenefitObligationExplanatory_zOclbucwNWY" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B9_zDjUpPylP0m1" style="display: none">Summary of Maturity Profile of the Contractual Cash Flow</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr id="xdx_40C_eifrs-full--TradeAndOtherCurrentPayables_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Accounts payable and accrued liabilities</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_404_eifrs-full--Borrowings_iI_pp0p0" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eifrs-full--LeaseLiabilities_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eifrs-full--DerivativeFinancialLiabilities_iI_pp0p0_z4sEccP3hcL2" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Derivative liability</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
<tr id="xdx_401_eifrs-full--Liabilities_iI_pp0p0" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr id="xdx_409_eifrs-full--TradeAndOtherCurrentPayables_iI_pp0p0_zwSuHSsx14i4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Accounts payable and accrued liabilities</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_400_eifrs-full--Borrowings_iI_pp0p0_zzP2XqFAJD0h" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Loans payable</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3154">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_custom_ContractualLiablitiesMember" id="Fact003155" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">166,555</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--LeaseLiabilities_iI_pp0p0_zxu4U2WGtDIl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lease liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31_custom_ContractualLiablitiesMember_ifrs-full_NotLaterThanOneYearMember" id="Fact003157" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,807</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31_custom_ContractualLiablitiesMember_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact003158" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,807</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3159">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40F_ecustom--RestrictedStockUnitsObligation_iI_pp0p0_zxgpWEocKEn4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">RSU obligation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:RestrictedStockUnitsObligation" contextRef="AsOf2022-12-31_custom_ContractualLiablitiesMember_ifrs-full_NotLaterThanOneYearMember" id="Fact003162" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">295,747</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3163">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3164">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:RestrictedStockUnitsObligation" contextRef="AsOf2022-12-31_custom_ContractualLiablitiesMember" id="Fact003165" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">295,747</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--DerivativeFinancialLiabilities_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Derivative liability</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3167">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilities" contextRef="AsOf2022-12-31_custom_ContractualLiablitiesMember_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact003168" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,827</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3169">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilities" contextRef="AsOf2022-12-31_custom_ContractualLiablitiesMember" id="Fact003170" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,827</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--Liabilities_iI_pp0p0_znisy7JyHisb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31_custom_ContractualLiablitiesMember_ifrs-full_NotLaterThanOneYearMember" id="Fact003172" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,046,500</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31_custom_ContractualLiablitiesMember_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact003173" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">30,323</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3174">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31_custom_ContractualLiablitiesMember" id="Fact003175" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,076,823</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zRpPNhKwTRek" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003177" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p id="xdx_807_eifrs-full--DisclosureOfIncomeTaxExplanatory_zdFJWby8tEde" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_zONRAJ3VmHUa">Income Tax</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003179" name="TRLEF:DisclosureOfDetailedInformationAboutReconciliationOfCurrentIncomeTaxesExplanatory"><p id="xdx_892_ecustom--DisclosureOfDetailedInformationAboutReconciliationOfCurrentIncomeTaxesExplanatory_zxIWqKYXmo89" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reconciliation of current income taxes at statutory rates with the reported taxes is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BD_zALzU0uX7Fc7" style="display: none">Schedule
of Reconciliation of Current Income Taxes</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49F_20230101__20231231_zgn9wnKAlv43" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20220101__20221231_zyXaat1Esrbc" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--AccountingProfit_zlapMFN8BVKk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify; padding-bottom: 1.5pt">Net income (loss) before income taxes</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:AccountingProfit" contextRef="From2023-01-01to2023-12-31" id="Fact003181" format="ixt:numdotdecimal" decimals="0" unitRef="USD">758,132</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 16%; text-align: right">(<ix:nonFraction name="ifrs-full:AccountingProfit" contextRef="From2022-01-012022-12-31" id="Fact003182" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,121,754</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_406_eifrs-full--ApplicableTaxRate_pid_dp_z627PDSG5Cif" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Effective tax rate	</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact003184" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">27</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2022-01-012022-12-31" id="Fact003185" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">27</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_409_ecustom--TaxEffectOfExpectedIncomeTaxRecovery_iN_di_zSzR77Y1Mx1d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected income tax recovery</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="TRLEF:TaxEffectOfExpectedIncomeTaxRecovery" contextRef="From2023-01-01to2023-12-31" id="Fact003187" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">204,696</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:TaxEffectOfExpectedIncomeTaxRecovery" contextRef="From2022-01-012022-12-31" id="Fact003188" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,652,874</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: justify">Change in statutory, foreign tax, foreign exchange rates, and other</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A1_zpIPDnBlhSJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 89; Value: 2 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24.</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003205" name="ifrs-full:DisclosureOfDeferredTaxesExplanatory"><p id="xdx_895_eifrs-full--DisclosureOfDeferredTaxesExplanatory_ziPd5rGPSit7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax effected items that give rise to significant portions of the deferred tax assets and deferred tax liabilities as at year-end are
presented below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B1_zmC7rFPx5Cj9" style="display: none">Schedule
of Deferred Tax Assets and Liabilities</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: justify">Property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="TRLEF:DeferredTaxLiabilitiesPropertyAndEquipment" contextRef="AsOf2023-12-31" id="Fact003210" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,011</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: justify">Convertible debt</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3214">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">Deferred tax assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--DeferredTaxAssetsHeldForSale_iI_maNDTAz6z3_zWycbLzisTKj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="TRLEF:DeferredTaxAssetsHeldForSale" contextRef="AsOf2023-12-31" id="Fact003216" format="ixt:numdotdecimal" decimals="0" unitRef="USD">311,357</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3217">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--DeferredTaxAssetRetirementObligation_iI_maNDTAz6z3_z2z9GjSGkDwj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Asset retirement obligation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="TRLEF:DeferredTaxAssetRetirementObligation" contextRef="AsOf2023-12-31" id="Fact003219" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,249,406</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--DeferredTaxAssetNoncapitalLosses_iI_maNDTAz6z3_zuLu0IIcWp0l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A8_zmax6DnNrfSl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003228" name="ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory"><p id="xdx_890_eifrs-full--DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory_zXwiKIyPtpb1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes tax benefits on losses or other deductible amounts where the probable criteria for the recognition of deferred tax
assets has been met. The Company&#8217;s unrecognized deductible temporary differences and unused tax losses for which no deferred tax
asset is recognized consist of the following amounts:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BE_z1AiTVPv8D26" style="display: none">Schedule
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: justify">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt; text-align: center">&#160;</td><td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">USA</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_c20231231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__ifrs-full--UnusedTaxLossesMember__ifrs-full--ClassesOfAssetsAxis__custom--NoncapitalLossesMember__srt--StatementGeographicalAxis__country--US_z0RuvyBD8FD5" title="Deductible temporary differences and unused tax losses" style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised" contextRef="AsOf2023-12-31_ifrs-full_UnusedTaxLossesMember_custom_NoncapitalLossesMember_country_US" id="Fact003254" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,228,651</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_c20221231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__ifrs-full--UnusedTaxLossesMember__ifrs-full--ClassesOfAssetsAxis__custom--NoncapitalLossesMember__srt--StatementGeographicalAxis__country--US_zaKrhBkhtkB4" title="Deductible temporary differences and unused tax losses" style="text-align: right"><ix:nonFraction name="ifrs-full:DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised" contextRef="AsOf2022-12-31_ifrs-full_UnusedTaxLossesMember_custom_NoncapitalLossesMember_country_US" id="Fact003257" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,533,694</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_c20231231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__ifrs-full--UnusedTaxLossesMember__ifrs-full--ClassesOfAssetsAxis__custom--NoncapitalLossesWithoutExpirationMember__srt--StatementGeographicalAxis__country--US_zZylbPy0KIG1" title="Deductible temporary differences and unused tax losses" style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised" contextRef="AsOf2023-12-31_ifrs-full_UnusedTaxLossesMember_custom_NoncapitalLossesWithoutExpirationMember_country_US" id="Fact003260" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,785,059</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Turkey</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_982_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_c20231231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__ifrs-full--UnusedTaxLossesMember__ifrs-full--ClassesOfAssetsAxis__custom--NoncapitalLossesMember__srt--StatementGeographicalAxis__country--TR_zl4CGoGTyVQl" title="Deductible temporary differences and unused tax losses" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3263">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>N/A</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Bulgaria</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_908_eifrs-full--DescriptionOfExpiryDateOfTemporaryDifferencesUnusedTaxLossesAndUnusedTaxCredits_c20220101__20221231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__ifrs-full--UnusedTaxLossesMember__ifrs-full--ClassesOfAssetsAxis__custom--NoncapitalLossesMember__srt--StatementGeographicalAxis__country--BG_zntrg3Ooh2k4" title="Deductible temporary differences and unused tax losses, expiry"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_UnusedTaxLossesMember_custom_NoncapitalLossesMember_country_BG" id="Fact003273" name="ifrs-full:DescriptionOfExpiryDateOfTemporaryDifferencesUnusedTaxLossesAndUnusedTaxCredits">2027</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8A4_zsER0Q5HvUgd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003275" name="ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"><p id="xdx_802_eifrs-full--DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_zn4P0X8lx6kk" style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82B_zO2Aad8Qjzqf">Commitments and Contingencies</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Close-out
Fund</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has committed to contribute to the Close-Out Fund (Note 13) and is required to deposit <span id="xdx_90C_ecustom--NaturalGasRevenueDepositPercentage_iI_pid_dp_c20231231_z49iNa6yl5k6" title="Natural gas revenue deposit percentage"><ix:nonFraction name="TRLEF:NaturalGasRevenueDepositPercentage" contextRef="AsOf2023-12-31" id="Fact003277" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% of natural gas revenue from the SASB
project into the Close-Out Fund until an amount agreed to by both parties is attained. The amount accumulated in the Close-Out Fund will
not be used for any purpose other than to cover the cost of close-out of the SASB project.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Arbitration</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company through its&#8217; subsidiary PPE Turkey has advanced arbitration against an offshore drilling rig contractor for $<span id="xdx_90F_eifrs-full--EstimatedFinancialEffectOfContingentLiabilities_iI_pn5n6_c20231231__ifrs-full--ClassesOfContingentLiabilitiesAxis__ifrs-full--LegalProceedingsContingentLiabilityMember__ifrs-full--CounterpartiesAxis__custom--OffshoreDrillingRigContractorMember_zjPsG1sevkYe" title="Arbitration damages sought, value"><ix:nonFraction name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LegalProceedingsContingentLiabilityMember_custom_OffshoreDrillingRigContractorMember" id="Fact003279" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">20.3</ix:nonFraction></span> million
for gross negligent and breach of contact involving health and safety issues during the prior year drilling program resulting in loss
and damages to Company (the &#8220;Trillion Losses&#8221;). Liability is not admitted, the litigation is at the inception, and thus,
legal counsel has advised that is it too soon to predict the outcome or the quantum of damages that will be assessed. The Company is
confident that its case has merit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 90; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRILLION
ENERGY INTERNATIONAL INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in U.S. dollars)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments
    and Contingencies (continued)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiary PPE Turkey is defending an action brought by the same drilling contractor in Europe to which it has advanced
an arbitration claim, for drilling services and lost profits seeking $<span id="xdx_907_eifrs-full--EstimatedFinancialEffectOfContingentLiabilities_iI_pn6n6_c20231231__ifrs-full--ClassesOfContingentLiabilitiesAxis__ifrs-full--LegalProceedingsContingentLiabilityMember__ifrs-full--CounterpartiesAxis__custom--OffshoreDrillingRigContractorMember__srt--StatementGeographicalAxis__srt--EuropeMember_zJyGYxeFzr2b" title="Arbitration damages sought, value"><ix:nonFraction name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LegalProceedingsContingentLiabilityMember_custom_OffshoreDrillingRigContractorMember_srt_EuropeMember" id="Fact003281" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">5</ix:nonFraction></span> million. As no document disclosure has occurred at this time,
and the litigation is at its inception, legal counsel has been unable to provide an opinion on the merits of the action or defenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with guidance for contingent assets and liabilities, no provision for any potential recovery of the Trillion Losses will be
made until recovery is virtually certain. If the Company&#8217;s claim is successful, the award will exceed the amount, if any, that
is payable to the drilling contractor in its claim, notwithstanding the same, the Company has evaluated the two competing actions separately.
As such, the Company has recorded an amount in accounts payable and accrued liabilities for the disputed drilling services for $<span id="xdx_900_eifrs-full--EstimatedFinancialEffectOfContingentLiabilities_iI_pn6n6_c20231231__ifrs-full--ClassesOfContingentLiabilitiesAxis__ifrs-full--LegalProceedingsContingentLiabilityMember__ifrs-full--CounterpartiesAxis__custom--OffshoreDrillingRigContractorMember__srt--StatementGeographicalAxis__srt--EuropeMember__ifrs-full--ClassesOfLiabilitiesAxis__custom--AccountsPayablesAndAccruedLiabilitiesMember_zikMKf6S2uYh" title="Arbitration damages sought, value"><ix:nonFraction name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LegalProceedingsContingentLiabilityMember_custom_OffshoreDrillingRigContractorMember_srt_EuropeMember_custom_AccountsPayablesAndAccruedLiabilitiesMember" id="Fact003283" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">3</ix:nonFraction></span> million,
and has not yet recorded, due to the status of its arbitration claim, any asset amount for its $<span id="xdx_900_eifrs-full--EstimatedFinancialEffectOfContingentLiabilities_iI_pn5n6_c20231231__ifrs-full--ClassesOfContingentLiabilitiesAxis__ifrs-full--LegalProceedingsContingentLiabilityMember__ifrs-full--CounterpartiesAxis__custom--OffshoreDrillingRigContractorMember_zF1nr7XUw9bc" title="Arbitration damages sought, value"><ix:nonFraction name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LegalProceedingsContingentLiabilityMember_custom_OffshoreDrillingRigContractorMember" id="Fact003285" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">20.3</ix:nonFraction></span> million claim against the drilling
contractor. Once legal opinion as to the likely outcome has been obtained, the Company intends to revise the contingent amounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Maturity
date of TR1 Master Fund loans</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has two loan agreements dated July 1, 2023 with TR1 Master Fund whereby the Company owes $<span id="xdx_900_eifrs-full--Borrowings_iI_c20231231__ifrs-full--BorrowingsByNameAxis__custom--TR1MasterFundLoansMember_zjnhDn5Ro2q3" title="Loan payable"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_custom_TR1MasterFundLoansMember" id="Fact003287" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,822,250</ix:nonFraction></span> in principal and accrued
interest as at December 31, 2023 (Note 10). An agent for the receiver of TR1 Master Fund has demanded payment of the loans as the loans
indicate that they were due on <span id="xdx_903_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--TR1MasterFundLoansMember_zrzMtygz99gk" title="Loan, maturity date"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TR1MasterFundLoansMember" id="Fact003289" name="ifrs-full:BorrowingsMaturity">December 31, 2023</ix:nonNumeric></span>. The Company is claiming that the principal of TR1 Master Fund agreed to extend the
loans to December 31, 2024. Negotiations on repayment of the loans with the agent of the receiver for TR1 Master Fund are ongoing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003291" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zYXysJZJ8V1i" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>26.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_829_z8EJ7dwjHM17">Subsequent Events</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 2, 2024, the Company entered into a consulting agreement with San Diego Torry Hills Capital, Inc for consulting services to the
Company, including developing, coordinating, managing and executing a comprehensive corporate finance and investor relations campaign
for the Company. Pursuant to the agreement, the Company granted <span id="xdx_900_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_uShares_c20240102__20240102__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--CounterpartiesAxis__custom--SanDiegoToryHillsCapitalIncMember_z6rIgRK2eZze" title="Number of stock options granted"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2024-01-022024-01-02_custom_NonadjustingEventMember_custom_SanDiegoToryHillsCapitalIncMember" id="Fact003293" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> stock options at an exercise price of CAD$<span id="xdx_901_eifrs-full--WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019_pid_uCADPShares_c20240102__20240102__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--CounterpartiesAxis__custom--SanDiegoToryHillsCapitalIncMember_zGQWYEfMqzA7" title="Stock options granted, exercise price"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" contextRef="From2024-01-022024-01-02_custom_NonadjustingEventMember_custom_SanDiegoToryHillsCapitalIncMember" id="Fact003295" format="ixt:numdotdecimal" decimals="INF" unitRef="CADPShares">0.30</ix:nonFraction></span>. The options will
expire <span id="xdx_903_eifrs-full--DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement_c20240102__20240102__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--CounterpartiesAxis__custom--SanDiegoToryHillsCapitalIncMember_zqxWoN4m3xva" title="Stock options granted, maturity date"><ix:nonNumeric contextRef="From2024-01-022024-01-02_custom_NonadjustingEventMember_custom_SanDiegoToryHillsCapitalIncMember" id="Fact003297" name="ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement">January 2, 2027</ix:nonNumeric></span>, and will vest quarterly as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_uShares_c20240102__20240102__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--CounterpartiesAxis__custom--SanDiegoToryHillsCapitalIncMember_zGh4RY8IUvC7" title="Number of stock options vesting"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" contextRef="From2024-01-022024-01-02_custom_NonadjustingEventMember_custom_SanDiegoToryHillsCapitalIncMember" id="Fact003299" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span>
                                            Options will vest on January 2, 2024;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_uShares_c20240402__20240402__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--CounterpartiesAxis__custom--SanDiegoToryHillsCapitalIncMember_z4MaHkTIOnHe" title="Number of stock options vesting"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" contextRef="From2024-04-022024-04-02_custom_NonadjustingEventMember_custom_SanDiegoToryHillsCapitalIncMember" id="Fact003301" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span>
                                            Options will vest on April 2, 2024;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_uShares_c20240702__20240702__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--CounterpartiesAxis__custom--SanDiegoToryHillsCapitalIncMember_zg9iMhZpU48e" title="Number of stock options vesting"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" contextRef="From2024-07-022024-07-02_custom_NonadjustingEventMember_custom_SanDiegoToryHillsCapitalIncMember" id="Fact003303" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span>
                                            Options will vest on July 2, 2024; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_uShares_c20241002__20241002__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--CounterpartiesAxis__custom--SanDiegoToryHillsCapitalIncMember_zs2KMpmbqEk4" title="Number of stock options vesting"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" contextRef="From2024-10-022024-10-02_custom_NonadjustingEventMember_custom_SanDiegoToryHillsCapitalIncMember" id="Fact003305" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span>
                                            Options will vest on October 2, 2024;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to December 31, 2023, the Company issued common shares as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 20.5pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--NumberOfSharesIssuedSettleRestrictedStockUnitsAndOtherObligations_uShares_c20240101__20240429__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zZFL4xxReo6d" title="Number of shares issued settle RSUs owed and other obligations"><ix:nonFraction name="TRLEF:NumberOfSharesIssuedSettleRestrictedStockUnitsAndOtherObligations" contextRef="From2024-01-012024-04-29_custom_NonadjustingEventMember" id="Fact003307" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,178,957</ix:nonFraction></span>
                                            to settle RSUs owed as at December 31, 2023 and to settle other obligations incurred in 2024;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 20.5pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--NumberOfSharesIssuedSettleOutstandingDebt_uShares_c20240101__20240429__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zBf8ywePmXcc" title="Number of shares issued settle outstanding debt"><ix:nonFraction name="TRLEF:NumberOfSharesIssuedSettleOutstandingDebt" contextRef="From2024-01-012024-04-29_custom_NonadjustingEventMember" id="Fact003309" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,486,250</ix:nonFraction></span>
                                            to settle debt;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 20.5pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--NumberOfSharesIssuedSettleDebtAndSigningBonus_uShares_c20240101__20240429__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zOVmTcvL15Dg" title="Number of shares issued settle debt and signing bonus"><ix:nonFraction name="TRLEF:NumberOfSharesIssuedSettleDebtAndSigningBonus" contextRef="From2024-01-012024-04-29_custom_NonadjustingEventMember" id="Fact003311" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">673,375</ix:nonFraction></span>
                                            pursuant to shares owed as part of a signing bonus, and to settle debt;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 20.5pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--NumberOfSharesIssuedSettleDebtAndOtherObligations_uShares_c20240101__20240429__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zKVItLko0SG2" title="Number of shares issued settle debt and other obligations"><ix:nonFraction name="TRLEF:NumberOfSharesIssuedSettleDebtAndOtherObligations" contextRef="From2024-01-012024-04-29_custom_NonadjustingEventMember" id="Fact003313" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">640,950</ix:nonFraction></span>
                                            to settle debt and other obligations</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 20.5pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--NumberOfSharesIssuedDebtConversion_pid_uShares_c20240101__20240429__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_z5KvPyyTvwUi" title="Number of shares issued for debenture conversion"><ix:nonFraction name="TRLEF:NumberOfSharesIssuedDebtConversion" contextRef="From2024-01-012024-04-29_custom_NonadjustingEventMember" id="Fact003315" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">333</ix:nonFraction></span>
                                            pursuant to the conversion of CAD$<span id="xdx_908_ecustom--DebtConversionOriginalDebtConverted_uCAD_c20240101__20240429__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_z2KqammiZO3" title="Convertible debentures principal converted"><ix:nonFraction name="TRLEF:DebtConversionOriginalDebtConverted" contextRef="From2024-01-012024-04-29_custom_NonadjustingEventMember" id="Fact003317" format="ixt:numdotdecimal" decimals="0" unitRef="CAD">1,000</ix:nonFraction></span> of principal convertible debentures.</span></td></tr></table>

</ix:nonNumeric><p id="xdx_812_zaYPRrQywN24" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 2452001}]
{"company-data": {"conformed-name": "Trillion Energy International Inc.", "cik": "0001648636", "assigned-sic": "1311", "organization-name": "01 Energy & Transportation", "irs-number": "474488552", "state-of-incorporation": "A1", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "000-55539", "film-number": "24919081"}, "business-address": {"street1": "TURAN GUNES BULVARI,PARK ORAN OFIS PLAZA", "street2": "180-Y, DAIRE:54, KAT:16", "city": "ORAN, CANKAYA, ANKARA", "state": "W8", "zip": "06450", "phone": "1 (250) 996-421"}, "mail-address": {"street1": "TURAN GUNES BULVARI,PARK ORAN OFIS PLAZA", "street2": "180-Y, DAIRE:54, KAT:16", "city": "ORAN, CANKAYA, ANKARA", "state": "W8", "zip": "06450"}, "former-company": {"former-conformed-name": "Park Place Energy Inc.", "date-changed": "20150720"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
20-F
☐
REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
☒
ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For
the Fiscal Year Ended
December 31
,
2023
☐
TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For
transition period from January 1, 2023 to December 31, 2023
☐
shell
    company report pursuant to section 13 or 15(
d
)
    of the securities exchange act of 1934.
Date
of event requiring this shell company report __________
Commission
File Number:
000-55539
TRILLION
ENERGY INTERNATIONAL INC.
(Exact
name of Registrant as specified in its charter)
british
columbia
(Jurisdiction
of incorporation or organization)
Suite
700
,
838 W. Hastings Street
,
Vancouver
,
BC
V6C 0A6
(Address
of principal executive offices)
Mr.
Arthur Halleran
(T):
250
-
996-4211
, Email:
arth@trillionenergy.com
Suite
700
,
838 W. Hastings Street
Vancouver
,
BC
V6C 0A6
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
None
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
Common
    Stock, No Par Value
N/A
(Title
    of Class)
(Exchange
    on which registered)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
Number
of outstanding shares of each of the Registrant's classes of capital or common stock as of the year ended December 31, 2023:
115,250,810
.
Common Shares with no par value.
Indicate
by check mark whether the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☐
    Yes
☒
No
If
this report is an annual or transition report, indicate by check mark if the Registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.
☐
    Yes
☒
No
Note:
Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 from their obligations under those Sections.
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 and posted on its corporate Website, if any, every Interactive Data
File required to be submitted and posted 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 and post such files).
☐
    Yes
☒
No
Indicate
by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth
company. See definition of "large accelerated filer", "accelerated filer" and "emerging growth company"
in Rule 12b-2 of the Exchange Act. (Check one):
Large
    accelerated filer ☐
Accelerated
    filer ☐
Non-accelerated
    filer
☒
Emerging
    Growth Company
☐
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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 which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S.
    GAAP ☐
International Financial Reporting Standards
as issued by the International Accounting Standards Board ☒
Other
    ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.
☐
    Item 17
☐
    Item 18
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).
☐
If
this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).
☐
    Yes
☒
No
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the Registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by court.
☐
    Yes
☐
    No
TABLE
OF CONTENTS
GENERAL MATTERS
1
Item
    1.
Identity of Directors, Senior Management and Advisers
2
Item
    2.
OFFER STATISTICS AND EXPECTED TIMETABLE
2
Item
    3.
KEY INFORMATION
2
Item
    4.
INFORMATION ON THE COMPANY
12
Item
    4A.
unresolved staff comments
17
Item
    5.
operating and financial review and prospects
17
Item
    6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
21
Item
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
25
Item
    8.
FINANCIAL INFORMATION
25
Item
    9.
THE OFFER AND LISTING
26
Item
    10.
ADDITIONAL INFORMATION
27
Item
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
34
Item
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
34
Item
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
34
Item
    14.
Material Modifications to the Rights of Security Holders and Use of pROCEED
34
Item
    15.
CONTROLS AND PROCEDURES
35
Item
    16A.
AUDIT COMMITTEE FINANCIAL EXPERT
36
Item
    16B.
CODE OF ETHICS
36
Item
    16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
36
Item
    16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
36
Item
    16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
37
Item
    16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
37
Item
    16G.
CORPORATE GOVERNANCE
37
Item
    16H.
MINE SAFETY DISCLOSURE
38
Item
    17.
FINANCIAL STATEMENTS
38
Item
    18.
FINANCIAL STATEMENTS
38
Item
    19.
EXHIBITS
39
GENERAL
MATTERS
Convention
In
this Form 20-F Annual Report, all references to "British Columbia" are references to the Province of British Columbia. All
references to the "Government" are references to the government of the Province of British Columbia. Unless otherwise noted,
all references to "common shares", "shares" or "common stock" are references to the common shares
of the Company. All references to the "Company" or "Trillion" are references to "Trillion Energy International
Inc.".
In
this document, all references to "SEC" or "Commission" are reference to the United States Securities and Exchange
Commission. References to "$" are to the currency of the United States of America.
Forward
Looking Statements
This
Form 20-F Annual Report includes "forward-looking statements". A shareholder or prospective shareholder should bear this
in mind when assessing the Company's business. All statements included in this annual report, other than statements of historical
facts, including, without limitation, the statements located elsewhere herein regarding industry prospects and the Company's financial
position, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements
are reasonable, it can give no assurance that such expectations will prove to have been correct.
1
PART
I
Item
1.
Identity of Directors, Senior Management and Advisers
A.
Directors and Senior Management
Refer
to Item 6.
B.
Advisers
Not
applicable.
C.
Auditors
The
independent auditors for the Company are MNP LLP, Suite 1500, 640 - 5th Avenue SW Calgary, Alberta T2P 3G4 for the Company's December
31, 2023 and 2022 year ends.
Item
2.
OFFER STATISTICS AND EXPECTED TIMETABLE
Not
Applicable.
Item
3.
KEY INFORMATION
A.
Selected Financial Data
The
Company was incorporated as Park Place Energy Inc. in the State of Delaware in December, 2015. The Company changed its name to Trillion
Energy International Inc. on March 19, 2019. Effective January 1, 2022, the Company completed a continuation of its jurisdiction from
Delaware to British Columbia, Canada. The Company has selected a December 31 year end.
The
consolidated financial statements for the year ended December 31, 2022, are the first the Company has prepared in accordance with IFRS.
The Company previously prepared its consolidated financial statements, up to and including December 31, 2021, in accordance with accounting
principles generally accepted in the United States ("US GAAP").
The
Company conducted a 5:1 share consolidation on September 14, 2023.
The
Company's selected historical audited financial data for the years ended December 31, 2022 and December 31, 2023 are set out in
the table below. The selected financial data provided below are not necessarily indicative of the future results of operations or financial
performance of the Company. The Company has not paid any dividends on its common shares and it does not expect to pay dividends in the
foreseeable future.
Year End
Dec. 31, 2022
Year End
Dec. 31, 2023
Amounts in accordance with IFRS (presented in U.S. dollars):
Total assets
37,018,219
58,610,428
Total liabilities
16,392,288
36,397,856
Net working capital (deficiency)
(4,819,052
)
(12,929,942
)
Shareholders' equity
20,625,931
22,212,572
Operating revenue
9,375,029
16,797,366
Net loss from operations
(6,121,754
)
(1,102,194
)
Loss per share (basic and diluted)
(0.10
)
(0.01
)
Weighted average number of common shares (basic and diluted)
62,491,482
81,084,843
2
B.
Capitalization and Indebtedness
Not
applicable.
C.
Reasons for the Offer and Use of Proceeds
Not
applicable.
D.
Risk Factors
The
following risks relate specifically to the Company's business and should be considered carefully. The occurrence of any one or
more of the events outlined under this section could have severe consequences on the Company's business, financial condition and
results of operations and could result in the cessation of operations or bankruptcy.
We
have a history of losses and may not achieve consistent profitability in the future.
We
have incurred losses in prior years. We will need to generate and sustain increased revenue levels in future periods in order to become
consistently profitable, and even if we do, we may not be able to maintain or increase our level of profitability. We may incur losses
in the future for a number of reasons, including risks described herein, unforeseen expenses, difficulties, complications and delays,
and other unknown risks.
Our
exploration, development and production activities may not be profitable or achieve our expected returns.
The
future performance of our business will depend upon our ability to develop oil and natural gas reserves that are economically recoverable.
Success will depend upon our ability to develop prospects from which oil and natural gas reserves are ultimately discovered in commercial
quantities. Without successful exploration activities, we will not be able to develop oil and natural gas reserves or generate revenues.
There are no assurances that oil and natural gas reserves will be discovered in sufficient quantities to enable us to recover our exploration
and development costs or sustain our business.
The
successful development of oil and natural gas properties requires an assessment of recoverable reserves, future oil and natural gas prices
and operating costs, potential environmental and other liabilities, and other factors. Such assessments are inherently uncertain. In
addition, no assurance can be given that our exploration and development activities will result in the discovery of reserves. Operations
may be curtailed, delayed or canceled as a result of lack of adequate capital and other factors, such as lack of availability of rigs
and other equipment, title problems, weather, compliance with governmental regulations or price controls, mechanical difficulties, or
unusual or unexpected formations, pressures and/or work interruptions. In addition, the costs of exploration and development may materially
exceed our internal estimates.
We
may be unable to acquire or develop additional reserves, which would reduce our cash flow and income.
In
general, production from oil and natural gas properties declines over time as reserves are depleted, with the rate of decline depending
on reservoir characteristics. If we are not successful in our exploration and development activities or in acquiring properties containing
reserves, our reserves will generally decline as reserves are produced. Our oil and natural gas production will be highly dependent upon
our ability to economically find, develop or acquire reserves in commercial quantities.
Our
future oil and natural gas reserves, production, and cash flows, are highly dependent upon us successfully exploiting known gas resources
and proved reserves. A future increase in our reserves will depend not only on our ability to flow economic rates of natural gas and
potentially develop the reserves we may have from time to time, but also on our ability to select and acquire suitable producing properties
or prospects and technologies for exploitation. There are no absolute guarantees that our future efforts will result in the economic
development of natural gas reserves or resources.
3
To
the extent cash flow from operations is reduced, either by a decrease in prevailing prices for oil and natural gas or an increase in
finding and development costs, and external sources of capital become limited or unavailable, our ability to make the necessary capital
investment to maintain or expand our asset base of oil and natural gas reserves would be impaired. Even with sufficient available capital,
our future exploration and development activities may not result in additional reserves, and we might not be able to drill productive
wells at acceptable costs.
The
establishment of proved reserves is subjective and subject to many uncertainties.
In
general, estimates of recoverable natural resources are based upon a number of factors and assumptions made as of the date on which the
resource estimates were determined, such as geological and engineering estimates, which have inherent uncertainties, and the assumed
effects of regulation by governmental agencies and estimates of future commodity prices and operating costs, all of which may vary considerably
from actual results. All such estimates are, to some degree, uncertain and classifications of resources are only attempts to define the
degree of uncertainty involved. For these reasons, estimates of the recoverable natural resources, the classification of such resources
based on risk of recovery, prepared by different engineers or by the same engineers at different times, may vary substantially.
