CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Expressed in Canadian Dollars) For the Nine Months ended August 31, 2025 (Unaudited) Notice of No Auditor Review
In accordance with National Instrument 51-102, Part 4, subsection 4.3(3)(a), the Company discloses that the unaudited condensed consolidated interim financial statements, and accompanying notes thereto, for the nine months ended August 31, 2025 have been prepared by and are the responsibility of the Company's management. They have been reviewed and approved by the Company's Audit Committee and the Board of Directors.
The Company's independent auditor has not performed a review of these unaudited condensed consolidated interim financial statements in accordance with standards established by the Chartered Professional Accountants of Canada.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Unaudited - Prepared by Management) (Expressed in Canadian dollars)
AS AT
Notes | August 31, 2025 | November 30, 2024 | |||
ASSETS | |||||
Current Cash and cash equivalents | $ 1,799,652 | $ 2,433,310 | |||
Receivables | 7,162 | 88,437 | |||
Investments | 4 | 1,748,460 | 1,634,430 | ||
Prepaid expenses | 32,281 | 7,981 | |||
Total current assets | 3,587,555 | 4,164,158 | |||
Long-term investment | 5 | 160,000 | 160,000 | ||
Exploration and evaluation assets | 3 | 424,427 | 423,827 | ||
Total assets | $ 4,171,982 | $ 4,747,985 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current Accounts payable and accrued liabilities | $ 14,379 | $ 141,333 | |||
Due to related parties | 7 | 47,543 | 97,412 | ||
Total current liabilities | 61,922 | 238,745 | |||
Shareholders' equity Share capital | 6 | 56,309,562 | 56,309,562 | ||
Share-based payments reserve | 6 | 10,456,904 | 10,324,173 | ||
Deficit | (62,656,406) | (62,124,495) | |||
Total shareholders' equity | 4,110,060 | 4,509,240 | |||
Total liabilities and shareholders' equity | $ | 4,171,982 $ | 4,747,985 | ||
"Wilson Jin" Director "John Anderson" Director
The accompanying notes are an integral part of these consolidated financial statements.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Unaudited - Prepared by Management) (Expressed in Canadian dollars)
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |
August 31, | August 31, | August 31, | August 31, | |
2025 | 2024 | 2025 | 2024 | |
EXPENSES | ||||
Amortization | $ - | $ 236 | $ - | $ 5,107 |
Consulting fees | 37,500 | - | 112,500 | - |
Director fees (Note 7) | 4,000 | 4,000 | 9,000 | 12,000 |
Filing and transfer agent | 921 | 2,452 | 12,985 | 13,679 |
Management fees (Note 7) | 97,000 | 81,000 | 286,500 | 220,000 |
Professional fees | - | - | 11,768 | 14,870 |
Project investigation | 6,051 | 9,252 | 14,073 | 54,120 |
Rent and office expenses | 11,071 | 12,486 | 51,846 | 45,964 |
Shareholder relations | 621 | 1,915 | 4,471 | 2,609 |
Share-based compensation (Note 6) | - | - | 132,731 | - |
Travel | 17,139 | 9,611 | 54,212 | 28,719 |
Total expenses | (174,303) | (120,952) | (690,086) | (397,068) |
OTHER ITEMS | ||||
Fair value adjustment on investments (Note 4) | (38,010) | (266,070) | 114,030 | (380,100) |
Interest income | 28,280 | 27,685 | 44,145 | 87,236 |
Write-off of exploration and evaluation assets (Note 3) | - | 1 | - | 1 |
Total items | (9,730) | (238,386) | 158,175 | (292,865) |
Loss and comprehensive loss for the period | (184,033) | (359,338) | (531,911) | (689,933) |
Basic and diluted loss per common share | $ (0.00) | $ (0.01) | $ (0.01) | $ (0.02) |
Weighted average number of common shares outstanding - Basic and diluted | 41,093,141 | 41,093,141 | 41,093,141 | 41,093,141 |
The accompanying notes are an integral part of these consolidated financial statements.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(Unaudited - Prepared by Management) (Expressed in Canadian dollars)
Nine Months Ended | Nine Months Ended | |
August 31, | August 31, | |
2025 | 2024 | |
CASH FLOWS USED IN OPERATING ACTIVITIES | ||
Net loss for the period | $ (531,911) | $ (689,933) |
Items not affecting cash: | ||
