VanadiumCorp Resource Inc.
CONSOLIDATED FINANCIAL STATEMENTS
For The Nine Months Ended July 31, 2025 and 2024 (Expressed in Canadian Dollars)
In accordance with National Instrument 51-102, VanadiumCorp Resource Inc. discloses that the accompanying unaudited condensed interim consolidated financial statements for the nine months ended, July 31, 2025, and 2024, were prepared by and are the responsibility of the Company's management.
The company's independent auditor has not performed a review of these condensed interim consolidated
financial statements.
VanadiumCorp Resource Inc. Consolidated Statement of Financial Position (Expressed in Canadian Dollars) | (Unaudited) | (Audited) |
As at: | July 31, 2025 | October 31, 2024 |
Assets | ||
Current Cash | $ 71,458 | $ 15,360 |
Restricted cash | - | - |
Receivables (Note 4) | 45,799 | 25,969 |
Prepaid and advances (Note 5) | 124,808 | 125,363 |
Non-Current | 242,066 | 166,692 |
Plants (Note 6) | 1,529,888 | 1,547,674 |
Equipment (Note 7) | 6,416 | 8,183 |
Deposits (Note 6) | - | - |
Patent (Note 9) | 327,436 | 336,094 |
Exploration and evaluation assets (Note 8) | 7,503,591 | 7,121,955 |
Total assets | $ 9,609,396 | $ 9,180,598 |
Liabilities | ||
Current Accounts payable and accrued liabilities (Notes 10, 11 and 13) | $ 1,729,562 | $ 1,715,497 |
Loans payable (Notes 11) | 131,622 | 207,891 |
Flow-through liability (Notes 12 and 20) | - | 63,855 |
1,861,184 | 1,987,244 | |
Non-Current Deferred government grant (Note14) | - | - |
Long-term portion of loans payable (Notes 11) | 386,199 | 461,570 |
Total liabilities | 2,247,382 | 2,448,814 |
Equity Share capital (Note 12) | 40,258,612 | 39,567,973 |
Share subscriptions | 67,500 | 27,700 |
Warrants | 346,900 | 346,900 |
Contributed surplus | 13,373,055 | 13,302,259 |
Accumulated deficit | (46,684,054) | (46,513,048) |
7,362,014 | 6,731,785 | |
Total liabilities and equity | $ 9,609,396 | $ 9,180,598 |
Nature of operations and going concern (Note 1) | ||
Approved on behalf of the Board of Directors on August 26, 2025: |
"Kristien Davenport" "Andre Gauthier"
Director Director
VanadiumCorp Resource Inc. Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) For the Three and Nine Months Ended July 31, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) Three months Ended Nine months EndedJuly | 31, | July | 31, | |||
2025 | 2024 | 2025 | 2024 | |||
Expenses Amortization - Patent (Note 9) | $ 5,300 | $ 3,500 | $ 15,900 | $ 10,500 | ||
Consulting (Note 13) | 3,500 | 29,500 | 33,381 | 140,250 | ||
Depreciation - Equipment (Note 7) | 7,097 | 8,968 | 21,292 | 26,904 | ||
Interest and financing fees | 672 | 29,586 | 2,326 | 73,162 | ||
Management fees (Note 13) | 60,000 | 115,000 | 178,000 | 252,000 | ||
Marketing and corporate development | 4,750 | 5,870 | 67,125 | 53,219 | ||
Office (Note 13) | 10,924 | 41,114 | 33,241 | 82,721 | ||
Professional fees | 82,688 | 28,313 | 128,962 | 63,264 | ||
Research and development (Note 14) Salaries and wages (Note 13) Shareholder communications | 17,479 -1,100 | - -4,234 | 43,834 -3,772 | - -6,120 | ||
Share-based compensation (Notes 12 and 13) | 59,037 | 20,603 | 59,037 | 81,070 | ||
Filing and regulatory fees | 38,456 | 8,360 | 59,802 | 38,297 | ||
Travel and entertainment | - 1,840 | 7,697 | 53,996 | |||
Operating loss | (291,004) | (296,889) | (654,368) | (881,504) | ||
Other items Gain on write-off of accounts payable (Note 13) | - | - | 419,948 | - | ||
Foreign exchange gain (loss) | (148) | (33) | (441) | (121) | ||
Recovery on flow-through liability (Note 20) | - | - | 63,855 | - | ||
Net income (loss) and comprehensive income (loss) for the period | $ (291,152) $ | (296,922) | $ (171,006) $ | (881,626) | ||
Basic and diluted income (loss) per share | $ (0.03) $ | (0.04) | $ (0.02) $ | (0.11) | ||
Weighted average number of shares outstanding | 11,357,070 | 8,318,184 | 10,239,525 | 8,199,215 | ||
Share Capital
Number of Shares | Amount | Warrants | Contributed Surplus | Share Subscriptions | Accumulated Deficit | Total | |
Balance - October 31, 2023 | 6,607,634 | $ 38,421,560 $ | 241,900 | $ 13,201,640 | $ 730,500 | $ (45,455,999) | $ 7,139,601 |
Units issued for cash | 1,710,550 | 1,584,900 - | - | (730,500) | - | 854,400 | |
Residual value of warrants in units issued Broker warrants issued | - - | (108,500) - | 108,500 | 19,549 | - 19,549 | ||
Flow-through share premium | - | - | - | - | - | - | - |
Share issuance costs | - | (23,261) | - | - | - | - | (23,261) |
Unit subscriptions received | - | - | - | - | - | - | - |
Share-based compensation | - | - | - | 60,467 | - | - | 60,467 |
Net loss and comprehensive loss for the period | - | - | - | - | - | (584,704) | (584,704) |
Balance - April 30, 2024 | 8,318,184 | 39,874,699 | 350,400 | 13,281,656 | - | (46,040,703) | 7,466,052 |
Units issued for cash | - | 0 | - | - | - | - | 0 |
Residual value of warrants in units issued | - | 3,500 | (3,500) | - | - | - | - |
Broker warrants issued | - | (19,549) | - | - | - | - | (19,549) |
Flow-through share premium | - | (216,460) | - | - | - | - | (216,460) |
Share issuance costs | - | (74,216) | - | - | - | - | (74,216) |
Unit subscriptions received | - | - | - | - | 27,700 | - | 27,700 |
Share-based compensation | - | - | - | 20,603 | - | - | 20,603 |
Net loss and comprehensive loss for the period | - | - | - | - | - | (472,345) | (472,345) |
Balance - October 31, 2024 | 8,318,184 | 39,567,973 | 346,900 | 13,302,259 | 27,700 | (46,513,048) | 6,731,785 |
Units issued for cash | 3,756,554 | 680,530 | - | - | - | - | 680,530 |
Residual value of warrants in units issued | - | - | - | - | - | - | - |
Broker warrants issued | - | (11,759) | 11,759 | - | - | - | - |
Flow-through share premium | - | - | - | - | - | - | - |
Share issuance costs | - | (52,306) | - | - | - | - | (52,306) |
Unit subscriptions received | - | - | - | - | 39,800 | - | 39,800 |
Shares issued related to debt settlement | 593,397 | 74,175 | - | - | - | - | 74,175 |
Share-based compensation | - | - | - | 59,037 | - | - | 59,037 |
Net income and comprehensive income for the period | - | - | - | - | - | (171,006) | (171,006) |
Balance - July 31, 2025 | 12,668,135 | 40,258,612 | 358,660 | 13,361,296 | 67,500 | (46,684,054) | 7,362,014 |
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