Condensed Interim Financial Statements
For the three months ended May 31, 2025 and 2024 Expressed in Canadian Dollars
(Unaudited)
To the shareholders of Thesis Gold Inc.:
The condensed interim financial statements of Thesis Gold Inc. (the "Company") for the three months ended May 31, 2025 and 2024 have been compiled by management.
No audit or review of this information has been performed by the Company's auditors.
THESIS GOLD INC. | ||
Condensed Interim Statements of Financial Position Expressed in Canadian Dollars | (unaudited) | |
May 31, | February 28, | |
2025 | 2025 | |
ASSETS | ||
Current | ||
Cash | $ 33,517,102 | $ 9,390,294 |
Short-term investment | 36,276 | 35,907 |
Goods and services tax credit receivable | 170,322 | 106,080 |
Mineral exploration tax credit receivable | 1,578,033 | 4,646,781 |
Other receivable | 37,671 | 39,571 |
Prepaid expenses and deposits (note 5) | 894,094 | 952,378 |
36,233,498 | 15,171,011 | |
Equipment (note 7) | 767,440 | 774,329 |
Exploration and evaluation assets (note 3) | 191,669,778 | 189,003,885 |
Reclamation bonds (note 12) | 588,730 | 588,730 |
Right-of-use asset (note 9) | 960,647 | 1,014,016 |
$ 230,220,093 | $ 206,551,971 | |
LIABILITIES | ||
Current | ||
Accounts payable and accrued liabilities (note 8, 10) | $ 1,848,380 | $ 1,628,513 |
Deferred flow-through liability (note 11) | - | 364,734 |
Current portion of lease liability (note 9) | 174,812 | 169,557 |
2,023,192 | 2,162,804 | |
Asset retirement obligation (note 12) | 2,167,264 | 2,167,264 |
Deferred taxes | 16,958,496 | 17,107,750 |
Long-term portion of lease liability (note 9) | 756,827 | 802,665 |
21,920,813 | 22,240,483 | |
EQUITY | ||
Share capital (note 4) | 222,868,670 | 197,460,278 |
Option and warrant reserves (note 4) | 17,610,394 | 18,150,865 |
Deficit | (32,179,784) | (31,299,655) |
208,299,280 | 184,311,488 | |
$ 230,220,093 | $ 206,551,971 | |
Subsequent events (note 14) | ||
Authorized for issuance on behalf of the Board on July 30, 2025: | ||
Director (signed by) "Lisa Peterson" | ||
Director (signed by) "Ewan Webster" | ||
The accompanying notes form an integral part of these condensed interim financial statements.
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THESIS GOLD INC. | ||
Condensed Interim Statements of Comprehensive (Loss) Income Expressed in Canadian Dollars | (unaudited) | |
For the three months ended | May 31, | May 31, |
2025 | 2024 | |
Expenses | ||
Exploration expenses | $ 3,851 | $ 28,685 |
Marketing and investor relations expenses | 372,270 | 281,152 |
Management and consulting fees (note 8) | 346,895 | 279,210 |
Office and administration | 110,472 | 72,619 |
Professional fees | 680,906 | 124,918 |
Regulatory and filing fees | 3,599 | 2,303 |
Share-based compensation (note 4,8) | 65,009 | 1,095,000 |
(1,583,002) | (1,904,359) | |
Other | ||
Interest income | 188,885 | 55,391 |
Settlement of flow-through liability (note 11) 364,734 - | ||
Loss before taxes | (1,029,383) | (1,848,968) |
Deferred income tax recovery | 149,254 | 199,554 |
Net loss and Comprehensive loss $ (880,129) $ (1,649,414) | ||
Basic and diluted loss per common share | $ (0.00) | $ (0.00) |
Basic and diluted weighted average number of common shares outstanding | 221,715,435 | 174,051,511 |
The accompanying notes form an integral part of these condensed interim financial statements.
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THESIS GOLD INC. | ||||||
Statements of Changes in Equity For the three months ended May 31, 2025 and 2024 Expressed in Canadian Dollars | (unaudited) | |||||
Number of shares | Share capital | Option and Warrant reserve | Accumulated Deficit | Total equity | ||
Balance at February 29, 2024 | 174,051,511 | $ 175,250,081 | $ 16,660,000 | $ (29,649,414) | $ 162,260,667 | |
Share-based payments | - | - | 1,095,000 | - | 1,095,000 | |
Comprehensive income | - | - | - | (1,649,414) | (1,649,414) | |
Balance at May 31, 2024 | 174,051,511 | $ 175,250,081 | $ 17,755,000 | $ (31,298,828) | $ 161,706,253 | |
Share issued for cash | 38,774,985 | 30,949,423 | - | - | 30,949,423 | |
Deferred flow-through liability | - | (6,078,905) | - | - | (6,078,905) | |
Share issuance costs | - | (2,271,346) | - | - | (2,271,346) | |
Finders warrants issued | - | (388,975) | 388,975 | - | - | |
Share-based payments | - | - | 6,890 | - | 6,890 | |
Comprehensive loss | - | - | - | (827) | (827) | |
Balance at February 28, 2025 | 212,826,496 | $ 197,460,278 | $ 18,150,865 | $ (31,299,655) | $ 184,311,488 | |
Share issued for cash | 24,636,772 | 25,547,474 | (605,480) | - | 24,941,994 | |
Share issuance costs | - | (139,082) | - | - | (139,082) | |
Share-based payments | - | - | 65,009 | - | 65,009 | |
Comprehensive loss | - | - | - | (880,129) | (880,129) | |
Balance at May 31, 2025 | 237,463,267 | $ 222,868,670 | $ 17,610,394 | $ (32,179,784) | $ 208,299,280 | |
The accompanying notes form an integral part of these condensed interim financial statements.
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