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Canada One Mining Corp. — Interim / Quarterly Report 2025
Jun 30, 2025
43983_rns_2025-06-30_eccf379a-f260-4781-a733-273c7431bd96.pdf
Interim / Quarterly Report
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Canada One Mining Corp.
(An Exploration Stage Company)
Condensed Interim Consolidated Financial Statements
April 30, 2025 and 2024
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
Head Office
250 – 750 West Pender Street
Vancouver, BC, V6C 2T7
Records Office
Suite 2200, HSBC Building
885 West Georgia Street
Vancouver, BC, V6C 3E8
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by management and approved by the Audit Committee and Board of Directors of the Company.
The Company's independent auditors have not performed a review of these condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditors.
Canada One Mining Corp.
(An Exploration Stage Company)
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
| April 30, 2025 | July 31, 2024 | |
|---|---|---|
| Assets | ||
| Current | ||
| Cash | $ 3,440 | $ 5,159 |
| GST receivable | 7,465 | 4,375 |
| Short-term Advances | 250 | - |
| Prepaid expenses | 3,007 | 47,350 |
| 14,162 | 56,884 | |
| Exploration and evaluation assets (Note 4) | 668,031 | 633,337 |
| Reclamation bonds (Note 5) | 18,000 | 3,000 |
| Total Assets | $ 700,193 | $ 693,221 |
| Liabilities | ||
| Current | ||
| Accounts payable and accrued liabilities (Note 8) | $ 812,825 | $ 801,391 |
| Due to related parties (Note 8) | 505,929 | 392,312 |
| Loans payable (Note 6 and 8) | 336,710 | 335,173 |
| Total Liabilities | 1,655,464 | 1,528,876 |
| Shareholders' Deficiency | ||
| Share capital (Note 7) | 21,505,019 | 21,505,019 |
| Share-based payment reserve (Note 7) | 2,365,958 | 2,365,958 |
| Shares subscribed (Note 7) | 135,000 | 35,000 |
| Deficit | (24,961,248) | (24,741,632) |
| Total Shareholders' Deficiency | (955,271) | (835,655) |
| Total Liabilities and shareholders' Deficiency | $ 700,193 | $ 693,221 |
Nature of operations and going concern (Note 1)
Approved on behalf of the Board: “Michael Kinley” “Peter Berdusco”
Michael Kinley Peter Berdusco
Director Director
See accompanying notes to the condensed interim consolidated financial statements.
3
Canada One Mining Corp.
(An Exploration Stage Company)
Condensed Interim Consolidated Statements of Net Loss and Comprehensive Loss
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
| | Three months ended
April 30 | | Nine months ended
April 30 | |
| --- | --- | --- | --- | --- |
| | 2025 | 2024 | 2025 | 2024 |
| Expenses | | | | |
| Consulting | $ 15,000 | $ - | $ 25,000 | $ - |
| Corporate development | 2,017 | 2,611 | 51,302 | 77,933 |
| Investor relations | - | 60,000 | 266 | 202,500 |
| Management fees (Note 8) | 22,500 | 24,000 | 57,500 | 72,000 |
| Office and miscellaneous (Note 8) | 2,754 | 41,857 | 6,973 | 65,421 |
| Professional fees | - | 12,812 | 38,025 | 83,741 |
| Project investigation costs | - | 73,589 | - | 123,125 |
| Rent (Note 8) | 7,500 | 12,000 | 20,000 | 38,500 |
| Transfer agent and filing fees | 6,375 | 1,663 | 20,550 | 11,239 |
| | (56,146) | (228,532) | (219,616) | (674,459) |
| Other income | - | 133,380 | - | 133,380 |
| Net loss and comprehensive loss for the period | $ (56,146) | $ (95,152) | $ (219,616) | $ (541,079) |
| Loss per share – basic and diluted | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.01) |
| Weighted average number of common shares
outstanding – Basic and diluted | 45,576,786 | 45,576,786 | 45,576,786 | 39,056,057 |
See accompanying notes to the condensed interim consolidated financial statements.
5
Canada One Mining Corp.
