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Kubera Gold — Interim / Quarterly Report 2026
May 20, 2026
47774_rns_2026-05-20_d9db6544-18cd-4ece-a0a8-b84e2398c14e.pdf
Interim / Quarterly Report
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KUBERA GOLD CORP.
Financial Statements
(Expressed in Canadian Dollars)
For the three months ended March 31, 2026 and 2025
KUBERA GOLD CORP.
(the "Company")
CONDENSED INTERIM FINANCIAL STATEMENTS
As at and for the three months ended March 31, 2026 and 2025
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS
Management of the Company is responsible for the preparation of the accompanying unaudited condensed interim financial statements. The unaudited condensed interim financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards ("IFRS") for the preparation of condensed interim financial statements and are in accordance with IAS 34 – Interim Financial Reporting.
The Company's auditor has not performed a review of these condensed interim financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor.
KUBERA GOLD CORP.
Condensed Interim Statements of Financial Position
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
As at
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash | $ 199,533 | $ 230,849 |
| Receivables | 6,272 | 8,061 |
| 205,805 | 238,910 | |
| Exploration and evaluation assets (Note 4) | 292,465 | 292,465 |
| Total Assets | $ 498,270 | $ 531,375 |
| Liabilities and Shareholders’ Equity | ||
| Current Liabilities | ||
| Accounts payable and accrued liabilities | $ 28,978 | $ 29,937 |
| Shareholders’ Equity | ||
| Share capital (Note 5) | 876,684 | 876,684 |
| Reserves (Note 5) | 186,906 | 186,906 |
| Deficit | (594,298) | (562,152) |
| 469,292 | 501,438 | |
| Total Liabilities and Shareholders’ Equity | $ 498,270 | $ 531,375 |
Nature of operations and going concern uncertainty (Note 1)
Approved on Behalf of the Board of Directors on May 20, 2026
"Rick Cox"
Director
"Scott Ackerman"
Director
The accompanying notes are an integral part of these Condensed Interim Financial Statements
KUBERA GOLD CORP.
Condensed Interim Statements of Loss and Comprehensive Loss
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
For the three months ended,
| March 31, 2026 | March 31, 2025 | |
|---|---|---|
| Expenses | ||
| General and administrative | $ 23 | $ 18 |
| Consulting fees (Note 7) | 18,000 | 18,150 |
| Professional fees | 1,523 | 6,898 |
| Share-based compensation (Note 5, 7) | - | 7,274 |
| Transfer agent and filing fees | 14,090 | 8,044 |
| $ 33,636 | $ 40,384 | |
| Interest income | (1,490) | (3,576) |
| Loss for the period | 32,146 | 36,808 |
| Weighted average number of common shares outstanding, basic and diluted | 19,263,840 | 19,263,840 |
| Basic and diluted loss per share | $ (0.002) | $ (0.002) |
The accompanying notes are an integral part of these Condensed Interim Financial Statements
KUBERA GOLD CORP.
Condensed Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
| Share Capital | Total Shareholders' Equity | ||||
|---|---|---|---|---|---|
| Number | Amount | Reserves | Deficit | ||
| Balance, December 31, 2024 | 19,263,840 | $ 876,684 | $ 179,632 | $ (442,072) | $ 614,244 |
| Share-based compensation | - | - | 7,274 | - | 7,274 |
| Loss and comprehensive loss | - | - | - | (36,808) | (36,808) |
| Balance, March 31, 2025 | 19,263,840 | $ 876,684 | $ 186,906 | $ (478,880) | $ 584,710 |
| Share Capital | Total Shareholders' Equity | ||||
| --- | --- | --- | --- | --- | --- |
| Number | Amount | Reserves | Deficit | ||
| Balance, December 31, 2025 | 19,263,840 | $ 876,684 | $186,906 | $ (562,152) | $ 501,438 |
| Loss and comprehensive loss | - | - | - | (32,146) | (32,146) |
| Balance, March 31, 2026 | 19,263,840 | $ 876,684 | $ 186,906 | $ (594,298) | $ 469,292 |
The accompanying notes are an integral part of these Condensed Interim Financial Statements
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KUBERA GOLD CORP.
