SEDAR Interim Financial Statements
[ { "companyName": "KELT EXPLORATION LTD.", "reportingPeriodEnd": "2025-09-30", "reportStatus": "Unaudited", "auditorName": null, "auditorKeyMatters": null, "balanceSheet": { "assets": { "cashAndCashEquivalents": { "2025-09-30": 1336, "2024-12-31": 228 }, "accountsReceivableAndAccruedSales": { "2025-09-30": 46198, "2024-12-31": 60236 }, "prepaidExpensesAndDeposits": { "2025-09-30": 4090, "2024-12-31": 4109 }, "derivativeFinancialInstrumentsCurrent": { "2025-09-30": 16328, "2024-12-31": 6709 }, "totalCurrentAssets": { "2025-09-30": 67952, "2024-12-31": 71282 }, "explorationAndEvaluationAssets": { "2025-09-30": 32176, "2024-12-31": 18092 }, "propertyPlantAndEquipment": { "2025-09-30": 1494410, "2024-12-31": 1361305 }, "totalAssets": { "2025-09-30": 1594538, "2024-12-31": 1450679 } }, "liabilities": { "accountsPayableAndAccruedLiabilities": { "2025-09-30": 89308, "2024-12-31": 80463 }, "derivativeFinancialInstrumentsCurrent": { "2025-09-30": 4470, "2024-12-31": 7936 }, "decommissioningObligationsCurrent": { "2025-09-30": 4203, "2024-12-31": 3552 }, "leaseLiabilityCurrent": { "2025-09-30": 633, "2024-12-31": 1655 }, "totalCurrentLiabilities": { "2025-09-30": 98614, "2024-12-31": 93606 }, "bankDebt": { "2025-09-30": 186000, "2024-12-31": 108993 }, "derivativeFinancialInstrumentsNonCurrent": { "2025-09-30": 83, "2024-12-31": 0 }, "decommissioningObligationsNonCurrent": { "2025-09-30": 90235, "2024-12-31": 97423 }, "leaseLiabilityNonCurrent": { "2025-09-30": 424, "2024-12-31": 419 }, "deferredIncomeTaxLiability": { "2025-09-30": 102032, "2024-12-31": 87234 }, "totalLiabilities": { "2025-09-30": 477388, "2024-12-31": 387675 } }, "equity": { "shareholdersCapital": { "2025-09-30": 1193685, "2024-12-31": 1184065 }, "contributedSurplusAndReserve": { "2025-09-30": -6160, "2024-12-31": -6692 }, "deficit": { "2025-09-30": -70375, "2024-12-31": -114369 }, "totalShareholdersEquity": { "2025-09-30": 1117150, "2024-12-31": 1063004 } }, "derivedMetrics": { "cashPerShare": { "2025-09-30": 0.0067, "2024-12-31": null }, "workingCapitalPerShare": { "2025-09-30": -0.1544, "2024-12-31": null } } }, "incomeStatement": { "periods": [ { "period": "3 months ended 2025-09-30", "revenue": 110377, "royalties": -10235, "productionExpense": 37135, "transportationExpense": 13123, "costOfPurchases": 6273, "financingExpense": 4104, "generalAndAdministrativeExpense": 3119, "shareBasedCompensation": 2052, "explorationAndEvaluationExpense": 0, "depletionAndDepreciation": 43309, "gainLossOnDerivativeFinancialInstruments": -236, "gainLossOnForeignExchange": 111, "otherIncomeExpenses": -130, "netIncomeLossBeforeTaxes": -9228, "deferredIncomeTaxRecoveryExpense": 1782, "netIncomeLossAndComprehensiveNetIncomeLoss": -7446, "netIncomeLossPerCommonShareBasic": -0.04, "netIncomeLossPerCommonShareDiluted": -0.04 }, { "period": "3 months ended 2024-09-30", "revenue": 107884, "royalties": -12899, "productionExpense": 30533, "transportationExpense": 10046, "costOfPurchases": 3728, "financingExpense": 1895, "generalAndAdministrativeExpense": 3245, "shareBasedCompensation": 2321, "explorationAndEvaluationExpense": 0, "depletionAndDepreciation": 35187, "gainLossOnDerivativeFinancialInstruments": 3898, "gainLossOnForeignExchange": -67, "otherIncomeExpenses": 5, "netIncomeLossBeforeTaxes": 11866, "deferredIncomeTaxRecoveryExpense": -2995, "netIncomeLossAndComprehensiveNetIncomeLoss": 8871, "netIncomeLossPerCommonShareBasic": 0.05, "netIncomeLossPerCommonShareDiluted": 0.04 }, { "period": "9 