(An Exploration Stage Company)
Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
| Number of Shares | Share Capital ($) | Share-based Payment Reserve ($) | Shares Subscribed ($) | Deficit ($) | Total shareholders' deficiency ($) | |
|---|---|---|---|---|---|---|
| Balance, July 31, 2023 | 22,613,456 | $ 19,923,937 | $ 2,255,457 | $ 896,333 | $ (23,855,397) | $ (779,670) |
| Private Placement | 10,963,330 | 1,089,626 | 1,957 | (896,333) | - | 195,250 |
| Shares issued for exploration and evaluation asset | 12,000,000 | 600,000 | - | - | - | 600,000 |
| Shares subscribed | - | - | - | 30,000 | - | 30,000 |
| Net loss for the period | - | - | - | - | (541,079) | (541,079) |
| Balance, April 30, 2024 | 45,576,786 | $ 21,613,563 | $ 2,257,414 | $ 30,000 | $ (24,396,476) | $ (495,499) |
| Balance, July 31, 2024 | 45,576,786 | $ 21,505,019 | $ 2,365,958 | $ 35,000 | $ (24,741,632) | $ (835,655) |
| Shares subscribed | - | - | - | 100,000 | - | 100,000 |
| Net loss for the period | - | - | - | - | (219,616) | (219,616) |
| Balance, April 30, 2025 | 45,576,786 | $ 21,505,019 | $ 2,365,958 | $ 135,000 | $ (24,961,248) | $ (955,271) |
See accompanying notes to the condensed interim consolidated financial statements.
Canada One Mining Corp.
(An Exploration Stage Company)
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
For the nine months ended April 30,
| 2025 | 2024 | |
|---|---|---|
| Operating Activities | ||
| Net loss for the period | $ (219,616) | $ (541,079) |
| Change in non-cash working capital items: | ||
| GST receivable | (3,090) | (2,107) |
| Due to related parties | 90,025 | 47,444 |
| Accounts payable and accrued liabilities | 3,893 | 259,792 |
| Prepaids | 44,343 | (39,069) |
| Cash used in operating activities | (84,445) | (275,019) |
| Investing Activities | ||
| Expenditures on exploration and evaluation assets | (2,024) | (11,917) |
| Reclamation bond | (15,000) | 6,000 |
| Short term loans and advances | (250) | - |
| Cash used in investing activities | (17,274) | (5,917) |
| Financing Activities | ||
| Loan proceeds | - | 30,000 |
| Loan repayments | - | (22,000) |
| Subscriptions received in advance | 100,000 | 30,000 |
| Issuance of shares | - | 125,000 |
| Share issue costs | - | (4,750) |
| Cash provided by financing activities | 100,000 | 158,250 |
| Change in cash | (1,719) | (122,686) |
| Cash, beginning of the period | 5,159 | 125,399 |
| Cash, end of the period | $ 3,440 | $ 2,713 |
Supplemental cash flow information (Note 9)
See accompanying notes to the condensed interim consolidated financial statements.
6
Canada One Mining Corp.
(An Exploration Stage Company)
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended April 30, 2025 and 2024
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
1. Nature of Operations and Going Concern
Canada One Mining Corp. (the "Company") is an exploration stage company incorporated under the laws of British Columbia and its shares trade on the TSX Venture Exchange ("TSX-V") under the symbol "CONE". The Company's registered office is located at Suite 250 – 750 West Pender Street, Vancouver, British Columbia, Canada, V6C 2T7.
The Company is focused on the exploration of its resource properties in British Columbia and has not yet determined whether its exploration and evaluation assets contain mineral reserves that are economically recoverable.
These condensed interim consolidated financial statements have been prepared on a going concern basis, which assumes the realization of assets and liquidation of liabilities in the normal course of business.
The recovery of amounts shown as acquisition costs of exploration and evaluation assets and the related deferred exploration costs for exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain financing to complete development, and upon future profitable operations from the properties or proceeds from the disposition thereof.
The Company's ability to continue as a going concern is dependent on the Company being able to satisfy its liabilities as they become due and to obtain the necessary financing to complete the exploration and development of its exploration and evaluation asset interests, the attainment of profitable mining operations and/or the receipt of proceeds from the disposition of its exploration and evaluation asset interests.
These condensed interim consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary, should the Company be unable to continue as a going concern.
