The accompanying unaudited condensed interim consolidated financial statements of Fitzroy Minerals Inc. have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of condensed interim financial statements by an entity's auditors.
Fitzroy Minerals Inc. (formerly Norseman Silver Inc.) Condensed Interim Consolidated Statements of Financial Position As at December 31, 2025 and September 30, 2025(Unaudited)
(Expressed in Canadian Dollars)
Note | December 31, 2025 | September 30, 2025 | |||
ASSETS Current Assets Cash and cash equivalents | $ | 10,495,759 | $ 13,126,910 | ||
Other receivables | 4 | 124,107 | 131,315 | ||
Prepaid expenses | 150,814 | 178,266 | |||
10,770,680 | 13,436,491 | ||||
Reclamation deposits | 88,600 | 88,600 | |||
Exploration and evaluation assets | 5 & 6 | 26,218,024 | 22,418,222 | ||
Total assets | $ | 37,077,304 | $ 35,943,313 | ||
LIABILITIES Current Liabilities Accounts payable and accrued liabilities | 6 & 9 | $ | 1,147,726 | $ 768,341 | |
Total liabilities | 1,147,726 | 768,341 | |||
SHAREHOLDERS' EQUITY Share capital | 7 | 73,373,389 | 72,357,439 | ||
Shares to be issued | 6 | 101,379 | - | ||
Contributed surplus | 7 | 11,182,790 | 9,822,375 | ||
Deficit | (48,898,393) | (46,917,684) | |||
Accumulated other comprehensive income | 170,413 | (87,158) | |||
Total shareholders' equity | 35,929,578 | 35,174,972 | |||
Total liabilities and shareholders' equity | $ | 37,077,304 | $ 35,943,313 | ||
Nature of operations and going concern | 1 | ||||
Events after the reporting date | 11 | ||||
On behalf of the Board of Directors | |||||
"Merlin Marr-Johnson" , Director & CEO | "J. Campbell Smyth" | , Director & Chairman | |||
Merlin Marr-Johnson | J. Campbell Smyth | ||||
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Fitzroy Minerals Inc. (formerly Norseman Silver Inc.)Condensed Interim Consolidated Statements of Loss and Comprehensive Loss For the three months ended December 31, 2025 and 2024
(Unaudited)
(Expressed in Canadian Dollars)
For the three months ended | For the three months ended | ||
Note | December 31, 2025 | December 31, 2024 | |
General and Administrative Expenses Audit, accounting and legal | $ 42,847 | $ 102,989 | |
Bank charges interest and financing fees | 1,787 | 1,314 | |
Consulting fees | 9 | 203,192 | 233,000 |
Insurance | 10,800 | 12,000 | |
Investor relations | 6,671 | 4,943 | |
Marketing and promotion | 32,500 | 18,484 | |
Office and miscellaneous | 6,907 | 960 | |
Regulatory and transfer agent fees | 39,203 | 50,082 | |
Salary and wages | 9 | 394 | 1,780 |
Stock-based compensation | 7 | 1,650,215 | 287,902 |
Travel | 63,970 | 31,306 | |
Loss from operations | (2,058,486) | (744,760) | |
Other items Interest income | 77,777 | 535 | |
77,777 | 535 | ||
Net loss for the period | (1,980,709) | (744,225) | |
Other comprehensive income Exchange differences on translating foreign operations | 257,571 | (7,729) | |
Comprehensive loss for the period | $ (1,723,138) | $ (751,954) | |
Basic and diluted loss per share | $ (0.01) | $ (0.01) |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Fitzroy Minerals Inc. (formerly Norseman Silver Inc.)Condensed Interim Consolidated Statements of Changes in Shareholders' Equity For the three months ended December 31, 2025 and 2024
(Unaudited)
(Expressed in Canadian Dollars)
Note | Number of Common Shares | Share Capital | Shares to be issued | Subscriptions receipts | Contributed Surplus | Deficit | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | |
$ | $ | $ | $ | $ | $ | $ | |||
Balance September 30, 2024 | 102,689,135 | 41,705,932 | - | - | 6,279,701 | (42,577,891) | 3,308 | 5,411,050 | |
Share issued - private placement | 7 | 14,144,892 | 2,121,734 | - | - | - | - | - | 2,121,734 |
Subscription receipts | - | - | - | 64,650 | - | - | - | 64,650 | |
Exercise of warrants | 7 | 50,000 | 7,500 | - | - | - | - | - | 7,500 |
Share issuance costs | - | (224,907) | - | - | 115,168 | - | - | (109,739) | |
Stock-based compensation | 7 | - | - | - | - | 287,902 | - | - | 287,902 |
Net loss for the period | - | - | - | - | - | (744,225) | - | (744,225) | |
Exchange differences on translating foreign operations | - | - | - | - | - | (7,729) | (7,729) | ||
Balance December 31, 2024 | 116,884,027 | 43,610,259 | - | 64,650 | 6,682,771 | (43,322,116) | (4,421) | 7,031,143 | |
Balance September 30, 2025 | 274,698,429 | 72,357,439 | - | - | 9,822,375 | (46,917,684) | (87,158) | 35,174,972 | |
Shares issued - mineral property rights | 6 & 7 | - | - | 101,379 | - | - | - | - | 101,379 |
Exercise of options | 7 | 1,280,000 | 470,005 | - | - | (256,405) | - | - | 213,600 |
Exercise of warrants | 7 | 3,135,000 | 545,945 | - | - | (33,395) | - | - | 512,550 |
Stock-based compensation | 7 | - | - | - | - | 1,650,215 | - | - | 1,650,215 |
Net loss for the period | - | - | - | - | - | (1,980,709) | - | (1,980,709) | |
Exchange differences on translating foreign operations | - | - | - | - | - | - | 257,571 | 257,571 | |
Balance December 31, 2025 | 279,113,429 | 73,373,389 | 101,379 | - | 11,182,790 | (48,898,393) | 170,413 | 35,929,578 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Fitzroy Minerals Inc. (formerly Norseman Silver Inc.) Condensed Interim Consolidated Statements of Cash Flows | ||||
For the three months ended December 31, 2025 and 2024 | ||||
(Unaudited) | ||||
(Expressed in Canadian Dollars) | ||||
For the three months ended December 31, 2025 | For the three months ended December 31, 2024 | |||
Operating Activities | ||||
Net loss for the period | $ | (1,980,709) | $ | (744,225) |
Add items not affecting cash | ||||
Stock-based compensation | 1,650,215 | 287,902 | ||
Changes in non-cash working capital | ||||
Other receivables | 7,208 | 344 | ||
Prepaids | 27,452 | - | ||
Accounts payable and accrued liabilities | 77,476 | (56,244) | ||
Net cash used in operating activities | (218,358) | (512,223) | ||
Investing Activities | ||||
Exploration and evaluation assets | (3,153,712) | (270,443) | ||
Deferred transaction costs | - | (177,657) | ||
Net cash used in investing activities | (3,153,712) | (448,100) | ||
Financing Activities | ||||
Shares issued - private placement | - | 2,121,734 | ||
Subscription receipts (net of costs) | - | 64,650 | ||
Share issuance costs | - | (109,739) | ||
Exercise of options | 213,600 | 7,500 | ||
Exercise of warrants | 512,550 | - | ||
Net cash provided by financing activities | 726,150 | 2,084,145 | ||
Effect of foreign exchange | 14,769 | (7,729) | ||
Increase in cash and cash equivalents | (2,631,151) | 1,116,093 | ||
Cash and cash equivalents, beginning of period | 13,126,910 | 1,630,738 | ||
Cash and cash equivalents, end of period | $ | 10,495,759 | $ | 2,746,831 |
Cash and cash equivalents comprise: | ||||
Cash | $ | 1,545,759 | $ | 302,835 |
Cash equivalents | 8,950,000 | 2,443,996 | ||
$ | 10,495,759 | $ | 2,746,831 | |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.