SPANISH MOUNTAIN GOLD LTD. Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2025 and 2024
(Unaudited - Expressed in Canadian dollars)
Notice of Disclosure of Non-auditor Review of the Condensed Interim Consolidated Financial Statements for the Three and Six Months Ended June 30, 2025 and 2024Pursuant to National Instrument 51-102 Continuous Disclosure Obligations, part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements of Spanish Mountain Gold Ltd. for the interim periods ended June 30, 2025 and 2024, have been prepared in accordance with the International Accounting Standard 34 Interim Financial Reporting, as issued by the International Accounting Standards Board, and are the responsibility of management.
The independent auditors, Smythe LLP, have not performed a review of these unaudited condensed interim consolidated financial statements.
August 29, 2025
Condensed Interim Consolidated Statements of Financial Position (Unaudited - Expressed in Canadian dollars) | |||
Note | June 30, 2025 | December 31, 2024 | |
ASSETS | $ | $ | |
Current assets Cash and cash equivalents | 13(a) | 622,202 | 6,873,687 |
GST recoverable | 176,205 | 136,838 | |
Prepaid expenses and deposits | 5 | 664,218 | 193,371 |
1,462,625 | 7,203,896 | ||
Mineral property | 6,12 | 103,285,345 | 98,329,390 |
Property and equipment | 7 | 900,753 | 952,882 |
Deposits for reclamation | 6 | 91,000 | 91,000 |
Rent deposit | 10 | 10,444 | 10,444 |
Total assets | 105,750,167 | 106,587,612 | |
LIABILITIES Current liabilities Accounts payable and accrued liabilities | 8,12 | 1,082,573 | 812,594 |
Current portion of lease liability | 10 | 68,121 | 65,307 |
1,150,694 | 877,901 | ||
Flow-through premium liability | 9 | - | 558,646 |
Lease liability | 10 | 130,882 | 165,653 |
Total liabilities | 1,281,576 | 1,602,200 | |
SHAREHOLDERS' EQUITY Share capital | 11(b) | 121,683,532 | 121,683,532 |
Reserves | 11 | 2,532,002 | 2,277,422 |
Deficit | (19,746,943) | (18,975,542) | |
Total shareholders' equity | 104,468,591 | 104,985,412 | |
Total liabilities and shareholders' equity | 105,750,167 | 106,587,612 | |
Nature of operations and going concern (Note 1) Subsequent events (Note 15) | |||
Approved and authorized for issue on behalf of the Board of Directors: | |||
/s/ "Richard Orazietti" /s/ "Lembit Janes"
Director Director
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss(Unaudited - Expressed in Canadian dollars, except number of shares)
Three months ended
June 30,
Six months ended
June 30,
Note | 2025 | 2024 | 2025 | 2024 | |
$ | $ | ||||
Operating expenses | |||||
Consulting | 25,202 | 45,338 | 71,403 | 110,433 | |
Depreciation | 7 | 18,480 | 18,749 | 36,905 | 37,482 |
Investor relations, travel and filing fees | 114,386 | 90,767 | 250,134 | 194,339 | |
Legal and accounting | 12 | 155,378 | 78,681 | 225,949 | 239,373 |
Office and administrative | 58,715 | 109,056 | 138,980 | 158,741 | |
Salaries and wages | 12 | 287,277 | 170,141 | 503,364 | 304,022 |
Share-based compensation | 11(d),12 | 194,353 | 227,184 | 245,037 | 233,824 |
853,791 | 739,916 | 1,471,772 | 1,278,214 | ||
Other income (expense) | |||||
Amortization of flow-through premium liability | 9 | 256,234 | 22,919 | 558,646 | 22,919 |
Interest expense | 10 | (2,627) | (3,398) | (5,451) | (6,977) |
Interest and other income | 72,113 | 62,661 | 125,094 | 96,852 | |
Net loss and comprehensive loss for the period | (528,071) | (657,734) | (793,483) | (1,165,420) | |
Loss per share: | |||||
Basic and diluted | (0.00) | (0.00) | (0.00) | (0.00) | |
Weighted average number of common shares: | |||||
Basic and diluted | 444,742,340 | 378,161,164 | 444,742,340 | 375,549,072 | |
(Unaudited - Expressed in Canadian dollars)
Six months ended
June 30,
2025 | 2024 | |
$ | $ | |
Operating activities | ||
Net loss and comprehensive loss for the period | (793,483) | (1,165,420) |
Adjustments for: | ||
Depreciation | 36,905 | 37,482 |
Share-based compensation | 245,037 | 233,824 |
Amortization of flow-through premium liability | (558,646) | (22,919) |
Interest expense | 5,451 | 6,977 |
Changes in non-cash working capital: | ||
GST recoverable | (39,367) | (4,574) |
Prepaid expenses and deposits | (470,847) | 59,727 |
Accounts payable and accrued liabilities | (121,013) | (187,865) |
Cash used in operating activities | (1,695,963) | (1,042,768) |
Investing activities | ||
Expenditures on mineral property | (5,845,854) | (1,472,576) |
Mining exploration tax credit received | 1,327,740 | - |
Cash used in investing activities | (4,518,114) | (1,472,576) |
Financing activities | ||
Proceeds from units issued in private placement | - | 1,624,040 |
Proceeds from flow-through units issued in private placement | - | 1,886,000 |
Unit issuance costs | - | (110,040) |
Proceeds from exercise of stock options | - | 16,000 |
Lease payments | (37,408) | (36,257) |
Cash (used in) provided by financing activities | (37,408) | 3,379,743 |
Changes in cash and cash equivalents | (6,251,485) | 864,399 |
Cash and cash equivalents, beginning of period | 6,873,687 | 3,307,002 |
Cash and cash equivalents, end of period | 622,202 | 4,171,401 |
Supplemental cash flow information: | ||
Expenditures on mineral property included in accounts payable and accrued liabilities | 390,992 | 514,747 |
Share-based compensation included in mineral property | 31,625 | 3,761 |
Depreciation included in mineral property | 15,224 | 16,809 |
Cash interest received | 45,366 | 46,693 |
Cash interest refund received | 67,669 | - |