FISCAL 2026 Q1 HIGHLIGHT
The Company closed a bought deal financing on October 21, 2025. A total of 11,385,000 common shares of the Company were sold under the bought deal financing at a price of CAD $3.55 (approximately $2.53) per common share for total gross proceeds of approximately CAD $40.4 million (approximately $28.8 million). Raymond James Ltd. acted as sole bookrunner, and the Offering was co-led by Raymond James Ltd. and BMO Nesbitt Burns Inc. on behalf of a syndicate of underwriters.
On October 23, 2025, the Company appointed Mr. Jalen Yuan as Chief Executive Officer ("CEO") and Mr. Chester Xie as Chief Financial Officer ("CFO"). Mr. Yuan has also been appointed to the Company's board of directors. This announcement follows the appointments of Mr. Yuan and Mr. Xie as Interim CEO and Interim CFO, respectively, in April 2025.
FINANCIAL RESULTS
Net loss attributable to equity holders of the Company for the three months ended September 30, 2025 was $0.75 million or $0.00 per share (three months ended September 30, 2024, net loss of $1.26 million $0.01 per share). The Company's financial results were mainly impacted by the following items:
Working Capital: As of September 30, 2025, the Company had working capital of $14.88 million.
Operating expenses for the three months ended September 30, 2025 was $1.32 million (three months ended September 30, 2024, $1.61 million).
Income from investments for the three months ended September 30, 2025 was $0.11 million (three months ended September 30, 2024, $0.25 million).
Foreign exchange gain for the three months ended September 30, 2025 was $0.46 million (three month ended September 30, 2024, $0.10 million).
PROJECT EXPENDITURE
The following schedule summarized the expenditure incurred by category for each of the Company's projects for relevant periods:
Cost
Silver Sand
Carangas
Silverstrike
Total
Balance, June 30, 2024
$ 88,977,334
$ 19,854,042
$ 4,934,555
$ 113,765,931
Capitalized exploration expenditures
Reporting and assessment
94,894
190,352
-
285,246
Drilling and assaying
342
6,763
5,125
12,230
Project management and support
1,155,235
889,034
37,828
2,082,097
Camp service
179,873
295,804
17,033
492,710
