(Unaudited)
(Expressed in Canadian Dollars)
Note | March 31, 2026 | September 30, 2025 | ||
ASSETS Current Assets Cash and cash equivalents | $ | 27,506,533 | $ 13,126,910 | |
Other receivables | 4 | 192,065 | 131,315 | |
Prepaid expenses | 267,983 | 178,266 | ||
27,966,581 | 13,436,491 | |||
Reclamation deposits | 88,600 | 88,600 | ||
Exploration and evaluation assets | 5 & 6 | 28,975,905 | 22,418,222 | |
Total assets | $ | 57,031,086 | $ 35,943,313 | |
LIABILITIES Current Liabilities Accounts payable and accrued liabilities | 9 | $ | 596,268 | $ 768,341 |
Total liabilities | 596,268 | 768,341 | ||
SHAREHOLDERS' EQUITY Share capital | 7 | 90,901,372 | 72,357,439 | |
Contributed surplus | 7 | 15,222,081 | 9,822,375 | |
Deficit | (49,595,330) | (46,917,684) | ||
Accumulated other comprehensive income | (93,305) | (87,158) | ||
Total shareholders' equity | 56,434,818 | 35,174,972 | ||
Total liabilities and shareholders' equity | $ | 57,031,086 | $ 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"
Merlin Marr-Johnson
, Director & CEO
"J. Campbell Smyth"
J. Campbell Smyth
, Director & Chairman
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 six months ended March 31, 2026 and 2025
(Unaudited)
(Expressed in Canadian Dollars)
For the | three months ended | For the three months ended | For the six months ended | For the six months ended | ||
Note | March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | ||
General and Administrative Expenses Audit, accounting and legal | $ | 65,999 | $ 35,969 | $ 108,846 | $ | 138,958 |
Bank charges interest and financing fees | 2,635 | 946 | 4,422 | 2,260 | ||
Consulting fees 9 | 220,850 | 301,550 | 424,042 | 534,550 | ||
Insurance | 18,000 | - | 28,800 | 12,000 | ||
Investor relations | 8,050 | 7,555 | 14,721 | 12,498 | ||
Marketing and promotion | 66,585 | - | 99,085 | 18,484 | ||
Office and miscellaneous | 14,664 | 314 | 21,571 | 1,274 | ||
Regulatory and transfer agent fees | 130,189 | 87,250 | 169,392 | 137,332 | ||
Salary and wages 9 | 989 | 394 | 1,383 | 2,174 | ||
Stock-based compensation 7 | 150,320 | 298,950 | 1,800,535 | 586,852 | ||
Travel | 72,686 | 34,258 | 136,656 | 65,564 | ||
Loss from operations | (750,967) | (767,186) | (2,809,453) | (1,511,946) | ||
Other items Interest income | 54,030 | 23,206 | 131,807 | 23,741 | ||
54,030 | 23,206 | 131,807 | 23,741 | |||
Net loss for the period | (696,937) | (743,980) | (2,677,646) | (1,488,205) | ||
Other comprehensive income Exchange differences on translating foreign operations | (263,718) | 32,857 | (6,147) | 25,128 | ||
Comprehensive loss for the period | $ | (960,655) | $ (711,123) | $ (2,683,793) | $ | (1,463,077) |
Basic and diluted loss per share | $ | (0.00) | $ (0.01) | $ (0.01) | $ | (0.01) |
Weighted average number of common shares outstanding | 291,127,154 | 117,078,333 | 283,479,386 | 115,730,561 | ||
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 six months ended March 31, 2026 and 2025
(Unaudited)
(Expressed in Canadian Dollars)
Note | Number of Common Shares | Share Capital | 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 | 34,144,892 | 5,121,734 | - | - | - | 5,121,734 |
Shares issued - mineral property rights | 5, 6 & 7 | 88,000,000 | 13,200,000 | - | - | - | 13,200,000 |
