Condensed Interim Consolidated Financial Statements
For the Six-Month Periods Ended October 31, 2025 and 2024 (Expressed in Canadian dollars - Unaudited)
The accompanying unaudited condensed interim consolidated financial statements of Benz Mining Corp.
(the "Company") have been prepared by and are the responsibility of the Company's management.
In accordance with National Instrument 51-102, the Company discloses that its independent auditor has not performed a review of these unaudited condensed interim consolidated financial statements.
Benz Mining Corp.
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (unaudited) (Expressed in Canadian Dollars)
Three-month periods ended October 31, Six-month periods ended Ocotber 31, Note 2025 2024 2025 2024 Operating costsExploration and evaluation costs | 4 | $ 8,866,636 | $ 80,429 | $ 12,178,772 | $ 144,456 |
General and Administrative expenses | 14 | 504,446 | 458,328 | 904,253 | 812,000 |
Depreciation of property and equipment | 6 | 7,814 | - | 11,218 | - |
Loss from operations | $ (9,378,896) | $ (538,757) | $ (13,094,243) | $ (956,456) | |
Other income (expense) | |||||
Finance costs | 15 | $ (19,095) | $ (2,275) | $ (37,587) | $ (4,550) |
Foreign exchange | 1,086,451 | 31,425 | 1,183,579 | 53,529 | |
Interest income | 150,034 | 13,357 | 211,144 | 35,957 | |
Net loss | $ (8,161,506) | $ (496,996) | $ (11,737,107) | $ (872,266) | |
Other comprehensive loss Foreign currency translation adjustment | (45,458) | - | 9,736 | - | |
Total comprehensive loss | (8,206,964) | (496,996) | $ (11,727,371) | $ (872,266) | |
Loss per share - basic and diluted | $ (0.03) | $ 0.00 | $ (0.04) | $ (0.01) | |
Weighted average number of shares outstanding - basic and diluted | 282,657,607 | 169,138,794 | 268,090,844 | 169,138,794 | |
Going concern uncertainty (Note 1) |
See accompanying notes to the condensed interim consolidated financial statements
Benz Mining Corp.
Condensed Interim Consolidated Statements of Financial Position (unaudited) (Expressed in Canadian Dollars)
Note | October 31, 2025 | April 30, 2025 | |
ASSETS | |||
Current Assets | |||
Cash and cash equivalents | $ 27,629,522 | $ 11,787,527 | |
Sales taxes recoverable | 1,234,571 | 332,930 | |
Other receivables | 3 | 277,907 | 232,808 |
Prepaid expenses and deposits | 135,070 | 122,405 | |
Total current assets | $ 29,277,070 | $ 12,475,670 | |
Exploration and evaluation assets | 4 | 14,514,847 | 13,072,186 |
Property and equipment | 6 | 508,139 | 204,951 |
Total assets | $ 44,300,056 | $ 25,752,807 | |
LIABILITIES | |||
Current Liabilities | |||
Trade and other payables | 5 | $ 4,104,458 | $ 998,148 |
Lease liabilities | 7 | 49,205 | 48,247 |
Deferred consideration payable | 8 | 450,967 | 418,372 |
Other provisions | 5, 9 | 51,563 | 29,715 |
Total current liabilities | $ 4,656,193 | $ 1,494,482 | |
Lease liabilities | 7 | 75,079 | 104,950 |
Other provisions | 9 | 1,274,000 | 1,259,000 |
Total liabilities | $ 6,005,272 | $ 2,858,432 | |
EQUITY | |||
Common shares | 10 | $ 87,157,582 | $ 59,842,633 |
Equity reserves | 10 | 2,703,990 | 2,891,159 |
Accumulated other comprehensive loss | (8,434) | (18,170) | |
Deficit | (51,558,354) | (39,821,247) | |
Total equity | $ 38,294,784 | $ 22,894,375 | |
Total liabilities and equity | $ 44,300,056 | $ 25,752,807 | |
Nature of Operations (Note 1) Going concern uncertainty (Note 1) |
These financial statements were authorized for issue by the Board of Directors on December 12, 2025
Approved by the Board of Directors:(Signed) Evan Cranston (Signed) Mathew O'Hara
Evan Cranston, Chairman of the Board Mathew O'Hara, Director
See accompanying notes to the condensed interim consolidated financial statements
Benz Mining Corp.