Amortization | - | 5,107 |
Fair value adjustment on investments | (114,030) | 380,100 |
Write-off of exploration and evaluation assets | - | 1 |
Share-based compensation | 132,731 | - |
Changes in non-cash working capital items: | ||
Other receivables and prepaids | 56,975 | 84,173 |
Accounts payable and accrued liabilities | (52,134) | (76,875) |
Due to related parties | (49,869) | - |
Exploration advance Exploration and evaluation assets | - (75,420) | (6,820) - |
Net cash provided by investing activities | (75,420) | (6,820) |
Change in cash and cash equivalents during the period | (633,658) | (304,247) |
Cash and cash equivalents, beginning of period | 2,433,310 | 2,777,711 |
Cash and cash equivalents, end of period | $ 1,799,652 | $ 2,473,464 |
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited - Prepared by Management) (Expressed in Canadian dollars)
Share Capital | |||||||||
Number Amount | Share-based payments reserve | Deficit | Total | ||||||
Balance, November 30, 2023 | 41,093,141 $ 56,309,562 | $ | 10,324,173 | $ | (60,832,004) | $ | 5,801,731 | ||
Net loss for the period | - - | - | (689,933) | (689,933) | |||||
Balance, August 31, 2024 | 41,093,141 56,309,562 | 10,324,173 | (61,521,937) | 5,111,798 | |||||
Net loss for the period | - - | - | (602,558) | (602,558) | |||||
Balance, November 30, 2024 | 41,093,141 56,309,562 | 10,324,173 | (62,124,495) | 4,509,240 | |||||
Share-based compensation | - - | 132,731 | - | 132,731 | |||||
Net loss for the period | - - | - | (531,911) | (531,911) | |||||
Balance, August 31, 2025 | 41,093,141 | $ | 56,309,562 | $ | 10,456,904 | $ | (62,656,406) | $ | 4,110,060 |
The accompanying notes are an integral part of these consolidated financial statements.
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NATURE OF OPERATIONS AND GOING CONCERN
Wildsky Resources Inc. ("Wildsky" or the "Company") was incorporated in January 2006 under the laws of British Columbia, Canada. The Company's registered office is Suite 507 - 700 West Pender Street, Vancouver, British Columbia, Canada. Wildsky is listed on the TSX Venture Exchange ("TSX-V") under the trading symbol "WSK". The Company and its subsidiaries are in the business of acquisition, exploration and development of mineral properties.
These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will be able to continue its operations for the foreseeable future and meet its obligations and commitments in the normal course of business. As the Company is in the exploration stage, no revenue has been generated to date. At August 31, 2025, the Company had cash and cash equivalents of $1,799,652 (November 30, 2024 - $2,433,310), working capital of $3,525,633 (November 30, 2024 - $3,925,413) and a deficit of $62,656,406 (November 30, 2024 -
$62,124,495). Management has assessed that this working capital is sufficient for the Company to continue as a going concern beyond one year. If the going concern assumption were not appropriate for these consolidated financial statements, it could be necessary to restate the Company's assets and liabilities on a liquidation basis.
These consolidated financial statements do not reflect the adjustments to the carrying values of the assets and liabilities, the reported expenses and the statements of financial position classifications that would be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.
- MATERIAL ACCOUNTING POLICY INFORMATION
These condensed consolidated interim financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and comply with IAS 34 Interim Financial Reporting. These condensed consolidated interim financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended November 30, 2024.
These condensed consolidated interim financial statements were approved and authorized for issue by the Board of Directors on October 22, 2025.
Basis of presentationThese consolidated financial statements have been prepared on a historical cost basis, except for financial instruments measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information.
