(Unaudited and unreviewed by the Company's Independent Auditors)
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For the three-month and nine-month periods ended December 31, 2025 and 2024
NOTICE TO READER
The accompanying unaudited condensed consolidated interim financial statements of Cerro de Pasco Resources Inc., (the "Company") for the three-month and nine-month periods ended December 31, 2025 and 2024 have been prepared by and are the responsibility of the Company's management. In accordance with National Instrument 51 - 102 - Continuous Disclosure Obligations, the Company discloses that its independent auditor has not performed a review of these condensed consolidated interim financial statements.
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Cerro de Pasco Resources Inc. Condensed Interim Consolidated Statements of Financial Position As of December 31, 2025 and March 31, 2025(Expressed in US dollars unless otherwise noted)
Note | December 31, 2025 | March 31, 2025 | |
$ | $ | ||
Assets Current assets: | |||
Cash and cash equivalents | 26,859,927 | 11,472,112 | |
Other financial assets | 61,217 | 48,016 | |
Other receivables | 6 | 190,103 | 153,493 |
Prepaid expenses | 128,029 | 110,009 | |
Total current assets | 27,239,276 | 11,783,630 | |
Non-current assets: | |||
Property, plant & equipment | 7 | 65,404 | 31,534 |
Right-of-use assets | 54,613 | 54,970 | |
Mining properties, exploration and evaluation assets | 8 | 6,122,599 | 4,399,410 |
Other asset | 161,173 | - | |
Total non-current assets | 6,403,789 | 4,485,914 | |
Total assets | 33,643,065 | 16,269,544 | |
Liabilities and Equity (Deficiency) | |||
Current liabilities: Trade accounts payable and other liabilities | 9 | 1,240,309 | 1,384,065 |
Current portion of loan | 10 | 731,381 | - |
Lease liabilities | 3,170 | 5,991 | |
Balance of purchase payable | 11 | - | 1,584,164 |
Current portion of contingent consideration payable | 11 | - | 2,500,000 |
Total current liabilities | 1,974,860 | 5,474,220 | |
Non-current liabilities: | |||
Loan, net of current | 10 | 4,082,894 | 4,073,314 |
Lease liabilities, net of current | 52,500 | 50,054 | |
Total non-current liabilities | 4,135,394 | 4,123,368 | |
Total liabilities | 6,110,254 | 9,597,588 | |
Equity (deficiency): Share capital | 12 | 64,993,966 | 44,707,044 |
Warrants | 12 | 7,644,359 | 5,788,168 |
Share options | 13 | 2,470,062 | 1,535,328 |
Contributed surplus | 3,045,264 | 2,372,082 | |
Deficit | (52,178,051) | (48,384,500) | |
Accumulated other comprehensive income | 1,557,211 | 653,834 | |
Total shareholders' equity | 27,532,811 | 6,671,956 | |
Total liabilities and shareholders' equity | 33,643,065 | 16,269,544 | |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
Going concern, see Note 2. Contingency, see Note 18. Subsequent events, see Note 19.
These financial statements were approved and authorized for issue by the Board of Directors on February 17, 2026 On behalf of the board, Guy Goulet /s/, CEO, Director Steven Zadka /s/, Executive Chairman
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Cerro de Pasco Resources Inc. Condensed Interim Consolidated Statements of Comprehensive Income (Loss)(Expressed in US dollars unless otherwise noted)
Three-month period ended December 31,
Nine-month period ended December 31,
Expenses:
Note
s 2025 2024 2025 2024
$ $
General and administrative expenses | 14 | 2,987,954 | 1,052,111 | 5,918,494 | 3,262,961 |
Operating income (loss) before other expenses (2,987,954) | (1,052,111) | (5,918,494) | (3,262,961) | ||
Other Income(expenses): Other and financial income | - | 95,268 | - | 95,268 | |
Financial expenses | 14 | (82,434) | (316,100) | (446,073) | (654,887) |
Change in fair value of other financial assets | - | (17,825) | - | (1,817) | |
Loss on extinguishment of note | - | 65 | - | (3,626) | |
Gain on modification of note | - | - | - | 6,279,835 | |
Gain on modification of convertible debt Gain on settlement of purchase payable and contingent consideration payable | 11 | - 2,654,657 | (1,734) - | - 2,654,657 | 95,582 - |