The Company reported a net loss and comprehensive loss of $219,616 (2024 - $541,079) for the period ended April 30, 2025, has an accumulated deficit of $24,961,248 at April 30, 2025 (July 31, 2024 - $24,741,632) and a working capital deficiency of $1,641,302 at April 30, 2025 (July 31, 2024 - $1,471,992). The Company has no meaningful sources of generating cash, in either the short- or long-term, other than accessing the capital markets for the placement of its equity securities. The Company is dependent on the capital markets to provide funding for future activities and outlays, and these markets can be highly variable and volatile over a multi-year cycle. A deterioration of those capital markets could have a material adverse effect on the Company's prospects for success or even for survival. Management is actively engaged in the review and due diligence on opportunities of merit in the mining sector and is seeking to raise the necessary capital to meet its funding requirements. There can be no assurance that management's plan will be successful. These uncertainties cast significant doubt upon the Company's ability to continue as a going concern.
Canada One Mining Corp.
(An Exploration Stage Company)
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended April 30, 2025 and 2024
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
2. Significant Accounting Policies
a) Basis of Presentation
These condensed interim consolidated financial statements, including comparatives have been prepared in accordance with the International Accounting Standards (“IAS”) 34, Interim Financial Reporting
The policies applied in these condensed interim consolidated financial statements are presented below and are based on IFRS issued and effective as of July 31, 2024.
These condensed interim consolidated financial statements have been prepared under the historical cost basis, except for financial instruments classified as available-for-sale and fair value through profit or loss. These consolidated financial statements have been prepared under the accrual basis of accounting, except for cash flow information.
The Board of Directors approved the condensed interim consolidated financial statements on June 30, 2025.
b) Principles of Consolidation
These condensed interim consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Rockhound Copper Inc. Both subsidiaries are holding corporations. All intercompany transactions and balances have been eliminated.
c) Foreign Currency Transactions
The functional currency is the currency of the primary economic environment in which the entity operates and has been determined for each entity within the Company. The functional currency for all entities within the Company is the Canadian dollar. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21 The Effects of Changes in Foreign Exchange Rates.
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 condensed interim consolidated statement of financial position date while non-monetary assets and liabilities are translated at historical rates. Expenses are translated at the exchange rates approximating those in effect on the date of the transaction. Exchange gains and losses arising on translation are reflected in profit or loss for the period.
Canada One Mining Corp.
(An Exploration Stage Company)
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended April 30, 2025 and 2024
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
2. Significant Accounting Policies (continued)
d) Estimates and Judgments
Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting year, that could result in a material adjustment of the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:
i) The carrying value and the recoverability of exploration and evaluation assets, which are included in the condensed interim consolidated statements of financial position.
ii) The inputs in the Black-Scholes option pricing model to value stock options and agent warrants.
Critical judgments exercised in applying accounting policies that have the most significant effect on the amounts recognized in the condensed interim consolidated financial statements are as follows:
i) Economic recoverability and probability of future benefits of exploration and evaluation costs.
Management has determined that exploration, evaluation and related costs incurred that were capitalized may have future economic benefits and may be economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefits, including geologic and other technical information, history of conversion of mineral deposits with similar characteristics to its own properties to proven and probable mineral reserves, scoping and feasibility studies, accessible facilities and existing permits.
Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments are as follows:
i) Valuation of share-based compensation
The Company uses the Black-Scholes option pricing model for valuation of share-based compensation. Option pricing models require the input of subjective assumptions including expected price volatility, interest rates and forfeiture rates. Changes in the input assumptions can materially affect the fair value estimate and the Company's earnings and equity settled benefits.
Canada One Mining Corp.
(An Exploration Stage Company)
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended April 30, 2025 and 2024
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
3. Risk Management and Financial Instruments
The carrying values of the Company's cash, reclamation bonds, accounts payable and accrued liabilities, loans payable and due to related parties approximate their fair value due to their short-term nature.
The Company's risk exposure and the impact on the Company's financial instruments are summarized below.
Credit Risk
Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations.
The Company's credit risk is primarily attributable to its holdings of cash and reclamation bonds. The carrying amounts of these financial assets represent the maximum credit exposure. The Company manages credit risk by placing its cash with major financial institutions in conservative cash-based liquid investments. Reclamation bonds are held with state or provincial government authorities. The Company monitors its exposure to credit risk on an ongoing basis..
Liquidity Risk
Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they become due. The Company's approach to managing liquidity risk is forecasting cash used in operations and anticipating investing and financing activities.
