OREX MINERALS INC.
Condensed Consolidated Interim Financial Statements (Expressed in Canadian Dollars) For the period ended July 31, 2025 Notice to ReaderUnder National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed consolidated interim financial statements, they must be accompanied by a notice indicating that the condensed consolidated interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated interim financial statements of the Company 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 condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of financial statements by an entity's auditor.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION | ||
(Expressed in Canadian Dollars) | ||
As at | ||
July 31, | April 30, | |
2025 | 2025 | |
ASSETS | ||
Current | ||
Cash | $ 59,183 | $ 69,051 |
Restricted cash | 50,000 | 50,000 |
Receivables | 96,795 | 93,039 |
Prepaid expenses and deposits | 13,516 | 5,117 |
219,494 | 217,207 | |
Equipment (Note 4) | 6,728 | 7,289 |
Deposits | 25,000 | 25,000 |
Investment in associates (Note 6) | 2,429,008 | 2,443,141 |
IVA receivable | 183,834 | 167,688 |
Exploration and evaluation assets (Note 5) | 1 | 1 |
$ 2,864,065 | $ 2,860,326 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Current | ||
Accounts payable and accrued liabilities | $ 637,454 | $ 524,376 |
Shareholders' equity Share capital (Note 7) | 40,664,048 | 40,213,446 |
Reserves (Note 7) | 7,345,701 | 7,058,562 |
Accumulated other comprehensive income | 492,154 | 505,675 |
Deficit | (46,275,292) | (45,441,733) |
2,226,611 | 2,335,950 | |
$ 2,864,065 | $ 2,860,326 | |
Nature and continuance of operations (Note 1) | ||
"John Eren" Director "Stephen Cope" Director John Eren Stephen Cope
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed in Canadian Dollars)
Three months ended July 31, | Three months ended July 31 | |
2025 | 2024 | |
EXPLORATION EXPENSES Geological (Note 10) | $ - | $ 51,600 |
General exploration | 47,710 | 59,071 |
47,710 | 110,671 | |
GENERAL EXPENSES Consulting fees | 100,253 | 1,000 |
Depreciation (Note 4) | 561 | 561 |
Investor relations | 684 | 16,935 |
Management fees (Note 10) | 37,500 | 103,200 |
Office and administrative | 56,209 | 87,370 |
Professional fees | 15,126 | 15,075 |
Rent | 40,710 | 4,800 |
Stock-based compensation | 502,181 | - |
Transfer agent and filing fees | 9,202 | 7,938 |
762,426 | 236,879 | |
(810,136) | (347,550) | |
Dilution gain on investment in associate (Note 6) | - | 81,461 |
Equity loss in associated companies (Note 6) | (46,472) | (122,458) |
Foreign exchange gain | 23,049 | 17,816 |
Gain on settlement of accounts payable | - | 43,131 |
(23,423) | 19,950 | |
Loss for the period | (833,559) | (327,600) |
Equity investment - foreign currency translation (Note 6) | (13,521) | (136,378) |
Comprehensive loss for the period | $ (847,080) | $ (463,978) |
Basic and diluted loss per common share | $ (0.02) | $ (0.01) |
Weighted average number of common shares outstanding - basic and diluted | 35,637,875 | 24,609,631 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Common Shares | Share Capital | Reserves | Accumulated other comprehensive income | Deficit | Total Shareholders' Equity | |
Balance, April 30, 2024 | 19,964,806 | $ 37,723,754 | $ 6,808,422 | $ 548,875 | $ (42,138,495) | $ 2,942,556 |
Issuance of common shares | 6,666,617 | 955,060 | 44,933 | - | - | 999,993 |
Share issuance costs | - | (10,366) | - | - | - | (10,366) |
Share-based payments | - | - | 265,612 | - | - | 265,612 |
Warrant modification | - | (190,988) | 190,988 | - | - | - |
Warrants exercised | 6,366,282 | 1,252,926 | (43,333) | - | - | 1,209,593 |
Stock options exercised | 1,284,090 | 483,060 | (208,060) | - | - | 275,000 |
Comprehensive loss for the year | - | - | - | (43,200) | (3,303,238) | (3,346,438) |
Balance, April 30, 2025 | 34,281,795 | $ 40,213,446 | $ 7,058,562 | $ 505,675 | $ (45,441,733) | $ 2,335,950 |
Share-based payments | - | - | 502,181 | - | - | 502,181 |
Stock options exercised | 1,938,783 | 450,602 | (215,042) | - | - | 235,560 |
Comprehensive loss for the period | (13,521) | (833,559) | (847,080) | |||
Balance, July 31, 2025 | 36,220,578 | $ 40,664,048 | $ 7,345,701 | $ 492,154 | $ (46,275,272) | $ 2,226,611 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS | ||
(Expressed in Canadian Dollars) | ||
Three months | Three month | |
ended July 31, | ended July | |
2025 | 31, 2024 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Loss for the period | $ (833,559) | $ (327,600) |
Items not affecting cash: | ||
Depreciation | 561 | 561 |
Dilution gain on investment in associate | - | (81,461) |
Equity loss in associated companies | 46,472 | 122,458 |
Gain on settlement of accounts payable | - | 43,131 |
Stock-based compensation | 502,181 | - |
Changes in non-cash working capital items: | ||
Receivables | (3,756) | (37,140) |
Prepaid expenses | (8,399) | (24,349) |
IVA receivable | (16,146) | 11,627 |
Accounts payable and accrued liabilities | 183,638 | (30,250) |
Cash used in operating activities (129,008) (323,023)
CASH FLOWS FROM INVESTING ACTIVITIESEquity investments (45,860) -
Cash used in investing activities (45,860) -
CASH FLOWS FROM FINANCING ACTIVITIESProceeds from private placement, net share issuance costs - 992,627 Proceeds from exercise of options 165,000 -
Cash from financing activities 165,000 992,627
Change in cash during the period (9,868) 669,604 Cash, beginning of period 69,051 27,907 Cash, end of period $ 59,183 $ 697,511 Supplemental disclosure with respect to cash flows (Note 9)The accompanying notes are an integral part of these condensed consolidated financial statements.