We
are subject to political, economic and other risks and uncertainties in the foreign countries in which we operate.
Any
international operations performed may expose us to greater risks than those associated with more developed markets. Due to our foreign
operations, we are subject to the following issues and uncertainties that can adversely affect our operations in Bulgaria, Turkey, or
other countries in which we may operate properties in the future:
●
the
    risk of, and disruptions due to, expropriation, nationalization, war, revolution, election outcomes, economic instability, political
    instability, or border disputes;
●
the
    uncertainty of local contractual terms, renegotiation or modification of existing contracts and enforcement of contractual terms
    in disputes before local courts;
●
the
    risk of import, export and transportation regulations and tariffs, including boycotts and embargoes;
4
●
the
    risk of not being able to procure residency and work permits for our expatriate personnel;
●
the
    requirements or regulations imposed by local governments upon local suppliers or subcontractors, or being imposed in an unexpected
    and rapid manner;
●
taxation
    and revenue policies, including royalty and tax increases, retroactive tax claims and the imposition of unexpected taxes or other
    payments on revenues;
●
exchange
    controls, currency fluctuations and other uncertainties arising out of foreign government sovereignty over foreign operations;
●
laws
    and policies of the United States and of the other countries in which we may operate affecting foreign trade, taxation and investment,
    including anti- bribery and anti-corruption laws;
●
the
    possibility of being subjected to the exclusive jurisdiction of foreign courts in connection with legal disputes and the possible
    inability to subject foreign persons to the jurisdiction of courts in the United States; and
●
the
    possibility of restrictions on repatriation of earnings or capital from foreign countries.
There
can be no assurance that changes in conditions or regulations in the future will not affect our profitability or ability to operate in
such markets.
We
are subject to foreign currency risks.
Oil
and gas operations in Turkey will generate revenues in Turkish Lira, while expenses will be incurred in Turkish Lira or U.S. dollars.
Gas production in Turkey will generate Turkish Lira. Turkey is a hyper-inflationary economy. As a result, any fluctuations of these currencies
may result in a change in reported revenues, if any, that our projects could generate if they commence production. Accordingly, our future
financial results are subject to risk based on changes to foreign currency rates.
If
we lose the services of our management and key consultants, then our plan of operations may be delayed.
Our
success depends to a significant extent upon the continued service of our executive management, employees, directors and consultants.
Losing the services of one or more key individuals could have a material adverse effect on the Company's prospective business until
replacements are found.
5
Drilling
for and producing oil and natural gas are high-risk activities with many uncertainties that could adversely affect our business, financial
condition or results of operations.
Our
future success depends on the success of our exploration, development and production activities in our prospects. These activities will
be subject to numerous risks beyond our control, including the risk that we will be unable to economically produce our reserves or be
able to find commercially productive oil or natural gas reservoirs. Our decisions to purchase, explore, develop or otherwise exploit
prospects or properties will depend in part on the evaluation of data obtained through geophysical and geological analyses, production
data and engineering studies, the results of which are often inconclusive or subject to varying interpretations. The cost of drilling,
completing and operating wells is often uncertain before drilling commences. Overruns in budgeted expenditures are common risks that
can make a particular project unprofitable. Further, many factors may curtail, delay or prevent drilling operations, including:
●
unexpected
    drilling conditions;
●
pressure
    or irregularities in geological formations;
●
equipment
    failures or accidents;
●
pipeline
    and processing interruptions or unavailability;
●
title
    problems;
●
adverse
    weather conditions;
●
lack
    of market demand for oil and natural gas;
●
delays
    imposed by, or resulting from, compliance with environmental laws and other regulatory requirements;
●
declines
    in oil and natural gas prices; and
●
shortages
    or delays in the availability of drilling rigs, equipment and qualified personnel.
Our
future drilling activities might not be successful, and drilling success rates overall or within a particular area could decline. We
could incur losses by drilling unproductive wells. Shut-in wells, curtailed production and other production interruptions may materially
adversely affect our business, financial condition and results of operations.
Shortages
of drilling rigs, equipment, oilfield services and qualified personnel could delay our exploration and development activities and increase
the prices that we pay to obtain such drilling rigs, equipment, oilfield services and personnel.
Our
industry is cyclical and, from time to time, there may be a shortage of drilling rigs, equipment, oilfield services and qualified personnel
in countries in which we may operate in the future. Shortages of drilling and workover rigs, pipe and other equipment may occur as demand
for drilling rigs and equipment increases, along with increases in the number of wells being drilled. These factors can also cause significant
increases in costs for equipment, oilfield services and qualified personnel. Higher oil and natural gas prices generally stimulate demand
and result in increased prices for drilling and workover rigs, crews and associated supplies, equipment and services. It is beyond our
control and ability to predict whether these conditions will exist in the future and, if so, what their timing and duration will be.
These types of shortages or price increases could significantly increase our costs, decrease our cash provided by operating activities,
or restrict our ability to conduct the exploration and development activities that we currently have planned and budgeted or that we
may plan in the future. In addition, the availability of drilling rigs can vary significantly from region to region at any particular
time. An undersupply of drilling rigs in any of the regions in which we may operate may result in drilling delays and higher costs for
drilling rigs.
6
A
substantial or extended decline in oil and natural gas prices may adversely affect our ability to meet our future capital expenditure
obligations and financial commitments.
Revenues,
operating results and future rate of growth are substantially dependent upon the prevailing prices of, and demand for, oil and natural
gas. Lower oil and natural gas prices may also reduce the amount of oil and natural gas that we will be able to produce economically.
Historically, oil and natural gas prices and markets have been volatile, and they are likely to continue to be volatile in the future.
The recent decline in oil prices has highlighted the volatility and if oil prices remain at this level for an extended period of time,
such lower prices could adversely affect our business, financial condition, and results of operations.
A
decrease in oil or natural gas prices will not only reduce revenues and profits but will also reduce the quantities of reserves that
are commercially recoverable and may result in charges to earnings for impairment of the value of these assets. If oil or natural gas
prices decline significantly for extended periods of time in the future, we might not be able to generate sufficient cash flow from operations
to meet our obligations and make planned capital expenditures. Oil and natural gas prices are subject to wide fluctuations in response
to relatively minor changes in the supply of, and demand for, oil and natural gas, market uncertainty and a variety of additional factors
that are beyond our control. Among the factors that could cause fluctuations are:
●
market
    expectations regarding supply and demand for oil and natural gas;
●
levels
    of production and other activities of the Organization of Petroleum Exporting Countries and other oil and natural gas producing nations;
●
market
    expectations about future prices for oil and natural gas;
●
the
    level of global oil and natural gas exploration, production activity and inventories;
●
political
    conditions, including embargoes, in or affecting oil and natural gas production activities; and
●
the
    price and availability of alternative fuels.
Lower
oil and natural gas prices may not only decrease our revenues on a per unit basis, but also may reduce the amount of oil and natural
gas that we will be able to produce economically. A substantial or extended decline in oil or natural gas prices may have a material
adverse effect on our business, financial condition and results of operations.
We
are subject to operating hazards.
The
oil and natural gas exploration and production business involves a variety of operating risks, including the risk of fire, explosion,
blowout, pipe failure, casing collapse, stuck tools, uncontrollable flows of oil or natural gas, abnormally pressured formations and
environmental hazards such as oil spills, surface cratering, natural gas leaks, pipeline ruptures, discharges of toxic gases, underground
migration, surface spills, mishandling of fracture stimulation fluids, including chemical additives, and natural disasters. The occurrence
of any of these events could result in substantial losses to us due to injury and loss of life, loss of or damage to well bores and/or
drilling or production equipment, costs of overcoming downhole problems, severe damage to and destruction of property, natural resources
and equipment, pollution and other environmental damage, clean-up responsibilities, regulatory investigation and penalties and suspension
of operations. Gathering systems and processing facilities are subject to many of the same hazards and any significant problems related
to those facilities could adversely affect our ability to market our production.
Our
oil and natural gas operations are subject to extensive and complex laws and government regulation, and compliance with existing and
future laws may increase our costs or impair our operations.
Our
oil and natural gas operations in countries in which we operate or may operate in the future will be subject to numerous laws and regulations,
including those related to the environment, employment, immigration, labor, oil and natural gas exploration and development, payments
to local, foreign and provincial officials, taxes and the repatriation of foreign earnings. If we fail to adhere to any applicable laws
or regulations, or if such laws or regulations restrict exploration or production, or negatively affect the sale, of oil and natural
gas, our business, prospects, results of operations, financial condition or cash flows may be impaired. We may be subject to governmental
sanctions, such as fines or penalties, as well as potential liability for personal injury, property or natural resource damage and might
be required to make significant capital expenditures to comply with federal, state or international laws or regulations. In addition,
existing laws or regulations, as currently interpreted or reinterpreted in the future, or future laws or regulations, could adversely
affect our business or operations, or substantially increase our costs and associated liabilities.
7
In
addition, exploration for, and exploitation, production and sale of, oil and natural gas in countries in which we operate or may operate
in the future are subject to extensive national and local laws and regulations requiring various licenses, permits and approvals from
various governmental agencies. If these licenses or permits are not issued or unfavorable restrictions or conditions are imposed on our
exploration or drilling activities, we might not be able to conduct our operations as planned. Alternatively, failure to comply with
these laws and regulations, including the requirements of any licenses or permits, might result in the suspension or termination of operations
and subject us to penalties. Our costs to comply with such laws, regulations, licenses and permits are significant.
Specifically,
our oil and natural gas operations in countries in which we operate or may operate in the future will be subject to stringent laws and
regulations relating to the release or disposal of materials into the environment or otherwise relating to environmental protection.
Failure to comply with these laws and regulations may result in the imposition of administrative, civil and/or criminal penalties, incurring
investigatory or remedial obligations and the imposition of injunctive relief.
Changes
in environmental laws and regulations occur frequently, and any changes that result in more stringent or costly waste handling, storage,
transport, disposal or cleanup requirements could require us to make significant expenditures to attain and maintain compliance and may
otherwise have a material adverse effect on our industry in general and on our own results of operations, competitive position or financial
condition. Although we intend to comply in all material respects with applicable environmental laws and regulations, there can be no
assurance that we will be able to comply with existing or new regulations. In addition, the risk of accidental spills, leakages or other
circumstances could expose us to extensive liability. We are unable to predict the effect of additional environmental laws and regulations
that may be adopted in the future, including whether any such laws or regulations would materially adversely increase our cost of doing
business or affect operations in any area.
Under
certain environmental laws that impose strict, joint and several liability, we may be required to remediate our contaminated properties
regardless of whether such contamination resulted from the conduct of others or from consequences of our own actions that were or were
not in compliance with all applicable laws at the time those actions were taken. In addition, claims for damages to persons or property
may result from environmental and other impacts of our operations. Moreover, new or modified environmental, health or safety laws, regulations
or enforcement policies could be more stringent and impose unforeseen liabilities or significantly increase compliance costs. Therefore,
the costs to comply with environmental, health or safety laws or regulations or the liabilities incurred in connection with them could
significantly and adversely affect our business, financial condition or results of operations.
In
addition, many countries have agreed to regulate emissions of "greenhouse gases." Methane, a primary component of natural
gas, and carbon dioxide, a by-product of burning of oil and natural gas, are greenhouse gases. Regulation of greenhouse gases could adversely
impact some of our operations and demand for some of our services or products in the future.
Competition
in the oil and natural gas industry for licenses is intense, and many of our competitors have greater financial, technological and other
resources than we do, which may adversely affect our ability to compete.
We
will be operating in the highly competitive areas of oil and natural gas exploration, development, production and acquisition with a
substantial number of other companies, both foreign and domestic. We face intense competition from independent, technology-driven companies
as well as from both major and other independent oil and natural gas companies in each of the following areas:
●
seeking
    oil and natural gas exploration licenses and production licenses;
●
acquiring
    desirable producing properties or new leases for future exploration;
8
●
marketing
    oil and natural gas production;
●
integrating
    new technologies; and
●
contracting
    for drilling services and equipment and securing the expertise necessary to develop and operate properties.
Many
of our competitors have substantially greater financial, managerial, technological and other resources than we do. These companies are
able to pay more for exploratory prospects and productive oil and natural gas properties than we can. To the extent competitors are able
to pay more for properties than we are paying, we will be at a competitive disadvantage. Further, many of our competitors enjoy technological
advantages over us and may be able to implement new technologies more rapidly than we can. Our ability to explore for and produce oil
and natural gas prospects and to acquire additional properties in the future will depend upon our ability to successfully conduct operations,
implement advanced technologies, evaluate and select suitable properties and consummate transactions in this highly competitive environment.
We
might not be able to obtain necessary permits, approvals or agreements from one or more government agencies, surface owners, or other
third parties, which could hamper our exploration, development or production activities.
There
are numerous permits, approvals, and agreements with third parties that will be necessary in order to enable us to proceed with our exploration,
development or production activities and otherwise accomplish our objectives. The government agencies in international countries have
discretion in interpreting various laws, regulations, and policies governing operations under licenses such as the license we are obtaining
in Bulgaria. Further, we may be required to enter into agreements with private surface owners to obtain access to, and agreements for,
the location of surface facilities. In addition, because many of the laws governing oil and natural gas operations in international countries
have been enacted relatively recently, there is only a relatively short history of the government agencies handling and interpreting
those laws, including the various regulations and policies relating to those laws. This short history does not provide extensive precedents
or the level of certainty that allows us to predict whether such agencies will act favorably toward us. The governments have broad discretion
to interpret requirements for the issuance of drilling permits. Our inability to meet any such requirements could have a material adverse
effect on our exploration, development or production activities.
Risks
Related to Our Common Stock
The
value of our common stock may be affected by matters not related to our own operating performance.
The
value of our common stock may be affected by matters that are not related to our operating performance and are outside of our control.
These matters include the following:
●
general
    economic conditions in the United States and globally;
●
industry
    conditions, including fluctuations in the price of oil and natural gas;
●
governmental
    regulation of the oil and natural gas industry, including environmental regulation and regulation of fracture stimulation activities;
●
fluctuation
    in foreign exchange or interest rates;
●
liabilities
    inherent in oil and natural gas operations;
●
geological,
    technical, drilling and processing problems;
●
unanticipated
    operating events that can reduce production or cause production to be shut in or delayed;
9
●
failure
    to obtain industry partner and other third-party consents and approvals, when required;
●
stock
    market volatility and market valuations;
●
competition
    for, among other things, capital, acquisition of reserves, undeveloped land and skilled personnel;
●
the
    need to obtain required approvals from regulatory authorities;
●
worldwide
    supplies and prices of, and demand for, oil and natural gas;
●
political
    conditions and developments in each of the countries in which we operate;
●
political
    conditions in oil and natural gas producing regions;
●
revenue
    and operating results failing to meet expectations in any particular period;
●
investor
    perception of the oil and natural gas industry;
●
limited
    trading volume of our common shares;
●
announcements
    relating to our business or the business of our competitors;
●
the
    sale of assets;
●
our
    liquidity;
●
our
    ability to raise additional funds; and
●
the
    uncertain impact of the COVID-19 pandemic on our operations and the economy.
In
the past, some companies that have experienced volatility in the trading price of their common stock have been the subject of securities
class action litigation. We might become involved in securities class action litigation in the future. Such litigation often results
in substantial costs and diversion of management's attention and resources and could have a material adverse effect on our business,
financial condition and results of operation.
Investment
in our common stock is speculative due to the nature of our business.
An
investment in our common stock is speculative due to the nature of our involvement in the acquisition and exploration of oil and natural
gas properties.
Our
shareholders may experience dilution as a result of our issuance of additional common stock or the exercise of outstanding options and
warrants.
We
may enter into commitments in the future that would require the issuance of additional common stock. We may also grant additional share
purchase warrants, restricted stock units or stock options. The exercise of share purchase warrants, restricted stock units or stock
options and the subsequent resale of common stock in the public market could adversely affect the prevailing market price and our ability
to raise equity capital in the future. Any stock issuances from our treasury will result in immediate dilution to existing shareholders.
We
have never declared or paid cash dividends on our common stock.
We
do not anticipate paying cash dividends on our common stock in the foreseeable future. Payment of future cash dividends, if any, will
be at the discretion of our Board of Directors and will depend on our financial condition, results of operations, contractual restrictions,
capital requirements, business prospects and other factors that our Board of Directors considers relevant. Accordingly, investors may
only see a return on their investment if the value of our securities appreciates.
10
Our
stock price is volatile.
Our
common stock is traded on the Canadian Securities Exchange (the CSE) and the OTCQB. There can be no assurance that an active public market
will continue for our common stock, or that the market price for our common stock will not decline below its current price. Such price
may be influenced by many factors, including, but not limited to, investor perception of us and our industry and general economic and
market conditions. The trading price of our common stock could be subject to wide fluctuations in response to a variety of matters and
market conditions.
Our
common stock will be subject to the "Penny Stock" Rules of the SEC.
Our
securities will be subject to the "penny stock rules" adopted pursuant to Section 15(g) of the Exchange Act. The penny stock
rules apply generally to companies whose common stock trades at less than $5.00 per share, subject to certain limited exemptions. Such
rules require, among other things, that brokers who trade "penny stock" to persons other than "established customers"
complete certain documentation, make suitability inquiries of investors and provide investors with certain information concerning trading
in the security, including a risk disclosure document and quote information under certain circumstances. Some brokers have decided not
to trade "penny stock" because of the requirements of the "penny stock rules" and, as a result, the number of
broker-dealers willing to act as market makers in such securities is limited. In the event that we remain subject to the "penny
stock rules" for any significant period, there may develop an adverse impact on the market, if any, for our securities. Because
our securities are subject to the "penny stock rules," investors will find it more difficult to dispose of our securities.
A
decline in the price of our common stock could affect our ability to raise further working capital and create additional dilution to
existing shareholders upon any financings.
A
decline in the price of our common stock could result in a reduction in the liquidity of our common stock and a reduction in our ability
to raise additional capital for our operations. Because our operations to date have been principally financed through the sale of equity
securities, a decline in the price of our common stock could have an adverse effect upon our liquidity; and if we sell such equity securities
at a lower price, such sales could cause excessive dilution to existing shareholders.
We
may issue debt to acquire assets or for working capital.
From
time to time our Company may enter into transactions to acquire assets or the stock of other companies or we may require funding for
general and administrative purposes. These transactions may be financed partially or wholly with debt, which may increase our debt levels
above industry standards. Our governing documents do not limit the amount of indebtedness that our Company may incur. The level of our
indebtedness from time to time could impair our ability to obtain additional financing in the future on a timely basis to take advantage
of business opportunities that may arise.
We
may issue additional equity securities without the consent of shareholders. The issuance of any additional equity securities would further
dilute our shareholders.
Our
Board of Directors has the authority, without further action by the shareholders, to issue a unlimited number of shares of common stock
authorized under our charter documents, of which 115,250,810 shares were issued and outstanding as of December 31, 2023. We may issue
additional shares of common stock or other equity securities, including securities convertible into shares of common stock, in connection
with capital raising activities. The issuance of additional common stock would also result in dilution to existing shareholders.
11
Item
4.
INFORMATION ON THE COMPANY
A.
History and Development of the Company
Trillion
Energy International Inc. is focused on its oil and gas producing assets in Turkey specifically its SASB Natural Gas field as well as
its Cendere Oil field.
Trillion
Energy International Inc. and its consolidated subsidiaries, (collectively referred to as the "Company") is a Canadian based
oil and gas exploration and production company with operations primarily in Turkiye. The Company's shares trade on the Canadian
Securities Exchange under the symbol "TCF" where it was recently added the CSE 25 Index. The Company also trades on the OTCQB
under the symbol "TRLEF" and the Frankfurt exchange under the symbol Z620. A class of the Company's warrants trade
on the CSE under the symbol TCF.WT.
The
Company is focused on oil and gas exploration in Turkiye. During the year, it had drilled six successful development gas wells at its
conventional natural gas project, the SASB gas field located in the Black Sea, Turkiye, where it has initiated a multi-well development
program. Trillion has a 49% interest in the SASB gas field. In addition, the Company produces oil from the Cendere field in Turkiye,
a long-term low decline oil field where it holds a 19.6% (except three wells with 9.8%) interest.
Trillion's
strategy is to increase production and reserves at its 12,385 hectare SASB natural gas field and capitalize on high regional gas prices
to generate cash flow and build shareholder value through a multi-well drilling program.
After
drilling five successful long reach directional wells and one re-completion at SASB, Trillion will continue to perform several new perforations
of existing wells and install velocity string production tubing, pumps, gas lift to optimize production and reduce well downtime. Trillion
is currently undertaking work programs to optimize production and reduce downtime on the SASB Field to ensure all 6 previously drilled
and completed wells are able to produce concurrently and with less than 90% downtime on a managed basis.
For
2024-2025 SASB several sidetrack wells have been engineered and are drill ready. These wells are expected to be drilled first, followed
by several stratigraphic exploration prospects. New re-processing of 3D seismic is expected to be completed during 2024. The new 3D seismic
re-processing is expected to define stratigraphic exploration targets as well as to delineate reserves in structural traps.
During
February and March 2023, the Company successfully drilled the West Akcakoca 1 well which discovered 55+ metres of gas pay and flow tested
at a rate of 3.5 (mmcf/d)(gross 100% interest) and was put on production. During March 2023, the Company successfully drilled the Guluc-2
well which discovered 70+ metres of gas pay and flow tested at a rate of 8.83 (mmcf/d)(gross 100% interest). Guluc 2 entered long term
production with an initial production rate of approximately 6 (mmcf/d)(gross 100% interest).
On
April 20, 2023, the Company entered into an agreement with Eight Capital, pursuant to which Eight Capital agreed to purchase for resale,
together with a syndicate of underwriters (together with Eight Capital, the "Underwriters"), on a bought deal private placement
basis, 15,000 units of the Company ("Units") at a price of $1,000 per Unit, for gross proceeds of $15,000,000 (the "Placement").
Each Unit will consist of $1,000 principal amount secured convertible debenture (a "Debenture") and 1,667 common share purchase
warrants of the Company (a "Warrant"). Each Warrant will be exercisable for one common share of the Company (each a "Warrant
Share") at an exercise price of $0.50 per Warrant Share, subject to adjustment in certain events, and shall have an expiry date
of June 29, 2025. The Debentures will mature on April 30, 2025 (the "Maturity Date") and will accrue interest at the rate
of 12.0% per annum, payable semi-annually in arrears beginning on October 31, 2023 (the "Interest"). At the holders'
option, the Debentures may be converted into common shares of the Company ("Conversion Shares") at any time and from time
to time, up to the earlier of the Maturity Date and the date fixed for redemption of the Debentures, at a conversion price of $0.60 per
common share (the "Conversion Price"). The Company is currently drilling the Bayhanli well, which is expected to be completed
in May 2023. Each of the new wells are expected to take an average of 45 days to drill and for reentries, an average of 15 days per well.
In
April 2023, the Company raised gross proceeds of CAD $15 million under a bought deal for further development of the SASB field. Each
Unit will consist of CAD$1,000 principal amount secured convertible debenture ("Debenture") and 333 common share purchase
warrants of the Company (the "Warrants"). Each Warrant will be exercisable for one common share of the Company at an exercise
price of CAD$2.50 and shall have an expiry date of June 29, 2025.
On
31st July the Company announced a farm-in agreement to earn a 50% working and revenue interest in three new exploration block in South
East Turkey called Cudi-Gabar.
By
August 2023 the Company announced the completion of tits drilling programme have drilled five new wells and recompleted one well. The
Company then commenced installing new wellheads. To address the water loading issues the Company has engaged outside consultants and
is in the process of installing artificial lift pumps. GLJ have reviewed their reserve report which is included in the MD & A.
On
September 15, 2023 the Company announced a Consolidation of its shares on a 5 to 1 basis, therefore 5 pre-consolidation shares was equivalent
to 1 post consolidation share.
During
October 2023, additional perforations to existing wells were made and a booster compressor was added to the field to reduce back pressure
for gas entering the Cayagzi gas processing facility. During November, 2023, the Company received a report from a third party consulting
firm on how to increase production on the six wells. The Company is evaluating the report and intends to put many of the recommendations
into action plans.
On
November 28, 2023 the Company announced a closing for a CAD$10.8 million public offering. Proceeds were for further development of the
SASB field; payment of certain debts related to the drilling programme and general working capital.
In
December 2023 the Company announced completion of its 3D seismic reprocessing of the SASB filed which is now being interpreted.
In
addition, the Company has entered into a farm-in agreement with Derkim Poliüretan Sanayi ve Ticaret A.S. to earn a 50% working &
revenue interest in three oil exploration blocks (the "Oil Blocks") comprised of 151,484 hectares (374,325 acres) within
the newly defined Cudi-Gabar petroleum province, Southeastern Turkiye. The Company is currently negotiating the Joint Operating Agreement,
will trigger certain work commitments to Trillion over a three year period. To earn the 50% the Company must acquire 351 km of 2D seismic
in 2023 and drill several wells in 2024.
Turkey
The
Company owns interests in the producing Cendere oil field ("Cendere") and producing South Akcakoca Sub-Basin ("SASB")
gas field in Turkey. Cendere, a mature oilfield, is a long-term low decline oil reserve. The Company has a 19.6% interest in the Cendere
oil field located in Southeast Turkey.
The
SASB field holds upside through exploitation of reserves and resources where significant infrastructure is in place to realize same,
including pipelines, offshore platforms, and a gas processing plant capable of processing 42.4 Mmcf/d. With this base of operations in
Turkey and its experienced management team, the Company is poised to exploit these assets and for further growth in the region.
The
Company recently entered into a farm-in agreement on three oil exploration blocks (M47, M46c,d) (the "Oil Blocks") totalling
acres 374,325 within the newly defined Cudi-Gabar petroleum province, Southeastern Turkiye. The Company is currently negotiating a joint
operating agreement in respect of the Oil Blocks..
Cendere
oil field
At
December 31, 2022, the gross oil production rate for the producing wells in Cendere was 673 bbls/day (barrels per day); the average daily
2022 gross production rate for the field was 681 bbls/day. At the end of December 2022, oil was sold at a price of approximately US$83.24
per barrel ("bbl") for a netback per barrel of approximately US$46.36/bbl. At December 31, 2022, the Cendere field was producing
110 barrels of oil per day net to the Company; and averaged 102 barrels per day during 2022 net to the Company.
12
SASB
SASB
has several producing natural gas fields, four production platforms plus subsea pipelines that connect the fields to an onshore gas plant.
The SASB fields are located off the north coast of Turkey towards the western end of the Black Sea. Total gross production to date from
the four fields is in excess of 43 billion cubic feet ("Bcf").
The
Company's interest in SASB is 49%. SASB has several natural gas fields, four production platforms plus 18 kilometers of subsea
pipelines connecting the gas fields to an onshore gas processing facility. SASB is located off the North West coast of Turkey in the
Black Sea. Total gross production to date from the four fields is over 43 billion cubic feet ("Bcf").
The
Company commenced the SASB Development Program during September 2022, at which time the Uranus Rig mobilized to the license block from
Romania. The drilling rig was then positioned at the Akcakoca platform upon which it drilled South Akcakoca, re-completed Akcakoca-3,
drilled Akcakoca West 1 and Guluc 2. In addition, Bayhanli 2 and Alapli 2 were drilled off different tripods. Those 5 new wells and one
recompletion were put on production, thus generating revenue for the company. The wells experienced water loading due to the large production
tubing size and currently all gas pay in the wells will be perforated and production tubing changed to a smaller diameter.
As
at December 31, 2023 the gross gas production rate for SASB was 2.93 MMcfd, net to Company was 1.26 MMcf/d (after royalty) The current
average daily 2023 gross production rate for the field was 5.75 MMcfd and net to Company was 2.46 MMcf/d (after royalty). Currently natural
gas is currently being sold at about US$10/mcf domestically in Turkey. The average monthly natural gas sale price year to date for 2023
was approximately US$14.17/ mcf.
The
Company also plans to evaluate exploration opportunities around the SASB development license area, which is currently 12,385 hectares.
The Company is currently reprocessing the existing 3D seismic with new technology and gathering additional data to determine and propose
new exploration work programs in and around the SASB block. Such new technology is expected to improve the resolution of the data, define
new exploration targets and delineate new reserves and resources on SASB.
Bulgaria
license
In
October of 2010, the Company was awarded an exploration permit for the "Vranino 1-11 Block", a 98,205 acre oil and gas exploration
land located in Dobrudja Basin, Bulgaria, by the Bulgarian Counsel of Ministers. On April 1, 2014, the Company entered into an Agreement
for Crude Oil and Natural Gas Prospecting and Exploration in the Vranino 1-11 Block with the Ministry of Economy and Energy of Bulgaria
(the "License Agreement"). The initial term of the License Agreement is five years. This five-year period will commence once
the Bulgarian regulatory authorities approve of the Company's work programs for the permit area. The License Agreement (or applicable
legislation) provides for possible extension periods for up to five additional years during the exploration phase, as well as the conversion
of the License Agreement to an exploitation concession, which can last for up to 35 years.
The
Company has determined it would dispose of the Bulgaria property and that it would obtain the options to do so. As a result, the Company
recorded an impairment loss of $3,101,343 during the year ended December 31, 2022.
Developments
of the Business after the Reporting Period
In
the period after the Reporting Period, the company has been planning and implementing production optimization and artificial lift at
the SASB gas field to increase production rates on the field. It also shot 2-D seismic on the Oil Block M47.
Strategic
Focus
Trillion's
strategy is to increase production and reserves at its 12,385 hectare SASB natural gas field and capitalize on high regional gas prices
to generate cash flow and build shareholder value through a multi-well drilling program.
After
drilling five successful long reach directional wells and one re-completion at SASB, Trillion will continue to perform several new perforations
of existing wells and install velocity string production tubing, pumps, gas lift to optimize production and reduce well downtime. Trillion
is currently undertaking work programs to optimize production and reduce downtime on the SASB Field to ensure all 6 previously drilled
and completed wells are able to produce concurrently and with less than 90% downtime on a managed basis.
Trillions
short term focus is on increasing production on eight wells at the SASB gas field. As in most oil and gas fields, the past production
history is a useful analog for predicting future production trends and results, and as such, our focus is on repeating the production
rates previously achieved from legacy wells drilled over 10 years ago.
For
the 2024-2025 SASB drilling program, several sidetrack wells have been engineered and are drill ready. These wells are expected to be
drilled first, followed by several stratigraphic exploration prospects. New re-processing of 3D seismic is expected to be completed during
2024. The new 3D seismic re-processing is expected to define stratigraphic exploration targets as well as to delineate reserves in structural
traps.
In
addition, the Company has entered into a farm-in agreement with Derkim Poliüretan Sanayi ve Ticaret A.S. to earn a 50% working &
revenue interest in three oil exploration blocks (the "Oil Blocks") comprised of 151,484 hectares (374,325 acres) within
the newly defined Cudi-Gabar petroleum province, Southeastern Turkiye. The Company is currently negotiating the Joint Operating Agreement,
will trigger certain work commitments to Trillion over a three year period. To earn the 50% the Company must acquire 351 km of 2D seismic
in 2023 and drill several wells in 2024.
B.
Business Overview
Trillion
Energy International Inc. and its consolidated subsidiaries, (collectively referred to as the "Company") is a Canadian based
oil and gas exploration and production company. Effective January 2022, the corporate headquarters moved to Suite 700, 838 West Hastings
Street, Vancouver, B.C., Canada from Turan Gunes Bulvari, Park Oran Ofis Plaza, 180-y, Daire:54, Kat:14, 06450, Oran, Cankaya, Anakara,
Turkey. The move coincided with the redomicile of the Company from Delaware to British Columbia, a move which was approved by shareholders
in November 2021. The Company also has a registered office in Turkey and Bulgaria. The Company was originally incorporated in Delaware
in 2015, and in January 2022 became a British Columbia company. The Company's shares are traded on the OTCQB under the symbol "TRLEF"
and trade on the Canadian Securities Exchange under the symbol "TCF".