months ended 2025-09-30", "revenue": 369296, "royalties": -34946, "productionExpense": 101806, "transportationExpense": 37081, "costOfPurchases": 12345, "financingExpense": 10413, "generalAndAdministrativeExpense": 10503, "shareBasedCompensation": 5796, "explorationAndEvaluationExpense": 49, "depletionAndDepreciation": 130506, "gainLossOnDerivativeFinancialInstruments": 33293, "gainLossOnForeignExchange": -244, "otherIncomeExpenses": -108, "netIncomeLossBeforeTaxes": 58792, "deferredIncomeTaxRecoveryExpense": -14798, "netIncomeLossAndComprehensiveNetIncomeLoss": 43994, "netIncomeLossPerCommonShareBasic": 0.22, "netIncomeLossPerCommonShareDiluted": 0.22 }, { "period": "9 months ended 2024-09-30", "revenue": 343368, "royalties": -45185, "productionExpense": 92120, "transportationExpense": 30427, "costOfPurchases": 13060, "financingExpense": 4490, "generalAndAdministrativeExpense": 9786, "shareBasedCompensation": 6497, "explorationAndEvaluationExpense": 145, "depletionAndDepreciation": 100955, "gainLossOnDerivativeFinancialInstruments": 3623, "gainLossOnForeignExchange": -15, "otherIncomeExpenses": 114, "netIncomeLossBeforeTaxes": 44425, "deferredIncomeTaxRecoveryExpense": -12802, "netIncomeLossAndComprehensiveNetIncomeLoss": 31623, "netIncomeLossPerCommonShareBasic": 0.16, "netIncomeLossPerCommonShareDiluted": 0.16 } ] }, "cashFlowStatement": { "periods": [ { "period": "3 months ended 2025-09-30", "operatingActivities": { "netIncomeLossAndComprehensiveNetIncomeLoss": -7446, "accretionOfDecommissioningObligations": 824, "shareBasedCompensation": 2052, "explorationAndEvaluation": 0, "depletionAndDepreciation": 43309, "unrealizedGainLossOnDerivativeFinancialInstruments": 7555, "otherExpenses": 136, "deferredIncomeTaxExpenseRecovery": -1782, "settlementOfDecommissioningObligations": -1186, "changeInNonCashOperatingWorkingCapital": 10365, "cashProvidedByOperatingActivities": 53827 }, "financingActivities": { "increaseInBankDebt": 34568, "proceedsOnExerciseOfStockOptions": 865, "repaymentOfLeaseLiabilityPrincipal": -40, "cashProvidedByFinancingActivities": 35393 }, "investingActivities": { "explorationAndEvaluationAssets": -133, "propertyPlantAndEquipment": -89675, "propertyAcquisitions": -40, "propertyDispositions": 47, "changeInNonCashInvestingWorkingCapital": 1847, "cashUsedInInvestingActivities": -87954 }, "netChangeInCashAndCashEquivalents": 1266, "cashAndCashEquivalentsBeginningOfPeriod": 70, "cashAndCashEquivalentsEndOfPeriod": 1336 }, { "period": "3 months ended 2024-09-30", "operatingActivities": { "netIncomeLossAndComprehensiveNetIncomeLoss": 8871, "accretionOfDecommissioningObligations": 817, "shareBasedCompensation": 2321, "explorationAndEvaluation": 0, "depletionAndDepreciation": 35187, "unrealizedGainLossOnDerivativeFinancialInstruments": -1252, "otherExpenses": 0, "deferredIncomeTaxExpenseRecovery": 2995, "settlementOfDecommissioningObligations": -1180, "changeInNonCashOperatingWorkingCapital": 4407, "cashProvidedByOperatingActivities": 52166 }, "financingActivities": { "increaseInBankDebt": 32817, "proceedsOnExerciseOfStockOptions": 1746, "repaymentOfLeaseLiabilityPrincipal": -200, "cashProvidedByFinancingActivities": 34363 }, "investingActivities": { "explorationAndEvaluationAssets": -200, "propertyPlantAndEquipment": -81910, "propertyAcquisitions": 0, "propertyDispositions": 0, "changeInNonCashInvestingWorkingCapital": -4786, "cashUsedInInvestingActivities": -86896 }, "netChangeInCashAndCashEquivalents": -367, "cashAndCashEquivalentsBeginningOfPeriod": 