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Radisson Mining Resources Inc. — Interim / Quarterly Report 2025
May 28, 2025
42871_rns_2025-05-28_4be82846-13de-44c5-9061-66faecd002ef.pdf
Interim / Quarterly Report
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RESSOURCES MINIÈRES
Radisson
MINING RESOURCES
CONDENSED UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE THREE-MONTH PERIOD ENDED
MARCH 31, 2025
Management has compiled the condensed unaudited interim financial statements of Radisson Mining Resources Inc. consisting of the Condensed Interim Statement of Financial Position as at March 31, 2025 and the Condensed Interim Statements of net loss, Comprehensive Loss, Changes in equity and Cash Flows for the three-month period ended March 31, 2025.
CORPORATE INFORMATION
Business Place
C.P. 307 Succ. Bureau Chef
Rouyn-Noranda, Québec, J9X 5C3
Web Site: www.radissonmining.com
Transfer Agent
Computershare Trust
Company of Canada
1500, Robert-Bourassa Boulevard, 7th Floor
Montreal, Quebec, H3A 3S8
Telephone: (514) 982-7888
Fax: (514) 982-7635
Listing
TSX Venture Exchange
Ticker Symbol: RDS
RADISSON MINING RESOURCES INC.
Condensed interim statements of financial position
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| (unaudited) | audited | |
| $ | $ | |
| Assets | ||
| Current: | ||
| Cash (Note 3) | 5,859,426 | 8,398,031 |
| Government taxes and mining taxes receivable | 955,698 | 387,461 |
| Other accounts receivable | - | 5,174 |
| Prepaid expenses | 168,599 | 64,027 |
| 6,983,723 | 8,854,693 | |
| Non-current: | ||
| Deposit and prepaid expenses on exploration and evaluation expenditures | 302,699 | 401,060 |
| Investments (note 3) | 240,000 | 240,000 |
| Property and equipment (note 4) | 245,455 | 264,698 |
| Exploration and evaluation assets (note 5) | 55,798,841 | 53,457,777 |
| 63,570,718 | 63,218,228 | |
| Liabilities | ||
| Current: | ||
| Accounts payable and accrued liabilities | 1,612,721 | 798,826 |
| Non-current: | ||
| Deferred income and mining taxes | 6,454,042 | 6,454,042 |
| Other liability related to flow-through shares (note 6) | 783,994 | 1,144,933 |
| 8,850,757 | 8,397,801 | |
| Equity: | ||
| Capital stock (note 7) | 82,117,377 | 81,914,936 |
| Equity settled reserve | 7,652,194 | 7,722,405 |
| Warrants (note 7) | 801,245 | 801,245 |
| Deficit | (35,850,855) | (35,618,159) |
| 54,719,961 | 54,820,427 | |
| 63,570,718 | 63,218,228 |
The accompanying notes are an integral part of the interim financial statements.
The condensed interim financial statements have been approved and authorized for publication by the Board of Directors on May 28, 2025.
(s) Matthew Manson
Matthew Manson
President and Chief Executive Officer
(s) Hubert Parent-Bouchard
Hubert Parent-Bouchard
Chief Financial Officer
Radisson Mining Resources Inc.
RADISSON MINING RESOURCES INC.
Condensed interim statements of net loss
For the three-month periods ended March 31
| (unaudited) | 2025 | 2024 |
|---|---|---|
| $ | $ | |
| Administration costs: | ||
| Salaries and employee benefits (note 8) | 163,268 | 52,466 |
| Experts and subcontractors (note 8) | 38,050 | 193,603 |
| Stock-based compensation and payments | - | 14,663 |
| Professional fees | 63,994 | 46,143 |
| Investor relations and communication | 150,998 | 55,754 |
| Listing and registration fees | 22,029 | 14,575 |
| Office fees | 20,104 | 12,895 |
| Insurance, taxes and licenses | 19,971 | 12,361 |
| Interest and bank charges | 581 | 374 |
| Income Tax Part XII.6 | 163,765 | 20,684 |
| Telecommunications | 1,525 | 638 |
| Depreciation of property, and equipment (note 4) | 20,395 | 32,930 |
| Maintenance of a mining site | - | 280 |
| 664,680 | 457,366 | |
| Other expenses (revenues) | ||
| Change in fair value of investments | - | 240,000 |
| Interest income | (71,045) | (84,464) |
| (71,045) | 155,536 | |
| Loss before income and deferred taxes | (593,635) | (612,902) |
| Income and deferred taxes (note 6) | 360,939 | 234,735 |
| Net Loss | (232,696) | (378,167) |
| Basic and diluted net loss per share | (0.001) | (0.001) |
| Weighted average number of shares outstanding | ||
| (note 9) | 345,259,057 | 319,957,422 |
The accompanying notes are an integral part of the interim financial statements.