On
January 21, 2022, the Company redomiciled from Delaware to a British Columbia corporation by way of an amalgamation transaction with
the Company's British Columbian subsidiary, Trillion Energy International Inc. (the "Repatriation Transaction"). Pursuant
to the Repatriation Transaction, for every one common stock of Trillion Energy International Inc., the shareholders will receive one
common stock of Trillion Energy International Inc. The redomicile is effective January 22, 2022 and the Company started to operate under
the name Trillion Energy International Inc.
As
a result of the Repatriation Transaction, the Company meets the definition of a foreign private issuer, as defined under Rule 3b-4 of
the Securities Exchange Act of 1934, as amended.
13
C.
Organizational Structure
The
Company is part of a corporate group. The Company has the following subsidiaries:
Park
    Place Energy Corp. ("PPE Corp."); (a Nevada corporation)
Park
    Place Energy Bermuda ("PPE Bermuda") (a Bermuda corporation);
BG
    Exploration EOOD ("BG Exploration") (a Bulgarian Corporation) ; and
Park
    Place Energy Turkey ("PPE Turkey") (a Cayman Island Corporation)
Park
    Place Energy Gabar Limited (a Cayman Island Corporation)
D.
Property and Equipment
Turkey
Properties
On
January 18, 2017, the Company completed the acquisition of three oil and gas exploration and production companies operating in Turkey
(the "PPE Companies"). As a result of the acquisition of the PPE Companies, the Company now owns interests in three producing
oil and gas fields in Turkey, one of which is offshore and the other two are onshore.
SASB
The
primary asset of the PPE Turkey is the offshore production license called the South Akcakoca Sub-Basin ("SASB"). PPE Turkey
owns a 49% working interest in SASB which has several producing fields with reserves, each with a production platform plus subsea pipelines
that connect the fields to an onshore gas plant. SASB is located off the north coast of Turkey towards the western end of the Black Sea
in water depths ranging from 60 to 100 meters. Gas is produced from Eocene age sandstone reservoirs at subsea depths ranging from 1,100
to 1,800 meters.
The
three nearer shore gas fields of Ayazli (discovered in 2004), Dogu Ayazli (discovered 2005) and Akkaya (discovered in 2006) were included
in an initial phase of development with first gas production in 2007. The deeper water Akcakoca field (discovered in 2006) was developed
later with first gas production in 2011. All the fields are developed using unmanned well head platforms/tripods tied back via an 18
km 12-inch pipeline to shared processing and compression facilities onshore at Cayagzi gas plant. The gas plant at Cayagzi is capable
of processing up to 75 million cubic feet of gas per day. Sales gas is exported via an 18.6 km long 16-inch onshore pipeline, which ties
into the main national gas transmission network operated by BOTAS. Historically, gas has been produced at rates of as high as 30 MMcf/d
from SASB; total gross production to date from the four fields is in excess of 43 Bcf. The production license for SASB is covered by
a modern 223 square kilometre 3D survey. There are five additional gas discoveries in SASB that have not yet been developed. Also, there
are several additional prospects defined by 3D seismic data.
The
Company commenced the SASB Development Program during September 2022, at which time the Uranus Rig mobilized to the license block from
Romania. The drilling rig was then positioned at the Akcakoca platform upon which it drilled South Akcakoca, re-completed Akcakoca-3,
drilled Akcakoca West 1 and Guluc 2. In addition, Bayhanli 2 and Alapli 2 were drilled off different tripods. Those 5 new wells and one
recompletion were put on production, thus generating revenue for the company. The wells experienced water loading due to the large production
tubing size and currently all gas pay in the wells will be perforated and production tubing changed to a smaller diameter.
As
at December 31, 2023 the gross gas production rate for SASB was 2.93 MMcfd, net to Company was 1.26 MMcf/d (after royalty) The current
average daily 2023 gross production rate for the field was 5.75 MMcfd and net to Company was 2.46 MMcf/d (after royalty). Currently natural
gas is currently being sold at about US$10/mcf domestically in Turkey. The average monthly natural gas sale price year to date for 2023
was approximately US$14.17/ mcf.
The
Company's immediate focus is resolving water loading issues on up to nine wells at SASB gas field, through tubing size optimization
and pumps. Once this is completed, the Company plans to drill several well extensions of older wells to recover missed pay.
The
Company also plans to evaluate exploration opportunities around the SASB development license area, which is currently 12,385 hectares.
The Company is currently reprocessing the existing 3D seismic with new technology and gathering additional data to determine and propose
new exploration work programs in and around the SASB block. Such new technology is expected to improve the resolution of the data, define
new exploration targets and delineate new reserves and resources on SASB.
14
Cendere
With
the acquisition of the PPE Turkey, the Company also acquired a 19.6% interest in the Cendere field except three wells where the Company
has a 9.8% interest, a producing oil field located in Central Turkey.
A
description of the Cendere Field geological and reservoir characteristics is as follows. The reservoirs are located in the South East
Anatolian Basin and within the Middle Cretaceous period. The carbonated Derdere Formation is the main reservoir in Cendere Field and
has dolomitization and fracturing, which enhance its production characteristics. There are also four additional oil reservoirs contained
within Cendere Field.
The
Cendere Field is covered by 54 km2 of 3D seismic that was acquired in 2004.
The
field was developed using a collection of dispersed oil wells from which production is collected and exported to the Cendere gathering
station. The produced oil is exported to the TPAO Karakus processing facility which then is transported onwards to the BOTAS-operated
oil pipeline.
There
are 20 well pads which currently house 16 producing wells spread over an area of approximately 15 square kilometers. A field gathering
station, located to the southwest of the Cendere Field collects the oil and produced water from a collection of flowlines and manifolds.
The
Cendere Field is a long-term low decline oil reserve.
Bulgarian
Property
In
October of 2010, the Company was awarded an exploration permit for the "Vranino 1-11 Block", a 98,205 acre oil and gas exploration
land located in Dobrudja Basin, Bulgaria, by the Bulgarian Counsel of Ministers. On April 1, 2014, the Company entered into an Agreement
for Crude Oil and Natural Gas Prospecting and Exploration in the Vranino 1-11 Block with the Ministry of Economy and Energy of Bulgaria
(the "License Agreement"). The initial term of the License Agreement is five years. This five-year period will commence once
the Bulgarian regulatory authorities approve of the Company's work programs for the permit area and the Company completes an environmental
impact assessment ("EIA"). The License Agreement (or applicable legislation) provides for possible extension periods for
up to five additional years during the exploration phase, as well as the conversion of the License Agreement to an exploitation concession,
which can last for up to 35 years. Under the License Agreement, the Company was to submit a yearly work program that is subject to approval
of the Bulgarian regulatory authorities.
The
Company's commitment is to perform geological and geophysical exploration activities in the first 3 years of the initial term (the
"Exploration and Geophysical Work Stage"), followed by drilling activities in years 4 and 5 of the initial term (the "Data
Evaluation and Drilling Stage"). The Company is required to drill 10,000 meters (approximately 32,800 feet) of new wellbore (which
may be vertical, horizontal or diagonal) and conduct other exploration activities during the initial term.
Pursuant
to the License Agreement, the Company is obligated to incur minimum costs during the initial term as follows:
(i)
$925,000
    for the Exploration and Geophysical Work Stage; and
(ii)
$3,675,000
    for the Data Evaluation and Drilling Stage.
15
In
addition, during the term of the License Agreement, the Company is obligated to pay an annual land rental fee of 15,897 BGN (US $9,061
based on the exchange rate of 0.57 Lev to U.S. Dollar as of April 1, 2022). The Company is permitted to commence limited production during
the initial term of the License Agreement. Upon confirmation of a commercial discovery, the Company is entitled to convert the productive
area of the license to an exploitation concession that may last for up to 35 years provided that the minimum work commitments are satisfied.
In
October and November 2022, the Company determined it would dispose of the Bulgaria property and that it would obtain the options to do
so.
Reserves
Reported to Other Agencies
We
have not filed estimates of total in-place resources with any other federal authority or agency in the United States, Canada, Turkey
or Bulgaria at this time. Presently, we are not required to prepare an estimate with respect to the Bulgarian property or the Oil Blocks
in Turkey because our license has not yet become effective and there are no reserves as it is exploration.
Reserves
Summary
of Oil and Gas Reserves as of Fiscal-Year End Based on Average Fiscal-Year Prices
FORM
    51-101F
TABLE
    2.1.1 SUMMARY OF OIL AND GAS RESERVES as of December 31, 2023
FORECAST PRICES AND COST
LIGHT AND MEDIUM
CRUDE OIL
Conventional
Natural Gas
Oil Equivalent
Gross
(Mbbl)
Net (Mbbl)
Company
Gross
MMcf
Company
Net
MMcf
Company
Gross
Mboe
Company
Net
Mboe
RESERVE CATEGORY
PROVED
Producing
159
139
1,442
1,262
399
349
Developed Non-Producing
54
47
9,568
8,372
1,649
1,443
Undeveloped
-
-
9,538
8,346
1,590
1,391
TOTAL PROVED
213
186
20,548
17,979
3,637
3,183
TOTAL PROBABLE
61
54
43,165
37,770
7,255
6,349
TOTAL PROVED PLUS PROBABLE
274
240
63,713
55,749
10,893
9,531
TOTAL POSSIBLE
60
52
46,676
40,841
7,839
6,859
TOTAL PPP
334
292
110,389
96,590
18,732
16,390
An
independent firm, GLJ Petroleum Consultants (GLJ or GLJ Consultants) completed an independent reserves assessment and evaluation of the
oil and gas properties located in Turkey of Trillion Energy International Inc. The effective date of this evaluation is December 31,
2023. The evaluation was prepared in accordance with procedures and standards contained in the Canadian Oil and Gas Evaluation (COGE)
Handbook.
16
Undeveloped
Acreage
The
following table sets forth the amounts of our undeveloped acreage as of December 31, 2023:
Area
Undeveloped Acreage
(1)
Gross
Net
M46c,d, M47 Oil Blocks, SE Turkey
374,325
374,325
TOTAL
374,325
374,325
(1)
Undeveloped
    acreage is considered to be those lease hectares on which wells have not been drilled or completed to a point that would permit the
    production of commercial quantities of oil and gas regardless of whether or not such acreage contains proved reserves.
Item
4A.
unresolved staff comments
Not
applicable.
Item
5.
operating and financial review and prospects
The
following discussion is management's explanation of factors that have affected the Company's financial condition and results
of operations for the historical periods covered by the financial statements, and management's assessment of factors and trends
which are anticipated to have material effect on the Company's financial condition and results of operations in future periods.
A.
Operating Results
Year
Ended December 31, 2023 Compared to Year Ended December 31, 2022
The
net income for the year ended December 31, 2023 increased by $6,879,886 compared to the net loss for the year ended December 31, 2022
with a net income of $758,132 recognized during the year ended December 31, 2023 as compared to a net loss of $6,121,754 for the year
ended December 31, 2022.. Factors contributing to the net loss for the year included the following:
Revenue
Revenues
increased by $7,422,337 from $9,375,029 in 2022 to $16,797,366 in 2023. The increase is primarily in relation to production from the
SASB fields increased as a result of the Company continuing their SASB drilling program.
Expenses
For
the year ended December 31, 2023, the Company incurred production expenses related to its Turkey operations of $4,365,710 (2022 - $3,567,875),
depletion charges of $5,119,174 (2022 - $1,451,032), depreciation expense of $175,764 (2022 - $145,035) and asset retirement obligation
accretion expense of $219,536 (2022 - $264,075). Production expenses for the year ended December 31, 2023 increased as compared with
the comparative period in 2022 as a result of the Company continuing with their drilling and production program which started in Q4 of
2022. Depletion increased by $3,668,142 as a result of an increase in production levels, while depreciation expenses increased due to
the purchase of additional equipment during the year ended December 31, 2023.
17
For
the year ended December 31, 2023, the Company had general and administrative expenses of $7,294,972, compared to $6,397,500 for the year
ended December 31, 2022. The increase is primarily due to an increase in salaries and compensation of $1,247,243 primarily due to an
increase in employees working the oil and gas operations and drilling programs in Turkey. Increases in professional fees of $267,072
correspond with the Company's production ramp up. $3,385,421 (2022 – $3,578,868) in expenses were from the North American
head office and $3,909,551 (2022 - $2,818,632) for the Turkey office.
For
the year ended December 31, 2023, the Company recorded stock-based compensation of $2,397,261 compared to $2,118,917 for the year ended
December 31, 2022. Stock-based compensation relates to the vesting of options and RSU's granted to directors and consultants of
the Company.
Other
Income (Expense)
For
the year ended December 31, 2023, the Company had other income of $4,239,593 compared to other expenses of $2,185,242 for the year ended
December 31, 2022. Other expenses for the year ended December 31, 2023 consists mainly of a foreign exchange loss of $10,990,604 (2022
– gain of $1,272,450), coupled with a loss on the impairment of assets held for sale of $1,556,787 (2022 - $nil) and a finance
cost of $2,249,055 (2022 – $79,693) as a result of interest and accretion recognized on convertible debentures issued during the
year. This is offset by the gain on net monetary position of $18,984,099 (2022 - $1,826,495).
Total
Assets
As
at December 31, 2023, total assets increased by $21,592,209 from $37,018,219 as at December 31, 2022 to $58,610,428 as at December 31,
2023. The increase in total assets was primarily a result of an increase in oil and gas properties of $22,604,306 and the addition of
assets held for sale of $1,479,429. The increase in oil and gas reflect work performed and discoveries made in the Company's SASB
fields in Turkey. and the assets held for sale relate to the Company's left-over field equipment which management is committed
to sell. These increases are offset by a decrease in accounts receivable of $2,744,480 due to sales in Q4 of 2023 decreasing by $3 million
in comparison to Q4 of 2022.
Total
Non-current Financial Liabilities
Total
non-current liabilities as at December 31, 2023 increased by $13,256,722 from $5,346,538 as at December 31, 2022 to $18,603,260 as at
December 31, 2023. The increase in total non-current financial liabilities was primarily a result of an increase of $10,102,627 in convertible
debentures as a result of a convertible debenture financing closing during the year. The convertible debentures include include certain
conversion features and associated warrants which were valued using the option pricing model and required significant assumptions to
be made by management to value. Proceeds were $11,135,145 (CAD$15 million) less cash transaction costs from the offering of $775,747.
Proceeds of $10,359,398 were used for working capital to develop the Turkish SASB assets and general operating costs. The convertible
debentures matures on April 30, 2025.
Year
Ended December 31, 2022 Compared to Year Ended December 31, 2021
For
this discussion, see our Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC on May 02, 2023.
B.
Liquidity and Capital Resources
The
following table summarizes our liquidity position:
December 31, 2023
($)
December 31, 2022
($)
December 31, 2021
($)
Cash
1,188,445
926,061
1,026,990
Working capital (deficit)
(12,929,942
)
(4,819,052
)
342,551
Total assets
58,610,428
37,018,219
6,521,629
Total liabilities
36,397,856
16,392,288
10,982,859
Stockholders' equity
22,212,572
20,625,931
(4,461,230
During
the year ended December 31, 2023, working capital deficit was $12,929,942 in comparison to working capital of $4,819,052 as at December
31, 2022. The $8,110,890 decrease in working capital is attributable to an increase in expenditures related to the Company's drilling
activities in 2023.
The
Company expects that is not fully funded for its next 12 months of operations, and accordingly is selling some of its excess drilling
inventory and is considering the sale of the Cendere oil field. As production increases, the Company intends to pay down its current
payables. When sufficient funds are available to reinstate a drilling program from production, the Company intends to drill one or more
sidetrack well extensions, as finances permit
18
Operating,
Investing and Financing Activities
The
chart below highlights the Company's cash flows:
December 31,
2023 ($)
December 31,
2022 ($)
December
31,
2021 ($)
Net cash provided by (used in):
Operating activities
(1,526,577
)
7,031,965
(1,869,543
)
Investing activities
(18,783,032
)
(37,427,683
)
(181,845
)
Financing activities
20,586,402
30,115,258
2,655,666
Effect of exchange rate on cash and cash equivalents
(14,409
)
179,531
220,000
Increase (decrease) in cash, cash equivalents, and restricted cash
262,384
(100,929
)
824,278
Cash
Used in Operating Activities
Net
cash used in operating activities for the year ended December 31, 2023, was $1,526,577, compared to $7,031,965 cash provided by operating
activities for year ended December 31, 2022. . The current period loss of $1,102,194 was coupled with $849,664 in net non-cash items
and offset by $425,281 in changes in working capital items. This compares to a loss of $6,121,754, offset by $6,870,824 in working capital
items and 6,282,895 in net non-cash items for the year ended December 31, 2022.
Cash
Used in Investing Activities
Net
cash used in investing activities for the year ended December 31, 2023, was $18,783,032, compared to $37,427,683 used for the year ended
December 31, 2022. Oil and gas properties expenditures increased by $21,552,534 from $37,712,406 as of December 31, 2022 to $59,264,940
as of December 31, 2023
Cash
Provided by Financing Activities
We
have funded our business to date from sales of our common stock through private placements and a convertible debenture loan. Net cash
provided by financing activities for the year ended December 31, 2023, was $20,586,402, compared to $30,115,258 for the year ended December
31, 2022. Cash provided by financing activities in the current period was primarily related to $8 million in proceeds, net of stock issuance
costs, for the issuance of stock related to private placements and warrant and option exercises. Additionally, the Company raised $10.4
million through the issuance of convertible debt during the year, net of issuance costs. In the comparative period cash from financing
activities was primarily related to the issuance of common shares, partially offset by repayment of note payable.
19
Future
Operating Requirements
Our
current plan of operation is to increase production from the SASB field through artificial lift and smaller production tubing to ramp
up cashflow to use cashflow to improve working capital. The funding for this plan and to pay down accounts payable will come from existing
revenues streams,, proceeds from sale of excess inventory from the previous drilling program and proceeds from sale of Cendere field.
Through the same of inventory and Cendere oil field sale, the Company believes this will be sufficient to improve working capital to
a management level. The Company does not currently have any plans to conduct an equity financing. The Company currently is open to receiving
a bank loan or other long-term debt instruments to improve cashflow.
Once
we have brought production levels up to the anticipated levels we shall plan the continuation of drilling production wells extensions
at SASB to increase gas production, if and when cash is available. Each sidetrack well is expected to cost US $2.5 -$4 million net to
Trillon. Up to 10 sidetracks will be drilled, if and when cash is available from operations. As each of the wells is expected to generate
cashflow as they are brought online and as cash receipts from production are obtained on a monthly basis, our cash position will be enhanced
and capital outlays will be covered, such that increasing sales revenue will contribute positively to the Company's working capital
and future anticipated capital expenditures.
We
also plan to continue to develop our 50% working and revenue interest in Cudi-Gabar Oil Block in South-eastern Turkey and commence drilling
later this year. There has been a number of discoveries in the close vicinity of our block and the preliminary results of our seismic
studies indicate some promising areas. The Company is currently seeking a farm-in partner to pay for 100% of the expenditures.
As
of December 31, 2023, the Company had unrestricted cash of $1,188,445 and current liabilities of $17,794,596 which is not sufficient
to cover its plan of operations over the next 12 months and accordingly, the Company anticipates selling Cendere, and inventory to raise
further funds in the short term.
C.
Research and Development, Patents and Licenses, Etc.
The
Company has not developed a research and development policy. The Company holds no patents or licenses including technology licenses.
D.
Trend Information
The
natural gas market in North America & Europe and the oil market globally have incurred significant upward movement in commodity pricing.
Natural gas prices in Turkey and Europe have reached record highs in April 2022. Oil and gas markets have come off of lows suffered due
to COVID in 2020 and rallied during 2021. The rally in commodity pricing has positively impacted the economics of our oil and natural
gas production in Turkey and the future outlook for our SASB redevelopment. Oil and natural gas stocks have consequently generally risen
during 2021 and we were able to obtain a substantial financing during March 2022. The renewed focus in Europe and Turkey is on development
of domestic production for petroleum in an effort to shift away from Russian imports, which currently dominate the energy markets in
Europe and Turkey.
E.
Off-Balance Sheet Arrangements
On
October 1, 2018 the Company entered into an agreement to grant to a consultant of the Company a 2% (two percent) gross overriding royalty
on petroleum substances produced from certain of its currently undeveloped exploration properties, namely: Block 1-11 Vranino situated
in Dobrich District, Bulgaria and seven contiguous exploration licences in the province of Hakkari Yuksekova Semdiali Derecik, Turkey.
The Grant of the royalty agreement was for services involving technical and corporate advisory services.
On
October 1, 2018 the Company entered into an agreement to grant to the CEO of the Company a 0.5% (one half of one percent) gross overriding
royalty on petroleum substances produced from certain of its currently undeveloped exploration properties, namely: Block 1-11 Vranino
situated in Dobrich District, Bulgaria and seven contiguous exploration licences in the province of Hakkari Yuksekova Semdiali Derecik,
Turkey. The Grant of the royalty agreement was for services involving technical and corporate advisory services.
F.
Tabular Disclosure of Contractual Obligations
The
Company currently has no contractual obligations in the nature of long term debt obligations, capital finance lease obligations, operating
lease obligations or purchase obligations.
20
G.
Safe Harbor
Not
applicable.
Item
6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and Senior Management
The
following table and information that follows sets forth the names and positions of our directors and executive officers as of the date
of this annual report:
Name
Current
    Office with Company
Since
Arthur
    Halleran
President,
    Chief Executive Officer, Director
Director
    since October 4, 2011, President and CEO since September 2017
David
    M. Thompson
Director
    Chief Financial Officer
Director
    since October 29, 2013, CFO since January 2024
Jay
    Park
Director
Director
    since December 5, 2023
Sean
    Stofer
Director
Director
    since August 19, 2022
Barry
    Wood
Director
Director
    since December 31, 2018 until December 5, 2023
Dr.
Arthur Halleran - President and Chief Executive Officer, Director
Dr.
Halleran has been a director since October 4, 2011 and CEO since August, 2017. Dr. Halleran has a Ph.D. in Geology from the University
of Calgary and has 40 years of international petroleum exploration experience. His international experience includes work in countries
such as Canada, Colombia, Egypt, India, Guinea, Sierra Leone, Sudan, Suriname, Chile, Brazil, Pakistan, Peru, Tunisia, Trinidad Tobago,
Argentina, Ecuador and Guyana. Dr. Halleran's experience includes work with Petro-Canada, Chevron, Rally Energy, Canacol Energy,
United Hunter Oil and Gas Corp. and United Hydrocarbon International Corp. In 2007, Dr. Halleran founded Canacol Energy Ltd., a company
with petroleum and natural gas exploration and development activities in Colombia, Brazil and Guyana, where he served as vice president
of exploration. Previously, Dr. Halleran was a consulting geologist for Rally Energy Corp. (Egypt), which discovered prolific reservoirs
in Egypt. Dr. Halleran currently serves as Vice President of Exploration & Development for United Hydrocarbon International Corp.,
a company with oil interests in Chad, Africa. Dr. Halleran was appointed as a director of the Company to provide technical expertise
and oversight to the Dobrudja Basin gas project in Bulgaria. His education and technical experience in the energy sector are valuable
to our Company.
David
M. Thompson - Director and CFO
Mr.
Thompson has 30 years of financial experience in the oil and gas industry as a CPA, CMA. He successfully founded an oil trading company
in Bermuda with offices in the U.S. and Europe (Geneva, Moscow and Amsterdam). He was responsible for that company's production
operations in Turkmenistan and successfully raised over $100 million in equity. Mr. Thompson also negotiated the farm-out of a number
of company assets. Mr. Thompson is Managing Director of AMS Limited, a Bermuda based Management Company. In the past he served as Founder,
President and CEO of Sea Dragon Energy Inc. (TSX:V), Chief Financial Officer of Aurado Energy, Chief Financial Officer of Forum Energy
Corporation (OTC), Financial Director of Forum Energy Plc (AIM) and Senior Vice President at Larmag Group of Companies. Mr. Thompson
is a Certified Management Accountant (1998).
21
Jay
Park
Jay
Park KC has been appointed to the board of directors of the Company. Mr. Park is a renowned energy lawyer with a particular focus on
upstream oil and gas transactions. He has worked on energy projects in more than fifty countries, including Turkey. He has advised international
energy companies, including oil and gas explorers, producers, marketers, pipeline companies, state oil companies, governments, banks
and multilateral agencies such as the World Bank. Mr. Park was formerly CEO (April 2018- September 2020) and then Chairman (September
2020-January 2022) of ReconAfrica (TSXV: RECO) exploring for oil & gas in Namibia and Botswana. During this period ReconAfrica was
twice named to the TSX Venture 50 and was the top performing 2021 TSX Venture 50 company from the energy sector. Mr. Park is currently
Executive Chairman of MCF Energy Ltd. (TSX.V: MCF) exploring for gas in Europe.
Sean
Stofer
Sean
Stofer has over 20 years of renewable energy experience. Mr. Stofer is a graduate of the University of British Columbia in Engineering
and is a registered Engineer in California. He is a founder of several successful renewable energy companies including for the arctic's
largest solar array; 250 MW of solar in the USA; 200+MW of wind projects and over 300MW of hydroelectric projects. He is COO of Green
Data Center Real Estate, which uses renewable energy to power data centers. Sean is leading a project of over 500 MW using wind, solar
and hydropower. Sean has worked closely with Government to guide policy and has consulted to a wide range of companies. Sean was awarded
the Top 40 Under 40 in Vancouver, Canada for his business achievements.
Dr.
Barry Wood – Director
From
2008 to the present Dr. Wood has been an Independent Exploration Advisor, having assisted companies such as Dana Gas, NPC, Sea Dragon,
Maurel et Prom and others, establishing new offices, reviewing and recommending new opportunities, preparing contracts and managing G&G
programs. From August, 2012 to 2015 Dr. Wood was an Advisor, Exploration, to NPC (Egypt). From 2008 to August 2012 Dr. Wood was an Advisor,
Exploration, to Sea Dragon Energy in Egypt. From 2006 to 2007 Dr. Wood was Country Manager for Maurel et Prom, based in Dar es Salaam,
Tanzania. From 2001to the present, Dr. Wood founded PetroQuest International Ltd. and advised to them in regards to new exploration fairways
in Tanzania, Syria and Egypt. From 1997 to 2001 Dr. Wood was employed at Oxford University Research in regards to Reservoir & Structural
Development through Lithospheric Folding. From 1993 to 1997 Dr. Wood was the Exploration Manager for Marathon International Oil Company,
based in Cairo, Egypt. From 1989 to 1993 Dr. Wood was the Exploration and General Manager for Marathon International Oil Company, based
in Damascus, Syria. From 1985 to 1989 Dr. Wood was the Area Manager, New Ventures, for Marathon International Oil Company, in the areas
of Europe, N. & E. Africa, Middle East, based in London and Houston. From 1981 to 1985 Dr. Wood was an Advanced Senior Geologist
with Marathon International Oil in Singapore. From 1980 to 1981 Dr. Wood was with Asamera Oil Ltd., Jakarta, Indonesia as a Senior Geologist
(N. Sumatra evaluation); from 1978 to 1980 Oasis Oil Company of Libya, Tripoli, Libya as a Senior Geologist (Sirte Basin Evaluation);
from 1976 to 1978 Pembina Pipeline, Calgary, Alberta as an Exploration Geologist, Western Canada Basin; and from 1972 to 1976 was with
Shell Canada, Calgary, Alberta as a New Ventures Exploration Geologist (Canadian Frontier).
B.
Compensation of executive officers and directors
The
following tables and accompanying notes set forth all compensation paid by our company to our directors and senior management for the
positions held during 20223 and 2022.
No
part of this compensation was paid pursuant to a profit sharing plan. There were no amounts set aside for a pension, retirement or similar
benefits plans for any director or officer.
22
Directors
and Senior Management Compensation Table
Name
Position
Year
Compensation (US$)
Option-based awards (US$)
Non-equity incentive plan compensation Annual incentive plans
Total compensation (US$)
Arthur Halleran
President and CEO
2023
264,000
998,401
-
1,262,401
President and CEO
2022
340,351
393,275
-
733,626
Ozge Karalli
CFO
2023
276,174
91,144
367,318
CFO
2022
79,573
135,486
-
215,059
David Thompson
Director
2023
52,800
35,573
-
88,373
Director
2022
209,198
54,397
-
263,595
Barry Wood
Director
2023
28,600
26,679
-
55,279
2022
18,000
60,426
-
78,426
Kubilay Yildirim
Director and COO
2023
414,209
100,248
-
514,457
Director and COO
2022
236,644
261,253
-
497,897
Sean Stofer
Director
2023
31,200
35,573
66,773
Director
2022
20,000
21,283
-
41,283
Jay Park
Director
2023
2,600
6,433
9,033
Long
Term Incentive Plan (LTIP) Awards
During
the fiscal year ended December 31, 2023, we granted 1,235,925 (2022 – 705,012) restricted stock units ("RSUs") to senior
management and directors as follows:
Name
Position
Year
RSUs Granted
Arthur Halleran
President and CEO
2023
972,525
2022
404,573
Ozge Karalli
CFO
2023
50,000
2022
-
David Thompson
Director
2023
48,000
2022
55,000
Barry Wood
Director
2023
18,000
2022
130,000
Kubilay Yildirim
Former Director
2023
69,400
2022
153,439
Sean Stofer
Director
2023
48,000
2022
12,000
Jay Park
Director
2023
30,000
2022
-
C.
Board Practices
Election
of Directors
The
directors of Trillion Energy International Inc. are elected annually and hold office until the earlier occurrence of the next annual
general meeting of our shareholders is held, their successors in office are duly elected or appointed or a director resigns. We have
not entered into service contracts with any directors of our company or any of our subsidiaries providing for benefits upon termination
of employment.
Board
of Directors Independence
Our
Board of Directors consists of five members; namely, Arthur Halleran, David Thompson, and Sean Stofer. Our Board of Directors has determined
that David Thompson, Jay Park, Sean Stofer are an independent director within the within the meaning of National Instrument 58-101 -
Disclosure of Corporate Governance Practices
(
"NI 58-101"
) and the Marketplace Rules of the NASDAQ and as is
required by the applicable policies of the TSX. Arthur Halleran is not independent within the meaning of NI 58-101 as they are managers
and or officers of our company and thereby have a "material relationship" with our company.
23
D.
Employees
As
of December 31, 2023, the Company had 12 employees.
E.
Share Ownership
The
following table sets forth, as of April 20, 2023, the number of common shares of our company beneficially owned by the directors and
members of senior management of Trillion International Energy Inc., individually, and as a group, and the percentage of ownership of
the outstanding common shares represented by such shares.
NAME OF
BENEFICIAL
OWNER
TITLE
TITLE OF
CLASS OF
SHARES
NUMBER OF
SECURITIES OF
CLASS
PERCENTAGE OF
CLASS
(1)
Arthur Halleran
President, CEO and Director
common
4,254,433
1.1
%
David Thompson
Former CFO and Director
common
1,025,000
0.3
%
Ozge Karalli
CFO
common
230,000
0.1
%
Barry Wood
Director
common
950,000
0.3
%
Kubilay Yildirim
COO and Director
common
12,000
0.0
%
Sean Stofer
Director
common
270,000
0.1
%
Directors and Officers as a Group
6,741,433
1.9
%
(1)
Based on 115,250,810 common shares outstanding as at December 31, 2023.
Stock
Options Outstanding
The
names and titles of the directors and executive officers of our company to whom outstanding stock options have been granted and the number
of common shares subject to such stock options is set forth in the following table as of December 31, 2023.
Name
Title
Number of Stock Options Granted to Purchase Common Shares
Exercise Price
Expiration
Date
Arthur Halleran
President, CEO and Director
240,000
CAD$
0.75
September 19, 2024
Ozge Karalli
Former CFO
40,000
CAD$
0.75
September 19,024
64,000
CAD$
0.40
July 31, 2024
200,000
CAD$
1.50
July 26, 2025
David Thompson
CFO and Director
160,000
CAD$
0.75
September 19, 2024
Barry Wood
Former Director
60,000
CAD$
0.75
September 19, 2024
64,000
CAD$
0.40
July 31, 2025
Kubilay Yildirim
Former Director
262,000
CAD$
1.50
July 26, 2025
As
a group, executive officers and directors hold 1,090,000 stock options as at December 31, 2023.
