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Quri-Mayu Developments Ltd. — Interim / Quarterly Report 2026
Apr 1, 2026
47676_rns_2026-04-01_c7fb1a3b-aabf-4469-81e2-a2439ddc7c69.pdf
Interim / Quarterly Report
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QURI-MAYU DEVELOPMENTS LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the Three Months Ended January 31, 2026 and 2025
(Unaudited)
(Expressed in Canadian Dollars)
2
NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102 released by the Canadian Securities Administrators, if an auditor has not performed a review of the condensed consolidated 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 consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of condensed consolidated interim financial statements by an entity's auditor.
Quri-Mayu Developments Ltd.
Condensed Consolidated Interim Statements of Financial Position
(Unaudited - Expressed in Canadian Dollars)
| Notes | January 31, 2026 | October 31, 2025 | |
|---|---|---|---|
| Assets | |||
| Cash | $ 918,848 | $ 1,212,333 | |
| GST receivable | 8,965 | 3,720 | |
| Prepaid expenses and deposit | 68,389 | 10,400 | |
| 996,202 | 1,226,453 | ||
| Non-current assets | |||
| Exploration and evaluation asset | 3 | 997,646 | 997,646 |
| Total Assets | $ 1,993,848 | $ 2,224,099 | |
| Liabilities | |||
| Accounts payable and accrued liabilities | 4,6 | $ 705,872 | $ 802,477 |
| Current and Total Liabilities | 705,872 | 802,477 | |
| Shareholders' Equity | |||
| Share capital | 5 | 3,971,329 | 3,971,329 |
| Reserves | 45,944 | 45,944 | |
| Deficit | (2,729,297) | (2,595,651) | |
| Total Shareholders' Equity | 1,287,976 | 1,421,622 | |
| Total Liabilities and Shareholders' Equity | $ 1,993,848 | $ 2,224,099 |
Nature and continuance of operations (Note 1)
Approved and authorized for issue by the Board of Directors on April 1, 2026:
"Braydon Hobbs"
Braydon Hobbs, Director
"Grant Carlson"
Grant Carlson, Director
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Quri-Mayu Developments Ltd.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(Unaudited - Expressed in Canadian Dollars)
| Note | For the three months ended January 31, 2026 | For the three months ended January 31, 2025 | |
|---|---|---|---|
| Operating Expenses | |||
| Administration | $ 9,632 | $ 10,025 | |
| Filing fees | 3,618 | 2,447 | |
| Management and consulting fees | 6 | 114,629 | 94,250 |
| Professional fees | 6,152 | 3,527 | |
| Total expenses | (134,031) | (110,249) | |
| Other Item | |||
| Gain on forgiveness of debt | 385 | - | |
| Net loss | $ (133,646) | $ (110,249) | |
| Loss and comprehensive loss | $ (133,646) | $ (110,249) | |
| Basic and diluted loss per common share | $ (0.00) | $ (0.00) | |
| Weighted average and fully diluted common shares outstanding | 84,202,065 | 49,624,088 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Quri-Mayu Developments Ltd.
Condensed Consolidated Interim Statements of Shareholder Equity
(Unaudited - Expressed in Canadian Dollars)
| Common Shares | Reserves | Deficit | Total | ||
|---|---|---|---|---|---|
| Number | Share Capital | ||||
| Balance at October 31, 2024 | 44,730,338 | $ 2,524,443 | $ 24,643 | $(2,378,885) | $ 170,201 |
| Share issued for private placements | 10,775,000 | 215,500 | - | - | 215,500 |
| Share issued for debt settlement | 4,750,000 | 95,000 | - | - | 95,000 |
| Share issuance costs | - | (4,822) | 160 | - | (4,662) |
| Loss for the period | - | - | - | (110,249) | (110,249) |
| Balance at January 31, 2025 | 60,255,338 | $ 2,830,121 | $ 24,803 | $(2,489,134) | $ 365,790 |
| Balance at October 31, 2025 | 84,202,065 | $ 3,971,329 | $ 45,944 | $(2,595,651) | $ 1,421,622 |
| Loss for the period | - | - | - | (133,646) | (133,646) |
| Balance at January 31, 2026 | 84,202,065 | $ 3,971,329 | $ 45,944 | $(2,729,297) | $ 1,287,976 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Quri-Mayu Developments Ltd.