Radisson Mining Resources Inc.
RADISSON MINING RESOURCES INC.
Condensed interim statements of changes in equity
For the three-month period ended March 31, 2025
| (unaudited) | Capital stock | Equity settled reserve | Deficit | Warrants | Total equity |
|---|---|---|---|---|---|
| $ | $ | $ | $ | $ | |
| Balance as at December 31, 2024 | 81,914,936 | 7,722,405 | (35,618,159) | 801,245 | 54,820,427 |
| Exercised Options | 202,441 | (70,211) | - | - | 132,230 |
| 82,117,377 | 7,652,194 | (35,618,159) | 801,245 | 54,952,657 | |
| Net loss for period | - | - | (232,696) | - | (232,696) |
| Balance as at March 31, 2025 | 82,117,377 | 7,652,194 | (35,850,855) | 801,245 | 54,719,961 |
The accompanying notes are an integral part of the interim financial statements.
Radisson Mining Resources Inc.
RADISSON MINING RESOURCES INC.
Condensed interim statements of changes in equity
For the three-month period ended March 31, 2024
| (unaudited) | Capital stock | Equity settled reserve | Deficit | Warrants | Total equity |
|---|---|---|---|---|---|
| $ | $ | $ | $ | $ | |
| Balance as at December 31, 2023 | 75,619,485 | 7,334,264 | (33,448,212) | 453,031 | 49,958,568 |
| Share-based compensation and payments | - | 14,663 | - | - | 14,663 |
| Exercised Options | 106,026 | (76,400) | - | - | 70,226 |
| 75,725,511 | 7,313,127 | (33,448,212) | 453,031 | 50,043,457 | |
| Net loss for period | - | - | (378,167) | - | (378,167) |
| Balance as at March 31, 2024 | 75,725,511 | 7,313,127 | (33,826,379) | 453,031 | 49,665,290 |
The accompanying notes are an integral part of the interim financial statements.
Radisson Mining Resources Inc.
RADISSON MINING RESOURCES INC.
Condensed interim statements of cash flows
For the three-month periods ended March 31
| (unaudited) | 2025 | 2024 |
|---|---|---|
| $ | $ | |
| OPERATING ACTIVITIES: | ||
| Net loss | (232,696) | (378,167) |
| Non-cash items: | ||
| Depreciation of property, plant and equipment | 20,395 | 32,930 |
| Stock-based compensation and payments | - | 14,663 |
| Income taxes and deferred taxes (note 6) | (360,939) | (234,735) |
| Unrealized loss (gain) on investments | - | 240,000 |
| Net change in non-cash working capital items (note 10) | 527,426 | 101,206 |
| Cash flow from operating activities | (45,814) | (224,103) |
| INVESTING ACTIVITIES: | ||
| Acquisition of property and equipment | (1,152) | - |
| Deposit and prepaid expenses on exploration and evaluation expenditures | 98,361 | - |
| GIC maturity (acquisition) | - | 3,000,000 |
| Increase in evaluation and exploration assets (note 5) | (2,722,230) | (1,116,602) |
| Cash flow from investing activities | (2,625,021) | 1,883,398 |
| FINANCING ACTIVITIES: | ||
| Capital stock issuance, options, and warrants exercise | 132,230 | 70,226 |
| Cash flow from financing activities | 132,230 | 70,226 |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (2,538,605) | 1,729,521 |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 8,398,031 | 1,916,920 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | 5,859,426 | 3,646,441 |
Additional Information – Cash flows (note 10)
The accompanying notes are an integral part of the interim financial statements.
Radisson Mining Resources Inc.
RADISSON MINING RESOURCES INC.
Notes to the interim condensed financial statements
March 31, 2025
- Description of the business and liquidity risk
The Corporation, incorporated under the Canada Business Corporations Act, is in the process of exploring mining properties and has not yet determined whether these properties contain ore reserves that are economically recoverable.
The Corporation's head office is in Rouyn-Noranda, Province of Quebec, Canada. Its common shares are listed on TSX Venture Exchange under the symbol RDS and on the OTCQB under the symbol RMRDF.
