TSXV: TIN OTCQB: TINFF
(Formerly Whitehorse Gold Corp.) UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTSFor the three and nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars)
The unaudited condensed consolidated interim financial statements of Tincorp Metals Inc. (the "Company") for the three and nine months ended September 30, 2025 (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, 2024 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. (Formerly Whitehorse Gold Corp.) Unaudited Condensed Consolidated Interim Statements of Financial Position(Expressed in Canadian dollars)
As at | September 30, 2025 | December 31, 2024 | |
ASSETS | Notes | ||
Current Assets | |||
Cash | $ 369,288 | $ 105,498 | |
Other receivables | 277,444 | 2,542 | |
Deposits and prepayments | 12,330 | 76,513 | |
659,062 | 184,553 | ||
Non-current Assets | |||
Other investments | 5 | 300,000 | - |
Reclamation deposit | - | 15,075 | |
Property and equipment | 3 | 29,967 | 61,825 |
Mineral property interests | 4 | 4,115,450 | 4,125,500 |
TOTAL ASSETS | $ 5,104,479 | $ 4,386,953 | |
LIABILITIES AND EQUITY | |||
Current Liabilities | |||
Accounts payable and accrued liabilities | $ 592,878 | $ 561,089 | |
Payables due to a related party | 6 | 1,735,058 | 1,519,800 |
Environmental rehabilitation liabilities | 7 | - | 3,161,325 |
Total liabilities | $ 2,327,936 | $ 5,242,214 | |
EQUITY | |||
Share capital | 8 | $ 26,987,046 | $ 26,614,439 |
Reserves | 8 | 1,838,130 | 1,665,907 |
Accumulated other comprehensive Income | 34,373 | 82,405 | |
Deficit | (26,083,006) | (29,218,012) | |
Total Equity | 2,776,543 | (855,261) | |
TOTAL LIABILITIES AND EQUITY | $ 5,104,479 | $ 4,386,953 |
Approved on behalf of the Board:
(Signed) Rui Feng
Director
(Signed) Lorne Waldman
Director
See accompanying notes to the unaudited condensed consolidated interim financial statements
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Tincorp Metals Inc. (Formerly Whitehorse Gold Corp.) Unaudited Condensed Consolidated Interim Statements of (Income) Loss and Comprehensive (Income) Loss(Expressed in Canadian dollars except numbers for share)
Three months ended September 30, Nine months ended September 30,
Notes | 2025 | 2024 | 2025 | 2024 | ||||
Operating expenses | ||||||||
Salaries and benefits | $ 38,257 | $ 50,586 | $ 111,820 | $ 133,777 | ||||
Project investigation and evaluation | - | 3,597 | - | 68,386 | ||||
Investor relations | 6,576 | 2,202 | 31,562 | 27,441 | ||||
Filing and continuous listing | 28,334 | 27,253 | 58,201 | 89,324 | ||||
Professional fees | 91,251 | 51,104 | 133,728 | 164,453 | ||||
Office and administration | 31,871 | 61,849 | 93,407 | 67,518 | ||||
Depreciation | 3 | 8,089 | 9,803 | 22,231 | 24,528 | |||
Share-based compensation | 8(b) | (19,369) | 136,069 | 172,223 | 164,113 | |||
185,009 | 342,463 | 623,172 | 739,540 | |||||
Other expenses (income) | ||||||||
Loss on disposal of property and equipment | 3 | 7,236 | - | 7,236 | - | |||
Interest income | (99) | (3,789) | (1,448) | (11,825) | ||||
Financing cost | - | - | - | 105,000 | ||||
Other income | (3,252) | - | (4,872) | - | ||||
Foreign exchange income | (260) | (19,592) | (13,650) | (11,509) | ||||
3,625 | (23,381) | (12,734) | 81,666 | |||||
Loss from continuing operations | $ 188,634 | $ 319,082 | $ 610,438 | $ 821,206 | ||||
(Income) loss from discontinued operations | 5 | (3,846,862) | 1,755 | (3,745,444) | 2,835 | |||
Net (income) loss | $ (3,658,228) | $ 320,837 | $ (3,135,006) | $ 824,041 | ||||
Currency translation adjustments | (32,768) | 36,973 | 48,032 | 8,090 | ||||
Other comprehensive (income) loss | (32,768) | 36,973 | 48,032 | 8,090 | ||||
Total comprehensive (income) loss | $ | (3,690,996) | $ | 357,810 | $ | (3,086,974) | $ | 832,131 |
(Earnings) loss per common share -
basic and diluted (0.05) 0.01 (0.05) 0.01Weighted average number of common
shares outstanding - basic and diluted 68,151,868 66,907,423 68,151,868 66,680,512See accompanying notes to the unaudited condensed consolidated interim financial statements
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Tincorp. Metals Inc. (Formerly Whitehorse Gold Corp.) Unaudited Condensed Consolidated Interim Statements of Cash Flows(Expressed in Canadian dollars)
Three months ended September 30, Nine months ended September 30,
Notes | 2025 | 2024 | 2025 | 2024 | ||
Operating activities | ||||||
Loss from continuing operations | $ (188,634) | $ (319,082) | $ (610,438) | $ (821,206) | ||
Add (deduct) items not affecting cash: | ||||||
Financing cost | - | - | - | 105,000 | ||
Depreciation | 3 | 8,089 | 10,298 | 22,231 | 26,015 | |
Loss on disposal of property plant and equipment | 7,236 | - | 7,236 | - | ||
Share-based compensation | 8(b) | (19,369) | 136,069 | 172,223 | 164,113 | |
Foreign exchange income | (260) | (8,083) | (13,650) | - | ||
Changes in non-cash operating working capital | 12 | 174,316 | 37,717 | 374,488 | (165,967) | |
Net cash (used in) provided by operating activities from discontinued operations | 58 | 5,340 | 66 | 5,098 | ||
Net cash used in operating activities | (18,564) | (137,741) | (47,844) | (686,947) | ||
Investing activities | ||||||
Mineral property interest | ||||||
Capital expenditures | 4 | - | (169,731) | (138,522) | (416,745) | |
Acquisition | - | (40,773) | - | (40,773) | ||
Property and equipment | ||||||
Proceeds on disposals | 3 | - | - | 1,244 | - | |
Net cash used in investing activities from | ||||||
discontinued operations | (76) | - | (76) | - | ||
Net cash used in investing activities | (76) | (210,504) | (137,354) | (457,518) | ||
Financing activities | ||||||
Equity financing, net of issuance costs | 8(a) | 372,607 | - | 372,607 | - | |
Funds advanced from a related party | 6(a) | - | - | 72,045 | 1,351,500 | |
Net cash provided by financing activities | 372,607 | - | 444,652 | 1,351,500 | ||
Effect of exchange rate changes on cash | (24,952) | 57,506 | 4,336 | 22,639 | ||
Increase (decrease) in cash | 329,016 | (290,739) | 263,790 | 229,674 | ||
Cash, beginning of the period | 40,272 | 625,841 | 105,498 | 105,428 | ||
Cash, end of the period | $ 369,288 | $ 335,102 | $ 369,288 | $ 335,102 | ||
See accompanying notes to the unaudited condensed consolidated interim financial statements
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