Exercise of options | 7 | 1,000,000 | 249,951 | (107,951) | - | - | 142,000 |
Exercise of warrants | 7 | 425,000 | 76,250 | - | - | - | 76,250 |
Share issuance costs | 7 | - | (544,619) | 309,299 | - | - | (235,320) |
Stock-based compensation | 7 | - | - | 586,852 | - | - | 586,852 |
Net loss for the period | - | - | - | (1,488,205) | - | (1,488,205) | |
Exchange differences on translating foreign operations | - | - | - | - | 25,128 | 25,128 | |
Balance March 31, 2025 | 226,259,027 | 59,809,248 | 7,067,901 | (44,066,096) | 28,436 | 22,839,489 | |
Balance September 30, 2025 | 274,698,429 | 72,357,439 | 9,822,375 | (46,917,684) | (87,158) | 35,174,972 | |
Shares issued - private placement | 7 | 42,310,000 | 17,135,000 | 4,020,000 | - | - | 21,155,000 |
Shares issued - mineral property rights | 6 & 7 | 501,571 | 135,204 | - | - | - | 135,204 |
Exercise of options | 7 | 2,430,000 | 1,053,668 | (605,068) | - | - | 448,600 |
Exercise of warrants | 7 | 9,169,349 | 1,953,241 | (140,204) | - | - | 1,813,037 |
Share issuance costs | 7 | - | (1,733,180) | 324,443 | - | - | (1,408,737) |
Stock-based compensation | 7 | - | - | 1,800,535 | - | - | 1,800,535 |
Net loss for the period | - | - | - | (2,677,646) | - | (2,677,646) | |
Exchange differences on translating foreign operations | - | - | - | - | (6,147) | (6,147) | |
Balance March 31, 2026 | 329,109,349 | 90,901,372 | 15,222,081 | (49,595,330) | (93,305) | 56,434,818 |
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 six months ended March 31, 2026 and 2025 | ||||
(Unaudited) | ||||
(Expressed in Canadian Dollars) | ||||
For the six months ended March 31, 2026 | For the six months ended March 31, 2025 | |||
Operating Activities | ||||
Net loss for the period | $ | (2,677,646) | $ | (1,488,205) |
Add items not affecting cash | ||||
Stock-based compensation | 1,800,535 | 586,852 | ||
Changes in non-cash working capital | ||||
Other receivables | (60,750) | (6,849) | ||
Prepaids | (89,717) | (146,770) | ||
Accounts payable and accrued liabilities | 259,778 | 101,897 | ||
Net cash used in operating activities | (767,800) | (953,075) | ||
Investing Activities | ||||
Exploration and evaluation assets | (6,733,083) | (1,025,586) | ||
Net cash used in investing activities | (6,733,083) | (1,025,586) | ||
Financing Activities | ||||
Shares issued - private placement | 21,155,000 | 5,121,734 | ||
Share issuance costs | (1,408,737) | (235,320) | ||
Exercise of options | 448,600 | 142,000 | ||
Exercise of warrants | 1,813,037 | 76,250 | ||
Net cash provided by financing activities | 22,007,900 | 5,104,664 | ||
Effect of foreign exchange | (127,394) | 25,128 | ||
Increase in cash and cash equivalents | 14,379,623 | 3,151,131 | ||
Cash and cash equivalents, beginning of period | 13,126,910 | 1,630,738 | ||
Cash and cash equivalents, end of period | $ | 27,506,533 | $ | 4,781,869 |
Cash and cash equivalents comprise: | ||||
Cash | $ | 18,556,533 | $ | 2,381,869 |
Cash equivalents | 8,950,000 | 2,400,000 | ||
$ | 27,506,533 | $ | 4,781,869 | |
As at March 31, 2026, the Company had $270,484 (December 31, 2025 - $702,335) of exploration and evaluation expenditures in accounts payable.
The accompanying notes are an integral part of these condensed interim consolidated financial statements.