Condensed Consolidated Interim Financial Statements
For the three and six months ended June 30, 2025 and 2024
(Expressed in United States dollars, unless otherwise stated)
MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTINGThese unaudited condensed consolidated interim financial statements of Panoro Minerals Ltd. ("the Company") and related information presented in this financial report are the responsibility of the Company's management and have been approved by the Board of Directors. These unaudited condensed consolidated interim financial statements have been prepared in accordance with IFRS Accounting Standards and reflect management's best estimates and judgments based on information currently available.
Management has developed and maintains a system of internal controls to ensure that the Company's assets are safeguarded, transactions are authorized and properly recorded, and financial information is reliable.
The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting and internal controls through its Audit Committee, which is comprised of a majority of non-management directors. The Audit Committee reviews the results of the audit and the annual consolidated financial statements prior to their submission to the Board of Directors for approval.
These unaudited condensed consolidated interim financial statements have not been reviewed by the
Company's auditors.
"Luquman A. Shaheen" (signed) "Michael Malana" (signed)
Luquman A. Shaheen Michael Malana
President and Chief Executive Officer Chief Financial Officer
Vancouver, British Columbia Vancouver, British Columbia
PANORO MINERALS LTD. Condensed Consolidated Interim Statements of Financial Position (Expressed in United States dollars, unless otherwise stated) (Unaudited) | |
June 30, | December 31, |
Note 2025 | 2024 |
Assets Current assets Cash and cash equivalents $ 187,707 | $ 693,612 |
Marketable securities 300 | 300 |
Accounts and advances receivable 233,558 | 146,075 |
Prepaid expenses 200,019 | 175,363 |
Total current assets 621,584 | 1,015,350 |
Non-current assets Property and equipment 86,913 | 123,739 |
Investment in Antilla Copper 1,721,429 | 1,885,730 |
Exploration and evaluation assets 7 50,695,613 | 49,700,363 |
Total assets $ 53,125,539 | $ 52,725,182 |
Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued liabilities 10; 11 $ 1,287,522 | $ 1,308,243 |
Short term loans 5; 10 1,356,528 | - |
Current tax liability 42,398 | 61,381 |
Current portion of lease liabilities 49,592 | 48,955 |
Liabilities under Early Deposit Precious Metals Agreement 8 12,000,000 | 12,000,000 |
Total current liabilities 14,736,040 | 13,418,579 |
Non-current liabilities Long- term portion of lease liabilities 44,928 | 64,717 |
Liabilities under Early Deposit Precious Metals Agreement 8 2,000,000 | 2,000,000 |
Total liabilities 16,780,968 | 15,483,296 |
Shareholders' equity Share capital 9(b) 69,496,582 | 69,443,360 |
Share-based expense reserve 9(b) 10,213,266 | 9,600,386 |
Accumulated other comprehensive income (loss) (134,102) | 30,199 |
Deficit (43,231,175) | (41,832,059) |
Total shareholders' equity 36,344,571 | 37,241,886 |
Total liabilities and shareholders' equity $ 53,125,539 | $ 52,725,182 |
Going concern (note 2) Commitments (note 10) | |
Approved on behalf of the Board: | |
"Luquman A. Shaheen" "William J. Boden" |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
PANORO MINERALS LTD.Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Expressed in United States dollars, unless otherwise stated and except per share data) (Unaudited)
Three Months Ended Six Months Ended
Note | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |
Expenses Amortization | $ 14,068 | $ 21,727 | $ 36,826 | $ 52,440 | |
Administration | 70,004 | 81,079 | 142,285 | 198,667 | |
Audit and tax | 24,323 | 36,028 | 41,948 | 39,788 | |
Consulting fees Corporate development, conferences, travel, and shareholder relations | 7,628 50,088 | 3,295 54,813 | 8,892 76,407 | 10,054 101,236 | |
Directors' fees | 10 | 27,504 | 33,320 | 59,715 | 61,583 |
Legal | 71,875 | 10,377 | 74,206 | 11,461 | |
Property evaluation | 4,649 | 9,965 | 12,649 | 37,429 | |
Salaries and benefits | 10 | 186,526 | 188,118 | 342,974 | 321,682 |
Share-based expense | 9(b) | - | - | 612,880 | - |
(456,665) | (438,722) | (1,408,782) | (834,340) | ||
Interest income | 70 | 10,493 | 2,610 | 35,193 | |
Interest expense | (4,028) | (5,150) | (8,695) | (13,532) | |
Other income | 10 | - | - | - | 6,214 |
Other expense | (2,569) | - | (12,179) | - | |
Foreign exchange | (54,702) | (23,887) | 27,930 | (42,756) | |
Loss for the period Other comprehensive loss: Unrealized loss on marketable securities | (517,894) - | (457,266) (23) | (1,399,116) - | (849,221) (23) | |
Unrealized loss on investment in Antilla Copper | 6 | (164,301) | - | (164,301) | - |
Loss and comprehensive loss for the period | $ (682,195) | $ (457,289) | $ (1,563,417) | $ (849,244) | |
Weighted average number of common shares outstanding, basic and diluted | 264,501,431 | 264,375,058 | 264,438,593 | 264,375,058 | |
Loss per share, basic and diluted | $ (0.00) | $ (0.00) | $ (0.01) | $ (0.00) | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
PANORO MINERALS LTD.Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in United States dollars, unless otherwise stated)
(Unaudited)
Share-based | Accumulated other | |||||
Number of | Share capital | expense reserve | comprehensive loss | Deficit | Total | |
shares | $ | $ | $ | $ | $ | |
Balance, December 31, 2023 | 264,375,058 | 69,443,360 | 9,600,386 | (7,258) | (40,630,601) | 38,405,887 |
Other comprehensive loss | - | - | - | (23) | - | (23) |
Loss for the period | - | - | - | - | (849,221) | (849,221) |
Balance, June 30, 2024 | 264,375,058 | 69,443,360 | 9,600,386 | (7,281) | (41,479,822) | 37,556,643 |
Balance, December 31, 2024 | 264,375,058 | 69,443,360 | 9,600,386 | 30,199 | (41,832,059) | 37,241,886 |
Shares issued for options exercised (note 9(b)) | 500,000 | 53,222 | - | - | - | 53,222 |
Share-based expense (note 9(b)) | - | - | 612,880 | - | - | 612,880 |
Other comprehensive loss | - | - | - | (164,301) | - | (164,301) |
Loss for the period | - | - | - | - | (1,399,116) | (1,399,116) |
Balance, June 30, 2025 | 264,875,058 | 69,496,582 | 10,213,266 | (134,102) | (43,231,175) | 36,344,571 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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