Condensed Consolidated Interim Statements of Cash Flows
(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 | $ | (133,646) | $ | (110,249) |
| Items not affecting cash: | ||||
| Gain on forgiveness of debt | (385) | - | ||
| Adjustment for non-cash item: | ||||
| Changes in non-cash working capital items: | ||||
| GST receivable | (5,245) | 2,288 | ||
| Prepaid expenses and deposits | (57,989) | 4,000 | ||
| Accounts payable and accrued liabilities | (96,220) | 71,865 | ||
| Net cash flows used in operating activities | (293,485) | (32,096) | ||
| Financing activities | ||||
| Shares issued for cash | - | 208,000 | ||
| Share issuance costs | - | (4,662) | ||
| Net cash flows provided by financing activities | - | 203,338 | ||
| Net change in cash | (293,485) | 171,242 | ||
| Cash, beginning | 1,212,333 | 10,460 | ||
| Cash, ending | $ | 918,848 | $ | 181,702 |
| Non cash transactions: | ||||
| Common shares issued for debt settlement | $ | - | $ | 95,000 |
| Finder warrants | $ | - | $ | 160 |
| Share subscription receivable | $ | - | $ | 7,500 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Quri-Mayu Developments Ltd.
Notes to the Condensed Consolidated Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian Dollars)
1. Nature and continuance of operations
Quri-Mayu Developments Ltd. (the "Company") was incorporated on November 28, 2017, under the laws of British Columbia, Canada. On August 18, 2022, the Company's shares began trading on the TSX Venture Exchange ("TSXV") under the stock symbol "QURI".
The Company's head office is located at 1000 – 1285 West Pender Street, Vancouver, BC Canada V6E 4B1. The principal business of the Company is the identification, evaluation and acquisition of mineral properties, as well as exploration of mineral properties once acquired.
These condensed consolidated interim financial statements have been prepared based on accounting principles applicable to a going concern, which presumes the realization of assets and settlement of liabilities in the normal course of operations in the foreseeable future. At January 31, 2026, the Company had not achieved profitable operations, had a net loss of $133,646 for the three months ended January 31, 2026, and an accumulated losses of $2,729,297 (October 31, 2025 - $2,595,651) since inception, all of which indicate a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon a number of factors including obtaining additional financing as required and having profitable operations. These condensed consolidated interim financial statements do not give effect to adjustments to the carrying value and classification of assets and liabilities and related expense that would be necessary should the Company be unable to continue as a going concern. If the going concern assumption is not appropriate, material adjustments to the condensed consolidated interim financial statements could be required.
2. Basis of presentation and material accounting policy information
a. Statement of compliance
These condensed consolidated 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. The accounting policies and methods of computation applied by the Company in these condensed consolidated interim financial statements are the same as those applied in the Company's audited annual financial statements as at and for the year ended October 31, 2025.
b. Basis of presentation
The condensed consolidated interim financial statements of the Company have been prepared on a historical cost basis except for certain financial instruments classified in accordance with measurements standards under IFRS. The condensed consolidated interim financial statements are presented in Canadian dollars unless otherwise specified.
Quri-Mayu Developments Ltd.