As at March 31, 2025, the Corporation had a working capital of $5,371,002 (2024, $7,179,591). Management of the Corporation believes that it has sufficient funds to maintain the status of its current obligations and keep its properties in good standing, to pay its ongoing general and administrative expenses and to meet its liabilities, obligations, and existing commitments beyond the ensuing 12 months as they fall due. Management is actively targeting sources of additional financing through alliances with financial, exploration and mining entities, through issuance of shares, share purchase options, warrants or other business and financial transactions which would assure continuation of the Company's operations and exploration programs. While management has been successful in securing financing in the past, there can be no assurance that it will be able to do so in the future or that these sources of funding or initiatives will be available to the Corporation or that they will be available on terms which are acceptable to the Corporation.
- Basis of preparation and changes to accounting policies
These condensed interim financial statements have been prepared by management in accordance with international financial reporting standards (« IFRS ») and with IAS 34, Interim Financial Reporting. They do not include all information required by IFRS in the production of annual financial statements.
These condensed interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2024, and the interim condensed financial statements for the trimester ended March 31, 2025. The accounting policies are presented in the audited financial statements for the year ended December 31, 2024, and have not been modified since.
The preparation of interim financial statements in accordance with IAS 34 uses critical accounting estimates. It also requires management to exercise judgment in applying accounting policies used by the Corporation.
- Cash and Investments
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| $ | $ | |
| Cash | 5,859,426 | 8,398,031 |
| Cash | 5,859,426 | 8,398,031 |
| March 31, 2025 | December 31, 2024 | |
| $ | $ | |
| Investments | ||
| 24,000,000 shares of Renforth Resources Ltd. a public company | 240,000 | 240,000 |
| 240,000 | 240,000 |
Radisson Mining Resources Inc.
RADISSON MINING RESOURCES INC.
Notes to the interim condensed financial statements
March 31, 2025
- Property and equipment
| Cost | Equipment | IT Equipment | Other Mining Equipment | Exploration Infrastructures | Total |
|---|---|---|---|---|---|
| $ | $ | $ | $ | $ | |
| Balance as at December 31, 2023 | 82,584 | 105,858 | 253,185 | 276,281 | 717,908 |
| Acquisition | 2,146 | 784 | 51,000 | - | 53,930 |
| Disposal | (9,120) | (11,832) | - | - | (20,952) |
| Balance as at December 31, 2024 | 75,610 | 94,810 | 304,185 | 276,281 | 750,886 |
| Acquisition | 1,152 | - | - | - | 1,152 |
| Disposal | - | - | - | - | - |
| Balance as at March 31, 2025 | 76,762 | 94,810 | 304,185 | 276,281 | 752,038 |
Accumulated depreciation
| Balance as at December 31, 2023 | (59,370) | (60,407) | (145,354) | (135,992) | (401,123) |
|---|---|---|---|---|---|
| Depreciation | (7,342) | (13,810) | (37,842) | (42,087) | (101,081) |
| Disposal | 6,453 | 9,563 | - | - | 16,016 |
| Balance as at December 31, 2024 | (60,259) | (64,654) | (183,196) | (178,079) | (486,188) |
| Depreciation | (1,135) | (2,230) | (8,950) | (8,080) | (20,395) |
| Disposal | - | - | - | - | - |
| Balance as at March 31, 2025 | (61,394) | (66,884) | (192,146) | (186,159) | (506,583) |
Net book value
| Balance as at December 31, 2024 | 15,351 | 30,156 | 120,989 | 98,202 | 264,698 |
|---|---|---|---|---|---|
| Balance as at March 31, 2025 | 15,368 | 27,926 | 112,039 | 90,122 | 245,455 |
- Exploration and evaluation assets
| Mining properties : | Balance as at December 31, 2024 | Increase | Tax credit | Balance as at March 31, 2025 |
|---|---|---|---|---|
| QUEBEC | $ | $ | $ | $ |
| O'Brien | 4,482,882 | - | - | 4,482,882 |
| 4,482,882 | - | - | 4,482,882 | |
| Exploration and evaluation expenses: | ||||
| O'Brien | 48,777,088 | 2,722,071 | (381,166) | 51,117,993 |
| Douay | 197,807 | 159 | - | 197,966 |
| 48,974,895 | 2,722,230 | (381,166) | 51,315,959 | |
| 53,457,777 | 2,722,230 | (381,166) | 55,798,841 |
Radisson Mining Resources Inc.
RADISSON MINING RESOURCES INC.