24
Item
7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
The
Company is a publicly traded corporation, the shares of which are owned by Canadian residents, U.S. residents and residents of other
countries. As of April 29, 2023, the following parties had ownership of 5% or greater of the Company's common shares, all of which
have the same voting rights attached thereto as all other common shares of the Company.
Name
Number of Common Shares Held
Percentage of Common Shares Held
N/A
As
of April 29, 2024, the Company had approximately 325 shareholders of record holding 123,230,675 shares.
Other
than as disclosed above, the Company is not aware of any other company, any foreign government or any other person, jointly or severally,
that directly or indirectly controls the Company. The Company is not aware of any arrangements, the operation of which may at a future
date result in a change of control of the Company.
B.
Related Party Transactions
On
February 10, 2023, the Company's board of directors approved a new compensation plan for the directors of the Company effective
January 1, 2023.
At
December 31, 2023, accounts payable and accrued liabilities included $115,526 (December 31, 2022 - $210,070) due to related parties.
The amounts are unsecured, non-interest bearing and due on demand.
During
the year ended December 31, 2023, management fees and salaries of $924,083 (2022 - $711,766), director fees of $145,500 (2022 - $92,000),
consulting fees of $52,313 (2022 - $nil), and stock-based compensation of $1,294,051 (2022 - $926,119) were incurred to related parties.
During
the year ended December 31, 2023, the Company issued 808,680 shares to directors for services performed and for RSU's which were
granted and vested in previous periods.
During
the year ended December 31, 2023, the Company issued 80,000 shares with a fair value of $115,304 to a director to settle debt of CAD$160,000
(US$ $118,261) and recognized a gain on the settlement of $2,957. During the year ended December 31, 2022, the Company issued 400,000
units with a fair value of $260,681 for the settlement of accounts payable owed to related parties in the amount of $260,681, resulting
in no gain or loss.
During
the year ended December 31, 2023, the Company repurchased 586,868 RSU's from directors and recognized a reduction to equity of
$799,212 on the transaction. $473,331 of the RSU's repurchased was applied against outstanding notes receivable.
As
at December 31, 2023, notes receivable included $Nil (December 31, 2022 - $450,325) due from related parties. The amounts previously
receivable were unsecured, bear interest at 5% per annum and mature one to two years from issuance.
As
at December 31, 2023, notes payable included CAD$402,115 (USD$420,281) (December 31, 2022 - $Nil) due to related parties. The note payable
is unsecured, bears interest at 6% per annum and matures on December 31, 2024.
C.
Interests of Experts and Counsel
Not
applicable.
Item
8.
FINANCIAL INFORMATION
A.
Financial Statements and Other Financial Information
Financial
Statements filed as part of this annual report under item 18.
B.
Significant Changes
Since
the date of the audited financial statements for the year ended December 31, 2023, there have been no significant changes in the Company's
operations.
25
Item
9.
THE OFFER AND LISTING
A.
Offer and Listing Details
The
Company is a publicly traded corporation, the shares of which are owned by Canadian residents, U.S. residents and residents of other
countries. As of April 29, 2024, the following parties had ownership of 5% or greater of the Company's common shares, all of which
have the same voting rights attached thereto as all other common shares of the Company.
Name
Number of Common Shares Held
Percentage of Common Shares Held
N/A
As
of April 29, 2024, the Company had approximately 325 shareholders of record holding 123,230,675 shares.
B.
Plan of Distribution
Not
applicable.
C.
Markets
The
common shares of the Company are quoted on the CSE under the trading symbol TCF and on the OTCQB operated by the OTC Markets Inc. under
the symbol "TRLEF".
The
Company's common stock is subject to the regulations on penny stocks; consequently, the market liquidity for the common stock may
be adversely affected by such regulations limiting the ability of broker/dealers to sell the Company's common stock and the ability
of shareholders to sell their securities in the secondary market in the United States.
Rules
15g-1 through 15g-9 promulgated under the Exchange Act impose sales practice and disclosure requirements on certain broker-dealers who
engage in certain transactions involving Penny Stock. Subject to certain exceptions, a Penny Stock generally includes any non-NASDAQ
equity security that has a market price of less than $5.00 per share. The additional sales practice and disclosure requirements imposed
upon broker-dealers may discourage broker-dealers from effecting transactions in our shares, which could severely limit the market liquidity
of our shares and impede the sale of our shares in the secondary market.
Under
the Penny Stock regulations, a broker-dealer selling Penny Stock to anyone other than an established customer or Accredited Investor
(generally, an individual with net worth in excess of $1,000,000 or an annual income exceeding $200,000, or $300,000 together with his
or her spouse) must make a special suitability determination for the purchaser and must receive the purchaser's written consent
to the transaction prior to sale, unless the broker-dealer or the transaction is otherwise exempt. In addition, the Penny Stock regulations
require the broker-dealer to deliver, prior to any transaction involving a Penny Stock, a disclosure schedule prepared by the Commission
relating to the Penny Stock market, unless the broker-dealer or the transaction is otherwise exempt. A broker-dealer is also required
to disclose commissions payable to the broker-dealer and the registered representative and current quotations for the securities. Finally,
a broker-dealer is required to send monthly statements disclosing recent price information with respect to the Penny Stock held in a
customer's account and information with respect to the limited market in Penny Stocks.
Odyssey
Trust is the registrar and transfer agent for the Company's common shares.
D.
Selling Shareholders
Not
applicable.
26
E.
Dilution
Not
applicable.
F.
Expenses of the Issue
Not
applicable.
Item
10.
ADDITIONAL INFORMATION
A.
Share Capital
The
Company has an authorized share capital of an unlimited number of common shares with no par value. The Company currently has 123,230,675
common shares issued and outstanding as fully paid and non-assessable.
B.
Memorandum and Articles of Association
Previously
filed with the Securities and Exchange Commission on the Company's Form S-4/A Registration Statement filed on October 27, 2021
C.
Material Contracts
Arthur
Halleran amended management agreement effective September 2020
David
Thompson amended management agreement effective September 2020
D.
Exchange Controls
There
are no foreign exchange controls in Canada and funds can be moved easily. There is no restriction in this regard.
E.
Taxation
Canadian
Federal Income Tax Consequences
The
following summarizes the principal Canadian federal income tax consequences applicable to the holding and disposition of common shares
in the capital of the Company by a United States resident, and who holds common shares solely as capital property, referred to as a "U.S.
Holder". This summary is based on the current provisions of the Income Tax Act (Canada), referred to as the "Tax Act",
the regulations thereunder, all amendments thereto publicly proposed by the government of Canada, the published administrative practices
of Revenue Canada, Customs, Excise and Taxation, and the current provisions of the Canada-United States Income Tax Convention, 1980,
as amended, referred to as the "Treaty". Except as otherwise expressly provided, this summary does not take into account
any provincial, territorial or foreign (including without limitation, any United States) tax law or treaty. It has been assumed that
all currently proposed amendments will be enacted substantially as proposed and that there is no other relevant change in any governing
law or practice, although no assurance can be given in theses respects.
Each
U.S. Holder is advised to obtain tax and legal advice applicable to such U.S. Holder's particular circumstances.
Every
U.S. Holder is liable to pay a Canadian withholding tax on every dividend that is or is deemed to be paid or credited to the U.S. Holder
on the U.S. Holder's common shares. The statutory rate of withholding tax is 25% of the gross amount of the dividend paid. The
Treaty reduces the statutory rate with respect to dividends paid to a U.S. Holder for the purposes of the Treaty. Where applicable, the
general rate of withholding tax under Treaty is 15% of the gross amount of the dividend. The Company is required to withhold the applicable
tax from the dividend payable to the U.S. Holder, and to remit the tax to the Receiver General of Canada for the account of the U.S.
Holder.
27
Pursuant
to the Tax Act, a U.S. Holder will not be subject to Canadian capital gains tax on any capital gain realized on an actual or deemed disposition
of a common share, including a deemed disposition on death, provided that the U.S. Holder did not hold the common share as capital property
used in carrying on a business in Canada, and that neither the U.S. Holder nor persons with whom the U.S. Holder did not deal at arms-length
(alone or together) owned or had the right or an option to acquire 25% or more of the issued shares of any class of the Company at any
time in the five years immediately preceding the disposition.
United
States Federal Income Tax Consequences
The
following is a general summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below)
arising from the ownership and disposition of the common shares. This summary applies only to U.S. Holders who hold common shares as
capital assets (generally, property held for investment).
This
summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal
income tax considerations that may apply to a U.S. Holder as a result of the ownership and disposition of common shares. In addition,
this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S.
federal income tax consequences to such U.S. Holder, including specific tax consequences to a U.S. Holder under an applicable tax treaty.
Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect
to any particular U.S. Holder. In addition, this summary does not address the U.S. federal alternative minimum, U.S. federal estate and
gift, U.S. Medicare contribution, U.S. state and local, or non-U.S. tax consequences of the acquisition, ownership or disposition of
common shares. Except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each U.S.
Holder should consult its own tax advisor regarding all U.S. federal, U.S. state and local and non-U.S. tax consequences of the ownership
and disposition of common shares.
No
opinion from U.S. legal counsel or ruling from the Internal Revenue Service (the "IRS") has been requested, or will be obtained,
regarding the U.S. federal income tax consequences of the ownership or disposition of common shares. This summary is not binding on the
IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, any position taken in this summary.
In addition, because the authorities upon which this summary is based are subject to various interpretations, the IRS and the U.S. courts
could disagree with one or more of the positions taken in this summary.
Scope
of This Disclosure
Authorities
This summary is based on the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations (whether final,
temporary, or proposed), published rulings of the IRS, published administrative positions of the IRS, the Convention Between Canada and
the United States of America with Respect to Taxes on Income and on Capital, signed September 26, 1980, as amended (the "Canada-U.S.
Tax Convention"), and U.S. court decisions that are applicable and, in each case, as in effect and available, as of the date hereof.
Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change
could be applied on a retroactive or prospective basis which could affect the U.S. federal income tax considerations described in this
summary. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted,
could be applied on a retroactive or prospective basis.
U.S.
Holders. For purposes of this summary, the term "U.S. Holder" means a beneficial owner of common shares that is for U.S.
federal income tax purposes:
An
individual who is a citizen or resident of the U.S.;
A
corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws
of the U.S., any state thereof or the District of Columbia;
An
estate the income of which is subject to U.S. federal income taxation regardless of its source; or
A
trust that (a) is subject to the primary supervision of a court within the U.S. and the control of one or more U.S. persons for all substantial
decisions or (b) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.
28
For
purposes of this summary, a "non-U.S. Holder" is a beneficial owner of common shares that is not a partnership (or other
"passthrough" entity) for U.S. federal income tax purposes and is not a U.S. Holder. This summary does not address the U.S.
federal income tax considerations applicable to non-U.S. Holders arising from the ownership or disposition of common shares.
Accordingly,
a non-U.S. Holder should consult its own tax advisor regarding all U.S. federal, U.S. state and local, and non-U.S. tax consequences
(including the potential application of and operation of any income tax treaties) relating to the purchase of the common shares and the
ownership or disposition of common shares.
U.S.
Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed
This
summary does not address the U.S. federal income tax considerations of ownership or disposition of common shares by U.S. Holders that
are subject to special provisions under the Code, including, but not limited to, the following: (a) tax-exempt organizations, qualified
retirement plans, individual retirement accounts, or other tax-deferred accounts; (b) financial institutions, underwriters, insurance
companies, real estate investment trusts, or regulated investment companies; (c) broker-dealers, dealers, or traders in securities
or currencies that elect to apply a "mark-to-market" accounting method; (d) U.S. Holders that have a "functional
currency" other than the U.S. dollar; (e) U.S. Holders that own common shares as part of a straddle, hedging transaction,
conversion transaction, constructive sale, or other arrangement involving more than one position; (f) U.S. Holders that acquire
common shares in connection with the exercise of employee stock options or otherwise as compensation for services; (g) U.S. Holders
that hold common shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment
purposes); (h) U.S. Holders that own directly, indirectly, or by attribution, 10% or more, by voting power or value, of the outstanding
stock of the Company; and (i) U.S. Holders subject to Section 451(b) of the Code. This summary also does not address the U.S. federal
income tax considerations applicable to U.S. Holders who are: (a) U.S. expatriates or former long-term residents of the U.S.; (b)
persons that have been, are, or will be a resident or deemed to be a resident in Canada for purposes of the Tax Act; (c) persons
that use or hold, will use or hold, or that are or will be deemed to use or hold common shares in connection with carrying on a business
in Canada; (d) persons whose common shares constitute "taxable Canadian property" under the Tax Act; or (e) persons
that have a permanent establishment in Canada for purposes of the Canada-U.S. Tax Convention. U.S. Holders that are subject to special
provisions under the Code, including U.S. Holders described immediately above, should consult their own tax advisors regarding all U.S.
federal, U.S. state and local, and non-U.S. tax consequences (including the potential application and operation of any income tax treaties)
relating to the acquisition, ownership, or disposition of common shares.
If
an entity or arrangement that is classified as a partnership (or other "passthrough" entity) for U.S. federal income tax
purposes holds common shares, the U.S. federal income tax consequences to such partnership and the partners (or other owners) of such
partnership of the ownership, or disposition of the common shares generally will depend on the activities of the partnership and the
status of such partners (or other owners). This summary does not address the U.S. federal income tax consequences for any such partner
or partnership (or other "passthrough" entity or its owners). Owners of entities and arrangements that are classified as
partnerships (or other "passthrough" entities) for U.S. federal income tax purposes should consult their own tax advisors
regarding the U.S. federal income tax consequences of the ownership or disposition of common shares.
Sale
or Other Taxable Disposition of Common Shares
Subject
to the PFIC rules discussed below, upon the sale or other taxable disposition of common shares, a U.S. Holder generally will recognize
a capital gain or loss in an amount equal to the difference between the amount of cash plus the fair market value of any property received
and such U.S. Holder's tax basis in the common shares sold or otherwise disposed of. Such capital gain or loss will generally be
a long-term capital gain or loss if, at the time of the sale or other taxable disposition, the U.S. Holder's holding period for
the common shares is more than one year. Preferential tax rates apply to long-term capital gains of noncorporate U.S. Holders. Deductions
for capital losses are subject to significant limitations under the Code. A U.S. Holder's tax basis in common shares generally
will be such U.S. Holder's U.S. dollar cost for such common shares.
29
Medicare
Tax
Certain
U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax
on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition
of our ordinary shares.
Passive
Foreign Investment Company ("PFIC") Status of the Company
Because
the Company is producing revenue from its operations, the Company does not believe that it was classified as a PFIC for its taxable year
ended December 31, 2023. However, the Company has not performed an analysis of whether or not it will be deemed a PFIC for its current
taxable year. The determination of PFIC status is inherently factual, is subject to a number of uncertainties, and can be determined
only annually at the close of the tax year in question. Additionally, the analysis depends, in part, on the application of complex U.S.
federal income tax rules, which are subject to differing interpretations. If the Company is or becomes a PFIC, the foregoing description
of the U.S. federal income tax consequences to U.S. Holders of the acquisition, ownership and disposition of Common Shares will be different.
There can be no assurance that the Company will or will not be determined to be a PFIC for the current tax year or any prior or future
tax year, and no opinion of legal counsel or ruling from the IRS concerning the status of the Company as a PFIC has been obtained or
will be requested. U.S. Holders should consult their own U.S. tax advisors regarding the PFIC status of the Company. The U.S. federal
income tax consequences of owning and disposing of common shares if the Company is or becomes a PFIC are described below under the heading
"Tax Consequences if the Company is a PFIC."
A
non-U.S. corporation is a PFIC for each tax year in which (i) 75% or more of its gross income is passive income (as defined for U.S.
federal income tax purposes) (the "income test") or (ii) 50% or more (by value) of its assets (based on an average of the
quarterly values of the assets during such tax year) either produce or are held for the production of passive income (the "asset
test"). For purposes of the PFIC provisions, "gross income" generally includes sales revenues less cost of goods sold,
plus income from investments and from incidental or other operations or sources, and "passive income" generally includes
dividends, interest, certain rents and royalties, certain gains from commodities or securities transactions and the excess of gains over
losses from the disposition of certain assets which product passive income. If a non-U.S. corporation owns at least 25% (by value) of
the stock of another corporation, the non-U.S. corporation is treated, for purposes of the income test and asset test, as owning its
proportionate share of the assets of the other corporation and as receiving directly its proportionate share of the other corporation's
income.
Under
certain attribution and indirect ownership rules, if the Company is a PFIC, U.S. Holders will generally be deemed to own their proportionate
share of the Company's direct or indirect equity interest in any company that is also a PFIC (a "Subsidiary PFIC"),
and will be subject to U.S. federal income tax on their proportionate share of (a) any "excess distributions," as described
below, on the stock of a Subsidiary PFIC and (b) a disposition or deemed disposition of the stock of a Subsidiary PFIC by the Company
or another Subsidiary PFIC, both as if such U.S. Holders directly held the shares of such Subsidiary PFIC. In addition, U.S. Holders
may be subject to U.S. federal income tax on any indirect gain realized on the stock of a Subsidiary PFIC on the sale or disposition
of common shares. Accordingly, U.S. Holders should be aware that they could be subject to tax even if no distributions are received and
no redemptions or other dispositions of the Company's common shares are made.
Tax
Consequences if the Company is a PFIC
If
the Company is a PFIC for any tax year during which a U.S. Holder holds common shares, special rules may increase such U.S. Holder's
U.S. federal income tax liability with respect to the ownership and disposition of such common shares. If the Company is a PFIC for any
tax year during which a U.S. Holder owns common shares, the Company will be treated as a PFIC with respect to such U.S. Holder for that
tax year and for all subsequent tax years, regardless of whether the Company meets the income test or the asset test for such subsequent
tax years, unless the U.S. Holder makes a "deemed sale" election with respect to the common shares. If the election is made,
the U.S. Holder will be deemed to sell the common shares it holds at their fair market value on the last day of the last taxable year
in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution regime.
After the deemed sale election, the U.S. Holder's common shares would not be treated as shares of a PFIC unless the Company subsequently
becomes a PFIC. U.S. Holders should consult their own U.S. tax advisors regarding the availability and desirability of a deemed sale
election.
30
Under
the default PFIC rules:
Any
gain realized on the sale or other disposition (including dispositions and certain other events that would not otherwise be treated as
taxable events) of common shares (including an indirect disposition of the stock of any Subsidiary PFIC) and any "excess distribution"
(defined as a distribution to the extent it (together with all other distributions received in the relevant tax year) exceeds 125% of
the average annual distribution received during the shorter of the preceding three years or the U.S. Holder's holding period for
the common shares) received on common shares or with respect to the stock of a Subsidiary PFIC will be allocated ratably to each day
of such U.S. Holder's holding period for the common shares;
The
amount allocated to the current tax year and any year prior to the first year in which the Company was a PFIC will be taxed as ordinary
income in the current year;
The
amount allocated to each of the other tax years (the "Prior PFIC Years") will be subject to tax at the highest ordinary income
tax rate in effect for the applicable class of taxpayer for that year; and
An
interest charge will be imposed with respect to the resulting tax attributable to each Prior PFIC Year.
A
U.S. Holder that makes a timely and effective "mark-to-market" election under Section 1296 of the Code (a "Mark-to-Market
Election") or a timely and effective election to treat the Company and each Subsidiary PFIC as a "qualified electing fund"
(a "QEF") under Section 1295 of the Code (a "QEF Election") may generally mitigate or avoid the default PFIC
rules described above with respect to common shares U.S. Holders should be aware that there can be no assurance that the Company has
satisfied or will satisfy the recordkeeping requirements that apply to a QEF or that the Company has supplied or will supply U.S. Holders
with information such U.S. Holders require to report under the QEF rules in the event that the Company is a PFIC for any tax year.
A
timely and effective QEF Election requires a U.S. Holder to include currently in gross income each year its pro rata share of the Company's
ordinary earnings and net capital gains, regardless of whether such earnings and gains are actually distributed. Thus, a U.S. Holder
could have a tax liability with respect to such ordinary earnings or gains without a corresponding receipt of cash from the Company.
If the Company is a QEF with respect to a U.S. Holder, the U.S. Holder's basis in the common shares will be increased to reflect
the amount of the taxed but undistributed income. Distributions of income that had previously been taxed will result in a corresponding
reduction of basis in the common shares and will not be taxed again as a distribution to a U.S. Holder. Taxable gains on the disposition
of common shares by a U.S. Holder that has made a timely and effective QEF Election are generally capital gains. A U.S. Holder must make
a QEF Election for the Company and each Subsidiary PFIC if it wishes to have this treatment. To make a QEF Election, a U.S. Holder will
need to have an annual information statement from the Company setting forth the ordinary earnings and net capital gains for the year
and the Company may not provide this statement, in which case a QEF Election cannot be made. In general, a U.S. Holder must make a QEF
Election on or before the due date for filing its income tax return for the first year to which the QEF Election will apply. Under applicable
Treasury Regulations, a U.S. Holder will be permitted to make retroactive elections in particular, but limited, circumstances, including
if it had a reasonable belief that the Company was not a PFIC and did not file a protective election. If a U.S. Holder owns PFIC stock
indirectly through another PFIC, separate QEF Elections must be made for the PFIC in which the U.S. Holder is a direct shareholder and
the Subsidiary PFIC for the QEF rules to apply to both PFICs.
Each
U.S. Holder should consult its own tax advisor regarding the availability and desirability of, and procedure for, making a timely and
effective QEF Election (including a "pedigreed" QEF election where necessary) for the Company and any Subsidiary PFIC.
Alternatively,
a Mark-to-Market Election may be made with respect to "marketable stock" in a PFIC if which is stock that is "regularly
traded" on a "qualified exchange or other market" (within the meaning of the Code and the applicable U.S. Treasury
Regulations). A class of stock that is traded on one or more qualified exchanges or other markets is considered to be "regularly
traded" for any calendar year during which such class of stock is traded in other than de minimis quantities on at least 15 days
during each calendar quarter. If the common shares are considered to be "regularly traded" within this meaning, then a U.S.
Holder generally will be eligible to make a Mark-to-Market Election with respect to its common shares. However, there is no assurance
that the common shares will be or remain "regularly traded" for this purpose. A Mark-to-Market Election may not be made with
respect to the stock of any Subsidiary PFIC. Hence, a Mark-to-Market Election will not be effective to eliminate the application of the
default PFIC rules, described above, with respect to deemed dispositions of Subsidiary PFIC stock, or excess distributions with respect
to a Subsidiary PFIC.
31
A
U.S. Holder that makes a timely and effective Mark-to-Market Election with respect to common shares generally will be required to recognize
as ordinary income in each tax year in which the Company is a PFIC an amount equal to the excess, if any, of the fair market value of
such shares as of the close of such taxable year over the U.S. Holder's adjusted tax basis in such shares as of the close of such
taxable year. A U.S. Holder's adjusted tax basis in the common shares generally will be increased by the amount of ordinary income
recognized with respect to such shares. If the U.S. Holder's adjusted tax basis in the common shares as of the close of a tax year
exceeds the fair market value of such shares as of the close of such taxable year, the U.S. Holder generally will recognize an ordinary
loss, but only to the extent of net mark-to-market income recognized with respect to such shares for all prior taxable years. A U.S.
Holder's adjusted tax basis in its common shares generally will be decreased by the amount of ordinary loss recognized with respect
to such shares. Any gain recognized upon a disposition of the common shares generally will be treated as ordinary income, and any loss
recognized upon a disposition generally will be treated as an ordinary loss to the extent of net mark-to-market income recognized for
all prior taxable years. Any loss recognized in excess thereof will be taxed as a capital loss. Capital losses are subject to significant
limitations under the Code.
Each
U.S. Holder should consult its own tax advisor regarding the availability and desirability of, and procedure for, making a timely and
effective Mark-to-Market Election with respect to the common shares.
Foreign
Tax Credit
A
U.S. Holder that pays (whether directly or through withholding) Canadian income tax in connection with the ownership or disposition of
common shares may (under certain circumstances) be entitled to receive either a deduction or a credit for such Canadian income tax paid
generally at the election of such U.S. Holder. Generally, a credit will reduce a U.S. Holder's U.S. federal income tax liability
on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder's income subject to U.S. federal income tax. This election
is made on a year-by-year basis and applies to all creditable foreign taxes paid (whether directly or through withholding) by a U.S.
Holder during a year.
Complex
limitations apply to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of
a U.S. Holder's U.S. federal income tax liability that such U.S. Holder's "foreign source" taxable income bears
to such U.S. Holder's worldwide taxable income. In applying this limitation, a U.S. Holder's various items of income and
deduction must be classified, under complex rules, as either "foreign source" or "U.S. source." Generally, dividends
paid by a non-U.S. corporation should be treated as foreign source for this purpose, and gains recognized on the sale of securities of
a non-U.S. corporation by a U.S. Holder should be treated as U.S. source for this purpose, except as otherwise provided in an applicable
income tax treaty and if an election is properly made under the Code. However, the amount of a distribution with respect to the common
shares that is treated as a "dividend" may be lower for U.S. federal income tax purposes than it is for Canadian federal
income tax purposes, resulting in a reduced foreign tax credit allowance to a U.S. Holder. In addition, this limitation is calculated
separately with respect to specific categories of income. The foreign tax credit rules are complex, and each U.S. Holder should consult
its own U.S. tax advisor regarding the foreign tax credit rules.
Special
rules apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution, including a constructive distribution,
from a PFIC. Subject to such special rules, non-U.S. taxes paid with respect to any distribution in respect of stock in a PFIC are generally
eligible for the foreign tax credit. The rules relating to distributions by a PFIC and their eligibility for the foreign tax credit are
complicated, and a U.S. Holder should consult its own tax advisor regarding their application to the U.S. Holder.
Receipt
of Foreign Currency
The
amount of any distribution or proceeds paid in Canadian dollars to a U.S. Holder in connection with the ownership of common shares, or
on the sale or other taxable disposition of common shares will be included in the gross income of a U.S. Holder as translated into U.S.
dollars calculated by reference to the exchange rate prevailing on the date of actual or constructive receipt of the payment, regardless
of whether the Canadian dollars are converted into U.S. dollars at that time. If the Canadian dollars received are not converted into
U.S. dollars on the date of receipt, a U.S. Holder will have a basis in the Canadian dollars equal to their U.S. dollar value on the
date of receipt. Any U.S. Holder who receives payment in Canadian dollars and engages in a subsequent conversion or other disposition
of the Canadian dollars may have a foreign currency exchange gain or loss that would generally be treated as ordinary income or loss,
and generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual
method with respect to foreign currency.
32
Each
U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing
of Canadian dollars.
Information
Reporting; Backup Withholding
Under
U.S. federal income tax law, certain categories of U.S. Holders must file information returns with respect to their investment in, or
involvement in, a non-U.S. corporation. For example, U.S. return disclosure obligations (and related penalties) are imposed on individuals
who are U.S. Holders that hold certain specified foreign financial assets in excess of certain threshold amounts. The definition of "specified
foreign financial assets" includes not only financial accounts maintained in non-U.S. financial institutions, but also, if held
for investment and not in an account maintained by certain financial institutions, any stock or security issued by a non-U.S. person,
any financial instrument or contract that has an issuer or counterparty other than a U.S. person and any interest in a non-U.S. entity.
A U.S. Holder may be subject to these reporting requirements unless such U.S. Holder's common shares are held in an account at
certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should
consult with their own tax advisors regarding the requirements of filing information returns on IRS Form 8938, and, if applicable, filing
obligations relating to the PFIC rules, including possible reporting on an IRS Form 8621.
Payments
made within the U.S. or by a U.S. payor or U.S. middleman of (a) distributions on the common shares, and (b) proceeds arising from the
sale or other taxable disposition of common shares generally will be subject to information reporting. In addition, backup withholding,
currently at a rate of 24%, may apply to such payments if a U.S. Holder (a) fails to furnish such U.S. Holder's correct U.S. taxpayer
identification number (generally on IRS Form W9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by
the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding, or (d) fails to certify,
under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number and that the IRS has not
notified such U.S. Holder that it is subject to backup withholding. Certain exempt persons generally are excluded from these information
reporting and backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding
rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability, if any, or will be refunded, if such
U.S. Holder furnishes required information to the IRS in a timely manner. The information reporting and backup withholding rules may
apply even if, under the Canada-U.S. Tax Convention, payments are eligible for a reduced withholding rate.
The
discussion of reporting requirements set forth above is not intended to constitute an exhaustive description of all reporting requirements
that may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during
which the IRS can assess a tax, and, under certain circumstances, such an extension may apply to assessments of amounts unrelated to
any unsatisfied reporting requirement. Each U.S. Holder should consult its own tax advisor regarding the information reporting and backup
withholding rules.
The
above summary is not intended to constitute a complete analysis of all U.S. tax considerations applicable to U.S. holders with respect
to the ownership, exercise or disposition of common shares. U.S. Holders should consult their own tax advisors as to the tax considerations
applicable to them in their particular circumstances.
F.
Dividends and Paying Agents
Not
applicable.
G.
Statement by Experts
Not
applicable.
33
H.
Documents on Display
The
documents concerning the Company which are referred to in this Form 20-F Annual Report are either annexed hereto as exhibits
(see
Item 19)
or may be inspected at the principal offices of the Company.
I.
Subsidiary Information
The
Company has the following subsidiaries:
Park
    Place Energy Corp. ("PPE Corp.");
Park
    Place Energy Bermuda ("PPE Bermuda");
BG
    Exploration EOOD ("BG Exploration"); and
Park
    Place Energy Turkey ("PPE Turkey")
Park
    Place Energy Gabar Limited ("PPG")
Item
11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our
Company does not engage in market activities or invest in financial instruments which give rise to market risk for the Company's
financial resources. Our current assets are maintained in cash in U.S. dollars. Unallocated excess working capital has from time to time
been invested in short term guaranteed investment certificates.
Item
12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt Securities
Not
applicable.
B.
Warrants and Rights
Not
applicable.
C.
Other Securities
Not
applicable.
D.
American Depository Shares
Not
applicable.
PART
II
Item
13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not
applicable.
Item
14.
Material Modifications to the Rights of Security Holders and Use of pROCEEDS
Not
applicable.
34
Item
15.
CONTROLS AND PROCEDURES
(a)
Disclosure Controls and Procedures
As
required by Rule 13a-15 under the Exchange Act, as of the end of the period covered by this report, being December 31, 2023, we have
carried out an evaluation of the effectiveness of the design and operation of our Company's disclosure controls and procedures.
This evaluation was carried out under the supervision and with the participation of our management, including our president and chief
executive officer and chief financial officer. Based upon that evaluation, our president and chief executive officer and chief financial
officer concluded that our disclosure controls and procedures were effective as of December 31, 2023
(b)
Management's Annual Report on Internal Control Over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, and for evaluating the
effectiveness of internal control over financial reporting as of December 31, 2023. Internal control over financial reporting is a process
designed by, or under the supervision of, our principal executive officer and principal financial officer, and effected by our board
of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with International Financial Reporting Standards ("IFRS").
Our system of 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 our transactions and dispositions of assets; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS; 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 financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Our
management which includes our president and chief executive officer and chief financial officer, evaluated the effectiveness of our internal
control over financial reporting as of December 31, 2023 based upon criteria in
Internal Control – Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013). Based on such evaluation, management determined
that our internal control over financial reporting was not effective as of December 31, 2023 because the following material weaknesses
in internal control over financial reporting existed as of December 31, 2023: the lack of independent review. In order to address this
deficiency, management is in the process of implementing additional levels of review as part of its financial close process.
35
(c)
Attestation report of the registered public account firm
This
Form 20-F Annual Report does not include an attestation report of the Company's registered public accounting firm regarding internal
control over financial reporting. Management's report was not subject to attestation by the Company's registered public accounting
firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management's report in
this Form 20-F Annual Report.
(d)
Changes in internal control over financing reporting
There
were no changes in our internal controls over financial reporting that occurred during the period covered by this annual report that
have materially affected or are reasonably likely to materially affect, the Company's internal control over financial reporting.
