Vanadiumcorp Resource : Third Quarter 2025 Consolidated Financial Statements for the nine months ended July 31, 2025

About this update from Vanadiumcorp Resource Inc

VanadiumCorp Resource Inc. CONSOLIDATED FINANCIAL STATEMENTS For The Nine Months Ended July 31, 2025 and 2024 (Expressed in Canadian Dollars) NOTICE OF NO AUDITOR REVIEW INTERIM CONSOLIDATED FINANCIAL STATEMENTS 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 Ended July 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 Consolidated Statements of Changes in Equity For the Nine Months Ended July 31, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) 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 Attention : This is an excerpt of the original content. 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