Notes to the interim condensed financial statements
March 31, 2025
- Exploration and evaluation assets (continued)
Statements of exploration and evaluation
| For the three-month periods ended March 31 | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Drilling | 1,370,816 | 482,232 |
| Assays | 454,691 | 161,520 |
| Salaries | 183,246 | 285,106 |
| Consultants and subcontractors | 239,958 | 56,020 |
| General exploration expenditures | 473,519 | 131,724 |
| Increase in exploration and evaluation expenses | 2,722,230 | 1,116,602 |
| Balance, at beginning | 48,974,895 | 42,448,432 |
| Balance, ending | 51,697,125 | 43,565,034 |
- Other liability related to flow-through shares
| March 31, 2025 | March 31, 2024 | |
|---|---|---|
| $ | $ | |
| Balance as at December 31, 2024 | 1,144,933 | 1,104,613 |
| Decrease related to eligible exploration expenses incurred (1) | (360,939) | (234,735) |
| Balance as at March 31, 2025 | 783,994 | 869,878 |
(1) The flow-through common share premium included in other liabilities that is derecognized through income as the eligible expenditures are incurred is included in Comprehensive gain (loss).
- Capital stock
Authorized:
Unlimited number of class A shares, voting and participating, no par value
Unlimited number of class B shares which may be issued in series, cumulative or non-cumulative dividend at the prime rate of the Bank of Canada at the beginning of the year plus a percentage between 1% and 5%, non-participating, non-voting, redeemable at the option of the Corporation for an amount equal to the price paid plus any dividend declared and unpaid, no par value.
Changes in Corporation class A shares were as follows:
| March 31, 2025 | Class A shares | Amount |
|---|---|---|
| $ | ||
| Issued and paid: | ||
| Balance as at December 31, 2024 | 345,092,684 | 81,914,936 |
| Options exercised (1) | 921,000 | 202,441 |
| Balance as at March 31, 2025 | 346,013,684 | 82,117,377 |
(1) Options
- During the first three months, 921,000 options were exercised for total amount of $202,441. An amount of $70,211 was recorded as an increase in the share capital under Reserves-Settlement under Equity.
Radisson Mining Resources Inc.
RADISSON MINING RESOURCES INC.
Notes to the interim condensed financial statements
March 31, 2025
- Capital stock (continued)
| March 31, 2024 | Class A shares | Amount |
|---|---|---|
| $ | ||
| Issued and paid: | ||
| Balance as at December 31, 2023 | 319,914,956 | 75,619,485 |
| Options exercised (1) | 600,000 | 106,026 |
| Balance as at March 31, 2024 | 320,514,956 | 75,725,511 |
(1) Options
- During the first three months, 600,000 options were exercised for total amount of $106,026. An amount of $35,800 was recorded as an increase in the share capital under Reserves-Settlement under Equity.
Class A stock options:
An aggregate number of 25 million class A shares has been reserved under the stock option plan for potential issuance. The exercise price of each option is the market price of the Corporation's stock at the date of grant of options and the maximum term of a new option is 5 years. Unless otherwise determined by the Board of Directors, options granted under the plan vest immediately.
- Capital stock (continued)
Class A stock options (continued):
A summary of the situation as at March 31, 2025 is presented below:
| Options | Number | Weighted average exercise price |
|---|---|---|
| Outstanding as at December 31, 2024 | 17,809,805 | $0.194 |
| Exercised | (921,000) | $0.144 |
| Outstanding as at March 31, 2025 | 16,888,805 | $0.196 |
| Options exercisable as at March 31, 2025 | 15,688,806 | $0.196 |
The following table summarizes the information relating to the stock options as at March 31, 2025:
| Number of options outstanding | Exercise price | Weighted average remaining life | Number of options exercisable |
|---|---|---|---|
| $ | (years) | ||
| 1,225,000 | 0.255 | 0.20 | 1,225,000 |
| 250,000 | 0.300 | 0.88 | 250,000 |
| 500,000 | 0.310 | 0.94 | 500,000 |
| 1,955,000 | 0.280 | 1.94 | 1,621,667 |
| 1,500,000 | 0.225 | 1.48 | 1,500,000 |
| 3,269,000 | 0.130 | 1.68 | 3,269,000 |
| 200,000 | 0.120 | 1.25 | 200,000 |
| 300,000 | 0.165 | 3.22 | 300,000 |
| 7,371,260 | 0.180 | 3.38 | 6,454,594 |
| 368,545 | 0.200 | 3.72 | 368,545 |
| 16,888,805 | 2.35 | 15,688,806 |
Radisson Mining Resources Inc.
RADISSON MINING RESOURCES INC.