Item
16A.
AUDIT COMMITTEE FINANCIAL EXPERT
The
Company does not have an audit committee financial expert serving on its audit committee. Each of the Company's directors serving
on the audit committee is financially literate and is able to professionally discharge the duties incumbent upon audit committee members.
However, none of the audit committee members are "financial experts". At such time as the Company may secure a project and
is able to raise the significant funds necessary to exploit the opportunity, the Company will make a concerted effort to identify and
appoint a financial expert to its audit committee.
Item
16B.
CODE OF ETHICS
On
October 21, 2021, the Board of Directors of the Company (the "Board") adopted a Code of Business Conduct and Ethics (the
"Code"), which applies to the Company's directors, officers and employees. The Code was adopted to further strengthen
the Company's internal compliance program. The Code addresses among other things, honesty and integrity, fair dealing, conflicts
of interest, compliance with laws, regulations and policies, including disclosure requirements under the federal securities laws, and
administration of the code.
Item
16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
Audit
Fees
For
the year ended December 31, 2023, the aggregate fees to MNP LLP for professional services rendered for the audits of our annual financial
statements included in our Form 20-F Annual Report were $273,076. For the year ended December 31, 2022, the aggregate fees to MNP LLP
for professional services rendered for the audits of our annual financial statements included in our Form 20-F Annual Report were $164,218.
Audit
Related and Other Fees
For
the year ended December 31, 2023, the aggregate fees to MNP LLP for professional services rendered for the review of our interim financial
statements were $54,823.
The
Company did not pay any audit related fees or fees for other non-audit services to MNP LLP during the year ended December 31, 2022.
The
board of directors pre-approves all services provided by our independent auditors. All the audit related and other non-audit services
and fees were reviewed and approved by the board of directors either before or after the respective services were rendered.
Item
16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
36
Item
16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not
applicable.
Item
16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not
Applicable.
Item
16G.
CORPORATE GOVERNANCE
General
Corporate
governance refers to the policies and structure of the board of directors of a company whose members are elected by and are accountable
to the shareholders of the Company. Corporate governance encourages establishing a reasonable degree of independence of the board of
directors from executive management and the adoption of policies to ensure the board of directors recognizes the principles of good management.
The Board of the Company is committed to sound corporate governance practices, as such practices are both in the interests of shareholders
and help to contribute to effective and efficient decision-making.
Board
of Directors
Directors
are considered to be independent if they have no direct or indirect material relationship with the Company. A "material relationship"
is a relationship which could, in the view of the Company's Board, be reasonably expected to interfere with the exercise of a director's
independent judgment.
The
non-independent member of the Board of the Company is:
Arthur
    Halleran
The
independent member of the Board of the Company for the 2023 year is:
Jay
    Park
Sean
    Stofer
David
    Thompson
Barry
    Wood
Management
has been delegated the responsibility for meeting defined corporate objectives, implementing approved strategic and operating plans,
carrying on the Company's business in the ordinary course, managing cash flow, identifying new exploration prospects, evaluating
new business opportunities, recruiting staff and complying with applicable regulatory requirements. The board facilitates its independent
supervision over management by reviewing and approving long-term strategic, business and capital plans, material contracts and business
transactions, and all debt and equity financing transactions. Through its audit committee, the Board examines the effectiveness of the
Company's internal control processes and management information systems.
Directorships
The
directors of the Company do not hold directorships in other reporting issuers.
Orientation
and Continuing Education
When
new directors are appointed, they receive an orientation, commensurate with their previous experience, on the Company's properties,
business, technology and industry and on the responsibilities of directors.
Board
meetings may also include presentations by the Company's management and employees to give the directors additional insight into
the Company's business.
37
Ethical
Business Conduct
The
Board is of the view that the fiduciary duties placed on individual directors by the Company's governing corporate legislation
and the common law are sufficient to ensure that the Board operates independently of management and in the best interests of the Company.
Nomination
of Directors
The
Board reviews its size each year. It considers the number of directors to recommend to the shareholders for election at the annual meeting
of shareholders, taking into account the number required to carry out the Board's duties effectively and to maintain a diversity
of views and experience.
Compensation
The
Compensation committee consists of the board of directors.
Other
Board Committees
The
Company has a reserves committee which consists of each Barry Wood, Art Halleran and David Thompson.
Assessments
The
Board monitors the adequacy of information given to directors, communication between the Board and management and the strategic direction
and processes of the Board and committees. The Board has frequent communications with management and other board members, and is regularly
consulted on important Company decisions. In this context, the Board periodically reviews the performance of the Board as a whole, any
standing committees it has appointed, and individual directors, to ensure each is performing effectively.
Item
16H.
mine safety disclosure
Not
applicable.
PART
III
Item
17.
FINANCIAL STATEMENTS
The
Company has elected to report under Item 18.
Item
18.
FINANCIAL STATEMENTS
The
Company's financial statements have been prepared in accordance with IFRS. Copies of the financial statements specified in Regulation
228.210 (Item 310) are filed with this Form 20-F Annual Report and are located following the signature page hereof.
Index
to Financial Statements
Consolidated
Financial Statements of Trillion Energy International Inc. for the years ended December 31, 2023 and 2023
Report of MNP LLP dated April 29, 2023
Consolidated Statements of Financial Position as of December 31, 2023 and 2022
Consolidated Statements of Loss and Comprehensive Loss for the years ended December 31, 2023 and 2022
Consolidated Statements of Stockholders' Equity (Deficiency) for the year ended December 31, 2023 and 2022
Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022
Notes to Consolidated Financial Statements
38
Item
19.
EXHIBITS
Copies
of the following documents are filed with this Form 20-F Annual Report as exhibits:
Index
of Exhibits
11.1
Code of ethics and business conduct
12.1
Section 302 Certification of CEO
12.2
Section 302 Certification of CFO
13.1
Section 906 Certification of CEO
13.2
Section 906 Certification of CFO
101.INS
Inline
    XBRL Instance Document
101.SCH
Inline
    XBRL Taxonomy Extension Schema Document
101.CAL
Inline
    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline
    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline
    XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline
    XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover
    Page Interactive Data File (embedded within the Inline XBRL document)
39
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRILLION
    ENERGY INTERATIONAL INC.
Dated:
April
    29, 2024
Per:
/s/
    Arthur Halleran
Arthur
    Halleran,
President
    and Chief Executive Officer
Per:
/s/
    David Thompson
David
    Thompson,
Chief
    Financial Officer
40
Trillion
Energy International Inc.
CONSOLIDATED
FINANCIAL STATEMENTS
FOR
THE YEAR ENDED DECEMBER 2023 AND 2022
(Stated
in United States dollars)
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and
Stockholders
of Trillion Energy International Inc.
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying consolidated statements of financial position of Trillion Energy International Inc. (the "Company")
as of December 31, 2023 and 2022, and the related consolidated statements of income (loss) and comprehensive income (loss), stockholders'
equity, and cash flows for the years then ended, and the related notes (collectively referred to as the "consolidated financial
statements").
In
our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the
Company as of December 31, 2023 and 2022, and the results of its consolidated operations and its consolidated cash flows for each of
the years in the two-year period ended December 31, 2023, in conformity with International Financial Reporting Standards as issued by
the International Accounting Standards Board ("IFRS").
The
consolidated financial statements for the year ended December 31, 2021 were previously prepared in accordance with accounting principles
generally accepted in the United States of America ("US GAAP"). These consolidated statements prepared under US GAAP were
audited by another auditor whose report dated April 29, 2022 expressed an unmodified opinion on those consolidated financial statements,
prior to any adjustments applied to restate certain comparative information to comply with IFRS.
We
have audited the adjustments that were applied to restate certain comparative information to comply with IFRS in the year ended December
31, 2021. In our opinion, such adjustments are appropriate and have been properly applied.
We
were not engaged to audit, review, or apply any procedures to the consolidated financial statements of the Company for the year ended
December 31, 2021, other than with respect to the adjustments. Accordingly, we do not express an opinion or any other form of assurance
on the 2021 consolidated financial statements taken as a whole.
Material
Uncertainty Related to Going Concern
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 1 to the consolidated financial statements, the Company has a negative working capital position, has accumulated deficits, and
negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern. Management's
plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
MNP LLP
Suite 2000, 112 - 4th Avenue SW,
    Calgary AB, T2P 0H3
1.877.500.0792
    T: 403.263.3385 F: 403.269.8450
F-
2
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matters communicated below are matters arising from the current period audit of the consolidated 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 consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The
communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole,
and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the
accounts or disclosures to which they relate.
Assessment
of impairment indicators and the impact of estimated oil and gas reserves on oil and gas assets Critical Audit Matter Description
Refer
to Note 2 (h) Material Accounting Policies and Note 6 Oil and Gas Properties.
The
total book value of oil and gas properties amounted to $52.5 million as at December 31, 2023. The Company uses estimated total proved
oil and gas reserves to deplete its oil and gas assets, to assess for indicators of impairment or impairment reversal on each of the
Company's cash generating units ("CGU") and if any such indicators exist, to perform an impairment test to estimate
the recoverable amount of a CGU.
Information
considered by management in assessing indicators of impairment may include: (i) Plans to discontinue or dispose of the asset before the
previously expected date; (ii) Significant reductions in estimates or reserves; (iii) Significant cost overrun on a capital project;
(iv) Significant increases in the expected cost of dismantling assets and restoring the site; and (v) Production difficulties.
The
Company depletes its net carrying value of oil and gas properties using the unit-of-production method by reference to the ratio of production
in the period to the related total proved oil and gas reserves, taking into account estimated forecasted future development costs necessary
to bring those reserves into production.
The
estimated proved oil and gas reserves includes significant assumptions related to:
●
Forecasted
                                            oil and gas commodity prices;
●
Forecasted
                                            production volumes;
●
Forecasted
                                            operating costs;
●
Forecasted
                                            royalty costs; and,
●
Forecasted
                                            future development costs.
The
Company engages independent third-party reserve evaluators to estimate proved oil and gas reserves.
We
considered this a critcal audit matter due to the significance of the oil and gas properties, the significant judgment required to evaluate
the results of our audit procedures regarding the estimate of oil and gas reserves and the judgments made by management in its assessment
of indicators of impairment related to oil and gas properties, which have resulted in a high degree of subjectivity in performing audit
procedures related to these judgments applied by management.
F-
3
Audit
Response
We
responded to this matter by performing procedures in relation to the estimate of oil and gas reserves as at December 31, 2023 and the
assessment of impairment indicators of oil and gas properties. Our audit work in relation to this included, but was not restricted to,
the following:
●
We
                                            assessed the period for which the Company has the right to explore and produce by comparing
                                            the remaining production life of the properties to the Company's license and evaluated
                                            whether the oil and gas titles are in good standing by agreeing the rights to produce and
                                            explore to government agency websites, and other regulatory bodies, as applicable.
●
Read
                                            the Board of Directors' minutes and obtained budget approvals to evidence continued
                                            and planned exploration expenditure for 2024, which included evaluating results of current
                                            year work programs and management's longer-term plans.
●
Evaluated
                                            the reasonableness of management's assessment of impairment indicators which included
                                            the assessment of external and internal factors that could be considered indicators of impairment
                                            on the Company's oil and gas properties by considering evidence obtained in other areas
                                            of the audit.
●
With
                                            respect to the estimate of proved oil and gas reserves as at December 31, 2023:
●
We
                                            evaluated the competence, capabilities and objectivity of the independent third-party reserve
                                            evaluators engaged by the Company.
●
We
                                            compared forecasted oil and gas commodity prices to those published by other independent
                                            third- party reserve evaluators.
●
We
                                            compared the actual production, operating costs, royalty costs and development costs of the
                                            Company to those estimates used in the prior year's estimate of proved oil and gas
                                            reserves to assess the Company's ability to accurately forecast.
●
We
                                            evaluated the appropriateness of forecasted production and forecasted operating costs, royalty
                                            costs and future development costs assumptions by comparing to historical results.
●
We
                                            consulted with local specialists in Turkey to assess compliance with laws and regulations.
●
We
                                            examined management's calculation of depletion by comparing amounts to the underlying
                                            source data and performing recalculations.
Going
Concern
Critical
Audit Matter Description
As
described in Note 1 to the consolidated financial statements, there are material uncertainties regarding the Company's ability
to execute its business plan and continue in the normal course of operations. The Company's ability to continue as a going concern
is dependent upon its ability to obtain additional financing.
We
identified the going concern assessment of the Company as a critical audit matter due to the significant assumptions and judgments made
by management in estimating future cash flows, which are subject to high degree of uncertainty.
This
matter is also described in the "Material Uncertainty Related to Going Concern" section of our report.
F-
4
Audit
response
We responded
to this matter by performing audit procedures relating to going concern. Our audit work in relation to this included, but was not restricted
to, the following:
●
We
                                            obtained management's position paper which included management's plans to mitigate
                                            the uncertainty and supporting calculations (including the 12-month cash-flow forecast) to
                                            determine whether use of the going concern assumption is appropriate.
●
We
                                            tested significant assumptions and judgments made by management in their supporting calculations
                                            (including the 12-month cash-flow forecast).
●
We
                                            assessed the adequacy of the going concern disclosure included in Note 1 to the consolidated
                                            financial statements and considered whether these appropriately reflected the assessments
                                            that management performed.
Chartered
Professional Accountants
We have
served as the Company's auditor since 2022.
Calgary, Canada
April
29, 2024
PCAOB ID:
1930
F-
5
TRILLION
ENERGY INTERNATIONAL INC.
Index
to Consolidated Financial Statements for the Years Ended December 31, 2023 and 2022
Page
Consolidated statements of financial position
F-
7
Consolidated statements of income (loss) and comprehensive income (loss)
F-
8
Consolidated statements of stockholders' equity
F-
9
Consolidated statements of cash flows
F-
10
Notes to the consolidated financial statements
F-11
    - F- 49
F-
6
TRILLION
ENERGY INTERNATIONAL INC.
Consolidated Statements of Financial Position
(Expressed in U.S. dollars)
Notes
December 31, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
1,188,445
$
926,061
Amounts receivable
3
1,593,345
4,337,825
Prepaid expenses and deposits
4
603,435
962,812
Assets held for sale
5
1,479,429
-
Total current assets
4,864,654
6,226,698
Oil and gas properties, net
6
52,654,100
30,049,794
Property and equipment, net
8
720,550
741,727
Long-term deposits
4
371,124
-
Total assets
$
58,610,428
$
37,018,219
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
9,19
$
14,065,019
$
10,600,080
RSU obligation
18
18,398
295,747
Loans payable
10
3,464,450
145,866
Convertible debt – accrued interest
12
227,092
-
Lease liability
11
19,637
4,057
Total current liabilities
17,794,596
11,045,750
Asset retirement obligation
13
6,247,027
5,316,470
Loans payable
10,19
-
20,689
Convertible debt
12
10,102,627
-
Lease liabilities
11
122,058
4,552
Derivative liability
17
-
4,827
Deferred tax liability
24
2,131,548
-
Total liabilities
36,397,856
16,392,288
Stockholders' equity:
Share capital
74,586,724
64,750,270
Notes and amounts receivable for equity issued
14,19
(
113,309
)
(
1,062,062
)
Warrant and option reserve
6,239,370
5,682,869
Shares to be cancelled
7,645
7,645
Obligation to issue shares
396,177
94,210
Accumulated other comprehensive loss
(
12,964,837
)
(
4,009,997
)
Accumulated deficit
(
45,939,198
)
(
44,837,004
)
Total stockholders' equity
22,212,572
20,625,931
Total liabilities and stockholders' equity
$
58,610,428
$
37,018,219
Nature
of operations (Note 1)
Subsequent
events (Note 26)
APPROVED
    BY THE BOARD OF DIRECTORS ON APRIL 29, 2024:
"Arthur
    Halleran"
"David
    Thompson"
Director
Director
See
accompanying notes to consolidated financial statements.
F-
7
TRILLION
ENERGY INTERNATIONAL INC.
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(Expressed in U.S. dollars)
Notes
Year ended
December 31, 2023
Year ended
December 31, 2022
Year ended
December 31, 2021 (Unaudited)
Revenue
Oil and gas revenue, net
21
$
16,797,366
$
9,375,029
$
3,700,727
Cost and expenses
Production
4,365,710
3,567,875
2,617,118
Depletion
6
5,119,174
1,451,032
415,686
Depreciation
8
175,764
145,035
31,768
Accretion of asset retirement obligation
13
219,536
264,075
91,983
Stock-based compensation
16,18
2,397,261
2,118,917
336,366
General and administrative
20
7,294,972
6,397,500
3,162,934
Geological and geophysical expenses
706,410
636,248
-
Impairment of exploration and evaluation assets
7
-
3,101,343
-
Total expenses
20,278,827
17,682,025
6,655,855
Loss before other income (expenses)
(
3,481,461
)
(
8,306,996
)
(
2,955,128
)
Other income (expense)
Interest income
19,179
86,739
46,217
Finance cost
10,12
(
2,249,055
)
(
79,693
)
(
302,413
)
Foreign exchange gain (loss)
(
10,990,604
)
1,272,450
25,669
Gain (loss) on extinguishment accounts payable
(
8,500
)
97,051
(
159,383
)
Change in fair value of derivative liability
17
4,827
(
686,504
)
(
1,590,762
)
Loss on settlement agreement
19
-
(
285,120
)
-
Loss on write-off of notes and other receivables
12
-
(
46,176
)
-
Loss on impairment of assets held for sale
5
(
1,556,787
)
-
-
Loss on issuance of shares
15
(
17,342
)
-
-
Gain on net monetary position
2
18,984,099
1,826,495
-
Gain on sale of equipment
8
19,535
-
40,074
Gain on termination of lease
8,11
31,864
-
-
Other income
2,377
-
2,600
Total other income (expense)
4,239,593
2,185,242
(
1,937,998
)
Net income (loss) before taxes
758,132
(
6,121,754
)
(
4,893,126
)
Deferred tax expense
24
(
1,860,326
)
-
-
Net loss
(
1,102,194
)
(
6,121,754
)
(
4,893,126
)
Other comprehensive loss
Foreign currency translation
(
8,954,840
)
(
3,636,492
)
(
357,240
)
Comprehensive loss
$
(
10,057,034
)
$
(
9,758,246
)
$
(
5,250,366
)
Net income (loss) per share – Basic and diluted
$
(
0.01
)
$
(
0.10
)
$
(
0.15
)
Weighted average shares outstanding – Basic and diluted
81,084,843
62,491,482
31,633,222
See
accompanying notes to consolidated financial statements.
F-
8
TRILLION
ENERGY INTERNATIONAL INC.
Consolidated Statements of Stockholders' Equity
(Expressed in U.S. dollars)
Shares
Share capital
Warrant and option reserve
Receivables for equity issued
Obligation to issue shares
Shares to
be cancelled
Accumulated other comprehensive income (loss)
Accumulated deficit
Total
Balance, December 31, 2020 (Unaudited)
25,067,831
$
26,332,622
$
1,177,099
$
-
$
15,342
$
-
$
(
490,172
)
$
(
33,822,124
)
(
6,787,233
)
Issuance of common stock
2,566,398
268,545
-
-
(
15,342
)
-
-
-
253,203
Stock issued for debt settlement
1,050,548
157,178
-
-
-
-
-
-
157,178
Warrants exercised to settle debt
280,000
194,359
-
-
-
-
-
-
194,359
Stock issued for services
626,118
765,576
-
-
-
-
-
-
765,576
RSU grants and vesting
255,000
204,525
-
-
7,450
-
-
-
211,975
Warrants exercised (Restated)
5,974,024
5,928,944
-
-
-
5,323
-
-
5,934,267
Options exercised
782,000
590,111
(
136,320
)
(
1,193,641
)
-
-
-
-
(
739,850
)
Conversion of debentures
432,000
522,519
-
-
-
-
-
-
522,519
Warrants issued for loan
-
152,751
-
-
-
-
-
-
152,751
Options issued
-
-
108,775
-
-
-
-
-
108,775
Warrants issued
-
-
15,616
-
-
-
-
-
15,616
Net loss and comprehensive loss
-
-
-
-
-
-
(
357,240
)
(
4,893,126
)
(
5,250,366
)
Balance, December 31, 2021
(Unaudited)
37,033,919
$
35,117,130
$
1,165,170
$
(
1,193,641
)
$
7,450
$
5,323
$
(
847,412
)
$
(
38,715,250
)
$
(
4,461,230
)
Impact of change in functional currency
-
-
309,737
-
-
-
-
-
309,737
Issuance of common stock
35,838,968
29,097,587
2,253,535
-
-
-
-
-
31,351,122
Stock issuance costs
-
(
2,649,823
)
-
-
-
-
-
-
(
2,649,823
)
Stock issued for debt settlement
600,000
391,021
-
-
-
-
-
-
391,021
Stock issued for prepaid services
221,818
169,396
-
-
-
-
-
-
169,396
Shares issued for RSUs
220,000
111,122
-
-
(
7,540
)
-
-
-
103,582
Warrants exercised
2,185,366
3,144,128
(
935,888
)
(
10,310
)
-
-
-
-
2,197,930
Options exercised
675,000
1,152,269
(
474,906
)
(
41,349
)
-
2,322
-
-
638,336
Finder's warrants issued
-
(
1,782,560
)
1,782,560
-
-
-
-
-
-
Repayment or write-offs of notes receivables
-
-
-
183,238
-
-
-
-
183,238
Options issued
-
-
1,421,267
-
-
-
-
-
1,421,267
Equity to be issued for settlement agreement
-
-
-
-
94,300
-
-
-
94,300
RSUs to be issued
-
-
298,322
-
-
-
-
-
298,322
RSU repurchase
-
-
(
136,928
)
-
-
-
-
-
(
136,928
)
Impact of hyperinflation
-
-
-
-
-
-
473,907
-
473,907
Net loss and comprehensive loss
-
-
-
-
-
-
(
3,636,492
)
(
6,121,754
)
(
9,758,246
)
Balance, December 31, 2022
76,775,071
$
64,750,270
$
5,682,869
$
(
1,062,062
)
$
94,210
$
7,645
$
(
4,009,997
)
$
(
44,837,004
)
$
20,625,931
Balance, December 31, 2022
76,775,071
$
64,750,270
$
5,682,869
$
(
1,062,062
)
$
94,210
$
7,645
$
(
4,009,997
)
$
(
44,837,004
)
$
20,625,931
Issuance of common stock
5,000
2,215
-
-
-
-
-
-
2,215
Options exercised
440,000
972,085
(
429,221
)
-
-
-
-
-
542,864
Stock issued for RSUs
1,762,805
1,462,778
(
1,146,982
)
-
-
-
-
-
315,796
Stock issued for debt settlement
150,000
212,402
-
-
-
-
-
-
212,402
Stock issued in market offering
36,057,934
7,960,687
-
-
-
-
-
-
7,960,687
Stock issuance costs
-
(
803,012
)
259,955
-
-
-
-
-
(
543,057
)
Stock issued for services
60,000
29,299
58,881
-
18,873
-
-
-
107,053
Stock-based compensation – options
-
-
118,202
-
-
-
-
-
118,202
Stock-based compensation – RSU's
-
-
1,879,832
-
-
-
-
-
1,879,832
RSU's repurchased
-
-
(
919,790
)
604,537
-
-
-
-
(
315,253
)
Convertible debt – Equity component
-
-
1,004,524
-
-
-
-
-
1,004,524
Deferred tax on equity component of convertible debt
(
271,222
)
(
271,222
)
Reduction of notes receivables
-
-
-
344,216
-
-
-
-
344,216
RSU grant accrual
-
-
2,322
-
283,094
-
-
-
285,416
Net loss and comprehensive loss
-
-
-
-
-
-
(
8,954,840
)
(
1,102,194
)
(
10,057,034
)
Balance, December 31, 2023
115,250,810
$
74,586,724
$
6,239,370
$
(
113,309
)
$
396,177
$
7,645
$
(
12,964,837
)
$
(
45,939,198
)
$
22,212,572
See
accompanying notes to consolidated financial statements
F-
9
TRILLION
ENERGY INTERNATIONAL INC.
Consolidated Statements of Cash Flows
(Expressed in U.S. dollars)
Years ended December 31,
2023
2022
2021 (Unaudited)
Operating activities:
Net loss for the year
$
(
1,102,194
)
$
(
6,121,754
)
$
(
4,893,126
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
2,397,261
2,118,917
336,366
Stock issued for services
89,711
169,396
765,576
Depletion
5,119,174
1,451,032
415,686
Depreciation
175,764
145,035
31,768
Accretion of asset retirement obligation
219,536
264,075
91,983
Accretion and accrued interest expense
1,393,604
26,365
192,258
Interest income
(
19,179
)
(
54,623
)
(
17,733
)
Change in fair value of derivative liability
(
4,827
)
686,504
1,590,762
Unrealized foreign exchange (gain) loss
5,371,835
(
32,899
)
50,916
Provision for settlement
-
285,120
-
(Gain) loss on debt settlement
8,500
(
97,051
)
159,383
Loss on issuance of shares
17,342
-
-
Loss on impairment of assets held for sale
1,556,787
-
-
Loss on impairment of exploration and evaluation assets
-
3,101,343
-
Loss on write-off of notes and other receivables
-
46,176
-
Gain on net monetary position
(
18,984,099
)
(
1,826,495
)
-
Gain on disposal of equipment
(
19,535
)
-
(
40,074
)
Gain on termination of lease
(
31,864
)
-
-
Deferred tax expense
1,860,326
-
-
Changes in non-cash working capital items:
Restricted cash
-
5,438
6,325
Amounts receivable
1,448,844
(
3,959,821
)
(
469,752
)
Prepaid expenses and deposits
(
677,165
)
(
883,254
)
(
71,201
)
Accounts payable and accrued liabilities
(
346,398
)
11,708,461
(
18,680
)
Net cash (used in) provided by operating activities
(
1,526,577
)
7,031,965
(
1,869,543
)
Investing activities:
Property and equipment expenditures
(
60,176
)
(
696,929
)
(
180,739
)
Oil and gas properties expenditures
(
56,381,768
)
(
44,369,191
)
(
66,122
)
Disposal of equipment
-
64,588
65,016
Advances from JV Partners
29,623,835
6,656,785
-
Changes in non-cash working capital items:
Prepaid expenses and deposits
178,536
-
-
Accounts payable and accrued liabilities
7,856,541
917,064
-
Net cash used in investing activities
(
18,783,032
)
(
37,427,683
)
(
181,845
)
Financing activities:
Proceeds from stock subscriptions received, net
7,417,630
28,701,299
544,880
Proceeds from exercise of options
542,864
571,066
191,032
Proceeds from exercise of warrants
2,215
1,208,249
1,772,884
Proceeds from loans payable
4,988,296
199,007
525,642
Repayments of loans payable
(
2,719,721
)
(
696,853
)
(
394,883
)
Repayment of notes receivable
80,991
136,611
23,745
Proceeds from convertible debt
10,359,398
-
-
Lease payments
(
85,271
)
(
4,121
)
(
7,634
)
Net cash provided by financing activities
20,586,402
30,115,258
2,655,666
Effect of exchange rate changes on cash and cash equivalents
(
14,409
)
179,531
220,000
Net increase (decrease) in cash and cash equivalents
262,384
(
100,929
)
824,278
Cash and cash equivalents, beginning of year
926,061
1,026,990
202,712
Cash and cash equivalents, end of year
$
1,188,445
$
926,061
$
1,026,990
Years ended December 31,
2023
2022
2021
Supplemental information:
Interest paid on credit facilities
$
795,451
$
105,805
$
29,980
Non-cash investing and financing activities:
Stock issued for debt settlement
$
212,402
$
391,021
$
351,537
Stock issued for prepaid expenses
$
-
$
158,698
$
-
Stock issued for services
$
89,711
$
169,396
$
765,576
Stock issued for debt conversion
$
-
$
-
$
522,519
Right-of-use asset additions
$
236,201
$
-
$
-
See
accompanying notes to consolidated financial statements.
F-
10
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
1.
Organization
Trillion
Energy International Inc. and its consolidated subsidiaries, (collectively referred to as the "Company") is a Canadian based
oil and gas exploration and production company. Effective January 2022, the corporate headquarters moved to Suite 700, 838 West Hastings
Street, Vancouver, B.C., Canada from Turan Gunes Bulvari, Park Oran Ofis Plaza, 180-y, Daire:54, Kat:14, 06450, Oran, Cankaya, Anakara,
Turkey. The Company also has a registered office in Canada and Bulgaria. The Company was incorporated in Delaware in 2015. The Company's
shares trade on the OTCQB under the symbol "TRLEF" and trade on the Canadian Securities Exchange (the "Exchange")
under the symbol "TCF".
On
January 21, 2022, the Company redomiciled from Delaware to a British Columbia corporation by way of an amalgamation transaction with
the Company's British Columbian subsidiary, Trillion Energy Inc. (the "Repatriation Transaction"). Pursuant to the
Repatriation Transaction, for every one common stock of Trillion Energy International Inc., the shareholders will receive one common
stock of Trillion Energy Inc. The Company will continue to operate and report under the name of Trillion Energy International Inc.
As
a result of the Repatriation Transaction, the Company meets the definition of a foreign private issuer, as defined under Rule 3b-4 of
the Securities Exchange Act of 1934, as amended.
On
September 18, 2023, the Company consolidated its issued share capital on a ratio of five old common shares for every one new post-consolidated
common share. All current and comparative references to the number of common shares, weighted average number of common shares, loss per
share, stock options and warrants have been restated to give effect to this share consolidation (the "Share Consolidation").
These
consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it
will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course
of operations. At December 31, 2023, the Company's current liabilities exceeded its current assets by $
12,929,942
(2022 - $
4,819,052
)
and its accumulated deficit amounts to $
45,939,198
(2022 - $
44,837,004
). In addition, for the year ended December 31, 2023, the Company
used cash of $
1,526,577
(2022 – provided cash of $
7,031,965
) in operating activities. The Company's continuation as a going
concern is dependent upon its ability to complete financings sufficient to meet current and future obligations, the successful results
from its business activities, and its ability to operate profitably and generate funds. Although the Company raised capital in current
and previous reporting periods, additional funding will be required to continue current operations and further advance its existing oil
and gas assets in the upcoming 12 months. These factors indicate the existence of material uncertainty which raises substantial doubt
about the Company's ability to continue as a going concern.
2.
Material Accounting Policies
(a)
Basis of Presentation
The
audited consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards
("IFRS") issued by the International Accounting Standards Board ("IASB") and Interpretations of the International
Financial Reporting Interpretations Committee ("IFRIC"), effective as at January 1, 2023. The consolidated financial statements
are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries
Park Place Energy Corp. ("PPE Corp."), Park Place Energy Bermuda ("PPE Bermuda"), BG Exploration EOOD ("BG
Exploration"), and Park Place Energy Turkey ("PPE Turkey"). The Company's oil and gas operations are conducted
jointly with its joint venture partner (Note 6). The joint arrangement meets the definition of a joint operation under IFRS 11, "Joint
Arrangements" ("IFRS 11"); therefore, the Company's share of the assets, liabilities, revenues and expenses are
recorded in the consolidated financial statements. All intercompany balances and transactions are eliminated on consolidation.
F-
11
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material Accounting
    Policies (continued)
The
functional currency of BG Exploration is the Bulgarian Lev. The functional currency of the Company's Turkish operations is the
Turkish Lira ("₺"). The functional currency of the Company's Bermuda subsidiary is the United States dollar ("USD"),
and the function currency of PPE Corp is the USD. Prior to January 1, 2022, the functional currency of Trillion Energy International
Inc. was USD. The Company redomiciled from United States to Canada and became a Canadian Company in January 2022, resulting in the parent's
expenditures being denominated primarily in Canadian dollar ("CAD") and the Company being funded primarily from issuance
of equity instruments which proceeds are in CAD. As a result, the Company determined that the functional currency of the parent was changed
to CAD effective January 1, 2022.
The
Company has accounted for the change in functional currency prospectively with no impact of this change on prior period comparative information.
The Company has made an accounting policy choice to reassess the classification of financial instruments as liabilities or equity or
vice versa as applicable when the functional currency of the Company or its subsidiaries changes. The policy will be applied consistently
in the future.
