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LFNT Resources Corp. — Interim / Quarterly Report 2026
Apr 1, 2026
48447_rns_2026-04-01_edda423d-a129-4164-9573-7252fd0836e4.pdf
Interim / Quarterly Report
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LFNT RESOURCES CORP.
CONDENSED INTERIM FINANCIAL STATEMENTS
For the Three Months Ended January 31, 2026 and 2025
(Expressed in Canadian dollars)
(Unaudited – Prepared by Management)
1
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS
In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the unaudited condensed interim financial statements for the three-month period ended January 31, 2026.
The accompanying unaudited condensed interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
LFNT RESOURCES CORP.
Index to Condensed Interim Financial Statements
January 31, 2026
| CONTENT | PAGE(S) |
|---|---|
| Condensed Interim Statements of Financial Position | 3 |
| Condensed Interim Statements of Loss and Comprehensive Loss | 4 |
| Condensed Interim Statements of Changes in Shareholders’ Equity | 5 |
| Condensed Interim Statements of Cash Flows | 6 |
| Notes to the Condensed Interim Financial Statements | 7-17 |
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LFNT RESOURCES CORP.
Condensed Interim Statements of Financial Position
(Unaudited - Expressed in Canadian dollars)
| | Notes | January 31, 2026
$ | October 31, 2025
$ |
| --- | --- | --- | --- |
| Assets | | | |
| Current assets | | | |
| Cash | | 30,120 | 15,498 |
| GST receivable | 3 | 2,883 | 2,314 |
| Prepaids and deposit | | 1,316 | - |
| Total current assets | | 34,319 | 17,812 |
| Non-current assets | | | |
| Mineral properties | 4 | 246,000 | 170,000 |
| Total Assets | | 280,319 | 187,812 |
| Liabilities | | | |
| Current liabilities | | | |
| Accounts payable and accrued liabilities | 5,8 | 41,637 | 48,634 |
| Loan payable | 6 | 100,534 | - |
| Total Liabilities | | 142,171 | 48,634 |
| Shareholders' Equity | | | |
| Share capital | 7 | 1,625,709 | 1,581,709 |
| Deficit | | (1,487,561) | (1,442,531) |
| Total Shareholders' Equity | | 138,148 | 139,178 |
| Total Liabilities and Shareholders' Equity | | 280,319 | 187,812 |
Nature of Operations and Going Concern (Note 1)
Approved and authorized for dissemination by the Board of Directors on April 1, 2026.
"Lucas Russell"
Lucas Russell, Director
"Shayne Taker"
Shayne Taker, Director
The accompanying notes are integral to these condensed interim financial statements
LFNT RESOURCES CORP.
Condensed Interim Statements of Loss and Comprehensive Loss
For the Three Months Ended January 31, 2026, and 2025
(Unaudited - Expressed in Canadian dollars)
| | Three months ended
Janaury 31, 2026 | Three months ended
Janaury 31, 2025 |
| --- | --- | --- |
| Operating Expenses | | |
| Administration | $ - | $ 56 |
| Professional fees | 760 | 3,855 |
| Management and consulting fees (Note 8) | 33,000 | 33,000 |
| Regulatory and transfer agent fees | 9,495 | 11,645 |
| Investor relations | 1,242 | - |
| Exploration cost (Note 4) | - | 3,561 |
| Total expenses | (44,497) | (52,117) |
| Other Items | | |
| Interest expense | (533) | - |
| Net loss | $ (45,030) | $ (52,117) |
| Loss and comprehensive loss | $ (45,030) | $ (52,117) |
| Basic and diluted loss per share | $ (0.00) | $ (0.00) |
| Weighted average number of common shares outstanding | 23,406,855 | 23,350,333 |
The accompanying notes are integral to these condensed interim financial statements.
6
LFNT RESOURCES CORP.
