SPANISH MOUNTAIN GOLD LTD. Condensed Interim Consolidated Financial Statements For the three and nine months ended September 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 Nine Months Ended September 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 September 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.
November 25, 2025
Condensed Interim Consolidated Statements of Financial Position (Unaudited - Expressed in Canadian dollars) | |||
Note | September 30, 2025 | December 31, 2024 | |
ASSETS | $ | $ | |
Current assets Cash and cash equivalents | 13(a) | 5,547,070 | 6,873,687 |
GST recoverable | 115,576 | 136,838 | |
Prepaid expenses and deposits | 5 | 590,349 | 193,371 |
6,252,995 | 7,203,896 | ||
Mineral property | 6,12 | 104,641,699 | 98,329,390 |
Property and equipment | 7 | 878,069 | 952,882 |
Deposits for reclamation | 6 | 91,000 | 91,000 |
Rent deposit | 10 | 10,444 | 10,444 |
Total assets | 111,874,207 | 106,587,612 | |
LIABILITIES Current liabilities Accounts payable and accrued liabilities | 8,12 | 912,982 | 812,594 |
Current portion of lease liability | 10 | 69,555 | 65,307 |
982,537 | 877,901 | ||
Flow-through premium liability | 9 | 506,353 | 558,646 |
Lease liability | 10 | 112,878 | 165,653 |
Total liabilities | 1,601,768 | 1,602,200 | |
SHAREHOLDERS' EQUITY Share capital | 11(b) | 126,727,710 | 121,683,532 |
Reserves | 4,053,293 | 2,277,422 | |
Deficit | (20,508,564) | (18,975,542) | |
Total shareholders' equity | 110,272,439 | 104,985,412 | |
Total liabilities and shareholders' equity | 111,874,207 | 106,587,612 | |
Nature of operations and going concern (Note 1) Subsequent event (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 September 30,
Nine months ended September 30,
Note | 2025 | 2024 | 2025 | 2024 |
Operating expenses Consulting | $ 32,132 | $ 159,254 | $ 103,535 | $ 269,687 |
Depreciation 7 | 18,520 | 18,790 | 55,425 | 56,272 |
Investor relations, travel and filing fees | 207,439 | 94,632 | 457,573 | 288,971 |
Legal and accounting 12 | 164,997 | 255,226 | 390,946 | 494,599 |
Office and administrative | 74,749 | 65,727 | 213,729 | 224,468 |
Salaries and wages 12 | 172,955 | 137,761 | 676,319 | 441,783 |
Share-based compensation 11(d),12 | 94,320 | 143,558 | 339,357 | 377,382 |
765,112 | 874,948 | 2,236,884 | 2,153,162 | |
Other income (expenses) Amortization of flow-through premium liability 9 | 25,318 | 212,831 | 583,964 | 235,750 |
Gain (loss) on debt settlement 11 | (14,565) | 54,948 | (14,565) | 54,948 |
Interest expense 10 | (2,420) | (3,209) | (7,871) | (10,186) |
Interest income | 1,602 | 31,875 | 46,967 | 89,710 |
Other | (6,444) | - | 73,285 | 39,017 |
Net loss and comprehensive loss for the period | (761,621) | (578,503) | (1,555,104) | (1,743,923) |
Loss per share: Basic and diluted | (0.00) | (0.00) | (0.00) | (0.00) |
Weighted average number of common shares: Basic and diluted | 463,089,710 | 389,385,814 | 450,925,336 | 380,194,985 |
(Unaudited - Expressed in Canadian dollars)
Nine months ended September 30,
2025 | 2024 | |
$ | $ | |
Operating activities | ||
Net loss and comprehensive loss for the period | (1,555,104) | (1,743,923) |
Adjustments for: | ||
Depreciation | 55,425 | 56,272 |
Share-based compensation | 339,357 | 377,382 |
Amortization of flow-through premium liability | (583,964) | (235,750) |
Loss (gain) on debt settlement | 14,565 | (54,948) |
Interest expense | 7,871 | 10,186 |
Changes in non-cash working capital: | ||
GST recoverable | 21,262 | (120,401) |
Prepaid expenses and deposits | (396,978) | 33,646 |
Accounts payable and accrued liabilities | 544,127 | 225,696 |
Cash used in operating activities | (1,553,439) | (1,451,840) |
Investing activities | ||
Expenditures on mineral property | (7,653,261) | (3,809,082) |
Expenditures on property, plant and equipment | (3,667) | - |
Mining exploration tax credit received | 1,327,740 | - |
Cash used in investing activities | (6,329,188) | (3,809,082) |
Financing activities | ||
Proceeds from units issued in private placement | 3,000,063 | 1,624,040 |
Proceeds from flow-through units issued in private placement | 1,175,105 | 1,886,000 |
Proceeds from charity flow-through units issued in private placement | 3,024,800 | - |
Unit issuance costs | (664,060) | (110,040) |
Proceeds from exercise of stock options | - | 16,000 |
Proceeds from exercise of warrants | 76,500 | - |
Lease payments | (56,398) | (54,673) |
Cash provided by financing activities | 6,556,010 | 3,361,327 |
Changes in cash and cash equivalents | (1,326,617) | (1,899,595) |
Cash and cash equivalents, beginning of period | 6,873,687 | 3,307,002 |
Cash and cash equivalents, end of period | 5,547,070 | 1,407,407 |
Supplemental cash flow information: | ||
Expenditures on mineral property included in accounts payable and accrued liabilities | 202,059 | 484,262 |
Share-based compensation included in mineral property | 42,072 | 6,403 |
Depreciation included in mineral property | 23,055 | 25,330 |
Fair value of shares issued for debt settlement | 379,965 | - |
Fair value of warrants transferred to share capital | 18,469 | - |
Cash interest received | 46,967 | 46,693 |
Cash interest refund received included in other | 67,669 | - |