As
a result, certain of the Company's CAD denominated warrants with a carrying value of $
472,899
, which previously were classified
as a derivative liability as their exercise prices were denominated in a currency other the Company's previous functional currency,
were reclassified to equity effective January 1, 2022. Further, effective January 1, 2022, certain of the Company's USD denominated
warrants with a carrying value of $
163,162
, which previously were classified as equity instruments, were reclassified to derivative liability
as their exercise prices are denominated in a currency other than the Company's new functional currency.
A
portion of the Company's exploration and development activities are conducted jointly with others. The joint interests are accounted
for on a proportionate consolidation basis and as a result the financial statements reflect only the Company's proportionate share
of the assets, liabilities, revenues, expenses and cash flows from these activities.
Name
    of the joint
arrangement
Nature
    of the relationship
with
    the joint arrangement
Principal
    place of operation
of
    joint arrangement
Proportion
    of
participating
    share
South Akcakoca
Sub-Basin ("SASB")
Operator
Turkey
49
%
Cendere
Participant
Turkey
19.6
%
These
consolidated financial statements were approved and authorized for issuance by the Board of Directors on April 29, 2024.
Basis
of Measurement
These
consolidated financial statements have been prepared on a historical cost basis except for certain derivative liabilities, which are
measured at fair value.
Hyperinflation
Due
to various qualitative factors and developments with respect to the economic environment in Turkey, including but not limited to, the
acceleration of multiple local inflation indices, the three-year cumulative inflation rate of the local Turkish wholesale price index
exceeding 100% at the end of February 2022 and the significant devaluation of the Turkish Lira, Turkey has been designated a hyper-inflationary
economy as of April 1, 2022 for accounting purposes.
Accordingly,
IAS 29, Financial Reporting in Hyper-Inflationary Economies was adopted by the Company in its consolidated financial statements and applied
to these consolidated financial statements in relation to PPE Turkey. The consolidated financial statements are based on the historical
cost approach in IAS 29.
F-
12
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material Accounting
    Policies (continued)
The
application of hyperinflation accounting requires restatement of PPE Turkey's non-monetary assets and liabilities, equity and comprehensive
income (loss) items from the original transaction date when they were first recognized into the current purchasing power which reflects
a general price index current at the end of the reporting period. To measure the impact of inflation on its financial statements and
results, the Company has elected to use the consumer price index ("CPI") as published by the Turkish Statistical Institute
"TURKSTAT".
IAS
29 also requires the restatement of comparative periods for the effects of hyperinflation unless the comparatives were previously presented
in a different presentation currency of a non-hyperinflationary economy. The consolidated financial statements of the Company are presented
in US dollars, a stable currency, and as a result the comparative amounts do not require restatement.
On
April 1, 2022, the Company recognized an adjustment of $
473,907
for the impact of hyperinflation within accumulated other comprehensive
loss related to the non-monetary assets held by PPE Turkey, which have been restated from the historic date when they were first recognized
to the beginning of the reporting period (the "Opening Hyperinflation Adjustment"). On initial adoption of IAS 29, there
is an accounting policy choice to recognize the Opening Hyperinflation Adjustment directly to opening equity or to other comprehensive
income and the Company has elected to recognize this amount directly to opening equity.
The
value of the CPI at December 31, 2023, was
1,859
(2022 –
1,128
) and the movement in the CPI for the year ended December 31, 2023
was
731
(December 31, 2022 –
442
), an increase of approximately
65
% (2022 –
64
%). As a result, the Company recognized a net
monetary gain of $
18,984,099
for the year ended December 31, 2023 (2022 - $
1,826,495
) to restate transactions into a measuring unit current
as of each year end.
(b)
Use of Estimates and Judgments
In
the process of applying the Company's accounting policies, management has made the following judgments, which have the most significant
effect on the amounts recognized in the consolidated financial statements:
Functional
Currency
The
functional currency for the Company and each of its subsidiaries is the currency of the primary economic environment in which the entity
operates. Determination of the functional currency involves certain judgments to determine the primary economic environment and the Company
reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic
environment.
Determination
of Cash Generating Units ("CGUs")
A
CGU is the lowest grouping of integrated assets that generate identifiable cash inflows that are largely independent of the cash inflows
of other assets or groups of assets. The allocation of assets into CGUs requires significant judgment and interpretations with respect
to the integration between assets, the existence of active markets, similar exposure to market risks, shared infrastructure, and the
way in which management monitors the operations.
Going
concern
The
assessment of the Company's ability to continue as a going concern and to raise sufficient funds to pay its ongoing operating expenditures
and to meet its liabilities for the ensuing year, involves significant judgment based on historical experience and other factors, including
expectation of future events that are believed to be reasonable under the circumstances.
F-
13
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material
    Accounting Policies (continued)
Asset
Retirement Obligation
The
Company recognizes obligation for the future decommissioning and restoration of the Company's exploration and evaluation assets
and oil and gas properties based on estimated future decommissioning and restoration costs. Management applies judgment in assessing
the existence and extent as well as the expected method of reclamation of the Company's decommissioning and restoration obligations
at the end of each reporting period. Management also uses judgment to determine whether the nature of the activities performed is related
to decommissioning and restoration activities or normal operating activities.
In
the process of applying the Company's accounting policies, management has made the following estimates, which have the most significant
effect on the amounts recognized in the consolidated financial statements:
Convertible
debt
During
the year ended December 31, 2023, the Company completed a convertible debenture financing. The convertible debentures include certain
conversion features and associated warrants which were valued using the option pricing model and required significant assumptions to
be made by management to value.
Oil
and Gas Reserves
The
Company's estimate of oil and gas reserves is considered in the measurement of depletion, depreciation, impairment, and decommissioning
and restoration obligations. The estimation of reserves is an inherently complex process and involves the exercise of professional judgment.
All reserves are evaluated annually by independent qualified reserves evaluators. Oil and gas reserves estimates are based on a range
of geological, technical and economic factors, including projected future rates of production, projected future commodity prices, engineering
data, and the timing and amount of future expenditures, all of which are subject to uncertainty. Estimates reflect market and regulatory
conditions existing at the evaluation date, which could differ significantly from other points in time throughout the period, or future
periods. Changes in market and regulatory conditions and assumptions, as well as climate change, and the evolving worldwide demand for
energy and global advancement of alternative sources of energy that are not sourced from fossil fuels can materially impact the estimation
of net reserves.
Allowance
for doubtful accounts
Estimates
are inherent in the on-going assessment of the recoverability of amounts receivable. The Company maintains an allowance for doubtful
accounts to reflect the expected credit losses. Uncertainty relates to the actual collectability of customer balances that can vary from
the Company's estimation.
Asset
Retirement Obligation
The
Company recognizes obligation for the future decommissioning and restoration of the Company's exploration and evaluation assets
and oil and gas properties based on estimated future decommissioning and restoration costs. Actual costs are uncertain, and estimates
may vary as a result of changes to relevant laws and regulations related to the use of certain technologies, the emergence of new technology,
operating experience, prices and closure plans. The estimated timing of future decommissioning and restoration may change due to certain
factors, including reserves life. Changes to estimates related to future expected costs, discount rates, inflation assumptions, and timing
may have a material impact on the amounts presented.
Estimated
useful lives and depreciation of equipment
Depreciation
of equipment is dependent upon estimates of useful lives which are determined through the exercise of judgment. Changes to the estimated
useful life of equipment could result in differences in their carrying amounts.
F-
14
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material Accounting
    Policies (continued)
Leases
– Estimating the incremental borrowing rate
The
Company cannot readily determine the interest rate implicit in leases where it is the lessee. As such, it uses its incremental borrowing
rate ("IBR") to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over
a similar term, and with a similar security, the funds necessary to obtain an asset of comparable value to the right-of-use asset in
a similar economic environment. IBR therefore reflects what the Company "would have to pay", which requires estimation when
no observable rates are available or where the applicable rates need to be adjusted to reflect the terms and conditions of the lease.
The Company estimates the IBR using observable inputs (such as market interest rates) when available and makes certain entity-specific
estimates.
Leases
– Estimating the lease term
The
Company includes renewal options in the term of the lease when management deems that it is reasonably certain that the option will be
exercised.
Impairment
of Non-current Assets
Management
applies judgment in assessing the existence of impairment indicators based on various internal and external factors. The recoverable
amount of assets is determined based on the higher of fair value less costs of disposal or value-in-use calculations. The key estimates
the Company applies in determining the recoverable amount normally include estimated future commodity prices, discount rates, expected
production volumes, future operating and development costs, income taxes, and operating margins. In determining the recoverable amount,
management may also be required to make judgments regarding the likelihood of occurrence of a future event. Changes to these estimates
and judgments will affect the recoverable amounts of assets and may then require a material adjustment to their related carrying value.
Stock-based
Compensation
The
cost of equity-settled stock-based transactions (options, warrants, and equity-settled RSUs) with directors, officers and employees are
measured by reference to the fair value of the equity instruments. Estimating fair value for equity-settled stock-based payment transactions
requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate
also requires determining and making assumptions about the most appropriate inputs to the valuation model including the expected life,
volatility, risk-free interest rate, expected forfeiture rate and dividend yield of the stock option. Changes to these estimates and
judgments will affect the operating result and may then require a material adjustment.
Cash-settled
RSUs are accounted for as liability instruments and are measured at fair value based on the market value of the Company's common
shares at each reporting period. The fair value is recognized as stock-based compensation over the vesting period. Fluctuations in the
fair values are recognized as stock-based compensation over the vesting period.
Fair
Value of Derivative Liability
The
Company's warrants and conversion features with exercise prices denominated in a currency other the Company's functional
currency are recognized as derivatives measured at fair value through the consolidated statements of income (loss) and comprehensive
income (loss). Estimating fair value for derivative liability requires determining the most appropriate valuation model, which is dependent
on the terms and conditions of the issuance. This estimate also requires determining and making assumptions about the most appropriate
inputs to the valuation model including the expected life, volatility, risk-free interest rate, expected forfeiture rate and dividend
yield of the derivatives. Changes to these estimates and judgments will affect the operating result and may then require a material adjustment.
F-
15
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material Accounting
    Policies (continued)
Deferred
Tax
Judgments
are made by management at the end of the reporting period to determine the probability that deferred tax assets will be realized from
future taxable earnings. Assessing the recoverability of deferred tax assets requires the Company to make judgments related to the expectations
of future cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that assumptions regarding
future profitability change, there can be an increase or decrease in the amounts recognized in consolidated statements of income (loss)
and comprehensive income (loss) in the period in which the change occurs.
(c)
Cash and Cash Equivalents
The
Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.
(d)
Amounts Receivable
Amounts
receivable consist primarily of oil and gas receivables. The Company has classified these as current assets in the consolidated statements
of financial position because the Company expects repayment or recovery within the next 12 months. The Company evaluates these accounts
receivable for collectability and, when necessary, records allowance for doubtful accounts. The Company deems all accounts receivable
to be collectable and has not recorded any expected credit losses.
(e)
Property and Equipment
Property
and equipment are stated at cost and depreciated using the straight-line method over the estimated useful life of the asset.
The estimate
useful lives are as follows: Motor vehicles –
3
years; furniture –
3
to
5
years; leasehold improvements – over the
term of the lease and other equipment -
3
years.
(f)
Revenue Recognition
Revenue
from Contracts with Customers
The
Company recognizes revenue when it satisfies its performance obligation(s) by transferring control over a product to a customer. Revenue
is measured based on the consideration the Company expects to receive in exchange for those products.
Performance
Obligations and Significant Judgments
The
Company sells oil and natural gas products in Turkey. The Company enters into contracts that generally include one type of distinct product
in variable quantities and priced based on a specific index related to the type of product.
The
oil and natural gas are typically sold in an unprocessed state to processors and other third parties for processing and sale to customers.
The Company recognizes revenue at a point in time when control of the oil is transferred. For oil sales, control is typically transferred
to the customer upon receipt at the wellhead or a contractually agreed upon delivery point. Under the Company's natural gas contracts
with processors, control transfers upon delivery at the wellhead or the inlet of the processing entity's system. For the Company's
other natural gas contracts, control transfers upon delivery at the inlet or to a contractually agreed upon delivery point. In the cases
where the Company sells to a processor, the Company has determined that the Company is the principal in the arrangement and the processors
are the Company's customers. The Company recognizes the revenue in these contracts based on the net proceeds received from the
processor.
F-
16
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material Accounting
    Policies (continued)
For
the Company's product sales that have a contract term greater than one year, the Company uses the practical expedient in IFRS 15
Paragraph 121(a) which states the Company is not required to disclose the transaction price allocated to remaining performance obligations
if the variable consideration is allocated entirely to an unsatisfied performance obligation. Under these sales contracts, each unit
of product represents a separate performance obligation; therefore, future volumes are unsatisfied, and disclosure of the transaction
price allocated to remaining performance obligations is not required. The Company has no unsatisfied performance obligations at the end
of each reporting period.
The
Company does not believe that significant judgments are required with respect to the determination of the transaction price, including
any variable consideration identified. There is a low level of uncertainty due to the precision of measurement and use of index-based
pricing with predictable differentials. Additionally, any variable consideration identified is not constrained.
(g)
Evaluation and Exploration Assets
Pre-license
exploration costs are recognized in the consolidated statements of income (loss) and comprehensive income (loss) as incurred.
The
costs to acquire non-producing oil and gas properties or licenses to explore, drill exploratory wells and the costs to evaluate the commercial
potential of underlying resources, including related borrowing costs, are initially capitalized as exploration and evaluation assets.
Exploration
and evaluation assets are subject to technical, commercial and management review to confirm the continued intent to develop and extract
the underlying resources. If an area or exploration well is no longer considered commercially viable, the related capitalized costs are
charged to exploration expense.
Exploration
and evaluation assets are not subject to depreciation, depletion, and amortization. When management determines with reasonable certainty
that an exploration and evaluation asset will be developed, as evidenced by the classification of proved or probable reserves and the
appropriate internal and external approvals, the asset is transferred to oil and gas properties. The Company records geological and geophysical
expenses to the consolidated statements of income (loss) and comprehensive income (loss) as incurred.
(h)
Oil and Gas Properties
Oil
and gas properties ("O&G") include development and productions costs, less accumulated depletion and depreciation and
accumulated impairment loss. O&G are grouped into CGUs for impairment testing. The Company has grouped its O&G into two CGUs:
the Cendere Oil Field and SASB Gas Field.
When
significant parts of an item of O&G have different useful lives, they are accounted for as separate items (major components). Costs
incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of O&G
are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures
are recognized in the consolidated statements of income (loss) and comprehensive income (loss) as incurred.
Such
capitalized items generally represent costs incurred in developing proved and/or probable reserves and bringing on or enhancing production
from such reserves and are accumulated on a field or geotechnical area basis. The carrying amount of any replaced or sold component is
derecognized. The costs of the day-to-day servicing of oil and gas properties are recognized in the consolidated statements of income
(loss) and comprehensive income (loss) as incurred.
F-
17
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material
    Accounting Policies (continued)
(h)
Oil
                                            and Gas Properties (continued)
The
net carrying value of O&G is depleted using the unit-of-production method by reference to the ratio of production in the year to
the related proved reserves, considering estimated future development costs necessary to bring those reserves into production. The estimated
future development costs is added to the carrying value of O&G to calculate depletion. These estimates are reviewed by independent
reservoir engineers at least annually.
(i)
Impairment of Non-financial Assets
Exploration
and evaluation assets, O&G, and property and equipment are reviewed when events or changes in circumstances indicate the assets may
not be recoverable. Exploration and evaluation assets are also tested for impairment immediately prior to being transferred to O&G.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss,
if any. Impairment exists when the carrying value of an asset exceeds its recoverable amount, which is the higher of its fair value less
costs to sell and its value in use.
In
assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated
to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is
recognized in the
consolidated statements of income
(loss) and comprehensive income (loss)
. For an asset that does not generate largely independent
cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
These
calculations are based on available data, other observable inputs, and projections of cash flows, all of which are subject to estimates
and assumptions. Recoverable amounts are also sensitive to assumptions about the future usefulness of in-process development and the
related marketing rights.
(j)
Provisions
Provisions
are recognized by the Company when it has a legal or constructive obligation as a result of past events, it is probable that an outflow
of economic resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Provisions
are recognized for the asset retirement obligation associated with the Company's exploration and evaluation assets and O&G.
Provisions for the asset retirement obligation are measured at the present value of management's best estimate of the future cash
flows required to settle the present obligation, using the risk-free interest rate. The value of the obligation is added to the carrying
amount of the associated asset and amortized over the useful life of the asset. The provision is accreted over time with actual expenditures
charged against the accumulated obligation. Changes in the future cash flow estimates resulting from revisions to the estimated timing
or amount of undiscounted cash flows are recognized as a change in the asset retirement obligation and related assets.
F-
18
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material Accounting
    Policies (continued)
(k)
Financial Instruments
Classification
The
Company classifies its financial instruments into one of the following categories: fair value through profit or loss ("FVTPL"),
fair value through other comprehensive income ("FVOCI"), or at amortized cost. This determination is made at initial recognition.
All financial instruments are initially recognized at fair value on the consolidated statements of financial position, net of any transaction
costs except for financial instruments classified as FVTPL, where transaction costs are expensed as incurred. Subsequent measurement
of financial instruments is based on their classification. The Company classifies its derivative liability and cash and cash equivalents
as FVTPL, amounts receivable and notes and amounts receivable for equity issued as financial assets at amortized cost, and accounts payable
and accrued liabilities, loans payable, and convertible debt as financial liabilities at amortized cost. Embedded derivatives in other
financial instruments or other host contracts are recorded as separate derivatives when their risks and characteristics are not closely
related to those of the host contract.
Measurement
Financial
assets and liabilities at amortized cost
Financial
assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently
carried at amortized cost sing the effective interest rate ("EIR"), less any impairment. Amortized cost is calculated by
taking into account any discount or premium on acquisition and any fees or costs that are an integral part of the EIR. The EIR amortization
is included in finance income in the consolidated statements of income (loss) and comprehensive income (loss).
Financial
assets and liabilities at FVTPL
Financial
assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements
of income (loss) and comprehensive income (loss). Realized and unrealized gains and losses arising from subsequent changes in the fair
value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of income (loss) and comprehensive
income (loss) in the period in which they arise.
Debt
investments at FVTOCI
These
assets are subsequently measured at fair value. Interest income calculated using the EIR method, foreign exchange gains and losses and
impairment are recognized in the consolidated statements of income (loss) and comprehensive income (loss). Other net gains and losses
are recognized in other comprehensive income ("OCI"). On derecognition, net gains and losses accumulated in OCI are reclassified
to the consolidated statements of income (loss) and comprehensive income (loss).
Equity
investments at FVTOCI
These
assets are subsequently measured at fair value. Dividends are recognized as income in the consolidated statements of income (loss) and
comprehensive income (loss) unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains
and losses are recognized in OCI and are never reclassified to consolidated statements of income (loss) and comprehensive income (loss).
F-
19
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material Accounting
    Policies (continued)
Impairment
of Financial Assets at Amortized Cost
The
Company recognizes an allowance for doubtful accounts on financial assets that are measured at amortized cost. At each reporting date,
the Company measures the allowance for doubtful accounts for the financial asset at an amount equal to the lifetime expected credit losses
if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date the credit
risk has not increased significantly since initial recognition, the Company measures the allowance for doubtful accounts for the financial
asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in the consolidated statements of income
(loss) and comprehensive income (loss), as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required
to adjust the allowance for doubtful accounts at the reporting date to the amount that is required to be recognized.
Fair
value
Fair
value estimates are made at the consolidated statements of financial position date based on relevant market information and other information
about financial instruments. Financial assets and financial liabilities measured at fair value in the consolidated statements of financial
position are grouped into a fair value evaluation hierarchy.
This
hierarchy groups financial assets and financial liabilities into three levels according to the significance of the inputs used in the
fair value evaluation of the financial assets and financial liabilities. The fair value levels of the hierarchy are as follows:
Level
1 – Quoted prices (unadjusted) in active markets for identical assets and liabilities at the financial reporting date;
Level
2 – Inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or
indirectly; and
Level
3 – Inputs for the assets or liabilities that are not based on observable market data.
The
level within which the financial asset or financial liability is classified is determined based on the lowest level of significant input
to the fair value measurement. The Company's cash and cash equivalents is categorized as Level 1 and its derivative liability is
categorized as Level 3.
Derecognition
Financial
assets
The
Company derecognizes financial assets only when the contractual rights to cash flow from the financial assets expire, or when it transfers
the financial assets and substantially all the associated risks and rewards of ownership to another entity.
Financial
liabilities
The
Company derecognizes financial liability when its contractual obligations are discharged or cancelled or expire. The Company also derecognizes
a financial liability when the terms of the liability are modified such that the terms and / or cash flows of the modified instrument
are substantially different, in which case a new financial liability based on the modified terms is initially recognized at fair value.
Gains and losses on derecognition are recognized in consolidated statements of income (loss) and comprehensive income (loss).
F-
20
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material Accounting
    Policies (continued)
(l)
Income Taxes
Current
Tax
Current
tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to taxation authorities.
The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in
the countries where the Company operates and generates taxable income.
Management
periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject
to interpretation and establishes provisions where appropriate.
Deferred
Tax
Deferred
tax is recognized on temporary differences at the reporting date arising between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes. Deferred tax relating to items recognized directly in OCI or equity is recognized in OCI or
equity and not in profit or loss
The
carrying amount of deferred tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable
that future taxable income will be available to allow all or part of the temporary differences to be utilized.
Deferred
tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability
is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted and are expected to apply by the end of
the reporting period. Deferred tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to set
off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.
(l)
Stock-Based Compensation
Under
the Company's equity-based compensation plans, stock-based awards may be granted to executives, employees, and non-employee directors.
The Company grants restricted share units ("RSUs") and stock options to directors, officers, employees, and consultants.
An individual is classified as an employee when the individual is an employee for legal or tax purposes or provides services like those
performed by an employee.
The
costs of equity-settled transactions with employees are measured by reference to the fair value at the date on which they are granted,
using the Black Scholes valuation model. The costs of equity-settled transactions are recognized, together with a corresponding increase
in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant
employees become fully entitled to the award (the "vesting date"). For cash settled stock-based compensation, the expense
is determined based on the fair value of the liability at the end of the reporting period until the award is settled.
In
situations where equity instruments are issued to non-employees and some or all of the goods or services received by the Company as consideration
cannot be specifically identified, they are measured at fair value of the stock-based payment.
F-
21
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material
    Accounting Policies (continued)
(l)
Stock-Based
                                            Compensation (continued)
The
cumulative expense is recognized for equity-settled transactions at each reporting date until the vesting date reflects the Company's
best estimate of the number of equity instruments that will ultimately vest. The profit or loss charge or credit for a period represents
the movement in cumulative expense recognized as at the beginning and end of that period, and the corresponding amount is represented
in the warrant and option reserve. At the end of each reporting period, the Company re-assesses its estimates of the number of awards
that are expected to vest and recognizes the impact of the revisions in the consolidated statements of income (loss) and comprehensive
income (loss).
No
expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition,
which are treated as vesting irrespective of whether or not the market condition is satisfied provided that all other performance and/or
service conditions are satisfied.
Where
the terms of an equity settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award,
provided the original terms of the award are met. An additional expense or its reduction is recognized for any modification which increases
or decreases the total fair value of the stock-based payment arrangement or is otherwise beneficial to the employee as measured at the
date of modification. Where an award is cancelled by the Company or the counterparty, any remaining element of the fair value of the
award is expensed immediately or reversed through profit or loss, depending on the type of cancellation. The dilutive effect of outstanding
options is reflected as additional dilution in the computation of earnings per share whereas anti-dilutive options are ignored.
Consideration
paid to the Company on exercise of stock-based awards is credited to share capital and the associated amount in warrant and option reserve
is reclassified to share capital.
(m)
Unit Offerings
Common
shares are classified as equity. Proceeds from unit placements are allocated between shares and warrants issued using the residual method.
The residual method first allocates fair value to the component with the best evidence of fair value and then the residual value, if
any, to the less easily measurable component. If the attached warrants do not meet the definition of a derivative liability, the fair
value of the common shares, measured on date of issue, are determined to be the component with the best evidence of fair value. The balance,
if any, is allocated to the attached warrants. If the attached warrants meet the definition of a derivative liability, the proceeds are
first allocated to the fair value of the warrants and then the residual value, if any, is allocated to the common shares. Costs directly
identifiable with share capital financings are charged against share capital. If the subscription is not funded upon issuance, the Company
records a receivable as a contra account to shareholders' equity.
(n)
Loss per Share
Basic
earnings per share are calculated by dividing the net earnings for the period by the weighted average number of common shares outstanding
during the period.
Diluted
earnings per share is calculated by adjusting the weighted average number of common shares outstanding for dilutive common shares. The
number of shares included is computed using the treasury stock method. As certain instruments can be exchanged for common shares of the
Company, they are considered potentially dilutive and are included in the calculation of the Company's diluted net earnings per
share if they have a dilutive impact in the period. The impact of potentially dilutive securities is not considered in periods in which
there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect.
F-
22
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material Accounting
    Policies (continued)
(o)
Leases
At
inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right
to control the use of an identified asset for a period of time in exchange for consideration.
The
Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured
based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any
initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset
on the site on which it is located, less any lease incentives received. The assets are depreciated to the earlier of the end of the useful
life of the right-of-use asset or the lease term. Judgment is applied to determine the lease term where a renewal option exists. Right-of-use
assets are depreciated using the straight-line method as this most closely reflects the expected pattern of consumption of the future
economic benefits. In addition, the right-of-use assets may be reduced by impairment losses or adjusted for certain remeasurements of
the lease liability.
The
Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of twelve
months or less. The lease payments are recognized as an expense when incurred over the lease term.
The
lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing
rate. Lease payments include fixed payments, and variable payments that are based on an index or rate.
Cash
payments for the principal portion of the lease liability are presented within the financing activities section and the interest portion
of the lease liability is presented within the operating activities section of the consolidated statements of cash flows. Short-term
lease payments and variable lease payments not included in the measurement of the lease liability are presented within the operating
activities section of the consolidated statements of cash flows.
(p)
Foreign Currency Translation
Functional
currencies of the Company's individual entities are the currency of the primary economic environment in which the entity operates.
Transactions in foreign currencies are translated to the appropriate functional currency at foreign exchange rates that approximate those
on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the appropriate functional
currency at foreign exchange rates as at the date of the statement of financial position. Foreign exchange differences arising on translation
are recognized in net earnings. Non-monetary assets that are measured in a foreign currency at historical cost are translated using the
exchange rate at the date of the transaction.
In
preparing the Company's consolidated financial statements, the financial statements of each entity are translated into USD, the
presentation currency of the Company. The assets and liabilities of foreign operations are translated into USD at exchange rates as at
the date of the statement of financial position. Revenues and expenses of foreign operations, whose functional currency is not the currency
of a hyperinflationary economy, are translated into USD using average foreign exchange rates for the period. The financial statements
(i.e. assets, liabilities, revenues and expenses) of foreign operations whose functional currency is the currency of a hyperinflationary
economy, is first adjusted in accordance with the Company's hyperinflation accounting policy, and then translated to USD at exchange
rates as at the date of the statement of financial position. Foreign exchange differences resulting from translation from functional
currency to presentation currency are recognized in other comprehensive income or loss.
F-
23
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
2.
Material Accounting Policies (continued)
(q)
Convertible Debt
The components of the compound financial instrument
(convertible debt) issued by the Company are classified separately as financial liabilities and equity in accordance with the substance
of the contractual arrangement and the definitions of a financial liability and an equity instrument. The conversion option that will
be settled by the exchange of a fixed amount in cash for a fixed number of equity instruments of the Company is classified as an equity
instrument. At the issue date, the liability component is recognized at fair value, which is estimated using the interest rate on the
market for similar nonconvertible instruments. Subsequently, the liability component is measured at amortized cost using the EIR until
it is extinguished on conversion or maturity.
The value of the conversion option classified as equity
is determined at the issue date, by deducting the amount of the liability component from the fair value of the compound instrument as
a whole. This amount is recognized in equity, net of tax effects, and is not revised subsequently. When the conversion option is exercised,
the equity component of the convertible notes will be transferred to share capital. No profit or gain is recognized to the conversion
or expiration of the conversion option.
(r)
Assets Held For Sale
Non-current assets are classified as held for sale
if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is met when
the sale is highly probable, the asset is available for immediate sale in its present condition and the sale is expected to be completed
within one year from the date of classification.
Non-current assets held for sale are presented separately
in current assets within the consolidated statements of financial position. Assets held for sale are measured at the lower of carrying
amount and fair value less cost to sell, and are not depreciated, depleted or amortized. An impairment loss is recognized for any initial
or subsequent write-down of the assets held for sale to fair value less costs to sell. The comparative period consolidated statement of
financial position is not restated.
(s)
New IFRS pronouncements
Certain pronouncements were issued by the IASB or
the IFRIC that are mandatory for accounting periods commencing on or after January 1, 2024.Many are not applicable or do not have a significant
impact to the Company and have been excluded.The following have not yet been adopted and are being evaluated to determine their impact
on the Company.
IAS 1 –Presentation of Financial Statements
("IAS 1") was amended in January 2020 to provide a more general approach to the classification of liabilities under IAS 1
based on the contractual arrangements in place at the reporting date. The amendments clarify that the classification of liabilities as
current or noncurrent is based solely on a company's right to defer settlement at the reporting date. The right needs to be unconditional
and must have substance. The amendments also clarify that the transfer of a company's own equity instruments is regarded as settlement
of a liability, unless it results from the exercise of a conversion option meeting the definition of an equity instrument. The amendments
are effective for annual periods beginning on January 1, 2024.
F-
24
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
3.
Amounts Receivable
December 31, 2023
December 31, 2022
Accounts receivable
$
1,403,781
$
4,207,739
GST receivable
46,642
71,284
Interest receivable
44,339
52,538
Due from related parties
35,295
3,913
Other
63,288
2,351
$
1,593,345
$
4,337,825
4.
Prepaid expenses and deposits
December 31, 2023
December 31, 2022
Exploration and production advances
$
174,031
$
871,527
Prepaid expenses
426,487
83,852
Prepaid taxes
2,917
7,433
Close-Out Fund (Note 13)
371,124
-
$
974,559
$
962,812
Prepaid expenses and deposits – Current
$
603,435
$
-
Long-term deposits
$
371,124
$
-
5.
Assets held for sale
In
2023, management committed to a plan to sell left-over field equipment with a carrying amount of $
3,036,216
. Accordingly, the equipment
is presented as assets held for sale.
Impairment
losses of $
1,556,787
(2022 - $
Nil
) were recognized for the write-down of the assets held for sale to the lower of its carrying amount
and its fair value less costs to sell. As at December 31, 2023, the value of the Company's assets held for sale are $
1,479,429
(December 31, 2022 - $
Nil
).
The
non-recurring fair value measurement for the assets held for sale has been categorized as a Level 3 fair value and is based on management's
best estimate of the fair value of similar products in similar conditions in the marketplace. The key inputs used by management to estimate
the fair value of the assets-held-for sale is based on offers received from third parties for a large portion of the equipment and extrapolation
of the discount to similar items in the assets listing.
F-
25
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
6.