Basis of consolidationThese consolidated financial statements include the balances and results of the Company and those entities over which the Company exercises control:
Direct or Indirect OwnershipSubsidiary | Jurisdiction | Nature of business | August 31, 2025 | November 30, 2024 |
1248120 BC Ltd. | BC, Canada | Inactive | 100% | 100% |
1187935 BC Ltd. | BC, Canada | Holding Company | 100% | 100% |
Zijin Midas (Nigeria) Limited | The Federal Republic of Nigeria | Holding Company | 100% | 100% |
The Company consolidates these subsidiaries on the basis that it controls these subsidiaries. Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. All intercompany transactions and balances have been eliminated on consolidation.
Functional and presentation currencyThe Company's presentation currency is the Canadian dollar ("$"). The functional currency of the parent company and its subsidiary is also the Canadian dollar.
Transactions in currencies other than the Canadian dollar are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, the monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the statement of financial position date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in the statement of income (loss) and comprehensive income (loss).
Management judgments and estimatesThe preparation of these consolidated financial statements in accordance with IFRS requires management use of estimates, assumptions and judgment that impact the Company's reported financial results. These estimates are based on past experiences and expectations of future events. Uncertainty on these judgments could result in material differences of the carrying amounts in the Company's financial position.
The key judgments and estimates that affect the consolidated financial statements are:
Impairment of exploration and evaluation assets (E&E assets)
The Company carries out an impairment assessment on its E&E assets when circumstances indicate their carrying values may exceed their recoverable amounts. The process of determining the impairment involves significant judgment and estimation on the recoverability of the E&E assets as it relies on both an interpretation of geological and technical data as well as market conditions including commodity prices, investor sentiment and global financing. As new information comes up, the recoverable amounts of the assets and the impairment loss may differ from these judgments and estimates.
Valuation of private company shares
The Company owns 14% of the issued and outstanding shares of MineSound Ltd. ("MindSound"), a private company. The Company accounts for this investment at fair value through profit and loss ("FVTPL").
Given that MineSound is a private company, there is significant judgment in determining the fair value of the investment. Management's assumptions used in the valuation of private company shares include, but are not limited to, the value at which a recent financing was completed by the investee company, company-specific information, general cash flow and trends in general market conditions.
2. MATERIAL ACCOUNTING POLICY INFORMATION (cont'd…) Management judgments and estimates (cont'd…)Going concern
The assessment of the Company's ability to continue as a going concern and to raise sufficient funds to pay its ongoing operating expenditures, meet its liabilities for the ensuing year, and to fund planned and contractual exploration programs, involves significant judgment based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.
New, amended and future accounting pronouncementsThe following standards are effective for future periods:
On April 9, 2024, the IASB issued a new standard - IFRS 18, "Presentation and Disclosure in Financial Statements" with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:
the structure of the statement of profit or loss;
required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and
enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.
IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will apply for reporting periods beginning on or after 1 January 2027. Retrospective application is required and early application is permitted.
The Company is currently assessing the effect of this new standard on its consolidated financial statements.
3. EXPLORATION AND EVALUATION ASSETSNasarawa Property (Nigeria) | Tsorena Property (Ethiopia) | Total | ||
Balance, November 30, 2023 $ 342,187 | $ | 1 | $ | 342,188 |
Data | 2,400 | - | 2,400 | |
Geophysical | 70,000 | - | 70,000 | |
Permit renewal 9,240 - 9,240 Impairment of exploration and evaluation assets - (1) (1)
Balance, November 30, 2024 | 423,827 | - | 423,827 | ||||
Data | 600 | - | 600 | ||||
Balance, August 31, 2025 | $ | 424,427 | $ | - | $ | 424,427 |
-
EXPLORATION AND EVALUATION ASSETS (cont'd…)
Nasarawa Property (the Federal Republic of Nigeria)
In December 2020, the Company received approval from the TSX-V for its acquisition of 1187935 BC Limited ("1187935 BC"). 1187935 BC legally and beneficially owns 9,900,000 ordinary shares (out of 10,000,000 ordinary shares issued and outstanding, the "Shares") of Zijin Midas Nigeria Limited ("ZMNL"), a private company incorporated in the Federal Republic of Nigeria. The remaining 100,000 shares of ZMNL are held by an individual in trust for the Company.