Notes to the Condensed Consolidated Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian Dollars)
2. Basis of presentation and material accounting policy information (continued)
c. Accounting Policies
These condensed consolidated interim financial statements have been prepared based on the Company’s accounting policies set out in Note 2 of the annual audited consolidated financial statements for the year ended October 31, 2025.
d. Consolidation
The condensed consolidated interim financial statements include the accounts of the Company and its controlled subsidiary. All significant inter-company balances and transactions have been eliminated. Details of controlled subsidiaries are as follows:
| Country of incorporation | Percentage owned* | ||
|---|---|---|---|
| January 31, 2026 | October 31, 2025 | ||
| 1169783 B.C. Ltd. (“783 BC”) | Canada | 100% | 100% |
| 1200164 B.C. Ltd. dba Avalon West Acquisitions (“Avalon”) | Canada | 100% | 100% |
*Percentage of voting power is in proportion to ownership.
d. Material accounting judgments estimates and assumptions
The preparation of condensed consolidated 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 consolidated 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 the recoverability of evaluation and exploration assets and recognition of deferred tax amounts.
Critical judgments exercised in applying accounting policies that have the most significant effect on the amounts recognized in the condensed consolidated interim financial statements are as follows:
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.
Quri-Mayu Developments Ltd.
Notes to the Condensed Consolidated Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian Dollars)
2. Basis of presentation and material accounting policy information (continued)
d. Material accounting judgments estimates and assumptions (continued)
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 mine plans.
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 mine plans.
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.
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.
Quri-Mayu Developments Ltd.
Notes to the Condensed Consolidated Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian Dollars)
3. Exploration and evaluation assets
The following is a description of the Company's exploration and evaluation asset for as at January 31, 2026 and October 31, 2025:
| Janaury 31, 2026 | October 31, 2025 | |
|---|---|---|
| Property acquisition costs | ||
| Balance, beginning | $ 837,016 | $ 837,016 |
| Balance, ending | 837,016 | 837,016 |
| Exploration and evaluation costs | ||
| Balance, beginning | 160,630 | 160,630 |
| Balance, ending | 160,630 | 160,630 |
| Total | $ 997,646 | $ 997,646 |
AT Property
Ronald Fisher and George Nicholson (collectively referred as the "Optionors") had optioned a 100% interest in the mineral property called AT Mining Project ("AT Property") situated in the province of British Columbia. Upon the acquisition of Avalon, the Company assumed the option agreement.
Pursuant to the option agreement, the Optionors shall grant full rights and authority to the Company for the AT Property upon the following:
I. Paying an aggregate maximum of $260,000 to the Optionors as follows:
- $10,000 on execution of the option agreement (paid); and
- 10% of exploration expenditures to be paid within 90 days of the completion of the work program during which such exploration expenditures were incurred up to a maximum aggregated amount of $250,000 in payments (paid $22,998).
II. Issuing an aggregate of 300,000 common shares to the Optionors upon achieving a public listing where AT Property is the "Qualifying Property" as such defined in the TSXV policies (issued).
The Company shall pay an aggregate 2.5% net smelter royalty to the Optionors upon commencement of commercial production and the Company will have the right to purchase 0.5% of the net smelter royalty upon payment of an aggregate of $1,000,000 in shares to the Optionors. The Company shall have the right to purchase an additional 0.5% of the net smelter royalty at any time upon payment of an aggregate of $3,000,000 in shares to the Optionors.
George Nicholson is an officer of the Company.
Quri-Mayu Developments Ltd.
Notes to the Condensed Consolidated Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian Dollars)
4. Accounts payable and accrued liabilities
| January 31, 2026 | October 31, 2025 | |
|---|---|---|
| Accounts payable | 159,434 | $ 305,327 |
| Amounts due to related parties (Note 6) | 406,750 | 361,750 |
| Accrued liabilities | 139,688 | 135,400 |
| Accounts payable and accrued liabilities | $ 705,872 | $ 802,477 |
5. Share capital
Authorized share capital
Unlimited common shares without par value.
Issued and outstanding
As at January 31, 2026, the Company has 84,202,065 common shares outstanding (October 31, 2025 – 84,202,065).
No new common shares were issued during the period ended January 31, 2026.
Options
As at January 31, 2026 and October 31, 2025, the Company has no outstanding stock options.