Condensed Interim Statements of Changes in Shareholders' Equity
For The Three Months Ended January 31, 2026, and 2025
(Unaudited - Expressed in Canadian dollars except the number of shares)
| Common Shares | Deficit | Total | ||
|---|---|---|---|---|
| Number | Amount | |||
| Balance at October 31, 2024 | 23,350,333 | 1,581,709 | (1,290,843) | 290,866 |
| Net loss for the period | - | - | (52,117) | (52,117) |
| Balance January 31, 2025 | 23,350,333 | 1,581,709 | (1,342,960) | 238,749 |
| Balance at October 31, 2025 | 23,350,333 | 1,581,709 | (1,442,531) | 139,178 |
| Shares issued for property (Notes 4 and 7) | 200,000 | 44,000 | - | 44,000 |
| Net loss for the period | - | - | (45,030) | (45,030) |
| Balance at January 31, 2026 | 23,550,333 | 1,625,709 | (1,487,561) | 138,148 |
The accompanying notes are integral to these condensed interim financial statements.
7
LFNT RESOURCES CORP.
Notes to the Condensed Interim Statements of Cash Flows
For the Three Months Ended January 31, 2026, and 2025
(Unaudited - Expressed in Canadian dollars)
| For the three months ended January 31, 2026 | For the three months ended January 31, 2025 | |
|---|---|---|
| $ | $ | |
| Operating activities | ||
| Net loss for the period | (45,030) | (52,117) |
| Adjustment for non-cash item: | ||
| Interest expense | 533 | - |
| Changes in non-cash working capital items: | ||
| Prepaids and deposit | (1,316) | - |
| Other receivables | (569) | 4,386 |
| Accounts payable and accrued liabilities | (6,996) | (53,474) |
| Net cash flows used in operating activities | (53,378) | (101,205) |
| Investing activities | ||
| Exploration and evaluation asset | (32,000) | - |
| Net cash flows used in investing activities | (32,000) | - |
| Financing activities | ||
| Loan received | 100,000 | - |
| Net cash flows provided by financing activities | 100,000 | - |
| Net change in cash | 14,622 | (101,205) |
| Cash, beginning | 15,498 | 185,486 |
| Cash, ending | 30,120 | 84,281 |
| Supplemental cash flow information | ||
| Shares issued for mineral property | 44,000 | - |
The accompanying notes are integral to these condensed interim financial statements
LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Three Months Ended January 31, 2025 and 2024
(Unaudited - Expressed in Canadian dollars)
- Nature of Operations and Going Concern
LFNT Resources Corp. (the "Company") was incorporated under the Business Corporations Act (British Columbia) on June 23, 2022. On February 10, 2023, the Company changed its name from LFNT Capital Corp. to LFNT Resources Corp. On April 26, 2023, trading of the Company's common shares commenced on the Canadian Securities Exchange under the symbol "LFNT."
The Company's head office and registered office address is 480 – 789 West Pender Street, Vancouver, British Columbia, Canada, V6C 1H2. The Company is a Canadian mineral exploration company focused on the acquisition, exploration and development of mineral projects in Canada.
The recovery of the amounts comprising mineral properties is dependent upon the confirmation of economically recoverable reserves, the ability of the Company to obtain necessary financing to successfully complete their exploration and development, and upon future profitable production.
These condensed interim financial statements have been prepared by management on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. At January 31, 2026, the Company had not yet achieved profitable operations, had accumulated losses of $1,487,561 since its inception, and expects to incur further losses in the development of its business, all of which casts significant doubt about the Company's ability to continue as a going concern. A number of alternatives including but not limited to selling an interest in one or more of its properties or completing a financing, are being evaluated with the objective of funding ongoing activities and obtaining working capital. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and to commence profitable operations in the future and repay its liabilities arising from normal business operations as they become due.
These condensed interim 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.
- Material Accounting Policies and Basis of Preparation
Statement of compliance with International Financial Reporting Standards
These condensed interim financial statements, including comparatives, have been prepared in accordance with International Accounting Standards 34 – Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRC"). The accounting policies and methods of computation applied by the Company in these condensed interim financial statements are the same as those applied in the Company's annual financial statements as at and for the year ended October 31, 2025.
