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CONSOLIDATED CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Unaudited)
(Expressed in Canadian dollars)
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| Three months ended | Nine months ended | |||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||
| EXPENSES | ||||||||||||
| Travel and marketing | $ | 183,813 | $ | 216,556 | $ | 621,391 | $ | 664,044 | ||||
| Insurance | 187,191 | 197,445 | 551,350 | 596,952 | ||||||||
| Office, miscellaneous and rent | 168,099 | 48,515 | 400,154 | 166,722 | ||||||||
| Professional fees | 1,181,917 | 523,478 | 3,942,767 | 1,332,245 | ||||||||
| Generative exploration expense | 21,469 | 125 | 23,748 | 5,829 | ||||||||
| Regulatory and filing fees | 22,969 | 26,358 | 75,447 | 78,019 | ||||||||
| Share-based compensation | 167,210 | 93,098 | 318,816 | 223,897 | ||||||||
| Salaries, directors’ fees and benefits | 1,139,129 | 828,406 | 4,756,739 | 3,428,066 | ||||||||
| Total operating expenses | (3,071,797 | ) | (1,933,981 | ) | (10,690,412 | ) | (6,495,774 | ) | ||||
| Interest income | 706,833 | 61,950 | 1,696,907 | 470,504 | ||||||||
| Interest expense | – | – | (486,337 | ) | – | |||||||
| Foreign exchange gain (loss) | (108,014 | ) | 350,703 | 545,009 | 322,663 | |||||||
| Gain (loss) on receipt of non-refundable deposits | 223,227 | (6,328 | ) | 373,227 | 84,968 | |||||||
| Impairment reversal of royalties | – | 1,500,000 | – | 1,500,000 | ||||||||
| Gain on disposal of royalties | – | 4,675,904 | – | 4,675,904 | ||||||||
| Unrealized loss on marketable securities | (1,912,489 | ) | (39,056 | ) | (1,932,346 | ) | (75,330 | ) | ||||
| Profit (loss) for the period | (4,162,240 | ) | 4,609,192 | (10,493,952 | ) | 482,935 | ||||||
| Foreign currency translation | 11,061 | 4,166,641 | 5,224,517 | 6,558,113 | ||||||||
| Total comprehensive income (loss) for the period | $ | (4,151,179 | ) | $ | 8,775,833 | $ | (5,269,435 | ) | $ | 7,041,048 | ||
| Basic and diluted income (loss) per share | $ | (0.00 | ) | $ | 0.02 | $ | (0.00 | ) | $ | 0.01 | ||
| Weighted average number of common shares outstanding: | 1,253,225,499 | 535,270,712 | 1,059,339,684 | 535,270,712 | ||||||||
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CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CASH FLOWS
(Unaudited)
(Expressed in Canadian dollars)
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| For the nine months ended | ||||||
| September 30, 2025 | September 30, 2024 | |||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
| Profit (loss) for the period | $ | (10,493,952 | ) | $ | 482,935 | |
| Items not involving cash: | ||||||
| Share-based compensation | 318,816 | 223,897 | ||||
| Interest expense | 486,337 | – | ||||
| Foreign exchange gain | (545,009 | ) | (322,663 | ) | ||
| Gain on receipt of non-refundable deposits | (373,227 | ) | (84,968 | ) | ||
| Impairment reversal of royalties | – | (1,500,000 | ) | |||
| Gain on disposal of royalties | – | (4,675,904 | ) | |||
| Unrealized loss on marketable securities | 1,932,346 | 75,330 | ||||
| Changes in non-cash working capital items: | ||||||
| Decrease (increase) in receivables | (1,387,868 | ) | 530,148 | |||
| Decrease in prepaid expenses | 4,038 | 165,929 | ||||
| Increase in accounts payable and accrued liabilities | 998,438 | 1,080,802 | ||||
| Net cash used in operating activities | (9,060,081 | ) | (4,024,494 | ) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
| Acquisition of property, plant and equipment | (6,440,799 | ) | (6,446,743 | ) | ||
| Acquisition of exploration and evaluation assets | (24,049,848 | ) | (17,224,234 | ) | ||
| Proceeds on receipt of non-refundable deposits | 223,227 | 234,968 | ||||
| Proceeds from disposal of royalties | 2,041,350 | 4,099,004 | ||||
| Increase in deposits | (45,822 | ) | (2,608 | ) | ||
| Net cash used in investing activities | (28,271,892 | ) | (19,339,613 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
| Proceeds from the Fundraise | 91,566,076 | – | ||||
| Share issue costs | (4,052,721 | ) | – | |||
| Proceeds from exercise of share options | 80,000 | – | ||||
| Increase in deferred financing fees | – | (228,966 | ) | |||
| Net cash provided by (used in) financing activities | 87,593,355 | (228,966 | ) | |||
| Change in cash during the period | 50,261,382 | (23,593,073 | ) | |||
| Cash, beginning of the period | 9,589,029 | 25,791,552 | ||||
| Impact of foreign exchange on cash | 837,869 | 1,102,973 | ||||
| Cash, end of the period | $ | 60,688,280 | $ | 3,301,452 | ||
| Cash paid during the period for interest | $ | – | $ | – | ||
| Cash paid during the period for income taxes | $ | – | $ | – | ||
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CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(Expressed in Canadian dollars)
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| Foreign | |||||||||||||||||
| Capital stock | Share-based | currency | |||||||||||||||
| Number of | Capital | payment | translation | Shareholders’ | |||||||||||||
| shares | Amount | contribution | reserve | reserve | Deficit | equity – total | |||||||||||
| Balance at December 31, 2023 | 535,270,712 | $ | 128,394,652 | $ | 2,007,665 | $ | 711,690 | $ | 1,369,146 | $ | (42,391,158 | ) | $ | 90,091,995 | |||
| Foreign currency translation | – | – | – | – | 6,558,113 | – | 6,558,113 | ||||||||||
| Share-based compensation | – | – | – | 372,462 | – | – | 372,462 | ||||||||||
| Profit for the period | – | – | – | – | – | 482,935 | 482,935 | ||||||||||
| Balance at September 30, 2024 | 535,270,712 | $ | 128,394,652 | $ | 2,007,665 | $ | 1,084,152 | $ | 7,927,259 | $ | (41,908,223 | ) | $ | 97,505,505 | |||
| Balance at December 31, 2024 | 535,270,712 | $ | 128,394,652 | $ | 2,007,665 | $ | 1,353,933 | $ | 7,640,757 | $ | (43,457,278 | ) | $ | 95,939,729 | |||
| Share issuance pursuant to Fundraise | 717,143,367 | 105,361,387 | – | – | – | – | 105,361,387 | ||||||||||
| Share issue costs | – | (4,382,774 | ) | – | – | – | – | (4,382,774 | ) | ||||||||
| Exercise of share options | 1,087,914 | 195,801 | – | (115,801 | ) | – | – | 80,000 | |||||||||
| Expiry of share options | – | – | – | (115,801 | ) | – | 115,801 | – | |||||||||
| Foreign currency translation | – | – | – | – | 5,224,517 | – | 5,224,517 | ||||||||||
| Share-based compensation | – | – | – | 543,528 | – | – | 543,528 | ||||||||||
| Loss for the period | – | – | – | – | – | (10,493,952 | ) | (10,493,952 | ) | ||||||||
| Balance at September 30, 2025 | 1,253,501,993 | $ | 229,569,066 | $ | 2,007,665 | $ | 1,665,859 | $ | 12,865,274 | $ | (53,835,429 | ) | $ | 192,272,435 | |||
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