Accounts payable have maturities of 90 days or less and are subject to normal trade terms. Loans payable are due on demand.
Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. The risks to which the Company is exposed are:
i) Interest rate risk
The Company is not exposed to significant interest rate risk.
ii) Foreign currency risk
The Company's functional currency is the Canadian dollar. Consequently, fluctuations of the Canadian dollar in relation to other currencies impact the fair value of financial assets and liabilities and operating results. The Company does not manage currency risks through hedging or other currency management tools.
iii) Other price risk
Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk. The Company is not exposed to significant other price risk.
10
Canada One Mining Corp.
(An Exploration Stage Company)
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended April 30, 2025 and 2024
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
3. Risk Management and Financial Instruments (continued)
Fair value
Financial instruments that are measured at fair value using inputs, which are classified within a hierarchy that prioritizes their significance. The three levels of the fair value hierarchy are:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
Level 3 - Inputs that are not based on observable market data.
The carrying value of cash, GST receivable and reclamation bonds approximate their fair value because of the short-term nature of these instruments.
Given that they will mature shortly, the fair value of accounts payable and accrued liabilities, due to related parties and loans payable approximate their carrying value.
4. Exploration and Evaluation Assets
Expenditures incurred on exploration and evaluation assets are as follows:
| Copper Dome Project $ | Zeus Property $ | Goldrop Property $ | Total $ | |
|---|---|---|---|---|
| Acquisition costs: | ||||
| Balance, July 31, 2023 | 20,614 | 10,052 | - | 30,667 |
| Additions | 624,402 | 4,000 | - | 628,402 |
| Balance, July 31, 2024 | 645,016 | 14,052 | - | 659,069 |
| Additions | 3,024 | - | 12,570 | 15,594 |
| April 30, 2025 | 648,040 | 14,052 | 12,570 | 674,663 |
| Exploration costs: | ||||
| Balance, July 31, 2023 | 99,515 | 11,594 | - | 111,110 |
| Assaying | 27,620 | - | - | 27,620 |
| Geological consulting | 1,500 | - | - | 1,500 |
| Field work/sampling | 43,217 | - | - | 43,217 |
| Permitting | 21,435 | - | - | 21,435 |
| METC recovery | (33,232) | - | - | (33,232) |
| Impairment | (65,000) | - | - | (65,000) |
| Balance, July 31, 2024 | 95,055 | 11,594 | - | 106,650 |
| Exploration costs: | ||||
| Geophysics | 20,100 | - | - | 20,100 |
| Balance, April 30, 2025 | 115,155 | 11,594 | - | 126,750 |
| Recoveries from government and tax credits | - | (133,380) | - | (133,380) |
| Carrying values: | ||||
| July 31, 2024 | 766,072 | 25,647 | - | 791,719 |
| April 30, 2025 | 763,195 | (107,734) | 12,570 | 668,031 |
Canada One Mining Corp.
(An Exploration Stage Company)
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended April 30, 2025 and 2024
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
4. Exploration and Evaluation Assets (continued)
Title to Exploration and Evaluation Assets
Although the Company has taken steps to verify the title to exploration and evaluation assets in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company's title. Property title may be subject to unregistered prior agreements or transfers and title may be affected by undetected defects.
Canadian Exploration and Evaluation Assets:
Copper Dome Project, British Columbia
The Company owns a 100% interest in the Copper Dome Project. The property is subject to a 2% NSR which may be purchased as follows: 1% for $100,000 and the remaining 1% for $300,000.
On September 25, 2023, the Company entered into a share purchase agreement (the "Purchase Agreement") with Rockhound Copper Inc. ("Rockhound") and each of the shareholders of Rockhound (collectively, the "Vendors"), pursuant to which the Company acquired all of the issued and outstanding share capital of Rockhound (the "Acquisition").
Under the terms of the Purchase Agreement, in consideration for all the issued and outstanding shares of Rockhound, the Company will, upon closing of the Acquisition (the "Closing"):
(i) issue 12,000,000 common shares of the Company to the Vendors (issued at a value of $600,000);
(ii) cash payment of $20,000 (not paid).
In addition, the Company will make a further cash payment of $20,000 within six months of the Closing. Rockhound owns title to land contiguous to the south of the Company's existing Copper Dome Project. The Copper Dome South is subject to a 3% net smelter royalty in favor of the Vendor.