Exchange loss | (41,252) | 246,966 | (83,641) | 225,546 | |
Gain on sale of subsidiaries | - | - | - | 30,562,850 | |
2,530,971 | 6,640 | 2,124,943 | 36,598,751 | ||
Income (loss) before income taxes | (456,983) | (1,045,471) | (3,793,551) | 33,335,790 | |
Income and mining taxes | - | - | - | - | |
Net income (loss) from continuing operations (456,983) | (1,045,471) | (3,793,551) | 33,335,790 | ||
Other comprehensive income (loss) from continuing operations Currency translation adjustment 334,453 | (92,390) | 903,377 | (103,754) | ||
Other comprehensive income (loss) net of tax 334,453 | (92,390) | 903,377 | (103,754) | ||
Net comprehensive income (loss) from continuing (122,530) | (1,137,861) | (2,890,174) | 33,232,036 | ||
Net income (loss) from discontinued operations - Other comprehensive income (loss) from discontinued operations Currency translation adjustment - | - - | - - | (5,584,718) 331 | ||
Net comprehensive income (loss) from discontinued - | - | - | (5,584,387) | ||
Net comprehensive income (loss) - continuing (122,530) | (1,137,861) | (2,890,174) | (5,584,387) | ||
Net income (loss) (456,983) | (1,045,471) | (3,793,551) | 27,751,072 | ||
Other comprehensive income (loss) 334,453 | (92,390) | 903,377 | (103,423) | ||
Net comprehensive income (loss) (122,530) | (1,137,861) | (2,890,174) | 27,647,649 | ||
Basic weighted average number of common shares 570,855,616 | 455,786,905 | 536,748,906 | 455,786,905 | ||
Diluted weighted average number of common share 570,855,616 | 455,786,905 | 536,748,906 | 563,077,645 | ||
Basic income (loss) per share - continuing operations: $ (0.00) | $ (0.00) | $ (0.01) | $ 0.07 | ||
Diluted income (loss) per share - continuing (0.00) | $ (0.00) | $ (0.01) | $ 0.06 | ||
Basic and diluted loss per share - discontinued - | - | - | (0.01) | ||
Basic income (loss) per share $ (0.00) | $ (0.00) | $ (0.01) | $ 0.06 | ||
Diluted income (loss) per share $ (0.00) | $ (0.00) | $ (0.01) | $ 0.05 | ||
(revenues) and income tax
operations
operations
operations and discontinued operations
outstanding:
outstanding:
operations: $
operations:
The accompanying notes are an integral part of these condensed interim consolidated financial statements
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Cerro de Pasco Resources Inc. Condensed Interim Consolidated Statements of Changes in Equity (Deficiency)(Expressed in US dollars unless otherwise noted)
Note | Number of shares outstanding | Share capital | Warrants | Share options | Contributed surplus | Deficit | Accumulated other comprehensive income (loss) | Total equity (deficiency) | |
$ | $ | $ | $ | $ | $ | $ | |||
Balance as of March 31, 2025 | 509,384,503 | 44,707,044 | 5,788,168 | 1,535,328 | 2,372,082 | (48,384,500) | 653,834 | 6,671,956 | |
Shares and units issued: | - | ||||||||
Private placements | 12 | 47,366,957 | 13,473,062 | - | - | - | - | - | 13,473,062 |
Share issuance costs | 12 | - | (1,432,120) | 549,089 | - | - | - | - | (883,031) |
Warrants granted to shareholders as part | |||||||||
of private placements | 12 | - | - | 2,692,846 | - | - | - | - | 2,692,846 |
Warrants exercised | 12 | 41,713,040 | 7,851,667 | (1,277,817) | - | - | - | - | 6,573,850 |
Warrants expired | 12 | - | - | (107,927) | - | 107,927 | - | - | - |
Share options granted | 13 | - | - | - | 1,499,989 | - | - | - | 1,499,989 |
Share options forfeited | 13 | - | - | - | (260,672) | 260,672 | - | - | - |
Share options exercised | 13 | 2,390,000 | 394,313 | - | (304,583) | 304,583 | - | - | 394,312 |
Transactions with owners | 91,469,997 | 20,286,922 | 1,856,191 | 934,734 | 673,182 | - | - | 23,751,029 | |
Net loss and comprehensive loss for the period | - | - | - | - | - | (3,793,551) | 903,377 | (2,890,174) | |
Balance as of December 31, 2025 | 600,854,500 | 64,993,966 | 7,644,359 | 2,470,062 | 3,045,264 | (52,178,051) | 1,557,211 | 27,532,811 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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