The condensed interim financial statements do not include all the information and note disclosures required for full annual financial statements and should be read in conjunction with the Company's annual financial statements as at and for the year ended October 31, 2025.
LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian dollars)
- Material Accounting Policies and Basis of Preparation (continued)
Basis of presentation
These condensed interim 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 fair value. In addition, these condensed interim financial statements have been prepared using the accrual basis of accounting except for cash flow information. These condensed interim financial statements are presented in Canadian dollars, which is the Company's functional currency.
Significant accounting judgements, estimates and assumptions
The preparation of the condensed interim financial statements in conformity with IFRS requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed interim financial statements and the reported revenues and expenses during this period.
Although management uses historical experience and its best knowledge of the amount, events, or actions to form the basis for judgments and estimates, actual results may differ from these estimates.
The most significant accounts that require estimates as the basis for determining the stated amounts include recognition of deferred tax amounts and provision for restoration, rehabilitation and environmental costs.
Critical judgments exercised in applying accounting policies that have the most significant effect on the amounts recognized in the condensed interim financial statements are as follows:
Economic recoverability and probability of future economic benefits of mineral properties
Management has determined that mineral property costs incurred which were capitalized have future economic benefits and are economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefits including geological and metallurgic information, history of conversion of mineral deposits to proven and probable reserves, scoping and feasibility studies, accessible facilities, existing permits and life of my plans.
Determination of functional currency
The Company determines the functional currency through an analysis of several indicators such as expenses and cash flow, financing activities, retention of operating cash flows, and frequency of transactions with the reporting entity.
Income taxes
In assessing the probability of realizing income tax assets, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.
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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian dollars)
- Material Accounting Policies and Basis of Preparation (continued)
Significant accounting judgements, estimates and assumptions (continued)
Site decommissioning obligations
The Company recognizes a provision for future abandonment activities in the financial statements equal to the net present value of the estimated future expenditures required to settle the estimated future obligation at the statement of financial position date. The measurement of the decommissioning obligation involves the use of estimates and assumptions including the discount rate, the expected timing of future expenditures and the amount of future abandonment costs. The estimates were made by management and external consultants considering current costs, technology and enacted legislation. As a result, there could be significant adjustments to the provisions established which would affect future financial results.
Going concern
Management assesses the Company's ability to continue as a going concern at each reporting date, using all quantitative and qualitative information available. This assessment, by its nature, relies on estimates of future cash flows and other future events (as discussed in Note 1), whose subsequent changes could materially impact the validity of such an assessment.
- GST Receivable
| January 31, 2026 | October 31, 2025 | |
|---|---|---|
| $ | $ | |
| GST receivable | 2,883 | 2,314 |
- Mineral Properties and Exploration Expenses
The following summarizes the cumulative costs capitalized as mineral property as at January 31, 2026 and October 31, 2025:
| Skyfire property | |
|---|---|
| Property acquisition costs | $ |
| Balance, October 31, 2025 | 170,000 |
| Additions: | |
| Option payments | 32,000 |
| Property acquisitions (Note 7) | 44,000 |
| Balance, January 31, 2026 | 246,000 |
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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian dollars)
4. Mineral Properties and Exploration Expenses (continued)
During the three months ended January 31, 2026, the Company incurred $Nil (three months ended January 31, 2025 – $3,561) of exploration expenses which have been recorded on the condensed interim statement of loss and comprehensive loss.
Skyfire property
On August 19, 2022, the Company entered into a Binding Letter Agreement (the “Agreement”) whereby the Company will have the right to earn a 100% interest in the Skyfire property.
The Company entered into an amending agreement dated December 19, 2025 (the “Amending Agreement”) with the optionors of the Skyfire Property. The Amending Agreement amended the Company’s existing option agreement dated August 19, 2022, pursuant to which the Company might earn a 100% interest in the Skyfire Property. Under the Amending Agreement, and in consideration of a cash payment of $32,000 (paid) and the issuance of an additional 200,000 common shares of the Company (issued) to the optionors, all remaining exploration expenditure requirements, share issuance obligations, cash payment obligations, and other time-based commitments were extended by twelve (12) months from their respective original due dates.