Statements of Cash Flows
(Expressed in Canadian dollars)
For the three months ended March 31,
| 2026 | 2025 | |
|---|---|---|
| Cash provided by / (used for): | ||
| Operating Activities: | ||
| Loss for the period | $ (32,146) | $ (36,808) |
| Items not affecting cash: | ||
| Share-based compensation | - | 7,274 |
| Changes in non-cash working capital items: | ||
| Accounts payable and accrued liabilities | (959) | 14,067 |
| Interest receivable | (1,490) | (2,285) |
| GST receivable | 3,279 | 24,709 |
| Cash used in operating activities | (31,316) | 6,957 |
| Increase/(decrease) in cash for the period | $ (31,316) | $ 6,957 |
| Cash, beginning of the period | 230,849 | 300,721 |
| Cash, end of the period | $ 199,533 | $ 307,678 |
Supplemental disclosures with respect to cash flows (Note 9)
The accompanying notes are an integral part of these Condensed Interim Financial Statements
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KUBERA GOLD CORP.
Notes to the Condensed Interim Financial Statements
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
As at and for the three months ended March 31, 2026 and 2025
1. NATURE OF OPERATIONS AND GOING CONCERN UNCERTAINTY
Kubera Gold Corp. (“Kubera” or the “Company”) was incorporated September 28, 2018, in the Province of British Columbia. The Company’s head office is located at 515 – 701 West Georgia St, Vancouver, BC, V7Y 1C6 and its registered and records office address is 2200 – 885 West Georgia St, Vancouver, BC V6C 3E8.
On March 11, 2024, the Company completed an initial public offering (“IPO”) and on March 13, 2024, became listed as a Tier 2 Mining issuer on the TSX Venture Exchange (“TSX-V” or “Exchange”). The Company’s trading symbol on the TSX-V is KBRA.
The Company is engaged in the exploration of mineral resources, currently focusing on projects in Ontario. At this time, the Company does not own any operating mines and has no operating income from mineral production. Funding for operations is raised primarily through share offerings. It is not known whether the Company’s mineral property contains reserves that are economically recoverable. The recoverability of amounts recorded by the Company for exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, the ability to raise funding for continued exploration and development, the completion of property option expenditures and acquisition requirements, or from proceeds from disposition.
These financial statements (“Financial Statements”) have been prepared with the assumption that the Company will realize its assets and discharge its liabilities in the normal course of business. The Company’s ability to meet its obligations and maintain its current operations through the ensuing twelve-month period and thereafter is contingent upon successful completion of additional financing arrangements and ultimately upon the discovery of proven reserves and generating profitable operations.
Management expects to be successful in arranging sufficient funding to meet operating commitments for the ensuing year. However, the Company’s future capital requirements will depend on many factors, including the costs of exploring and developing its resource properties, operating costs, the current capital market environment, and global market conditions. As at March 31, 2026, the Company has working capital of $176.827 and a deficit of $594,298. Consequently, there is a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. For significant expenditures and resource property development, the Company will depend almost exclusively on outside capital. Such outside capital will include the issuance of additional equity shares. There can be no assurance that capital will be available, as necessary, to meet the Company’s operating commitments and further exploration and development plans. The issuance of additional equity securities by the Company may result in significant dilution to the equity interests of current shareholders. The continued operations of the Company are dependent on its ability to develop a sufficient financing plan, receive continued financial support from related parties, complete sufficient equity financing, and ultimately generate profitable operations in the future. The Company has no assurance that it will be successful in its efforts. If the Company is unable to obtain financing in the amounts and on terms deemed acceptable, the future success of the business could be adversely affected.