The acquisition of Rockhound was treated as an asset acquisition. The fair value of the assets acquired and liabilities assumed as at date of acquisition were $Nil.
Zeus Property, British Columbia
The Company owns a 100% interest in the Zeus gold property located near Lillooet, British Columbia. The claims are subject to a 2% Net Smelter Return ("NSR"), which may be purchased for $500,000 per 1% NSR.
Goldrop Property, British Columbia
During the period ended April 30, 2025, the Company entered into agreement to acquire Goldrop property, Princeton, British Columbia. The Company will pay nominal cash to acquire the property pursuant to the terms of the agreement. The Company paid $12,570 as a nominal cash payment to acquire the Golddrop property.
12
Canada One Mining Corp.
(An Exploration Stage Company)
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended April 30, 2025 and 2024
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
4. Exploration and Evaluation Assets (continued)
CM1 Property, British Columbia
The Company entered into an option agreement dated October 26, 2023 and amended on July 9, 2024 to acquire 100% interest in the CM1 Property located in Princeton, British Columbia.
Pursuant to the agreement, the Company will make following payments:
i) 600,000 (not issued) Shares and $12,500 (unpaid) cash within five business days of receipt of the approval of the TSX Venture Exchange of the Option Agreement;
ii) an additional 350,000 Shares and $25,000 cash on or before the first anniversary of TSXV Approval;
iii) an additional 350,000 Shares and $37,500 in cash on or before the second anniversary date of TSXV Approval;
iv) an additional 350,000 Shares and $50,000 in cash on or before the third anniversary date of TSXV Approval;
v) an additional 350,000 Shares and $100,000 in cash on or before the fourth anniversary date of TSXV Approval;
vi) incur $30,000 in expenditures on the Property before October 15, 2024 (not incurred);
vii) incur a further $75,000 in expenditures on the Property before October 15, 2025; and
viii) incur a further $100,000 in expenditures on the Property before October 15, 2026.
During the period ended April 30, 2025, the terminated the option agreement for the property. There are no outstanding liabilities or obligations associated with the termination of the agreement.
5. Reclamation Bonds
The Company has posted security deposits of $18,000 (July 31, 2024 - $3,000) with the British Columbia government to cover potential reclamation costs for certain properties in British Columbia. During the period ended April 30, 2025, the Company recovered $15,000 (July 31, 2024 - $6,000). These deposits earn interest at a nominal rate.
12
Canada One Mining Corp.
(An Exploration Stage Company)
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended April 30, 2025 and 2024
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
6. Loans Payable
During the period ended April 30, 2025, the Company received $87,000 in non-interest-bearing loans and the total outstanding loans as at April 30, 2025 was $395,145 (July 31, 2024 - $392,312).
At April 30, 2025, the following loans were outstanding:
i) a total of $336,709 (July 31, 2024 - $335,173) which are unsecured, non-interest bearing and due on demand.
ii) a total of $15,000 (July 31, 2024 - $15,000) due to the former CFO of the Company, of which the amount is non-interest bearing and due on demand (Note 8).
iii) a total of $87,000 (July 31, 2024 - $25,000) due to a company with a common director of the Company, of which the amount is non-interest bearing and due on demand (Note 8).
7. Share Capital
Authorized
The Company has an unlimited number of common shares without par value authorized for issuance.
Shares Issued
During the period ended April 30, 2025, the Company had no share activity.
During the year ended July 31, 2024, the Company:
-
completed a non-brokered private placement and issued 10,963,330 units (each, a "Unit"), at a price of $0.10 per Unit, for gross proceeds of $1,096,333 (of which $896,333 was received during the year ended July 31, 2023). Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"), allowing holders to purchase an additional common share at an exercise price of $0.15 until September 5, 2026 (the "Offering"). In connection with the completion of the offering, the company paid $4,750 and issued 47,500 finder's warrants under the same terms at a fair value of $1,957 calculated using the Black Scholes Pricing Model with the following assumptions: expected life of 3 years; volatility of 86.33%; risk-free rate of 4.42%; and expected dividends of Nil.
-
Issued 12,000,000 common shares at a value of $600,000 for the Copper Dome South exploration and evaluation asset.
-
Received $30,000 of share subscriptions towards the second tranche of the non-brokered private placement noted above.