The Skyfire property is located in the Cariboo Mining Division, British Columbia, Canada. Pursuant to the terms of the Amending Agreement, the Company can earn a 100% interest in the Skyfire property by making the following payments to the Skyfire optionors:
| Cash payment amount to optionors | Shares to be issued to optionors | Minimum exploration requirements |
|---|---|---|
| $16,000 within 7 business days of signing the agreement (Paid). | 100,000 shares to be issued within 10 days of listing on a Canadian stock exchange | $75,000 to be spent on or before the 1st anniversary date of the effective date (Met). |
| $20,000 to be paid on or before the 1st anniversary date (Paid). | 100,000 shares to be issued on the 1st anniversary date of the Agreement (Issued). | $120,000 to be spent on or before the 2nd anniversary date of the effective date (Met). |
| $32,000 to be paid on or before the 2nd anniversary date (Paid). | 200,000 shares to be issued on the 2nd anniversary date of the Agreement (Issued). | $240,000 to be spent on or before the 4th anniversary date of the effective date (extended to August 2026). |
| $48,000 to be paid on or before the 4th anniversary date. | 200,000 shares to be issued on the 4th anniversary date of the Agreement. | $600,000 to be spent on or before the 5th anniversary date of the effective date. |
| $84,000 to be paid on or before the 5th anniversary date. | 400,000 shares to be issued on the 5th anniversary date of the Agreement. | |
| Total cash $200,000 | 1,000,000 shares | $1,035,000 |
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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian dollars)
4. Mineral Properties and Exploration Expenses (continued)
Skyfire property (continued)
Excess expenditures from one year can be applied to the next. If there is a shortfall in exploration expenditures in any one year, the Agreement can be maintained in good standing by making a payment, in the equivalent cash, of the shortfall to Skyfire optionors. If the Company spends more funds in one year than prescribed by this section, the surplus will be applied and carried forward to the following years.
In addition, the Skyfire optionors will receive an additional 500,000 shares on the confirmation of a resource on the Skyfire property and an additional 500,000 shares upon a decision by the Company to produce minerals from the property. The Skyfire property is subject to a 2% Net Smelter Royalty ("NSR") royalty in favor of the property Skyfire optionors. The Company has the right to purchase 1% of the NSR for $2,000,000 any time prior to the commencement of commercial production. The NSR buy-out price will be adjusted annually according to the consumer price index with a base of December 31, 2025.
During the three months ended January 31, 2026, the Company paid $32,000 cash (January 31, 2025 - $Nil) and issued 200,000 common shares of the Company at a fair value of $44,000 (January 31, 2025 - Nil) (Note 7).
5. Accounts Payable and Accrued Liabilities
| January 31, 2026 | October 31, 2025 | |
|---|---|---|
| $ | $ | |
| Accounts payable | 4,698 | 11,366 |
| Amounts due to related parties (Note 8) | 36,939 | 25,913 |
| Accrued liabilities | - | 11,355 |
| Accounts payable and accrued liabilities | 41,637 | 48,634 |
6. Loan payable
On December 23, 2025, the Company entered into a promissory note for an unsecured loan in the principal amount of $100,000. The loan bears interest at 5% per annum and is due in full on December 31, 2026.
During the three months ended January 31, 2026, the Company accrued $534 of interest on the loan (three months ended January 31, 2025 – $Nil). The loan balance as at January 31, 2026 was $100,534 (October 31, 2025 – $Nil).
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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian dollars)
- Share Capital
Authorized
Unlimited number of common shares without par value.
Issued share capital
As at January 31, 2026, there were 23,550,333 (October 31, 2025 – 23,350,333) common shares issued and outstanding.
On January 5, 2026, the Company issued 200,000 shares with a fair value of $44,000 to the Optionors related to the amended Skyfire agreement (Note 4).
Stock Options
As at January 31, 2026 and 2025 the Company had no stock options outstanding.