KUBERA GOLD CORP.
Notes to the Condensed Interim Financial Statements
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
As at and for the three months ended March 31, 2026 and 2025
- NATURE OF OPERATIONS AND GOING CONCERN UNCERTAINTY (continued)
These Financial Statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.
- BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICY DISCLOSURE INFORMATION
Statement of compliance
These Financial Statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and in accordance with International Accounting Standards ("IAS") 34, Interim Financial Reporting. Accordingly, these Financial Statements do not include all the information required for full annual financial statements and should be read in conjunction with the most recent audited annual financial statements of the Company as at and for the year ended December 31, 2025. The Board of Directors authorized these Financial Statements for issue on May 20, 2026.
Basis of preparation
These Financial Statements have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit or loss, which are stated at their fair value. These Financial Statements are presented in Canadian dollars, which is also the Company's functional currency. In addition, these Financial Statements have been prepared using the accrual basis of accounting except for cash flow information.
Recent accounting pronouncements
IFRS 18 Presentation and disclosure in financial statements
In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18") which introduces:
i. new requirements on presentation within the statement of profit or loss;
ii. disclosure standards regarding management defined performance measures; and
iii. principles for aggregation and disaggregation of financial information in the financial statements and the notes.
IFRS 18 will be effective for annual reporting periods beginning on or after January 1, 2027 but companies can apply it earlier. IFRS 18 replaces IAS 1. It carries forward many requirements from IAS 1 unchanged. The Company is assessing the impact of the adoption of this standard.
KUBERA GOLD CORP.
Notes to the Condensed Interim Financial Statements
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
As at and for the three months ended March 31, 2026 and 2025
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of these Financial Statements requires management to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities at the date of the Financial Statements and the reported expenses incurred during the period. Actual results could differ from these estimates. The preparation of these Financial Statements requires management to make judgements regarding the going concern of the Company, as discussed in Note 1. Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting period, which could result in a material adjustment to 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:
- Recoverability of exploration and evaluation assets (“E&E assets”)
The Company capitalizes E&E expenditures based on the judgment that the carrying amounts will be recoverable. Their recoverability depends on several factors such as the discovery of economically viable reserves, the Company’s ability to obtain the financing to develop them into profitable production or from the disposition of the E&E assets. As new information becomes available suggesting the recovery of these expenditures is unlikely, the capitalized costs are written off to profit or loss for the period.
- Deferred tax assets and liabilities
The measurement of deferred income tax provisions is subject to uncertainty associated with the timing of future events and changes in legislation, tax rates, and interpretations by tax authorities. The estimation of taxes includes evaluating the recoverability of deferred tax assets based on an assessment of the Company’s ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. Management assesses whether it is probable that some or all the deferred income tax assets will not be realized. The ultimate realization of deferred tax assets are dependent upon the generation of future taxable income, which in turn is dependent upon the successful operations of the Company. To the extent that management’s assessment of the Company’s ability to utilize future tax deductions changes, the Company would be required to recognize more or fewer deferred tax assets, and deferred tax provisions or recoveries could be affected.
- Share-based compensation
The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. The Black-Scholes’ fair value calculation requires management to make estimates and assumptions on future volatility of the stock price, risk-free interest rate, expected life, expected dividend yield and future forfeiture rate of options. Changes in any of these input assumptions could materially impact the share-based payment reserve and expense.
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KUBERA GOLD CORP.
Notes to the Condensed Interim Financial Statements
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
As at and for the three months ended March 31, 2026 and 2025
4. EXPLORATION AND EVALUATION ASSETS
Dash Lake Property, Ontario
On October 10, 2018, the Company entered into an option agreement to acquire a 100% interest in the Dash Lake property (the “Property”) located in the Kenora Mining Division, Northwestern Ontario, subject to a 1.5% net smelter royalty (“NSR”).