Oil and Gas Properties
SASB
Cendere
Total
Cost
As at December 31, 2021
$
1,398,676
$
2,453,485
$
3,852,161
Additions
44,369,191
-
44,369,191
JV Contribution
(
6,656,785
)
-
(
6,656,785
)
Change in ARO estimate
(
3,865,772
)
(
5,562
)
(
3,871,334
)
Currency translation adjustment
(
4,748,897
)
-
(
4,748,897
)
Impact of hyperinflation
837,908
110,090
947,998
As at December 31, 2022
31,334,321
2,558,013
33,892,334
Additions
56,381,768
-
56,381,768
JV Contribution
(
29,623,835
)
-
(
29,623,835
)
Change in ARO estimate and additions
706,159
102
706,261
Currency translation adjustment
(
17,696,392
)
(
948,518
)
(
18,644,910
)
Impact of hyperinflation
21,039,584
1,042,395
22,081,979
Reclassified as assets held for sale (Note 5)
(
3,036,216
)
-
(
3,036,216
)
As at December 31, 2023
$
59,105,389
$
2,651,992
$
61,757,381
Accumulated depletion
As at December 31, 2021
$
743,647
$
1,687,901
$
2,431,548
Depletion
1,263,556
187,476
1,451,032
Impact of hyperinflation
(
34,215
)
(
5,825
)
(
40,040
)
As at December 31, 2022
1,972,988
1,869,552
3,842,540
Depletion
5,038,009
81,165
5,119,174
Currency translation adjustment
(
731,475
)
(
693,127
)
(
1,424,602
)
Impact of hyperinflation
804,164
762,005
1,566,169
As at December 31, 2023
$
7,083,686
$
2,019,595
$
9,103,281
Net book value
As at December 31, 2022
$
29,361,333
$
688,461
$
30,049,794
As at December 31, 2023
$
52,021,703
$
632,397
$
52,654,100
Cendere
oil field
The
Cendere onshore oil field, which is located in South East Turkey has a total of 25 wells. The operator of the Cendere Field is Türkiye
Petrolleri Anonim Ortaklığı ("TPAO"). The Company's interest is
19.6
% for all wells except for
wells C-13, C-15 and C-16, for which its interest is
9.8
%. As at December 31, 2023, the depletion calculation includes future development
costs of $
65,000
(2022 - $
65,000
) based on the most recent reserve report.
F-
26
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
6.
Oil
    and Gas Properties (continued)
The
South Akcakoca Sub-Basin ("SASB")
The
Company owns offshore production licenses called the South Akcakoca Sub-Basin ("SASB"). The Company owns a
49
% working interest
in SASB in partnership with TPAO. SASB has four producing fields, each with a production platform plus subsea pipelines that connect
the fields to an onshore gas plant. The four SASB fields are located off the north coast of Turkey towards the western end of the Black
Sea.
Management
assesses each field for impairment indicators at each reporting date. Impairment indicators considered include the following:
●
Plans
                                            to discontinue or dispose of the asset before the previously expected date;
●
Significant
                                            reductions in estimates or reserves;
●
Significant
                                            cost overrun on a capital project;
●
Significant
                                            increases in the expected cost of dismantling assets and restoring the site; and
●
Production
                                            difficulties.
As
at December 31, 2023, the Company performed an assessment of potential impairment indicators and noted that the Company's net asset
value was greater than its market capitalization. As a result of the impairment indicator noted, the Company performed an impairment
test in accordance with IFRS using fair value less cost to sell. For the purposes of testing impairment and determining fair value less
cost to sell, the Company used a 30 year forecast of net cash flows obtained from the annual reserve report discounted at 10% and 20%
to estimate the fair value of the oil and gas properties. The resulting recoverable amount exceeded the book values of the oil and gas
properties and as such, no impairment charge was recognized as at December 31, 2023. As at December 31, 2023, the depletion calculation
includes future development costs of $
35,144,000
(2022 - $
49,960,000
) based on the most recent reserve report.
7.
Exploration & Evaluation Assets
Unproved
properties
Unproven
properties
Turkey
Bulgaria
Total
As at December 31, 2021
$
-
$
3,116,146
$
3,116,146
Impairment
-
(
3,101,343
)
(
3,101,343
)
Currency translation adjustment
-
(
14,803
)
(
14,803
)
As at December 31, 2022 and 2023
$
-
$
-
$
-
Bulgaria
The
Company holds a 98,205-acre oil and gas exploration claim in the Dobrudja Basin located in northeast Bulgaria. The Company intends to
conduct exploration for natural gas and test production activities over a five-year period in accordance with or exceeding its minimum
work program obligation. The Company's commitment is to perform geological and geophysical exploration activities in the first
3 years of the initial term (the "Exploration and Geophysical Work Stage"), followed by drilling activities in years 4 and
5 of the initial term (the "Data Evaluation and Drilling Stage"). Prior to the Exploration and Geophysical Work Stage, the
Company is required to complete an environmental impact assessment ("EIA").
F-
27
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
7.
Exploration & Evaluation
    Assets (continued)
During
the fall of 2022, the Company decided to recommence the EIA. The Company consulted with local counsel and an environmental consultant
but was unable to determine whether it would be able to obtain the license. In October and November 2022, management made repeated efforts
to obtain a visa to visit Bulgaria and seek clarification on the status of the license, however the visa applications were declined and
management determined that it would no longer pursue the work program and would dispose of the property. As a result, the Company recorded
an impairment loss of $
3,101,343
during the year ended December 31, 2022.
Turkey
Effective
July 25, 2023, the Company entered into a farm-in agreement (the "Farm-in Agreement") with a company existing under the laws
of the Republic of Turkey (the "Farmor"). The Farmor holds a 100% undivided interest in three exploration licenses and is
willing to assign and transfer a 50% undivided interest in the licenses to the Company in accordance with the terms of Farm-in Agreement.
The Company has committed to the following terms to earn its interest (the "Farm-in Obligations"):
(1)
2D
                                            Seismic Data Acquisition and Data Processing:
Conduct (through contractors) a minimum
                                            of 351km 2D seismic data acquisition in the licensed area within 2023 (not completed - see
                                            below). Until the determination of exploration well locations, all seismic survey expenses
                                            (including all costs related to seismic crews, land damages, processing, interpretation,
                                            reporting, procurement, and reprocessing of previously acquired seismic lines in the license
                                            area, gravity surveys, etc.) will be covered by the Company. All reports and results of the
                                            conducted work, along with potential structures identified as a result of these activities,
                                            will be shared with Farmor. After joint evaluations and decisions, exploration wells will
                                            be drilled at the most suitable structures.
(2)
Exploration
                                            Well Drilling Obligation:
Conduct (through contractors) drilling of 4 (four) exploration
                                            wells in the license area within the year 2024. Drilling of those four exploration wells
                                            shall be fully funded by the Company (including location, infrastructure development, land
                                            usage, and any other expenses). After the drilling and testing of the four exploration wells,
                                            the restoration of well locations to their original state, mud-pit clean-up, and any damage
                                            compensation costs, if applicable, will be borne by the Company
(3)
Cash
                                            Consideration Payment Obligation.
In addition to the obligations stated in (1) and (2)
                                            above, the Company agreed to pay the Farmor a monthly fee of USD
15,000
, starting from the
                                            date of contract signing until the completion date of all obligations specified in (1) and
                                            (2) above, or until December 31, 2024 (whichever occurs earlier).
The
Company and the Farmor will notify each other of their intent to enter into a joint exploration period. After the Company's fulfillment
of the Farm-in Obligations, the costs and liabilities of operations within the licenses will be shared equally based on a 50-50 principle.
During the joint exploration period, there will be no Cash Consideration Payment Obligation as specified in (3) above.
Under
the terms of the Farm-in Agreement, the Company had to complete a minimum of 351km 2D seismic data acquisition within 2023, which could
not be completed due to unfavorable weather conditions. In addition, the Farm-in Agreement specifies that the parties have agreed to
enter into a joint operating agreement ("JOA") and that if the JOA is not signed within 2 months (i.e. September 25, 2023),
the Farm-in Agreement shall automatically terminate without the need for any additional notice, unless otherwise agreed by the parties.
Although the deadline has passed, the Company and the Farmor continue to operate in good faith towards the completion of the Farm-in
Obligations and towards the signing of a JOA, although no amending agreements or notices of understanding have been executed.
During
the year ended December 31, 2023, the Company expensed $
381,618
in relation to the Farm-in Agreement in accordance with its pre-license
exploration accounting policy. The amount is included in geological and geophysical expenses.
F-
28
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
8.
Property and Equipment
Right-of-use
assets
Leasehold improvements
Other Equipment
Motor Vehicles
Furniture
Total
Cost
As at December 31, 2021
$
53,143
$
138,450
$
2,102
$
140,365
$
9,685
$
343,745
Additions
-
42,699
289,640
332,528
32,061
696,928
Disposals
-
-
-
(
64,588
)
-
(
64,588
)
Currency translation adjustment
(
5,293
)
(
2,890
)
(
31,002
)
(
37,147
)
(
2,147
)
(
78,479
)
Impact of hyperinflation
2,599
8,103
72,597
87,626
5,318
176,243
As at December 31, 2022
50,449
186,362
333,337
458,784
44,917
1,073,849
Additions
236,202
14,498
11,076
15,644
18,958
296,378
Disposals
(
47,685
)
-
-
(
97,028
)
-
(
144,713
)
Currency translation adjustment
(
105,792
)
(
60,555
)
(
126,062
)
(
151,880
)
(
14,291
)
(
458,580
)
Impact of hyperinflation
69,616
68,608
140,538
136,661
17,538
432,961
As at December 31, 2023
$
202,790
$
208,913
$
358,889
$
362,181
$
67,122
$
1,199,895
Accumulated depreciation
As at December 31, 2021
$
35,758
$
115,109
$
1,922
$
41,377
$
2,445
$
196,611
Depreciation
4,549
12,324
47,423
74,622
6,117
145,035
Impact of hyperinflation
(
140
)
(
438
)
(
3,923
)
(
4,735
)
(
288
)
(
9,524
)
As at December 31, 2022
40,167
126,995
45,422
111,264
8,274
332,122
Depreciation
37,457
13,135
52,084
62,920
10,168
175,764
Disposals
(
10,332
)
-
-
(
30,267
)
-
(
40,599
)
Currency translation adjustment
(
14,892
)
(
45,848
)
(
16,840
)
(
41,251
)
(
2,513
)
(
121,344
)
Impact of hyperinflation
16,372
50,404
18,513
45,350
2,763
133,402
As at December 31, 2023
$
68,772
$
144,686
$
99,179
$
148,016
$
18,692
$
479,345
Net Book Value
As at December 31, 2022
$
10,282
$
59,367
$
287,915
$
347,520
$
36,643
$
741,727
As at December 31, 2023
$
134,018
$
64,227
$
259,710
$
214,165
$
48,430
$
720,550
During
the year ended December 31, 2023, the Company disposed of equipment with a net book value of $
66,761
. In lieu of cash, accounts payable
was reduced by $
86,296
, resulting in a gain of $
19,535
. The Company also terminated a lease, resulting in a non-cash disposal of a right-of-use
asset with a net book value of $
37,353
. The lease component disposed was valued at $
69,217
, resulting in a gain of $
31,864
.
During
the year ended December 31, 2022, the Company disposed of equipment with a cost and net book value of $
64,588
for proceeds of $
64,588
,
resulting in no gain or loss.
F-
29
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
9.
Accounts Payable and Accrued Liabilities
December 31, 2023
December 31, 2022
Accounts payable
$
13,567,262
$
8,376,620
Accrued liabilities
77,078
886,324
Payroll, withholding and sales tax liabilities
420,679
420,072
Cash calls received from JV partner
-
917,064
$
14,065,019
$
10,600,080
10.
Loans Payable
As at
December 31, 2023
December 31, 2022
Unsecured, interest-bearing loans at
10
% per annum
1
$
-
$
12,107
Unsecured, interest-bearing loan at
45.33
% per annum
2
-
56,537
Unsecured, interest-bearing loan at TLREF +
3.5944
% per annum
3
-
97,911
Unsecured, interest-bearing loan at
37.7
% per annum
4
19,461
-
Unsecured, interest-bearing loan at
6
% per annum
7,8
614,899
-
Unsecured, interest-bearing loan at
1
% per month
6
2,822,250
-
Unsecured, non- interest-bearing loan
9
7,840
-
Total loans payable
3,464,450
166,555
Current portion of loans payable
(
3,464,450
)
(
145,866
)
Long-term portion of loans payable
$
-
$
20,689
(1)
Loans
                                            bearing interest accrue at
10
% per annum are all unsecured. The loans matured between
January
                                            and April 1, 2021
and thereafter were due on demand. During the year ended December 31, 2023,
                                            the Company made principal payments of $
Nil
(2022 - $
135,868
) and $
Nil
(2022 - $
3,515
) in
                                            interest payments. During the year ended December 31, 2023, the Company wrote off the remaining
                                            balance of $
12,107
.
(2)
On
                                            May 25, 2022, Garanti Bank extended a long-term loan to Park Place Turkey Limited in the
                                            amount of ₺
1,500,000
(or approximately USD$
91,961
). The loan matures on
May 23, 2024
,
                                            and bears interest at
45.33
% per annum. Principal and accrued interest are paid monthly.
                                            During the year ended December 31, 2023, the Company made $
45,832
(2022 - $
26,968
) in principal
                                            payments and $
14,717
(2022 - $
20,636
) in interest payments.
(3)
On
                                            November 23, 2022, Garanti Bank extended a short-term loan to Park Place Turkey Limited in
                                            the amount of ₺
2,000,000
(or approximately USD$
107,356
). The loan matures on
November
                                            23, 2023
, and bears interest at the Turkish Lira Overnight Reference Rate ("TLREF")
                                            plus
3.5944
% per annum. Principal and accrued interest are paid monthly. During the year
                                            ended December 31, 2023, the Company made $
79,372
(2022 - $
10,183
) in principal payments
                                            and $
4,264
(2022 - $
1,607
) in interest payments.
(4)
On
                                            March 13, 2023, Garanti Bank extended a long-term loan to Park Place Turkey Limited in the
                                            amount of ₺
2,000,000
(or approximately USD$
105,386
). The loan matures on
March 12,
                                            2024
, and bears interest at
37.67
% per annum. Principal and accrued interest are paid monthly.
                                            During the year ended December 31, 2023, the Company made $
61,627
(2022 - $
nil
) in principal
                                            payments and $
18,676
(2022 - $
nil
) in interest payments.
F-
30
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
10.
Loans
    Payable (continued)
(5)
On
                                            February 1, 2023, the Company entered into an agreement with TR1 Master Fund to borrow $
2,200,000
.
                                            The loan was issued with a $
200,000
discount and bears interest at a rate of
1
% per month.
                                            The maturity date is
April 1, 2024
. In the event that the loan is repaid in full prior to
                                            the maturity date, the minimum interest payment on the loan is $
100,000
. Upon repayment of
                                            the loan at any time, the Company has to pay an exit fee of $
50,000
. The minimum interest
                                            payment and exit fee have been recorded on the consolidated statements of income (loss) and
                                            comprehensive income (loss) as finance costs. If, during the period that any amount of the
                                            loan remains outstanding, the Company issues any equity, the Lender may demand repayment
                                            of all or part of the principal amount of the loan in an amount equal to the aggregate subscription
                                            price of the equity offering. On April 26, 2023, the Company repaid the loan in its entirety,
                                            including the minimum interest and exit fee. In addition to the minimum interest and exit
                                            fee, the Company recorded interest expense of $
200,000
, representing the accretion of the
                                            discount.
(6)
On
                                            July 1, 2023, the Company entered into agreements with TR1 Master Fund to borrow $
1,065,000
and $
1,597,500
. The loans were issued with a $
65,000
and $
97,500
discount, respectively,
                                            and bear an interest rate of
1
% per month. The maturity date was
December 31, 2023
, and the
                                            Company is claiming that the principal of TR1 Master Fund agreed to extend the loans to
December
                                            31, 2024
. In the event that the loan is repaid in full prior to the maturity date, the minimum
                                            interest payments on the loans are $
40,000
and $
60,000
, respectively. The minimum interest
                                            payments have been recorded on the consolidated statements of income (loss) and comprehensive
                                            income (loss) as finance costs. Accrued interest in excess of the minimum interest payments
                                            of $
23,900
and $
35,850
, respectively were recorded during the year ended December 31, 2023.
                                            Accretion of the discount recognized on the loans during the period were $
63,916
and $
96,138
,
                                            respectively. If, during the period that any amount of the loan remains outstanding, the
                                            Company issues any equity, the Lender may demand repayment of all or part of the principal
                                            amount of the loan in an amount equal to the aggregate subscription price of the equity offering.
                                            The Company is currently in discussions with the lender and has not made any repayments as
                                            at the date of these consolidated financial statements (Note 25).
(7)
On
                                            July 20, 2023, the Company entered into a promissory note with 1324025 BC Ltd for CAD$
300,000
(USD$
228,023
). The promissory note bears an interest rate of
6
% per annum. The principal
                                            plus all accrued unpaid interest is to be repaid on demand but no later than December 31,
                                            2024. During the year ended December 31, 2023, CAD$
50,000
(USD$
37,717
) of the principal balance
                                            was repaid and CAD$
7,917
(USD$
5,867
) in interest was accrued.
(8)
On
                                            September 1, 2023, the Company entered into a promissory note with 2476393 Alberta Ltd for
                                            CAD$
546,000
(USD$
402,115
). The promissory note bears an interest rate of
6
% per annum. The
                                            principal plus all accrued unpaid interest is to be repaid on demand but no later than December
                                            31, 2024. As at December 31, 2023, no repayments had been made. During 2023, CAD$
10,734
(USD$
7,954
)
                                            in interest was accrued.
(9)
On
                                            November 23, 2023, the Company entered into a short-term non-interest-bearing promissory
                                            note with 1647020 Alberta Ltd. for CAD$
12,000
(USD$
8,766
). During the year ended December
                                            31, 2023, CAD$
1,614
(USD $
1,179
) of the principal had been applied against amounts owed by
                                            the note holder.
(10)
On
                                            November 23, 2023, the Company entered into a short-term non-interest-bearing promissory
                                            note with a consultant of the Company for CAD$
200,000
(USD$
146,121
). During the year ended
                                            December 31, 2023, CAD$
200,000
(USD$
146,121
) of the principal had been repaid.
F-
31
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
11.
Leases
The
Company leases certain assets under lease agreements. During the year ended December 31, 2023, the Company entered into three new office
leases in Turkey, commencing January 1, 2023, February 15, 2023 and March 1, 2023, respectively. The leases all have a
five
-year term.
The
Company used an incremental borrowing rate ("IBR") of
35
% in determining its lease liabilities. The IBR was derived from
the Company's assessment of its borrowings in Turkey.
Lease liability
December 31, 2023
December 31, 2022
Beginning balance
$
8,609
$
15,324
Additions, cost
236,201
-
Interest expense
53,831
1,378
Lease payments
(
85,271
)
(
5,499
)
Currency translation adjustment
(
2,458
)
(
2,594
)
Termination of lease
(
69,217
)
-
Ending balance
$
141,695
$
8,609
As
at December 31, 2023, the Company's lease liability is as follows:
Lease liability
December 31, 2023
December 31, 2022
Current portion of lease liability
$
19,637
$
4,057
Long-term portion of lease liability
122,058
4,552
$
141,695
$
8,609
Future
minimum lease payments to be paid by the Company as a lessee as of December 31, 2023 are as follows:
Operating lease commitments and lease liability
2024
$
58,919
2025
57,488
2026
59,163
2027
60,921
Total future minimum lease payments
236,491
Discount
(
94,796
)
Total
$
141,695
During
the year ended December 31, 2023, $
33,743
(2022 - $
42,118
) of short-term leases were expensed to the consolidated statements of income
(loss) and comprehensive income (loss).
12.
Convertible debentures
On
April 20, 2023, the Company entered into an agreement to issue
15,000
units of the Company (the "Units") at a price of CAD$
1,000
per unit, for gross proceeds of CAD$
15,000,000
(USD$
11,135,145
). Each Unit will consist of CAD$
1,000
(approximately USD$
742
) principal
amount secured convertible debenture ("Debenture") and
333
common share purchase warrants of the Company (the "Warrants").
Each Warrant will be exercisable for one common share of the Company at an exercise price of CAD$
2.50
(approximately USD$
1.86
) and shall
have an expiry date of
June 29, 2025
.
F-
32
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
12.
Convertible
    debentures (continued)
The
Debentures will mature on
April 30, 2025
(the "Maturity Date") and will accrue interest at the rate of
12
% per annum, payable
semi-annually. The Company has the ability to redeem the Debentures at any time between the dates of April 30, 2024 and April 30, 2025
at a redemption price of
105
% of the principal amount plus any accrued interest. At the holders' option, the Debentures may be
converted into common shares of the Company at any time, up to the earlier of the Maturity Date and the redemption of the Debentures,
at a conversion price of CAD$
3.00
(approximately USD$
2.23
) per common share.
The
convertible debentures were determined to be a financial instrument comprising a host debt component, a conversion feature classified
as equity, and freestanding warrants classified as equity. The warrants and conversion features were determined to be equity components
because the exercise prices are denominated in the functional currency of the Company. Thus, these components the criterion of an equity
instrument.
The
Company paid an underwriting fee of CAD$
1,045,000
(USD$
775,748
) and issued
300,000
broker warrants (the "Broker Warrants")
in conjunction with the financing. The Broker Warrants are exercisable for one common share of the Company at an exercise price of CAD$
2.50
and shall have an expiry date of
April 20, 2025
. The fair value of the Broker Warrants was estimated to be $
216,777
and was determined
using the Black-Scholes Option Pricing Model using the following assumptions: risk-free interest rate:
3.77
%, expected volatility:
100.96
%,
dividend yield:
0
% and expected life:
2
years.
On
initial recognition, the proceeds were first allocated to the fair value of the host debt component, calculated using a market interest
rate of
16
%, which is the market interest rate of a debt instrument with similar terms but without the equity conversion feature. The
residual proceeds were then allocated to the conversion feature and warrant equity components using the relative fair value method.
The
relative fair value of the warrants and conversion features were determined using the Black-Scholes Option Pricing Model using the assumptions
set out as follows:
April 20, 2023
Risk-free interest rate
3.86
%
Expected volatility
101.71
–
119.94
%
Dividend yield
0
%
Expected life
2.03
–
2.19
years
A
continuity schedule of the Company's convertible debt is as follows:
Balance as at January 1, 2023
$
-
Issued
11,135,145
Transaction costs
(
992,525
)
Transaction costs allocated to equity
77,086
Relative fair value of conversion feature
(
369,181
)
Relative fair value of Warrants
(
495,653
)
Repayment
(
709,022
)
Accretion
578,675
Interest
931,962
Currency translation adjustment
173,232
Balance as at December 31, 2023
$
10,329,719
Current
$
227,092
Long-term
$
10,102,627
F-
33
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
13.
Asset Retirement Obligation
The
following is a continuity of the Company's asset retirement obligations:
December 31, 2023
December 31, 2022
Beginning balance
$
5,316,470
$
8,993,108
Additions
797,102
-
Accretion expense
219,536
264,075
Impact of hyperinflation
(
599,096
)
(
69,379
)
Currency translation adjustment
603,856
-
Change in estimate
(
90,841
)
(
3,871,334
)
Ending balance
$
6,247,027
$
5,316,470
The
Company's asset retirement obligations ("ARO") result from its interest in oil and gas assets including well sites.
The total ARO is estimated based on the Company's net ownership interest in all sites, estimated costs to reclaim and abandon these
wells and the estimated timing of the costs to be included in future years. The Company estimated the total undiscounted amount required
to settle the ARO as at December 31, 2023 is $
16.5
million (December 31, 2022 - $
10.6
million). The ARO is calculated using an inflation
rate of
2.5
% (December 31, 2022 –
2.5
%) and discounted using a risk free rate of
4
% (December 31, 2022 –
3.91
%) between
10
and
20
years.
During
2023, the Company and TPAO agreed to establish a close out-fund (the "Close-Out Fund") in a US dollar bank account. The amounts
accumulated in the Close-Out Fund will not be used for any purpose other than to cover the cost of close-out of the SASB project. The
US dollar bank account is held by TPAO. Starting with the July 2023 natural gas revenue, each party agreed to transfer
10
% of its revenue
into the Close-Out Fund on a monthly basis, until an amount agreed to by both parties is attained. The Company accounted for its share
in the Close-Out Fund as a long-term deposit (Note 4). As at December 31, 2023, the Company share of the Close-Out Fund amounted to $
371,124
.
14.
Notes and Amounts Receivable for Equity Issued
December 31, 2023
December 31, 2022
Notes receivable
$
97,907
$
1,000,122
Amounts receivable
15,402
61,940
$
113,309
$
1,062,062
The
notes receivable bear interest at
5
% and are due between September 30, 2021, and July 31, 2023.
The
amounts receivable are non-interest bearing and due on demand.
F-
34
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
14.
Notes and Amounts Receivable
    for Equity Issued (continued)
The
following is a continuity of the Company's notes and other receivables:
Notes receivable
Amounts receivable
Total
Balance, December 31, 2021
$
1,158,832
$
34,809
$
1,193,641
Additions
-
51,659
51,659
Repayments
(
136,611
)
(
24,528
)
(
161,139
)
Write-off
(
22,099
)
-
(
22,099
)
Balance, December 31, 2022
1,000,122
61,940
1,062,062
Repayments
(
297,678
)
(
36,228
)
(
333,906
)
Settled through RSU repurchase (Note 18)
(
604,537
)
-
(
604,537
)
Write-off
-
(
10,310
)
(
10,310
)
Balance, December 31, 2023
$
97,907
$
15,402
$
113,309
During
the year ended December 31, 2023, the interest income totaled $
16,373
(2022 - $
52,502
). As at December 31, 2023, accrued interest of
$
44,262
(December 31, 2022 - $
52,538
) was included in amounts receivable (Note 4). During the year ended December 31, 2023, $
80,991
(2022
- $
136,611
) in cash repayments were made and $
252,915
(2022 – $
24,528
) repayments were made through reductions of accounts payable.
15.
Common Stock
The
Company has an unlimited number of common shares authorized with
no
par value. As at December 31, 2023,
115,250,810
common shares were
issued and outstanding (December 31, 2022 –
76,775,071
).
For
the year ended December 31, 2023
On
November 28, 2023, the Company completed a short form prospectus, issuing
36,057,934
common shares of the Company at a price of CAD$
0.30
(approximately
USD$
0.22
) per common share for aggregate gross proceeds of CAD$
10,817,380
(approximately USD$
7,960,687
).
Cash
finder's fee of CAD$
737,934
(USD$
543,057
) were paid and
2,101,726
finder's warrants were issued. The finder's warrants
are exercisable to purchase one common share of the Company at an exercise price of CAD$
0.30
(approximately USD$
0.22
) until November
28, 2025. The finder's warrants issued have a fair value of CAD$
353,288
(approximately USD$
259,955
).
During
the year ended December 31, 2023, the Company issued
150,000
shares with a fair value of $
212,632
to settle debt of $
195,290
and recognized
a loss on the settlement of $
17,342
.
During
the year ended December 31, 2023, the Company issued
1,762,805
shares for RSU's which were granted and vested in previous periods.
During
the year ended December 31, 2023,
5,000
warrants with an exercise price of CAD$
0.60
(approximately USD$
0.44
) were exercised for gross
proceeds of CAD$
3,000
(USD$
2,215
).
During
the year ended December 31, 2023, the Company issued
60,000
shares valued at $
29,299
for services rendered valued at $
11,957
. A $
17,342
loss on the issuance of shares was recognized.
During
the year ended December 31, 2023, the Company entered into a consulting agreement pursuant to which an obligation to issue shares valued
at $
18,873
was accrued. The obligation to issue shares relate to
100,000
shares owed as a signing bonus and
25,000
shares owed relating
to services rendered.
F-
35
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
During
the year ended December 31, 2023, the Company issued shares for the exercise of options as follows:
15.
Common
    Stock (continued)
●
40,000
common shares for the exercise of
40,000
options at CAD$
0.75
(approximately USD$
0.55
) for cash proceeds of CAD$
30,000
(USD$
21,872
). As a result, $
18,475
was transferred from option reserves to share capital; and
●
70,000
common shares for the exercise of
70,000
options at CAD$
2.20
(approximately USD$
1.62
) for cash proceeds of CAD$
154,000
(USD$
113,717
). As a result, $
72,050
was transferred from option reserves to share capital.
●
70,000
common shares for the exercise of
70,000
options at CAD$
0.80
(approximately USD$
0.60
) for cash proceeds of CAD$
56,453
(USD$
42,000
). As a result, $
35,174
was transferred from option reserves to share capital.
●
60,000
common shares for the exercise of
60,000
options at CAD$
0.75
(approximately USD$
0.56
) for cash proceeds of CAD$
45,000
(USD$
33,479
). As a result, $
29,939
was transferred from option reserves to share capital.
●
200,000
common shares for the exercise of
200,000
options at CAD$
2.20
(approximately USD$
1.66
) for cash proceeds of CAD $
440,000
(USD$
331,796
). As a result, $
273,583
was transferred from option reserves to share capital.
For the year ended December 31, 2022
During the year ended December 31, 2022, the Company
issued shares for the exercise of warrants as follows:
●
538,250
common shares for the exercise of
538,250
warrants at CAD$
0.50
(approximately USD$
0.38
) for cash proceeds of CAD$
269,125
(USD$
202,713
). As a result, $
336,464
was transferred from warrant reserves to common stock and share premium;
●
160,000
common shares for the exercise of
160,000
warrants at CAD$
0.50
(approximately USD$
0.37
) In lieu of cash, the Company acquired prepaid services in the amount of $
58,698
. As a result, $
98,786
was transferred from warrant reserves to common stock and share premium;
●
50,000
common shares for the exercise of
50,000
warrants at CAD$
0.50
(approximately USD$
0.37
). In lieu of cash, debt owed to the equity holder was settled in the amount of CAD$
10,949
(USD$
8,034
). Pursuant to the issuance, $
31,511
was transferred from warrant reserves to common stock and share premium. As at December 31, 2022, CAD$
14,051
(USD$
10,310
) was recorded to receivables for equity issued for the remainder of the amount;
●
5,000
common shares for the exercise of
5,000
warrants at CAD$
0.60
(approximately USD$
0.44
) for cash proceeds of CAD$
3,000
(USD$
2,213
);
●
49,000
common shares for the exercise of
49,000
warrants at CAD$
1.00
(approximately USD$
0.76
) for cash proceeds of CAD$
49,000
(USD$
37,225
);
●
550,000
common shares for the exercise of
550,000
warrants at CAD$
1.55
(approximately USD$
1.15
) for cash proceeds of CAD$
852,500
(USD$
635,127
). As a result, $
467,968
was transferred from warrant reserves to common stock and share premium;
●
9,500
common shares for the exercise of
9,500
warrants at CAD$
2.25
(approximately USD$
1.69
) for cash proceeds of CAD$
21,375
(USD$
16,101
). As a result, $
1,159
was transferred from warrant reserves to common stock and share premium;
●
221,616
common shares for the exercise of
221,616
warrants at $
0.39
for cash proceeds of $
87,071
. As the warrants were liability classified, the fair value of the shares of $
326,695
was transferred to share premium;
●
250,000
common shares for the exercise of
250,000
warrants at $
0.40
. In lieu of cash, the Company acquired prepaid services in the amount of $
100,000
. As the warrants were liability classified, the fair value of the shares of $
121,604
was transferred to share premium;
●
152,000
common shares for the exercise of
152,000
warrants at $
0.50
for cash proceeds of $
67,797
. As the warrants were liability classified, the fair value of the shares of $
164,025
was transferred to share premium; and
●
200,000
common shares for the exercise of
200,000
warrants at $
0.80
for cash proceeds of $
160,000
. As the warrants were liability classified, the fair value of the shares of $
210,627
was transferred to share premium.
F-
36
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
15.
Common
    Stock (continued)
During
the year ended December 31, 2022, the Company issued shares for the exercise of options as follows:
●
60,000
common shares for the exercise of
60,000
options at CAD$
0.40
(approximately USD$
0.29
) for
                                            cash proceeds of CAD$
24,000
(USD$
17,609
). As a result, $
16,557
was transferred from option
                                            reserves to common stock and share premium;
●
155,000
common shares for the exercise of
149,000
options at CAD$
0.50
(approximately USD$
0.39
) for
                                            cash proceeds of CAD$
77,500
(USD$
58,751
).
6,000
Common shares were issued in error. As a
                                            result, $
2,322
was recorded in shares to be cancelled. Pursuant to the issuance, $
55,001
was transferred from option reserves to common stock and share premium;
●
50,000
common shares pursuant to the exercise of
50,000
options at CAD$
0.50
(approximately USD$
0.39
).
