Responsibility for Consolidated Financial Statements
The accompanying interim condensed financial statements for Stakeholder Gold Corp. for the nine months ended September 30, 2024 and 2023 have been prepared by management in accordance with International Financial Reporting Standards applicable to interim financial reporting (see note 1 to the interim condensed financial statements). Recognizing that the company is responsible for both the integrity and objectivity of the interim condensed financial statements, management is satisfied that these interim condensed financial statements have been fairly presented.
Auditors Involvement
MS Partners LLP, Chartered Accountants, the external auditors of Stakeholder Gold Corp., have not audited or performed review procedures applicable to auditor review of interim financial statements as at the end of the nine-month periods September 30, 2025 and 2024.
Interim Condensed Statements of Financial Position | ||
September 30, | December 31, | |
2025 | 2024 | |
ASSETS | (Unaudited) | (Audited) |
Current assets | ||
Cash and cash equivalents (note 9) | $ 83,574 | $ 634,291 |
Marketable securities | 41,349 | 41,349 |
Inventory | 1,524,034 | 1,198,950 |
Receivables | 637,388 | 913,414 |
Prepaid expenses | - | - |
Total current assets | 2,286,345 | 2,788,004 |
Property Plant and Equipment | 1,897,047 | 1,677,679 |
Accumulated Depreciation | (654,827) | (452,317) |
Total Assets | $ 3,528,565 | $ 4,013,366 |
LIABILITIES | ||
Current liabilities | ||
Trade and Other Payables | 211,610 | 1,911,304 |
Total current liabilities | $ 211,610 | $ 1,911,304 |
Asset retirement obligations | 172,933 | 145,710 |
Total liabilities | $ 384,543 | $ 2,057,014 |
SHAREHOLDERS' EQUITY Share capital (note 12) | 18,623,367 | 17,032,037 |
Contributed Surplus | 5,210,697 | 4,922,027 |
Accumulated other comprehensive income | 69,466 | (106,711) |
Accumulated deficit | (20,759,509) | (19,891,001) |
Total Shareholders' Equity | 3,144,021 | 1,956,352 |
Total Liabilities and Shareholders' Equity | $ 3,528,565 | 4,013,366 |
The accompanying notes are an integral part of these financial statements.
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025 | 2024 | 2025 | 2024 | |
Sales Sale of extracted materials | $ 404,770 | $ 136,067 | $ 1,316,607 | $ 495,975 |
Cost of Goods Sold | (96,703) | (28,851) | (307,103) | (98,616) |
Gross Margin | 308,067 | 107,216 | 1,009,504 | 397,359 |
Expenses | ||||
Management and consulting | $ 44,683 | $ 87,500 | $ 274,883 | $ 343,100 |
Investor and shareholder relations | 5,187 | (13,991) | 385,981 | 177,842 |
Professional fees | 35,775 | 6,177 | 53,291 | 36,661 |
Office expenses | 61,764 | 98,555 | 244,372 | 291,505 |
Sales expenses | 8,065 | 22,253 | 289,733 | 145,916 |
Exploration expenses | 299,963 | 426,991 | 474,646 | 1,223,500 |
Stock based compensation | - | - | - | - |
Foreign Exchange | 8,039 | (49,816) | 8,039 | (83,425) |
Accretion Expense | 2,939 | 9,109 | 8,634 | 13,849 |
Depreciation | 50,939 | 43,416 | 138,432 | 136,573 |
Write off and Forgiven Payables | - | - | - | - |
Total operating expense | 517,354 | 630,194 | 1,878,011 | 2,285,521 |
Income (loss) before interest income | $ (209,287) | $ (522,978) | $ (868,507) | $ (1,888,162) |
Net Income (loss) | (209,287) | (522,978) | (868,507) | (1,888,162) |
Currency translation difference | $ (73,406) | $ (35,311) | $ 176,177 | $ (216,035) |
Comprehensive Income (loss) | $ (135,881) | $ (558,289) | $ (692,330) | $ (2,104,198) |
Average weighted shares outstanding | 19,646,412 | 17,766,412 | 19,179,452 | 16,798,529 |
Basic and diluted earnings (loss) per share | 0.01 | 0.11 | 0.05 | 0.01 |
The accompanying notes are an integral part of these financial statements.