To earn the 100% interest, the Company made total cash payments of $6,000, incurred aggregate exploration expenditures in excess of $75,000, and issued a total of 400,000 common shares of the Company.
As at December 31, 2025 and March 31, 2026, the Company owns 100% of the Property, subject to a 1.5% NSR.
As at March 31, 2026 the Company’s exploration and evaluation assets consist of the following:
| March 31, 2026 | |
|---|---|
| Acquisition Costs: | |
| Balance, beginning of period | $ 47,600 |
| Balance, end of period | $ 47,600 |
| Exploration Costs: | |
| Balance, beginning of period | $ 244,865 |
| Balance, end of period | 244,865 |
| Balance, end of period | $ 292,465 |
As at December 31, 2025, the Company’s exploration and evaluation assets consisted of the following:
| December 31, 2025 | |
|---|---|
| Acquisition Costs: | |
| Balance, beginning of year | $ 47,600 |
| Balance, end of year | $ 47,600 |
| Exploration Costs: | |
| Balance, beginning of year | $ 244,865 |
| Balance, end of year | 244,865 |
| Balance, end of year | $ 292,465 |
5. SHARE CAPITAL
a) Authorized
Unlimited number of common shares without par value.
Unlimited number of preferred shares without par value, of which none are issued.
KUBERA GOLD CORP.
Notes to the Condensed Interim Financial Statements
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
As at and for the three months ended March 31, 2026 and 2025
5. SHARE CAPITAL (continued)
b) Issued and outstanding
As of December 31, 2025 and March 31, 2026, the issued share capital of the Company was comprised of 19,263,840 common shares.
An aggregate of 720,000 common shares remain in escrow, with 360,000 to be released on each of September 11, 2026 and March 11, 2027.
c) Stock options
The Company has adopted a rolling 10% stock option plan (the “Plan”) which provides that the directors of the Company may grant options to purchase common shares of the Company to directors, officers, employees, and service providers, with the number of options being limited to 10% of the issued shares at the time of granting of options. The Board of Directors, in its sole discretion, may determine any vesting provisions for options. Options are equity settled. The exercise price shall be determined by the directors of the Company at the time of grant in accordance with the provisions of the Plan, with a minimum price of $0.05 or discounted market price. The expiry date for an option shall not be more than ten years from the grant date.
A summary of the Company’s stock option activity is as follows:
| Number of Options | Weighted Average Exercise Price | |
|---|---|---|
| Balance, December 31, 2024, and 2025, and March 31, 2026 | 1,900,000 | $0.125 |
As at March 31, 2026, stock options outstanding and exercisable are as follows:
| Grant Date | Number of Options Outstanding | Options exercisable | Exercise Price | Expiry Date | Remaining Contractual Life (Years) |
|---|---|---|---|---|---|
| August 21, 2019 | 200,000 | 200,000 | $0.125 | March 11, 2029 | 2.95 |
| January 2, 2020 | 100,000 | 100,000 | $0.125 | March 11, 2029 | 2.95 |
| March 11, 2024 | 1,600,000 | 1,600,000 | $0.125 | March 11, 2029 | 2.95 |
| Total | 1,900,000 | 1,900,000 | $0.125 | 2.95 |
KUBERA GOLD CORP.
Notes to the Condensed Interim Financial Statements
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
As at and for the three months ended March 31, 2026 and 2025
5. SHARE CAPITAL (continued)
c) Agent warrants
As part of the Company's IPO on March 11, 2024, the Company granted to the agent warrants to acquire 360,000 common shares at a price of $0.125 per common share until March 11, 2027.