                                            In lieu of cash, debt in the amount of CAD$
25,000
(USD$
19,270
) was settled. Pursuant to the
                                            issuance, $
18,474
was transferred from option reserves to common stock and share premium;
●
330,000
common shares for the exercise of
330,000
options at CAD$
2.20
(approximately USD$
1.50
) for
                                            cash proceeds of CAD$
726,000
(USD$
494,706
). As a result, $
341,584
was transferred from option
                                            reserves to common stock and share premium. As at December 31, 2022, CAD$
56,000
(USD$
41,349
)
                                            had not yet been received and was recorded to receivables for equity issued; and
●
80,000
common shares pursuant to the exercise of
80,000
options at $
0.60
. In lieu of cash, debt
                                            owed to the equity holders was settled in the amount of $
48,000
. Pursuant to the issuance,
                                            $
43,290
was transferred from option reserves to common stock and share premium.
In
March 2022, the Company issued
21,331,588
units at CAD$
0.825
per unit for gross proceeds of CAD$
17,598,610
(USD$
13,886,226
) pursuant
to the closing of a non-brokered private placement. Each unit comprises one common share and one half of one share purchase warrant.
Each whole warrant entitles the holder to purchase one common share for CAD$
2.25
for two years from the date of the closing of the offering.
As the fair value of the common shares on the same date exceeded the issuance price, no residual value was assigned to the warrants.
Cash finder's fee of CAD$
1,397,495
(USD$
1,108,790
) were paid and
1,501,357
finder's warrants were issued with a fair value
of $
994,775
. The finder's warrants have the same terms as the warrants attached to the units. The Company also issued
600,000
units
for debt settlement of CAD$
495,000
(USD$
391,021
) under the same terms of the private placement financing with no loss or gain recognized.
On
March 1, 2022, the Company entered into a consulting agreement with a third party. Pursuant to the consulting agreement, the Company
issued
40,000
common shares on November 2, 2022 for the consulting services received in March 2022 with a fair value of $
51,208
. The
amount of $
51,208
was expensed and included in consulting services on the consolidated statements of loss and comprehensive loss for
the year ended December 31, 2022.
On
March 17, 2022, the Company issued
181,818
units for investor relations services from February to July 2022 valued at CAD$
150,000
(USD$
118,188
).
The amount of CAD$
150,000
(USD$
118,188
) was expensed and included in investor relations on the consolidated statements of loss and comprehensive
loss for the year ended December 31, 2022.
During
the year ended December 31, 2022, the Company issued
220,000
shares,
10,000
of which relate to the vesting of restricted stock units
granted in 2021 and
210,000
relating to the granting and vesting of restricted stock units during the year ended December 31, 2022. The
value of the shares issued is $
111,122
. $
7,540
of the stock-based compensation was recorded in the prior year.
On
June 29, 2022, the Company completed a short form prospectus, issuing
14,507,380
units of the Company at a price of CAD$
1.55
(approximately
USD$
1.20
) per unit for aggregate gross proceeds of up to CAD$
22,486,439
(approximately USD$
17,408,856
). Each unit consists of one common
share of the Company and one half of one common share purchase warrant. Each warrant will be exercisable to purchase one common share
of the Company at an exercise price of CAD$
2.50
(approximately USD$
1.95
) until June 29, 2025. A value of CAD$
0.20
was allocated to each
warrant based on the residual method.
F-
37
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
15.
Common
    Stock (continued)
Cash
finder's fee of CAD$
1,994,906
(USD$
1,549,196
) were paid and
850,288
finder's warrants were issued with a fair value of CAD$
1,014,290
(USD$
787,785
). The finder's warrants are exercisable to purchase units, with each unit consisting of one common share and one-half
share purchase warrant of the Company at an exercise price of CAD$
1.55
(approximately USD$
1.20
) until June 29, 2025. Each warrant is
exercisable at CAD$
2.50
(approximately USD$
1.80
) until June 29, 2025.
16.
Stock Options
The
Board of Directors adopted the Trillion Energy International Inc. 2022 Long-Term Incentive Equity Plan (the "2022 Plan")
effective as of December 1, 2022.
The 2022 Plan permits grants of stock options and restricted stock awards and other stock-based awards.
Under
the 2022 Plan, the maximum number of shares of authorized stock that may be delivered is
10
% of the total number of shares of common
stock issued and outstanding of the Company as determined on the applicable date of grant of an award under the 2022 Plan. Under the
2022 Plan, the exercise price of each option shall be determined by the Board of Directors, subject to any applicable Exchange approval
or rules, at the time any option or other stock-based award is granted. In no event shall such exercise price be lower than the exercise
price permitted by the Exchange. The vesting schedule for each option or other stock-based award shall be specified by the Board of Directors
at the time of grant, subject to any applicable Exchange approval or rules.
A
continuity of the Company's outstanding stock options for the year ended December 31, 2023 and the year ended December 31, 2022
is presented below:
Number of options
Weighted average
exercise price (CAD)
Outstanding, December 31, 2021
1,528,000
$
0.79
Granted
1,442,000
1.86
Exercised
(
669,000
)
1.33
Expired
(
1,000
)
0.50
Outstanding, December 31, 2022
2,300,000
$
1.27
Exercised
(
440,000
)
1.65
Expired
(
240,000
)
0.79
Outstanding, December 31, 2023
1,620,000
$
1.24
Exercisable, December 31, 2023
1,620,000
$
1.24
At
December 31, 2023 the Company had the following outstanding stock options:
Outstanding
Exercise Price
Expiry Date
Vested
660,000
0.75
CAD
September 19, 2024
660,000
128,000
0.40
CAD
July 31, 2025
128,000
512,000
1.50
CAD
July 26, 2025
512,000
50,000
1.90
CAD
June 6, 2026
50,000
150,000
2.20
CAD
October 27, 2025
150,000
70,000
2.20
CAD
December 9, 2024
70,000
50,000
2.20
CAD
December 9, 2025
50,000
1,620,000
1,620,000
As
at December 31, 2023, the weighted average remaining contractual life of outstanding stock options is
1.26
years (December 31, 2022 –
2.09
years).
F-
38
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
16.
Stock
    Options (continued)
For
the year ended December 31, 2023, the Company recognized $
118,202
(2022 - $
1,421,267
) in stock-based compensation expense for options
granted and vested. At December 31, 2023, the Company has $
Nil
(December 31, 2022 - $
123,873
) in unrecognized compensation expense related
to stock options.
No
stock options were granted during the year ended December 31, 2023.
17.
Warrants
A
continuity of the Company's outstanding share purchase warrants for the year ended December 31, 2023 and the year ended December
31, 2022 is presented below:
Number of
warrants
Weighted average exercise price (CAD)
Outstanding, December 31, 2021
1,568,866
$
0.63
Issued
21,011,038
2.31
Exercised
(
2,185,366
)
0.87
Expired
(
7,000
)
0.50
Outstanding, December 31, 2022
20,387,538
$
2.33
Issued
7,402,726
1.88
Expired
(
10,000
)
2.17
Outstanding, December 31, 2023
27,780,264
$
2.21
At
December 31, 2023, the Company had the following outstanding share purchase warrants:
Outstanding
Exercise Price
Expiry Date
4,341,088
2.25
CAD
March 15, 2024
676,788
2.25
CAD
March 16, 2024
590,909
2.25
CAD
March 17, 2024
2,122,825
2.25
CAD
March 18, 2024
4,286,351
2.25
CAD
March 24, 2024
530,600
2.25
CAD
March 28, 2024
12,529,690
2.50
CAD
June 29, 2025
300,288
1.55
CAD
June 29, 2025
300,000
2.50
CAD
April 20, 2025
2,101,726
0.30
CAD
November 28, 2025
27,780,265
As
at December 31, 2023, the weighted average remaining contractual life of outstanding warrants is
0.95
years (December 31, 2022 –
1.71
years).
The
Company had previously issued warrants in connection with private placements, or debt settlements where the exercise price of such warrants
was denominated in USD. As such the warrants were classified as derivate liabilities. As at December 31, 2023, the fair value of the
warrants were remeasured at $
Nil
as all the warrants had expired. The Company recognized a gain on the fair value change of $
4,827
(2022
– loss of $
686,504
) for the year ended December 31, 2023.
F-
39
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
17.
Warrants
    (continued)
The
following is a continuity of the Company's derivative warrant liability:
Total
Balance, December 31, 2021
$
472,899
Effect of change in functional currency
(
309,006
)
Exercise of warrants
(
822,950
)
Change in fair value of derivative
686,504
Foreign currency translation
(
22,620
)
Balance, December 31, 2022
$
4,827
Change in fair value of derivative
(
4,827
)
Balance, December 31, 2023
$
-
The
fair values for finder's warrants granted during the year ended December 31, 2023 and the warrants granted during the year ended
December 31, 2022, have been estimated using the Black-Scholes option pricing model using the following assumptions:
2023
2022
Risk-free interest rate
3.77
–
4.43
%
1.21
–
3.13
%
Expected life (years)
2
2
–
3
Expected volatility
101
–
104
%
154
–
182
%
Dividend yield
0
%
0
%
18.
Restricted Stock Units
During
the year ended December 31, 2023, the Company granted RSUs as follows:
●
On
                                            January 1, 2023, the Company granted
256,800
RSU's which vest quarterly beginning January
                                            1, 2023.
●
On
                                            May 11, 2023, the Company granted
601,000
RSU's which vested immediately.
●
On
                                            July 6, 2023, the Company granted
75,000
RSU's, which vested immediately.
●
On
                                            September 2, 2023, the Company granted
75,464
RSU's, which vested immediately.
●
On
                                            September 15, 2023, the Company granted
452,785
RSU's, which vested immediately.
●
On
                                            October 17, 2023, the Company granted
650,000
RSU's, which vested immediately.
●
On
                                            December 31, 2023, the Company granted
1,365,610
RSUs, which vested immediately.
For
the year ended December 31, 2023, the Company recognized $
2,279,059
(2022 - $
697,650
) in stock-based compensation expense for RSUs granted
and vested.
Number of unvested
restricted stock units
Weighted average
fair value per award
Balance, December 31, 2021
–
$
–
Granted
885,012
1.10
Vested
(
885,012
)
1.10
Balance, December 31, 2022
–
–
Granted
3,476,659
0.81
Canceled
(
30,000
)
2.00
Vested
(
3,446,659
)
0.80
Balance, December 31, 2023
-
-
F-
40
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
18.
Restricted
    Stock Units (continued)
The
Company previously granted certain RSU's whereby the holder has the right and option to require the Company to withhold up to one
third of the RSU shares awarded to pay the cash equivalent of the market price of the shares on the date of vesting. As a result, a portion
of the value of the RSU's is recorded as a RSU obligation liability. As at December 31, 2023, the balance of the RSU obligation
was $
18,398
(December 31, 2022 - $
295,747
).
During
the year ended December 31, 2023, the Company repurchased
667,868
RSU's for $
993,136
, equaling the fair value of the Company's
shares at the time of repurchase and did not recognize any gain or loss on the transaction. As a result of the transaction, the Company
recognized a reduction to equity of $
919,790
and a reduction to the RSU obligation liability of $
73,346
. Outstanding notes receivable
of $
604,537
were settled through the RSU's repurchased (Note 14).
During
the year ended December 31, 2023, the Company recorded an obligation to issue shares of $
283,094
relating to the accrual of
1,365,610
RSUs owed to a consultant and to a related party of the Company as a bonus for additional services provided during the 2023 fiscal year.
As at December 31, 2023, the Company had
1,518,010
RSU's (December 31, 2022 –
675,012
) outstanding.
19.
Related Party Transactions
On
February 10, 2023, the Company's Board of Directors approved a new compensation plan for the directors of the Company effective
January 1, 2023.
At
December 31, 2023, accounts payable and accrued liabilities included $
115,526
(December 31, 2022 - $
210,070
) due to related parties.
The amounts are unsecured, non-interest bearing and due on demand.
During
the year ended December 31, 2023, management fees and salaries of $
924,083
(2022 - $
711,766
), director fees of $
145,500
(2022 - $
92,000
),
consulting fees of $
52,313
(2022 - $
nil
), and stock-based compensation of $
1,294,051
(2022 - $
926,119
) were incurred to related parties.
During
the year ended December 31, 2023, the Company issued
808,680
shares to directors for services performed and for RSU's which were
granted and vested in previous periods.
During
the year ended December 31, 2023, the Company issued
80,000
shares with a fair value of $
115,304
to a director to settle debt of CAD$
160,000
(USD$ $
118,261
) and recognized a gain on the settlement of $
2,957
. During the year ended December 31, 2022, the Company issued
400,000
units with a fair value of $
260,681
for the settlement of accounts payable owed to related parties in the amount of $
260,681
, resulting
in no gain or loss.
During
the year ended December 31, 2023, the Company repurchased
586,868
RSU's from directors and recognized a reduction to equity of
$
799,212
on the transaction. $
473,331
of the RSU's repurchased was applied against outstanding notes receivable.
As
at December 31, 2023, notes receivable included $
Nil
(December 31, 2022 - $
450,325
) due from related parties. The amounts previously
receivable were unsecured, bear interest at
5
% per annum and mature one to two years from issuance.
As
at December 31, 2023, notes payable included CAD$
402,115
(USD$
420,281
) (December 31, 2022 - $
Nil
) due to related parties. The note payable
is unsecured, bears interest at
6
% per annum and matures on
December 31, 2024
.
F-
41
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
19.
Related Party Transactions
    (continued)
As
at December 31, 2022, pursuant to agreements between four directors and the Company, each of the four directors shall be granted
40,000
fully vested RSUs upon each anniversary of the contract and three of the four directors shall be granted
50,000
fully vested RSUs upon
successful spudding of the first well by the Company. For two of the four directors, the amount of RSUs shall be indexed pro-rata to
account for any dilution incurred by subsequent share issuance by the Company. During the year ended December 31, 2022, the Company issued
80,000
shares with a fair value of $
19,077
for the RSU's to one of the directors. The shares for the remainder of the RSU's
granted under the agreements were either issued or the underlying RSU's were repurchased in 2023. The value of these RSUs and the
stock-based compensation recognized is $
255,206
. $
65,160
has been recorded to reserves as at December 31, 2022 and $
190,047
has been
recorded as a RSU obligation liability as the directors have the right and option to require the Company to withhold up to one third
of the RSU shares awarded to pay the director the cash equivalent of the market price of the shares on the date of vesting.
As
at December 31, 2022, a director of the Company was granted
12,000
RSUs for services performed. The value of these RSUs and the stock-based
compensation recognized is $
21,283
. As at December 31, 2022, the shares for these RSUs had not been issued. $
14,189
has been recorded
to reserves as at December 31, 2022 and $
7,094
has been recorded as a RSU obligation liability as the director has the right and option
to require the Company to withhold up to one third of the RSU shares awarded to pay the director the cash equivalent of the market price
of the shares on the date of vesting.
On
September 2, 2020, the CEO signed an employment agreement with the Company in which the CEO shall receive:
●
20,000
fully vested RSUs upon the first anniversary of the agreement. The amount of RSUs shall be
                                            indexed pro-rata to account for any dilution incurred by subsequent share issuances by the
                                            Company;
●
If
                                            during the term of the Agreement, the Company completes any cash financing of $
5,000,000
,
                                            the Company shall issue
50,000
fully vested RSUs and $
25,000
for each $
5,000,000
raised.
●
Upon
                                            spudding of the first well by the Company, the Company shall grant
50,000
fully vested RSUs
                                            and
50,000
fully vested RSUs every anniversary of the spud date (condition was met on September
                                            15, 2022). This amount is indexed pro-rata to account for any dilution incurred by subsequent
                                            share issuances by the Company; and
●
If
                                            during the term of the Agreement, the Company enters into any non-financing transaction,
                                            a cash bonus of USD$
100,000
is owed upon the successful closing.
The
value of these RSUs and the stock-based compensation recognized is $
295,818
. As at December 31, 2022, the shares for these RSUs have
not been issued. $
197,212
has been recorded to reserves as at December 31, 2022 and $
98,606
has been recorded as a RSU obligation liability
as the CEO has the right and option to require the Company to withhold up to one third of the RSU shares awarded to pay the CEO the cash
equivalent of the market price of the shares on the date of vesting. As at December 31, 2023, the shares for these RSUs have either been
issued or the underlying RSUs were repurchased by the Company.
On
July 15, 2022, the CFO signed an employment agreement with the Company in which the CFO shall receive:
●
20,000
fully vested RSUs upon the first anniversary of the agreement;
●
30,000
fully vested RSUs upon the second anniversary of the agreement;
●
For
                                            each subsequent year, the number of RSUs is determined in context of the market price of
                                            the shares and in respect to the performance of the Company;
●
A
                                            bonus of
20,000
RSUs plus the sum of $
15,000
cash paid upon the successful completion of
                                            the Company's phase A drilling program at the SASB gas field;
●
A
                                            bonus of
25,000
RSUs plus the sum of $
20,000
cash paid upon the successful completion of
                                            at least an additional seven wells as part of the Company's phase B drilling program
                                            at the SASB gas field; and
●
A
                                            bonus of $
25,000
cash upon the executive arranging a credit line for SASB of at least $
5,000,000
.
As
the agreement can be terminated at any time, the RSU's are recognized only upon the conditions above being met; as a result, no
share based compensation has been recognized under this agreement for the year ended December 31, 2022. During the year ended December
31, 2023,
20,000
shares were issued pursuant to the RSUs granted on the first anniversary of the agreement.
F-
42
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
19.
Related Party Transactions
    (continued)
On
July 15, 2022, the COO signed an employment agreement with the Company in which the COO shall receive:
●
25,000
fully vested RSUs upon the first anniversary of the agreement;
●
30,000
fully vested RSUs upon the second anniversary of the agreement;
●
For
                                            each subsequent year, the number of RSUs is determined in context of the market price of
                                            the shares and in respect to the performance of the Company;
●
A
                                            bonus of
20,000
RSUs plus the sum of $
15,000
cash paid upon the successful completion of
                                            the company's phase A drilling program at the SASB gas field; and
●
A
                                            bonus of
25,000
RSUs plus the sum of $
20,000
cash paid upon the successful completion of
                                            at least an additional seven wells as part of the Company's phase B drilling program
                                            at the SASB gas field;
As
the agreement can be terminated at any time, the RSU's are recognized only upon the conditions above being met; as a result, no
share based compensation has been recognized under this agreement for the year ended December 31, 2022. As at December 31, 2023,
25,000
shares valued at $
33,111
were owed pursuant to the RSUs granted on the first anniversary of the agreement.
On
August 18, 2022, the Company entered into a settlement agreement with the former CFO of the Company upon resignation, whereupon the Company
will issue/pay:
●
65,000
common shares with a fair value of $
94,300
(not issued as at December 31, 2023);
●
$
210,000
in cash to be paid as follows:
○
$
110,000
paid upon execution of the agreement (Paid);
○
$
50,000
to be paid on or before January 31, 2023 (Unpaid);
○
$
50,000
to be paid on or before March 31, 2023 (Unpaid);
●
40,000
RSUs with a fair value of $
32,635
for services rendered as a director (shares issued in 2023);
●
15,000
RSUs with a fair value of $
21,762
for services rendered as an audit committee member (shares
                                            issued in 2023);
For
the compensation above, all previous amounts owed/owing will be settled, including $
49,800
in notes receivable. The Company recognized
a loss on the settlement of $
285,120
during fiscal 2022.
20.
General and Administrative
For the years ended
December 31, 2023
December 31, 2022
Salaries and compensation
$
5,633,959
$
4,386,716
Professional fees
820,047
552,975
Investor relations
236,441
592,155
Office
230,472
119,999
Advertising
123,293
519,321
Filing and transfer fees
111,987
96,701
Travel
114,335
87,285
Penalties
19,763
30,208
Bank charges and other
4,675
12,140
$
7,294,972
$
6,397,500
F-
43
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
21.
Segmented Information
During
the year ended December 31, 2023, and the year ended December 31, 2022, the Company's operations were in the resource industry
in Turkey with head offices in Canada and a satellite office in Sofia, Bulgaria.
Canada
Turkey
Bulgaria
Total
Year ended December 31, 2023
Revenue
$
-
$
16,797,366
$
-
$
16,797,366
Finance cost
2,202,324
46,731
-
2,249,055
Depletion
-
5,119,174
-
5,119,174
Depreciation
8,497
167,267
-
175,764
Accretion of asset retirement obligation
-
219,536
-
219,536
Stock-based compensation
2,397,261
-
-
2,397,261
Loss on debt extinguishment
8,500
-
-
8,500
Loss on impairment of assets held for sale
-
1,556,787
-
1,556,787
Gain on net monetary position
-
(
18,984,099
)
-
(
18,984,099
)
Net income (loss)
(
8,958,570
)
7,861,094
(
4,718
)
(
1,102,194
)
As at December 31, 2023
Non-current assets
$
35,021
$
53,710,753
$
-
$
53,745,774
Canada
Turkey
Bulgaria
Total
Year ended December 31, 2022
Revenue
$
-
$
9,375,029
$
-
$
9,375,029
Finance cost
79,693
-
-
79,693
Depletion
-
1,451,032
-
1,451,032
Depreciation
4,826
140,209
-
145,035
Accretion of asset retirement obligation
-
264,075
-
264,075
Stock-based compensation
2,118,917
-
-
2,118,917
Loss on impairment of exploration and evaluation assets
-
-
3,101,343
3,101,343
Gain on debt extinguishment
97,051
-
-
97,051
Gain on net monetary position
-
1,826,495
-
1,826,495
Net income (loss)
(
6,684,988
)
3,577,954
(
3,014,720
)
(
6,121,754
)
As at December 31, 2022
Non-current assets
$
42,781
$
30,748,740
$
-
$
30,791,521
The
Company's breakdown of net revenue by product segment is as follows:
For the year ended
December 31, 2023
December 31, 2022
Oil
$
3,055,800
$
4,087,664
Gas
13,741,566
5,287,365
$
16,797,366
$
9,375,029
The
Company incurs royalties of
12.5
%. During the year ended December 31, 2023, the Company paid royalties totaling $
2,242,613
(2022 - $
1,163,498
).
F-
44
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
22.
Capital Management
The
Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern to support
its business plan, as well as to ensure that the Company is able to meet its financial obligations as they become due.
The
basis for the Company's capital structure is dependent on the Company's expected business growth and changes in business
environment. To maintain or adjust the capital structure, the Company may issue new shares through private placement, incur debt or return
capital to members.
The
Company is dependent upon external financings to fund activities. In order to carry future projects and pay administrative costs, the
Company will utilize its existing working capital and raise additional funds as needed. Management reviews its capital management approach
on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company is not subject
to externally imposed capital requirements.
23.
Financial Instruments and Risk Management
The
Company is exposed, through its operations, to the following financial risks:
a)
Market
                                            risk
b)
Credit
                                            risk
c)
Liquidity
                                            risk
The
Company is exposed to risks that arise from its use of financial instruments. This note describes the Company's objectives, policies,
and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks
is presented throughout these consolidated financial statements.
There
have been no substantive changes in the Company's exposure to financial instrument risks, its objectives, polices and processes
for managing those risks or the methods used to measure them from previous reported periods unless otherwise stated in the note. The
overall objective of management is to set policies that seek to reduce risk as far as possible without unduly affecting the Company's
competitiveness and flexibility. Further details regarding these policies are set out below.
a)
Market
                                            risk
Market
risk is the risk of loss that may arise from changes in market factors such as foreign currency exchange, interest rates and equity price
risk.
Foreign
currency risk:
Foreign
currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated
in currencies that differ from the respective functional currency. The Company and its subsidiaries are exposed to currency risk as it
has transactions denominated in currencies that are different from their functional currencies. The Company does not hedge its exposure
to fluctuations in foreign exchange rates.
As
at December 31, 2023, the Company's significant foreign exchange currency exposure on its financial instruments, expressed in USD
was as follows:
If
the CAD strengthened or weakened against the USD by
10
% the exchange rate fluctuation would impact net loss by $
954,252
at December 31,
2023 (December 31, 2022 - $
30,435
).
F-
45
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
23.
Financial
    Instruments and Risk Management (continued)
Interest
rate risk:
Interest
rate risk is the risk that future cash flows will fluctuate because of changes in market interest rates. The interest earned on cash
is insignificant and the Company does not rely on interest income to fund its operations. The Company does not have significant debt
facilities with variable interest rates and is therefore not exposed to interest rate risk.
Other
price risk:
Other
price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. The Company does not hold equity investments in other entities and therefore is not exposed to a significant risk.
b)
Credit
                                            risk
Credit
risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations.
The
Company is subject to credit risk on its cash and cash equivalents and amounts receivable which consists primarily of trade receivables
and notes and amounts receivable for equity issued. The Company limits its exposure to credit loss on cash and cash equivalents by placing
its cash with a high-quality financial institution. Exposure to credit loss notes and amounts receivable for equity issued is limited
by entering into these types of transactions with related parties and entities that are well known to the Company.
The
Company only has two customers. The Company mitigates credit risk by evaluating the creditworthiness of customers prior to conducting
business with them and monitoring its exposure for credit losses with existing customers. One of the customers is the largest oil refinery
in Turkey. The other customer provides letters of credit to be used by the Company in the event of default. As at December 31, 2023,
all of the Company's trade receivables are current (< 30 days outstanding).
The
Company's maximum credit exposure is $
2,848,457
(December 31, 2022 - $
5,263,886
).
c)
Liquidity
                                            risk
Liquidity
risk arises from the Company's general and capital financing needs. The Company continuously monitors and reviews both actual and
forecasted cash flows, and also matches the maturity profile of financial assets and liabilities, when feasible. The Company anticipates
increases in revenue in future periods resulting from the completion of an additional well subsequent to the period end. Historically,
the Company's sources of funding has been through equity and debt financings. The Company's access to financing is uncertain.
There can be no assurance of continued access to significant debt or equity funding.
F-
46
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
23.
Financial
    Instruments and Risk Management (continued)
The
table below summarizes the maturity profile of the Company's contractual cashflows.
As at December 31, 2023
Less than 1 year
1 – 2 years
Later than 2 years
Total
Accounts payable and accrued liabilities
$
14,065,019
$
$
-
$
14,065,019
Loans payable
3,464,450
-
-
3,464,450
Lease liability
58,919
116,651
60,921
236,491
RSU obligation
18,398
-
-
18,398
Convertible debt
1,361,525
11,988,362
-
13,349,887
Total liabilities
$
18,968,311
$
12,105,013
$
60,921
$
31,134,245
As at December 31, 2022
Less than 1 year
1 - 2 years
Later than 2 years
Total
Accounts payable and accrued liabilities
$
10,600,080
$
-
$
-
$
10,600,080
Loans payable
145,866
20,689
-
166,555
Lease liability
4,807
4,807
-
9,614
RSU obligation
295,747
-
-
295,747
Derivative liability
-
4,827
-
4,827
Total liabilities
$
11,046,500
$
30,323
$
-
$
11,076,823
24.
Income Tax
A
reconciliation of current income taxes at statutory rates with the reported taxes is as follows:
2023
2022
Net income (loss) before income taxes
$
758,132
$
(
6,121,754
)
Effective tax rate
27
%
27
%
Expected income tax recovery
$
204,696
$
(
1,652,874
)
Change in statutory, foreign tax, foreign exchange rates, and other
(
204,794
)
238,194
Permanent differences
1,335,140
649,306
Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses
249,576
-
Change in unrecognized deductible temporary differences
275,708
765,374
Total
$
1,860,326
$
-
F-
47
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
24.
Income
    Tax (continued)
The
tax effected items that give rise to significant portions of the deferred tax assets and deferred tax liabilities as at year-end are
presented below:
2023
2022
Deferred tax liabilities
Exploration and evaluation assets
$
(
9,990,074
)
$
(
1,426,133
)
Property and equipment
(
60,011
)
-
Convertible debt
(
327,305
)
-
Deferred tax assets
Assets held for sale
$
311,357
$
-
Asset retirement obligation
1,249,406
Non-capital losses
6,685,079
1,426,133
Net deferred tax assets (liabilities)
$
(
2,131,548
)
$
-
The
Company recognizes tax benefits on losses or other deductible amounts where the probable criteria for the recognition of deferred tax
assets has been met. The Company's unrecognized deductible temporary differences and unused tax losses for which no deferred tax
asset is recognized consist of the following amounts:
2023
Expiry
2022
Expiry
Share issue costs
2,782,651
2027
2,119,858
2027
Property and equipment
16,101
N/A
153,117
N/A
Asset retirement obligation
-
N/A
5,718,041
N/A
Non-capital losses
24,377,533
See below
28,385,944
See below
Canada
10,360,380
2042 to 2043
3,995,237
2042
USA
4,228,651
indefinite
16,533,694
indefinite
USA
9,785,059
2028 to 2037
Turkey
-
N/A
723,950
2024 to 2027
Bulgaria
3,443
2028
2,401
2027
25.
Commitments and Contingencies
Close-out
Fund
The
Company has committed to contribute to the Close-Out Fund (Note 13) and is required to deposit
10
% of natural gas revenue from the SASB
project into the Close-Out Fund until an amount agreed to by both parties is attained. The amount accumulated in the Close-Out Fund will
not be used for any purpose other than to cover the cost of close-out of the SASB project.
Arbitration
The
Company through its' subsidiary PPE Turkey has advanced arbitration against an offshore drilling rig contractor for $
20.3
million
for gross negligent and breach of contact involving health and safety issues during the prior year drilling program resulting in loss
and damages to Company (the "Trillion Losses"). Liability is not admitted, the litigation is at the inception, and thus,
legal counsel has advised that is it too soon to predict the outcome or the quantum of damages that will be assessed. The Company is
confident that its case has merit.
F-
48
TRILLION
ENERGY INTERNATIONAL INC.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2023 and 2022
(Expressed
in U.S. dollars)
25.
Commitments
    and Contingencies (continued)
The
Company and its subsidiary PPE Turkey is defending an action brought by the same drilling contractor in Europe to which it has advanced
an arbitration claim, for drilling services and lost profits seeking $
5
million. As no document disclosure has occurred at this time,
and the litigation is at its inception, legal counsel has been unable to provide an opinion on the merits of the action or defenses.
In
accordance with guidance for contingent assets and liabilities, no provision for any potential recovery of the Trillion Losses will be
made until recovery is virtually certain. If the Company's claim is successful, the award will exceed the amount, if any, that
is payable to the drilling contractor in its claim, notwithstanding the same, the Company has evaluated the two competing actions separately.
As such, the Company has recorded an amount in accounts payable and accrued liabilities for the disputed drilling services for $
3
million,
and has not yet recorded, due to the status of its arbitration claim, any asset amount for its $
20.3
million claim against the drilling
contractor. Once legal opinion as to the likely outcome has been obtained, the Company intends to revise the contingent amounts.
Maturity
date of TR1 Master Fund loans
The
Company has two loan agreements dated July 1, 2023 with TR1 Master Fund whereby the Company owes $
2,822,250
in principal and accrued
interest as at December 31, 2023 (Note 10). An agent for the receiver of TR1 Master Fund has demanded payment of the loans as the loans
indicate that they were due on
December 31, 2023
. The Company is claiming that the principal of TR1 Master Fund agreed to extend the
loans to December 31, 2024. Negotiations on repayment of the loans with the agent of the receiver for TR1 Master Fund are ongoing.
26.
Subsequent Events
On
January 2, 2024, the Company entered into a consulting agreement with San Diego Torry Hills Capital, Inc for consulting services to the
Company, including developing, coordinating, managing and executing a comprehensive corporate finance and investor relations campaign
for the Company. Pursuant to the agreement, the Company granted
200,000
stock options at an exercise price of CAD$
0.30
. The options will
expire
January 2, 2027
, and will vest quarterly as follows:
●
50,000
Options will vest on January 2, 2024;
●
50,000
Options will vest on April 2, 2024;
●
50,000
Options will vest on July 2, 2024; and
●
50,000
Options will vest on October 2, 2024;
Subsequent
to December 31, 2023, the Company issued common shares as follows:
●
2,178,957
to settle RSUs owed as at December 31, 2023 and to settle other obligations incurred in 2024;
●
4,486,250
to settle debt;
●
673,375
pursuant to shares owed as part of a signing bonus, and to settle debt;
●
640,950
to settle debt and other obligations
●
333
pursuant to the conversion of CAD$
1,000
of principal convertible debentures.
F-
49