TSXV: TIN OTCPK: TINFF
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTSFor the three months ended March 31, 2026 and 2025 (Expressed in Canadian Dollars)
The unaudited condensed consolidated interim financial statements of Tincorp Metals Inc. (the "Company") for the three months ended March 31, 2026 (the "Financial Statements") have been prepared by management and have not been reviewed by the Company's independent auditors. The Financial Statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2025 which are available under the Company's profile on SEDAR+ at https://www.sedarplus.ca. The Financial Statements are stated in terms of Canadian dollars and are prepared in accordance with the IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IASB").
Tincorp Metals Inc. Unaudited Condensed Consolidated Interim Statements of Financial Position(Expressed in Canadian dollars) | |||
As at | March 31, 2026 | December 31, 2025 | |
ASSETS Current Assets | Notes | ||
Cash | $ 26,900 | $ 85,378 | |
Restricted cash | 6, 8(c) | 16,905,100 | - |
Other receivables | 3 | 285,198 | 279,578 |
Deposits and prepayments | 11,724 | 7,219 | |
17,228,922 | 372,175 | ||
Non-current Assets Other investments | 7 | 300,000 | 300,000 |
Property and equipment | 4 | 24,529 | 29,362 |
Mineral property interests | 5 | 4,137,564 | 4,087,420 |
TOTAL ASSETS | $ 21,691,015 | $ 4,788,957 | |
LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued liabilities | $ 501,036 | $ 556,709 | |
Liability for subscription receipts | 6, 8(c) | 16,905,100 | - |
Payables due to a related party | 8(a) | 1,980,082 | 1,796,333 |
Total liabilities | $ 19,386,218 | $ 2,353,042 | |
EQUITY Share capital | 9 | $ 27,006,673 | $ 26,987,046 |
Reserves | 9 | 1,939,267 | 1,873,777 |
Accumulated other comprehensive income | 29,325 | 5,241 | |
Deficit | (26,670,468) | (26,430,149) | |
Total Equity | 2,304,797 | 2,435,915 | |
TOTAL LIABILITIES AND EQUITY | $ 21,691,015 | $ 4,788,957 | |
Approved on behalf of the Board: | |||
(Signed) Victor Feng | |||
Director | |||
(Signed) Lorne Waldman | |||
Director | |||
See accompanying notes to the unaudited condensed consolidated interim financial statements
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Tincorp Metals Inc. Unaudited Condensed Consolidated Interim Statements of Loss and Comprehensive Loss(Expressed in Canadian dollars except numbers for share)
Three months ended March 31,Notes | 2026 | 2025 | |||
Operating expenses | |||||
Salaries and benefits | $ | 39,018 | $ | 39,086 | |
Exploration expenditure not capitalized | 20,281 | - | |||
Investor relations | 3,798 | 11,259 | |||
Filing and continuous listing | 21,848 | 11,559 | |||
Professional fees | 25,846 | 17,180 | |||
Office and administration | 53,666 | 31,536 | |||
Depreciation | 5 | 5,248 | 7,162 | ||
Share-based compensation | 9(b) | 72,617 | 121,841 | ||
242,322 | 239,623 | ||||
Other income | |||||
Interest income | (529) | (1,148) | |||
Foreign exchange gain | (1,474) | (5,456) | |||
(2,003) | (6,604) | ||||
Loss from continuing operations | $ | 240,319 | $ | 233,019 | |
Loss from discontinued operations | 7 | - | 53,865 | ||
Net loss | $ | 240,319 | $ | 286,884 | |
Other comprehensive (income) loss, net of taxes | |||||
Currency translation adjustments | (24,084) | 6,128 | |||
Other comprehensive (income) loss | (24,084) | 6,128 | |||
Total comprehensive loss | $ | 216,235 | $ | 293,012 | |
Loss per common share - basic and diluted | |||||
Continuing operations | 0.0034 | 0.0035 | |||
Discontinued operations | 0.0000 | 0.0008 | |||
0.0034 | 0.0043 | ||||
Weighted average number of common shares outstanding - basic and diluted | 71,183,535 | 67,164,428 |
See accompanying notes to the unaudited condensed consolidated interim financial statements
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Tincorp Metals Inc. Unaudited Condensed Consolidated Interim Statements of Cash Flows(Expressed in Canadian dollars)
Three months ended March 31,Notes | 2026 | 2025 | |||
Operating activities | |||||
Loss from continuing operations | $ | (240,319) | $ | (233,019) | |
Add (deduct) items not affecting cash: | |||||
Depreciation | 4 | 5,248 | 7,162 | ||
Share-based compensation | 9(b) | 72,617 | 121,841 | ||
Foreign exchange gain | (1,474) | (5,456) | |||
Changes in non-cash operating working capital | 13 | 111,462 | 27,316 | ||
Net cash provided by operating activities from discontinued operations | - | 7,208 | |||
Net cash used in operating activities | (52,466) | (74,948) | |||
Investing activities | |||||
Mineral property interest | |||||
Capital expenditures | 5 | (19,844) | (28,456) | ||
Property and equipment | |||||
Proceeds on disposals | 4 | - | 1,244 | ||
Net cash used in investing activities from | |||||
discontinued operations | 7 | - | (7,006) | ||
Net cash used in investing activities | (19,844) | (34,218) | |||
Financing activities | |||||
Proceeds from equity financing | 6, 8(c) | 16,918,295 | - | ||
Funds advanced from a related party | - | 72,045 | |||
Net cash provided by financing activities | 16,918,295 | 72,045 | |||
Effect of exchange rate changes on cash | 637 | (4,818) | |||
Increase (decrease) in cash | 16,846,622 | (41,939) | |||
Cash and restricted cash, beginning of the period | 85,378 | 105,498 | |||
Cash and restricted cash, end of the period | $ 16,932,000 | $ | 63,559 | ||
See accompanying notes to the unaudited condensed consolidated interim financial statements
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