A summary of the Company's agent warrant activity is as follows:
| Number of Warrants | Weighted Average Exercise Price | |
|---|---|---|
| Balance, December 31, 2024 and 2025, and March 31, 2026 | 360,000 | $0.125 |
As at March 31, 2026, outstanding agent warrants were as follows:
| Grant Date | Number of Agent Warrants Outstanding and Exercisable | Exercise Price | Expiry Date | Remaining Contractual Life (Years) |
|---|---|---|---|---|
| March 11, 2024 | 360,000 | $0.125 | March 11, 2027 | 0.95 |
6. CAPITAL MANAGEMENT
Capital is comprised of the Company's shareholders' equity and any debt that it may issue. The Company's objectives when managing capital are to maintain financial strength and to protect its ability to meet its ongoing liabilities, to continue as a going concern, to maintain credit worthiness and to maximize returns for shareholders over the long term. Protecting the ability to pay current and future liabilities includes maintaining capital above minimum regulatory levels, current financial strength rating requirements and internally determined capital guidelines and calculated risk management levels.
The Company is not subject to any externally imposed capital requirements. There were no changes to management's approach to capital management during the period.
7. RELATED PARTY TRANSACTIONS
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. Key management personnel include persons having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has identified its directors and officers as its key management personnel.
KUBERA GOLD CORP.
Notes to the Condensed Interim Financial Statements
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
As at and for the three months ended March 31, 2026 and 2025
7. RELATED PARTY TRANSACTIONS (continued)
A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
Expenses incurred with current directors and officers of the Company are as follows:
| Nature of the Services | March 31, 2026 | March 31, 2025 | ||
|---|---|---|---|---|
| Consulting fees (CFO) | $ | 3,000 | $ | 3,000 |
| Share-based compensation (Directors, Officers) | - | 5,637 | ||
| $ | 3,000 | $ | 8,637 |
As at March 31, 2026 there was $3,000 (2025 - $3,000) due to related parties. There were no other related party transactions during the three months ended March 31, 2026.
8. FINANCIAL AND CAPITAL RISK MANAGEMENT
Fair value of financial instruments
Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are described below:
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).
As at March 31, 2026 the Company’s financial instruments consist of cash, receivables, and accounts payable and accrued liabilities. Cash, receivables, and accounts payable and accrued liabilities are classified as amortized cost. The fair values of these financial instruments approximate their carrying values due to their short-term nature.
Financial instrument risk
The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management processes. The type of risk exposure and the way in which such exposure is managed is provided as follows:
Credit risk
Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company’s credit risk is primarily attributable to its liquid financial assets including cash.
15
KUBERA GOLD CORP.
Notes to the Condensed Interim Financial Statements
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
As at and for the three months ended March 31, 2026 and 2025
8. FINANCIAL AND CAPITAL RISK MANAGEMENT (continued)
Fair instrument risk (continued)
Credit risk (continued)
The Company limits the exposure to credit risk by only investing its cash with high-credit quality institutions. The Company’s maximum exposure to credit risk is equal to the carrying amount of cash and receivables. Management believes that the credit risk related to these instruments is negligible.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure and financial leverage as described in Note 6.
All the Company’s financial liabilities are classified as current and are anticipated to mature within the next fiscal period. The Company intends to settle these with funds from its positive working capital position.
Foreign exchange risk
Currency risk is the risk that the fair value or future cash flows from a financial instrument will fluctuate due to changes in foreign exchange rates. As at March 31, 2026, the Company’s cash, receivables, accounts payable and accrued liabilities are denominated in Canadian dollars. As such, the Company is not subject to any foreign exchange risk.
Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk to the extent that the cash maintained at the financial institutions is subject to a floating rate of interest. The interest rate risk on cash is not considered significant.
Price risk
The Company is exposed to price risk with respect to equity prices. Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. Management closely monitors individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company.
9. SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS
The Company did not have any significant non-cash transactions for the three months ended March 31, 2026, or the year ended December 31, 2025.
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KUBERA GOLD CORP.
Notes to the Condensed Interim Financial Statements
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
As at and for the three months ended March 31, 2026 and 2025
10. SEGMENTED INFORMATION
The Company operates in a single operating segment, being the exploration and evaluation of mineral properties in Canada. All of the Company's assets are located in Canada.
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