The Company's subsidiary ZMNL holds 100% interest in three Exploration Licenses (the "EL's") in Nigeria which pertain to niobium-tantalum ("Nb-Ta") exploration. The total consideration paid (US$96,000 ($122,496)) was allocated to the Nasarawa Property acquisition costs.
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INVESTMENTS ACCOUNTED UNDER FVTPL
As at August 31, 2025, the Company held 7,602,000 (November 30, 2024 - 7,602,000) common shares in the capital of Cassiar Gold Corp ("GLDC"), with a fair value of $1,748,460 ($0.23 per share) (November 30, 2024 - $1,634,430 ($0.215 per share)).
Amount
Balance, as at November 30, 2023
$ 2,470,650
Fair value adjustment
(836,220)
Balance, as at November 30, 2024
1,634,430
Fair value adjustment
114,030
Balance, as at August 31, 2025
$ 1,748,460
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LONG TERM NVESTMENTS ACCOUNTED UNDER FVTPL
On May 24, 2023, the Company purchased 1,600,000 shares of MineSound for $160,000, representing 14% of the total issued and outstanding shares of MineSound.
MineSound was incorporated on November 16, 2022 under the laws of British Columbia, Canada. The Company is involved in the business of utilizing Seismic Frequency Resonance Exploration Technology ("SRT") in exploration of metallic and non-metallic ores.
- SHARE CAPITAL
Authorized - unlimited number of common shares without par value
Share issuanceThere was no share issuance during the nine months ended August 31, 2025 or the year ended November 30, 2024.
-
SHARE CAPITAL (cont'd…)
Stock options
The Company has a stock option plan whereby the Board of Directors may, from time to time, grant options to directors, officers, employees and consultants. The term of the option grants is up to ten years and vests immediately except for stock options granted to investor relations consultants whereby these options vest over 12 months. The maximum number of common shares reserved for issue shall not exceed 10% of the total number of common shares issued and outstanding as at the grant date.
On March 3, 2025, the Company granted to directors, officers and consultants 2,100,000 stock options, exercisable at
$0.10 per share for a term of 5 years. These options vested on the date of grant. The fair value ($132,731; $0.063 per option) of the stock options granted was determined by using Black Scholes model with the following assumptions: risk free interest rate of 2.50%; volatility of 102.55%; expected life of options 5 year; and dividend rate of 0%.
Option transactions are summarized as follows:
Number of Options
Weighted Average Exercise Price
Balance, November 30, 2023
2,350,000
$ 0.16
Expired
(1,350,000)
0.14
Balance, November 30, 2024
1,000,000
0.20
Granted
2,100,000
0.10
Balance, August 31, 2025
3,100,000
$ 0.13
As at August 31, 2025, the following incentive stock options are outstanding:
Number of Options
Exercise
Price Expiry Date
1,000,000 $ 0.20 February 24, 2027
2,100,000 $ 0.10 March 3, 2030
Warrants
Warrant transactions are summarized as follows:
Number
Weighted Average
of Options
Exercise Price
Balance, November 30, 2023
4,000,000
$ 0.15
Expired
(4,000,000)
0.15
Balance, November 30, 2024 and August 31, 2025
-
$ -
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RELATED PARTY TRANSACTIONS
Key management personnel include those persons having authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined that key management personnel consists of members of the Company's Board of Directors and corporate officers.
Except as disclosed elsewhere in the consolidated financial statements, during the nine months ended August 31, 2025, the Company entered into the following transactions with related parties:
The Company paid or accrued management fee of $232,500 (2024 - $166,000) to a company controlled by the CEO and President. As of August 31, 2025, $32,550 (November 30, 2024 - $41,475) of services fees payable to the company controlled by the CEO and President, and $1,993 (November 30, 2024 - $6,372) of expenses reimbursement owing to the CEO were included in due to related parties.