Warrants
A summary of the continuity of the Company's warrants, is as follows:
| Number of Warrants | Weighted Average Exercise Price ($) | |
|---|---|---|
| Balance, January 31, 2026 and October 31, 2025 | 9,649,998 | 0.10 |
Warrants outstanding and exercisable at January 31, 2026, are as follows:
| Number of Warrants | Exercise Price ($) | Expiry Date | Weighted Average Remaining Life |
|---|---|---|---|
| 8,599,998 | 0.10 | October 15, 2027 | 1.70 |
| 1,050,000 | 0.12 | November 25, 2027 | 1.83 |
| 9,649,998 | 1.72 |
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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian dollars)
8. Related Party Transactions
Balances
The following amounts due to related parties are unpaid director fees, management and consulting fees and expense reimbursements included in accounts payables and accrued liabilities (Note 5). These amounts are unsecured, non-interest bearing and have no fixed terms of repayment.
| January 31, 2026 | October 31, 2025 | |
|---|---|---|
| $ | $ | |
| Company controlled by a director of the Company | 36,939 | 25,913 |
| 36,939 | 25,913 |
Transactions
The Company incurred $10,500 in management and consulting fees to ARO Consulting Inc., a company controlled by one of the Company's directors during the three months ended January 31, 2026 (three months ended January 31, 2025 - $10,500).
All related party transactions are in the normal course of operations and have been measured at the agreed to amount, which is the amount of consideration established and agreed to by the related parties.
9. Capital Management
The Company defines its capital as shareholders' equity. The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to support the acquisition and exploration and development of mineral properties. The Board of Directors do not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business. The properties in which the Company currently has an interest are in the exploration stage. As such, the Company has historically relied on the equity markets to fund its activities. In addition, the Company is dependent upon external financings to fund activities. In order to carry out planned exploration and pay for administrative costs, the Company will need to raise additional funds. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it feels there is sufficient geologic or economic potential and if it has adequate financial resources to do so. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There were no changes in the Company's approach to capital management during the three months ended January 31, 2026. The Company is not subject to externally imposed capital requirements.
15
LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian dollars)
- Financial Instruments
The Company’s financial instruments consist of cash, loan payable and accounts payable and accrued liabilities and the carrying values approximate their fair values because of the relatively short-term nature of the instruments. These estimates are subjective and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumption could significantly affect the estimates.
There are three levels of the fair value hierarchy as follows:
Level 1: Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.
Level 2: Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability.
Level 3: Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.
The Company’s cash is considered to be Level 1 within the fair value hierarchy.
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 process, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is summarized as follows:
Foreign exchange risk
The Company’s functional and reporting currency is the Canadian dollar and major purchases are transacted in Canadian dollars. As a result, the Company’s exposure to foreign currency risk is minimal.
Credit risk
The Company’s cash is held in large Canadian financial institutions. The Company has not experienced nor is exposed to any significant credit losses. As a result, the Company’s exposure to credit risk is minimal.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
As at January 31, 2026, the Company is exposed to interest rate risk arising from a promissory note payable with a principal amount of $100,000 bearing interest at a fixed rate of 5% per annum and maturing on December 31, 2026 (Note 6). As the interest rate on this borrowing is fixed and the maturity is short-term, management considers the Company’s exposure to interest rate risk to be limited.
16
LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian dollars)
- Financial Instruments (continued)
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 has a planning and budgeting process in place to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. The Company aims to have sufficient funds to meet its short-term business requirements, taking into account its anticipated cash flows from its ability to raise equity capital or borrowing sufficient funds and its holdings of cash and cash equivalents.
Price risk
The ability of the Company to explore its mineral properties and the future profitability of the Company are directly related to the market price of precious metals. The Company monitors precious metals prices to determine the appropriate course of action to be taken by the Company.
- Segmented Information
The Company operates in one reportable operating segment, which is the mining and exploration sector in Canada. As the operations comprise a single reporting segment, amounts disclosed also represent segment amounts.
17