Warrants
| Number of Warrants | Weighted Average Exercise Price ($) | |
|---|---|---|
| Balance, January 31, 2026 and October 31, 2025 | 27,940,364 | 0.07 |
Warrants outstanding and exercisable at January 31, 2026, are as follows:
| Number of Warrants | Exercise Price ($) | Expiry Date | Weighted Average Remaining Life |
|---|---|---|---|
| 15,561,000 | 0.05 | January 2, 2028 | 1.92 |
| 8,024,364 | 0.10 | September 23, 2027 | 1.64 |
| 4,355,000 | 0.10 | October 24, 2027 | 1.73 |
Quri-Mayu Developments Ltd.
Notes to the Condensed Consolidated Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian Dollars)
6. Related party transactions
Balances
At January 31, 2026, accounts payable and accrued liabilities include $406,750 (October 31, 2025 - $361,750) owing to companies controlled by directors and officers of the Company (Note 4). The amounts due to related parties are unsecured, non-interest bearing and have no fixed terms of repayment.
Refer to Note 3 for related party transactions.
Transactions
The Company has identified the CEO (Mr. Kevin Smith), CFO (Mr. Braydon Hobbs) and the Company's directors as its key management personnel. During the period ended January 31, 2026 and 2025, the following amounts were incurred with officers of the Company:
| January 31, 2026 | January 31, 2025 | |
|---|---|---|
| Management fees recorded from a company controlled by CFO | $ 15,000 | $ 15,000 |
| Management fees recorded from a company controlled by CEO | $ 30,000 | $ 30,000 |
| $ 45,000 | $ 45,000 |
All prior related party transactions occurred in the normal course of operations and have been measured at the agreed amount, which is the amount of consideration established and agreed to by the related parties.
7. 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. As such, the Company will rely on the equity markets to fund its activities. In addition, the Company is dependent upon external financing 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.
Quri-Mayu Developments Ltd.
Notes to the Condensed Consolidated Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian Dollars)
8. Financial instruments
The Company's financial instruments consist of cash and accounts payable and accrued liabilities. The carrying values of cash and accounts payable and accrued liabilities approximate their fair values because of the relatively short-term nature of the instruments.
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.
Cash is classified as Level 1.
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, 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:
Credit risk
The Company's cash is largely held in large Canadian financial institutions. The Company does not have any asset-backed commercial paper. The Company maintains cash deposits with Schedule A financial institution, which from time to time may exceed federally insured limits. The Company has not experienced any significant credit losses and believes it is not exposed to any significant credit 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. Financial assets and liabilities with variable interest rates expose the Company to cashflow interest rate risk. The Company does maintain bank accounts which earn interest at variable rates, but it does not believe it is currently subject to any significant interest rate risk.
Foreign exchange risk
The Company's functional currency is the Canadian dollar and major purchases are transacted in Canadian dollars. Management believes the foreign exchange risk derived from currency conversions is negligible. The foreign exchange risk is therefore manageable and not significant. The Company does not currently use any derivative instruments to reduce its exposure to fluctuations in foreign exchange rates.
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Quri-Mayu Developments Ltd.
Notes to the Condensed Consolidated Interim Financial Statements
For the Three Months Ended January 31, 2026 and 2025
(Unaudited - Expressed in Canadian Dollars)
8. Financial instruments (continued)
Liquidity risk
The Company's ability to continue as a going concern is dependent on management's ability to raise required funding through future equity issuances and through short-term borrowing. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating any investing and financing activities. Management and the Board of Directors are actively involved in the review, planning and approval of significant expenditures and commitments. Management believes that the liquidity risk is high.
As at January 31, 2026, the Company had a cash balance of $918,848 (October 31, 2025 - $1,212,333) to settle current liabilities of $705,872 (October 31, 2025 - $802,477).
9. Segmented information
The Company operates in one reportable operating segment, being the acquisition and exploration of mineral properties in Canada. As the operations comprise of single reporting segment, amounts disclosed also represent segment amounts.
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