The Company paid or accrued management of $54,000 (2024 -$54,000) to a company controlled by the CFO. As of August 31, 2025, $Nil (November 30, 2024 - $6,565) payable to the company controlled by the CFO was included in due to related parties
The Company accrued directors' fees of $12,000 (2024 -$12,000) to three directors, and wrote off of $3,000 (2024
- $Nil) accrued fess to a former director. As of August 31, 2025, $13,000 (November 30, 2024 - $40,000) payable to the three directors.
The Company granted 1,700,000 (2024 - $Nil) stock options to directors and officers with a fair value of $107,449 (2024 - $Nil) (Note 6).
Accounts payable to related parties do not bear interest, are unsecured and repayable on demand.
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SEGMENTED INFORMATION
The Company primarily operates in one reportable operating segment, being the acquisition and exploration of exploration and evaluation assets located in Africa.
- FAIR VALUE MEASUREMENT AND RISK MANAGEMENT
IFRS 13, Fair Value Measurement, establishes a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and,
Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The Company's cash and cash equivalents, receivables, accounts payable and accrued liabilities, and due to related parties are measured at amortized cost. The Company's carrying values of these items approximate their fair value due to the relatively short periods to maturity of the instruments. The Company's investments are measured at FVTPL using level 1 inputs, while the Company's long term investment is measured at FVTPL using level 3 inputs.
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FAIR VALUE MEASUREMENT AND RISK MANAGEMENT (cont'd…)
The Company's financial instruments measured at fair value as at August 31, 2025 are as follows:
Level 1
Level 2
Level 3
Financial assets at FVTPL
Investments
$ 1,748,460
$
- $ -
Long term investment
$ -
$
- $ 160,000
The determination of the fair value of the long term investment by management was based on the most recent transaction of the underlying company. (Note 5).
Liquidity riskLiquidity risk is the risk that the Company might not be able to meet its obligations and commitments as they come due. As at August 31, 2025, the Company had cash and cash equivalents of $1,799,652 (November 30, 2024 -
$2,433,310) and working capital of $3,525,633 (November 30, 2024 - $3,925,413).
Credit riskCredit risk arises from cash and cash equivalents held with financial institutions as well as credit exposure on outstanding receivables.
The Company's cash and cash equivalents are held at high-credit rating financial institutions. The Company's maximum exposure to credit risk is the carrying amounts of cash and cash equivalents, and receivables on its consolidated statement of financial position.
Market riskMarket risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices.
Interest rate risk
Interest rate risk arises from changes in market rates of interest that could adversely affect the Company. The Company's exposure to interest rate risk is insignificant.
Foreign currency risk
Foreign currency risk arises from fluctuations in foreign currencies versus the Canadian dollar that could adversely affect reported balances and transactions denominated in those currencies. The Company incurs expenditures in Canada and Africa and holds a mineral property in Africa. As such, the Company is exposed to currency risks associated with these expenditures and asset.
Equity price risk
Equity price risk arises from market fluctuations in equity prices that could adversely affect the Company's operations. The Company's current exposure to equity price risk is limited to declines in the values and volumes including those of its own shares, which could impede its ability to raise additional funds when required.
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CAPITAL MANAGEMENT
The Company's capital management objective is to ensure its ability to continue as a going concern to meet its operational obligations and to maintain capital access to fund its mineral exploration activities in the Federal Republic of Nigeria.
The capital that the Company manages is the total equity on the consolidated statements of financial position. The Company may modify the capital structure to meet its funding needs by issuing new equity shares and/or debt instruments, disposing assets or bringing in joint venture partners. To facilitate the management of its capital, the Company prepares annual budgets approved by the Board of Directors. The Company is not subject to any externally imposed capital requirements. There were no changes in the Company's approach to capital management during year ended February 28, 2025
- SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS
There were no significant non-cash transactions during the nine-month periods ended August 31, 2025 and 2024.