Interim Condensed Statement of Equity(Unaudited)
Number of | Share | Contributed | ||||
Shares | Capital | Surplus | AOCI | Deficit | Total | |
# | $ | $ | $ | $ | $ | |
Balance, December 31, 2023 | 16,066,412 | 15,947,097 | 4,306,966 | 131,367 | (17,064,025) | 3,321,405 |
Private placement | 1,700,000 | 1,084,940 | 615,060 | - | - | 1,700,000 |
Option exercise | - | - | - | - | - | - |
Currency translation adjustment | - | - | - | (216,035) | - | (216,035) |
Net (loss) for the period | - | - | - | - | (1,888,162) | (1,888,162) |
Balance, September 30, 2024 | 17,766,412 | 17,032,037 | 4,922,027 | (84,668) | (18,952,187) | 2,917,207 |
Private Placement | - | - | - | - | - | - |
Option exercise (note 14) | - | - | - | - | - | - |
Currency translation adjustment | - | - | - | (22,043) | - | (22,043) |
Net income for the year | - | - | - | - | (938,814) | (938,814) |
Balance, December 31, 2024 | 17,766,412 | 17,032,037 | 4,922,027 | (106,711) | (19,891,001) | 1,956,352 |
Private placement | 1,800,000 | 1,498,140 | 301,860 | - | - | 1,800,000 |
Warrant exercise | 200,000 | 93190 | (13,190) | - | - | 80,000 |
Grant of options | - | - | - | - | - | - |
Currency translation adjustment | - | - | - | 176,177 | - | 176,177 |
Net (loss) for the period | - | - | - | - | (868,507) | (868,507) |
Balance, September 30, 2025 | 19,766,412 | 18,623,367 | 5,210,697 | 69,466 | (20,759,508) | 3,144,022 |
The accompanying notes are an integral part of these financial statements.
For the Nine Months Ended September 30, | 2025 | 2024 |
Cash flow from operating activities | ||
Net income for the period (loss) | $ (868,507) | $ (1,888,162) |
Adjustments to reconcile loss to net cash in operating activities | ||
Depreciation | 138,432 | 136,573 |
Shares issued for property | --- | --- |
Share based payments | --- | --- |
Shares issued for services | --- | --- |
$ (730,075) | $ (1,751,589) | |
Changes in non-cash working capital | ||
Changes in inventory | (325,084) | 650 |
Receivables and prepaid expenses | 276,026 | (399,914) |
Asset retirement obligation | (27,224) | - |
Marketable securities | - | - |
Accounts payable and accrued liabilities | (1,699,694) | 16,057 |
Net cash used in operating activities | $ (2,506,052) | $ (2,134,796) |
Cash flow from investing activities | ||
Change in marketable securities | - | - |
Cost of quarry expense | - | - |
Cost of equipment purchase | (100,202) | - |
Net cash provided by investing activities | $ (100,202) | $ - |
Cash flow from financing activity | ||
Proceeds from private placements | 1,800,000 | 1,700,000 |
Proceeds from warrant exercise | 80,000 | - |
Net cash provided by financing activity | $ 1,880,000 | $ 1,700,000 |
Impact of foreign exchange on cash | 175,536 | (168,569) |
Increase (decrease) in cash and cash equivalents | (550,717) | (603,365) |
Cash and cash equivalents, beginning of period | $ 634,291 | $ 742,395 |
Cash and cash equivalents, end of period | $ 83,574 | $ 139,030 |
The accompanying notes are an integral part of these financial statements.