511, "cashAndCashEquivalentsEndOfPeriod": 144 }, { "period": "9 months ended 2025-09-30", "operatingActivities": { "netIncomeLossAndComprehensiveNetIncomeLoss": 43994, "accretionOfDecommissioningObligations": 2431, "shareBasedCompensation": 5796, "explorationAndEvaluation": 49, "depletionAndDepreciation": 130506, "unrealizedGainLossOnDerivativeFinancialInstruments": -13002, "otherExpenses": 136, "deferredIncomeTaxExpenseRecovery": 14798, "settlementOfDecommissioningObligations": -1949, "changeInNonCashOperatingWorkingCapital": 18693, "cashProvidedByOperatingActivities": 201452 }, "financingActivities": { "increaseInBankDebt": 77007, "proceedsOnExerciseOfStockOptions": 4356, "repaymentOfLeaseLiabilityPrincipal": -417, "cashProvidedByFinancingActivities": 80946 }, "investingActivities": { "explorationAndEvaluationAssets": -15096, "propertyPlantAndEquipment": -270410, "propertyAcquisitions": -40, "propertyDispositions": 47, "changeInNonCashInvestingWorkingCapital": 4209, "cashUsedInInvestingActivities": -281290 }, "netChangeInCashAndCashEquivalents": 1108, "cashAndCashEquivalentsBeginningOfPeriod": 228, "cashAndCashEquivalentsEndOfPeriod": 1336 }, { "period": "9 months ended 2024-09-30", "operatingActivities": { "netIncomeLossAndComprehensiveNetIncomeLoss": 31623, "accretionOfDecommissioningObligations": 2273, "shareBasedCompensation": 6497, "explorationAndEvaluation": 145, "depletionAndDepreciation": 100955, "unrealizedGainLossOnDerivativeFinancialInstruments": -1723, "otherExpenses": 0, "deferredIncomeTaxExpenseRecovery": 12802, "settlementOfDecommissioningObligations": -3168, "changeInNonCashOperatingWorkingCapital": 11674, "cashProvidedByOperatingActivities": 161078 }, "financingActivities": { "increaseInBankDebt": 45428, "proceedsOnExerciseOfStockOptions": 4359, "repaymentOfLeaseLiabilityPrincipal": -554, "cashProvidedByFinancingActivities": 49233 }, "investingActivities": { "explorationAndEvaluationAssets": -2844, "propertyPlantAndEquipment": -232484, "propertyAcquisitions": -773, "propertyDispositions": 0, "changeInNonCashInvestingWorkingCapital": 11594, "cashUsedInInvestingActivities": -224507 }, "netChangeInCashAndCashEquivalents": -14196, "cashAndCashEquivalentsBeginningOfPeriod": 14340, "cashAndCashEquivalentsEndOfPeriod": 144 } ] }, "investmentsAndOtherAssets": [ { "type": "Subsidiary", "description": "Kelt Exploration (LNG) Ltd.", "ownershipPercentage": 100, "value": null, "notes": "Wholly owned subsidiary, operates British Columbia assets" }, { "type": "Mineral/Resource Properties", "description": "Exploration and evaluation assets", "ownershipPercentage": null, "value": 32176, "notes": "As per balance sheet at September 30, 2025, from note 4" } ], "shareStructure": { "authorizedShares": "unlimited", "issuedShares": 199358, "classesOfShares": ["common shares", "preferred shares"], "warrants": [], "options": [ { "number": 7979, "exercisePrice": 4.93, "expiryDate": null } ], "rightsConvertibleInstruments": null }, "managementCompensation": { "currency": "CAD", "periods": { "threeMonthsEnded2025-09-30": { "shareBasedCompensation": 2052 }, "threeMonthsEnded2024-09-30": { "shareBasedCompensation": 2321 }, "nineMonthsEnded2025-09-30": { "shareBasedCompensation": 5796 }, "nineMonthsEnded2024-09-30": { "shareBasedCompensation": 6497 } }, "namedIndividuals": [], "otherRelatedPartyTransactions": [] }, "subsequentEvents": [ { "eventDate": null, "description": "Increased credit facility to $300.0 million from $250.0 million", "impactValue": null } ] } ]