Notes to the interim condensed financial statements
March 31, 2025
- Capital stock (continued)
Class A stock options (continued):
The following table presents the weighted average fair value at grant date and the weighted average assumptions used to determine the stock-based compensation expense using the Black-Scholes option pricing model:
| Three-month period ended March 31, 2025 | |
|---|---|
| Expected volatility | 68% |
| Risk-free interest rate | 3.04% |
| Expected dividend rate | 0.00% |
| Estimated duration | 5 years |
| Weighted average fair value at grant date | $0.164 |
Warrants:
A summary of the situation as at March 31, 2025 is presented below:
| Number | Weighted average exercise price | |
|---|---|---|
| Outstanding as at December 31, 2024 | 11,032,043 | $0.32 |
| Outstanding as at March 31, 2025 | 11,032,043 | $0.32 |
| Warrants exercisable as at March 31, 2025 | 11,032,043 | $0.32 |
The following table summarizes the information relating to the warrants as at March 31, 2025:
| Outstanding | Exercise price | Expiration date |
|---|---|---|
| $ | $ | |
| 5,487,756 | 0.27 | November 17, 2025 |
| 4,044,286 | 0.37 | October 22, 2026 |
| 1,500,001 | 0.37 | October 29, 2026 |
| 11,032,043 | 0.32 |
The following table presents the weighted average assumptions used to determine the fair value of warrants granted using the Black & Scholes option pricing model:
| Three-month period ended March 31, 2025 | |
|---|---|
| Warrants value | $801,245 |
| Expected volatility | 70.77% |
| Risk-free interest rate | 3.05% |
| Expected dividend rate | 0% |
| Estimated duration (year) | 2 years |
| Weighted average fair value at grant date | $0.073 |
Radisson Mining Resources Inc.
RADISSON MINING RESOURCES INC.
Notes to the interim condensed financial statements
March 31, 2025
8. Information on Related Parties
Related Party transactions
During the three-month period ended March 31, 2025, the Corporation incurred no transactions with key management and officers of the Corporation, companies owned by directors. The remuneration paid or payable to key management (president & chief executive officer, chief financial officer, vp exploration and directors) was as follows:
| Three-month periods ended | ||
|---|---|---|
| March 31, 2025 | March 31, 2024 | |
| $ | $ | |
| Salaries and employee benefits charges | 189,115 | 44,769 |
| Experts and subcontractors (1) | - | 152,500 |
| 189,115 | 197,269 |
(1) The Experts and subcontractors' fees include a non-recurring severance payment of $137,500 following the termination of an agreement signed between the Corporation and an incoming executive during the period ended March 31, 2024.
The above transactions occurred within the normal course of business and are measured at the exchange value, which is the amount of consideration established and agreed by the related parties. As at March 31, 2025 and 2024, there was no balance payable (2024, $137,500) relating to these transactions.
9. Basic and diluted net loss per share
| Three-month periods ended | ||
|---|---|---|
| March 31, 2025 | March 31, 2024 | |
| Net loss for the period | $(232,696) | $(378,167) |
| Weighted average number of shares | 345,259,057 | 319,957,422 |
| Loss per share | $(0.001) | $(0.001) |
10. Complementary information related to cash flows
| Three-month periods ended | ||
|---|---|---|
| March 31, 2025 | March 31, 2024 | |
| $ | $ | |
| Net change in non-cash working capital items: | ||
| Deposit on contracts | - | (24,167) |
| Government taxes receivable & mining income taxes | (187,071) | (57,279) |
| Prepaid expenses | (104,572) | (10,853) |
| Other accounts receivable | 5,174 | - |
| Accounts payable and accrued liabilities | 813,895 | 193,505 |
| 527,426 | 101,206 | |
| Non-cash investing activities: | ||
| *Evaluation and exploration expenditures included in account payables and accrued liabilities | 1,100,163 | 313,016 |
Radisson Mining Resources Inc.
Radisson Mining Resources Inc.
RADISSON MINING RESOURCES INC.
Notes to the interim condensed financial statements
March 31, 2025
11. Subsequent events
On May 15, 2025, the Corporation announced that it has closed its previously announced non-brokered private placement (the "Offering") for total gross proceeds of $12,070,000. Pursuant to the closing, Radisson issued: (i) 4,500,001 Class A common shares of the Company ("Common Shares") at a price of C$0.30 per Common Share, and; (ii) 31,529,411 Class A common shares of the Company (the "FT Shares"), which shall each qualify as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act (Canada) ("ITA") and section 359.1 of the Taxation Act (Québec) (the "Québec Tax Act"), at a price of C$0.34 per FT Share.
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