Condensed Interim Consolidated Statements of Cash Flows (unaudited) (Expressed in Canadian Dollars)
Three-month periods ended October 31, Six-month periods ended October 31, Note 2025 2024 2025 2024Cash Flow from Operating Activities | |||||
Net loss for the year | $ (8,161,506) | $ (496,996) | $ (11,737,107) | $ (872,266) | |
Adjustments for non-cash items: | |||||
Accretion expense | 8, 10 | 16,688 | 2,275 | 31,901 | 4,550 |
Interest paid | 7 | 2,587 | - | 5,866 | - |
Depreciation of property and equipment | 6 | 18,807 | - | 35,731 | - |
Foreign currency movements | (606,155) | - | (721,010) | - | |
Share based payments | 10 | - | 57,814 | - | 115,628 |
Changes in non-cash working capital: | |||||
Sales taxes recoverable | (738,390) | 14,054 (901,641) | 12,686 | ||
Other receivables | 3 | (92,471) | (25,370) (45,099) | 372,260 | |
Prepaid expenses and deposits | (5,453) | 7,548 (12,665) | 16,959 | ||
Trade and other payables | 5 | 2,291,849 | 30,141 3,106,310 | 16,871 | |
Other provisions | 9 | 14,802 | 4,896 21,848 | 9,646 | |
Net cash flows used in operating activities | $ (7,259,242) | $ (405,638) $ (10,215,866) | $ (323,666) | ||
Cash Flow from Investing Activities | |||||
Additions to exploration and evaluation assets | 4 | $ (850,000) | $ - $ (855,344) | $ - | |
Additions to property and equipment | 6 | (234,435) | - (349,949) | - | |
Net cash flows used in investing activities | $ (1,084,435) | $ - $ (1,205,293) | $ - | ||
Cash Flow from Financing Activities | |||||
Payment of lease obligations | 7 | $ (12,937) | $ - $ (27,908) | $ - | |
Issuance of common shares for cash, net of costs | 10 | 24,923,494 | - 26,652,311 | - | |
Proceeds from the exercise of options | 10 | 4,969 | - 225,469 | - | |
Net cash flows provided by financing activities | $ 24,915,526 | $ - $ 26,849,872 | $ - | ||
Foreign exchange on cash and cash equivalents | $ 317,170 | $ - $ 413,281 | $ - | ||
Net change in cash and cash equivalents | $ 16,889,019 | $ (405,638) $ 15,841,994 | $ (323,666) | ||
Cash and Cash Equivalents, Beginning of Year | 10,740,502 | 3,102,447 11,787,527 | 3,020,475 | ||
Cash and Cash Equivalents, End of Year | $ 27,629,522 | $ 2,696,809 $ 27,629,522 | $ 2,696,809 | ||
Cash and cash equivalents consist of: | |||||
Cash | $ 27,590,522 | $ 2,657,809 $ 27,590,522 | $ 2,657,809 | ||
Redeemable guaranteed investment certificate | 39,000 | 39,000 39,000 | 39,000 | ||
Total Cash and Cash Equivalents | $ 27,629,522 | $ 2,696,809 $ 27,629,522 | $ 2,696,809 | ||
Non-cash Investing and Financing Activities: | |||||
Issuance of common shares for E&E assets | 4 | $ 250,000 | $ - $ 250,000 | $ - | |
Fair value transferred from reserves to share capital upon the | |||||
exercise of warrants, options, compensation units and PSUs | 10 | $ (4,969) | - $ (189,810) | - | |
Going concern uncertainty (Note 1)
See accompanying notes to the condensed consolidated financial statements
Benz Mining Corp.
Condensed Interim Consolidated Statements of Changes in Equity (Expressed in Canadian Dollars)
Common Shares Equity Accumulated OtherNote | Number | Amount | Reserves | Comprehensive Loss | Deficit | Total Equity | |
Balance, April 30, 2024 | 169,138,794 | $ 38,352,848 | $ 1,222,666 | $ - | $ (32,318,216) | $ 7,257,298 | |
Net loss for the period | - | - | - | (872,266) | (872,266) | ||
Other comprehensive loss | - | - | - | - | - | - | |
Total comprehensive loss for the year | - | - | - | - | (872,266) | (872,266) | |
Share based payments | 10 | - | - | 115,628 | - | - | 115,628 |
Balance, October 31, 2024 | 169,138,794 | $ 38,352,848 | $ 1,338,294 | $ - | $ (33,190,482) | $ 6,500,660 | |
Balance, April 30, 2025 | 252,757,614 | $ 59,842,633 | $ 2,891,159 | $ (18,170) | (39,821,247) | $ 22,894,375 | |
Net loss for the period | - | - | - | (11,737,107) | (11,737,107) | ||
Other comprehensive loss | - | - | - | 9,736 | - | 9,736 | |
Total comprehensive loss for the year | - | - | - | 9,736 | (11,737,107) | (11,727,371) | |
Common shares issued: | |||||||
Private placement | 10 | 35,434,841 | 28,555,174 | - | - | - | 28,555,174 |
Share issuance costs Issuance of common shares for exploration | 10 | - | (1,902,863) | - | - | - | (1,902,863) |
and evaluation assets | 4 | 171,142 | 250,000 | - | - | - | 250,000 |
Exercise of options | 10 | 1,068,750 | 412,638 | (187,169) | - | - | 225,469 |
Balance, October 31, 2025 | 289,432,347 | $ 87,157,582 | $ 2,703,990 | $ (8,434) | $ (51,558,354) | $ 38,294,784 | |
Going concern uncertainty (Note 1) |
See accompanying notes to the condensed interim consolidated financial statements