Canada One Mining Corp.
(An Exploration Stage Company)
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended April 30, 2025 and 2024
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
7. Share Capital (continued)
Warrants
The following table provides information about outstanding and exercisable warrants as at April 30, 2025:
| Expiry Date | Exercise Price | Balance 31-Jul-24 | Granted | Balance 30-Apr-25 |
|---|---|---|---|---|
| September 5, 2026 | $ 0.15 | 5,529,165 | - | 5,529,165 |
| Totals | 5,529,165 | - | 5,529,165 | |
| Weighted Average Exercise Price | $0.15 | - | $0.15 |
Stock Options
The Company has a stock option plan (the "Plan") in place under which it is authorized to grant options to executive officers and directors, employees and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the plan, the exercise price of each option shall not be less than the market price of the Company's stock as calculated on the date of grant. The options can be granted for a maximum term of ten years and vest as determined by the board of directors.
The following table provides information about outstanding and exercisable stock options as at April 30, 2025:
| Expiry Date | Exercise Price | Balance 31-Jul-24 | Granted | Cancelled | Balance 30-Apr-25 | Exercisable 30-Apr-25 |
|---|---|---|---|---|---|---|
| July 29, 2025 | $0.05 | 2,260,000 | - | - | 2,260,000 | 2,260,000 |
| Totals | 2,200,000 | - | - | 2,200,000 | 2,200,000 | |
| Weighted Average Exercise Price | $0.05 | - | - | $0.05 | $0.05 |
8. Related Party Transactions and Key Management Compensation
a) During the period ended April 30, 2025, the Company incurred management fees amounting to $40,000 (2024 - $45,000), office administration of $17,500 (2024 - $36,000) and rent of $20,000 (2024 - $38,500) to a company owned by the CEO, who is also the interim CFO and a director of the Company. As at April 30, 2025, the Company owed $87,000 (July 31, 2024 - $31,809) to the CEO and a company he owned, which is non-interest bearing, unsecured, and due on demand.
b) During the period ended April 30, 2025, the Company incurred management fees amounting to $Nil (2024 - $45,000) to a company owned by the former CFO, who is also a director of the Company. As at April 30, 2025, the Company owed $253,800 (July 31, 2024 - $253,800) to the company owned by the former CFO, which is non-interest bearing, unsecured and due on demand.
c) As at April 30, 2025, the Company owed $110,000 (July 31, 2024 - $110,000) to a Company controlled by a related party of the CEO, which is non-interest bearing, unsecured, and due on demand.
d) As at April 30, 2025, the Company was owed $1,000 (July 31, 2024 - $1,000) from a company controlled by a related party of the CEO.
Canada One Mining Corp.
(An Exploration Stage Company)
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended April 30, 2025 and 2024
(Expressed in Canadian Dollars)
(Unaudited – Prepared by Management)
9. Supplemental Cash Flow Information
| April 30, 2025 | July 31, 2024 | |
|---|---|---|
| Non-Cash Investing and Financing Activities: | ||
| Accounts payable for exploration and evaluation asset costs | $ 32,670 | $ 113,573 |
| Fair value of finder’s warrants | - | 868 |
| Shares issued for accounts payable | - | 75,000 |
| Shares issued for an exploration and evaluation asset | - | 600,000 |
| Loans received on behalf of the Company applied to accounts payable | 25,129 | 3,500 |
10. Capital Management
The Company’s objectives when managing capital are to ensure that there are adequate resources to sustain operations and to continue as a going concern, to maintain adequate levels of funding to support acquisition and exploration of mineral projects, to maintain investor and market confidence, and to provide returns to shareholders. Funds are primarily secured through equity capital raised by way of private placements.
Exploration involves a high degree of risk and substantial uncertainties about the ultimate ability of the Company to achieve positive cash flow from operations. Management primarily funds the Company’s exploration by issuing share capital rather than using other capital sources that require fixed repayments of principal or interest.
The Company considers the items included in share capital to be capital and it manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. Management evaluates capital requirements and considers the availability of capital, investor sentiment and the market in general on an on-going basis.
The Company is not subject to any externally imposed capital requirements. There were no changes in the Company’s approach to capital management during the period ended April 30, 2025.
11. Segmented Disclosure
The Company operates in one operating segment, mineral exploration. All of the Company’s assets are located in Canada.