FISCAL 2026 Q2 HIGHLIGHT
In November 2025, Bolivia initiated a shift to a market-oriented economic model following a change in government. The new administration has pledged to modernize existing mining laws, aiming to reduce bureaucracy, strengthen legal certainty, combat illegal mining, and attract foreign investment. The Company is actively socializing its projects with the new government at all levels.
FINANCIAL RESULTS
Net loss attributable to equity holders of the Company for the three and six months ended December 31, 2025 was $1.58 million or $0.01 per share and $2.33 million or $0.01 per share, respectively (the three and six months ended December 31, 2024, net loss of $0.74 million or $0.00 per share and $2 million or $0.01 per share, respectively). The Company's financial results were mainly impacted by the following items:
Working Capital: As of December 31, 2025, the Company had working capital of $41 million.
Operating expenses for the three and six months ended December 31, 2025 were $1.47 million and $2.79 million, respectively (the three and six months ended December 31, 2024 - $1.59 million and $3.20 million, respectively).
Income from investments for the three and six months ended December 31, 2025 were $0.31 million and $0.42 million, respectively (the three and six months ended December 31, 2024, $0.19 million and $0.44 million).
Foreign exchange (loss) gain for the three and six months ended December 31, 2025 was $(0.42) million and $0.04 million, respectively (the three and six months ended December 31, 2024, $0.64 million and $0.74 million, respectively).
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
Permit and license
