SEDAR Interim Financial Statements
[ { "companyName": "McFarlane Lake Mining Limited", "reportingPeriodEnd": "2026-02-28", "reportStatus": "Unaudited", "auditorName": null, "auditorKeyMatters": [], "balanceSheet": { "cashAndRestrictedCash": 7953589, "restrictedInvestment": 40000, "salesTaxRecoverable": 451151, "prepaidExpenses": 222297, "marketableSecurities": 1500000, "otherReceivables": 85354, "totalCurrentAssets": 10252391, "accountsPayableAndAccruedLiabilities": 1184549, "notePayable": null, "debentures": 15956659, "totalCurrentLiabilities": 17141208, "shareCapital": 33155832, "warrantReserve": 3706823, "contributedSurplus": 4281326, "deficit": -48032798, "totalShareholdersDeficit": -6888817, "totalLiabilitiesAndShareholdersDeficit": 10252391, "cashPerShare": 0.02, "workingCapitalPerShare": -0.0173 }, "incomeStatement": { "threeMonthsEnded": { "february28_2026": { "professionalFees": 221821, "managementAndConsultingFees": 97567, "directorsFees": 7950, "officeAndGeneral": 39922, "explorationAndEvaluationExpenditures": 890246, "investorRelationsAndBusinessDevelopment": 233933, "regulatoryAndTransferAgentFees": 24497, "shareBasedCompensation": 831086, "totalOperatingExpenses": 2347022, "lossBeforeNonOperatingItems": -2347022, "forgivenessOfDebt": 0, "financeAndInterestExpense": -1242126, "interestIncome": 48185, "flowThroughSharePremiumRecovery": 0, "gainOnSaleOfExplorationAndEvaluationProperties": -4599, "unrealizedLossOnMarketableSecurities": -2100000, "gainOnForeignExchange": 315568, "totalOtherItems": -2982972, "netLossAndComprehensiveLoss": -5329994, "netLossPerShareBasicAndDiluted": -0.013, "weightedAverageSharesOutstanding": 421641231 }, "february28_2025": { "professionalFees": 149181, "managementAndConsultingFees": 52400, "directorsFees": 3063, "officeAndGeneral": 30871, "explorationAndEvaluationExpenditures": 664460, "investorRelationsAndBusinessDevelopment": 5821, "regulatoryAndTransferAgentFees": 11944, "shareBasedCompensation": 91222, "totalOperatingExpenses": 1008962, "lossBeforeNonOperatingItems": -1008962, "forgivenessOfDebt": 244488, "financeAndInterestExpense": 5128, "interestIncome": 0, "flowThroughSharePremiumRecovery": 104953, "gainOnSaleOfExplorationAndEvaluationProperties": 0, "unrealizedLossOnMarketableSecurities": 0, "gainOnForeignExchange": 0, "totalOtherItems": 354569, "netLossAndComprehensiveLoss": -654393, "netLossPerShareBasicAndDiluted": -0.003, "weightedAverageSharesOutstanding": 244738654 } }, "sixMonthsEnded": { "february28_2026": { "professionalFees": 405355, "managementAndConsultingFees": 175033, "directorsFees": 15030, "officeAndGeneral": 66719, "explorationAndEvaluationExpenditures": 30409681, "investorRelationsAndBusinessDevelopment": 442141, "regulatoryAndTransferAgentFees": 64898, "shareBasedCompensation": 2189944, "totalOperatingExpenses": 33768801, "lossBeforeNonOperatingItems": -33768801, "forgivenessOfDebt": 0, "financeAndInterestExpense": -2877503, "interestIncome": 69165, "flowThroughSharePremiumRecovery": 12900, "gainOnSaleOfExplorationAndEvaluationProperties": 10568905, "unrealizedLossOnMarketableSecurities": -2433333, "gainOnForeignExchange": 228173, "totalOtherItems": 5568307, "netLossAndComprehensiveLoss": -28200494, "netLossPerShareBasicAndDiluted": -0.071, "weightedAverageSharesOutstanding": 397640635 }, "february28_2025": { "professionalFees": 242989, "managementAndConsultingFees": 117000, "directorsFees": 19950, "officeAndGeneral": 54412, "explorationAndEvaluationExpenditures": 902471, "investorRelationsAndBusinessDevelopment": 18600, "regulatoryAndTransferAgentFees": 24868, "shareBasedCompensation": 148210, "totalOperatingExpenses": 1528500, "lossBeforeNonOperatingItems": -1528500, "forgivenessOfDebt": 244488, "financeAndInterestExpense": 0, "interestIncome": 0, "flowThroughSharePremiumRecovery": 174229, "gainOnSaleOfExplorationAndEvaluationProperties": 0, "unrealizedLossOnMarketableSecurities": 0, "gainOnForeignExchange": 0, "totalOtherItems": 418567, "netLossAndComprehensiveLoss": -1109783, "netLossPerShareBasicAndDiluted": -0.005, "weightedAverageSharesOutstanding": 244738654 } } }, "cashFlowStatement": { "sixMonthsEnded": { "february28_2026": { "netLoss": -28200494, "financeAndInterestExpense": 1904634, "commonSharesIssuedForExplorationAndEvaluationExpense": 10663087, "marketableSecuritiesReceivedOnSaleOfExplorationAndEvaluationAssets": -3933333, "shareBasedCompensation": 2189944, "unrealizedLossOnMarketableSecurities": 2433333, "forgivenessOfDebt": 0, "flowThroughSharePremiumRecovery": -12900, "unrealizedForeignExchangeGain": -239616, "changeInSalesTaxRecoverable": -433994, "changeInPrepaidExpenses": -185195, "changeInOtherReceivables": 0, "changeInAccountsPayableAndAccruedLiabilities": -83491, "netCashUsedInOperatingActivities": -15898025, "purchaseOfRestrictedInvestment": -7500, "netCashUsedInInvestingActivities": -7500, "proceedsOfPrivatePlacementUnits": 9290500, "proceedsOfPrivatePlacementFlowThroughShares": 45000, "shareIssuanceCostsRelatedToPrivatePlacement": -1263940, "proceedsFromIssuanceOfDebenture": 20890500, "debenturesIssuanceCosts": -2318800, "partialRepaymentOfDebenture": -3312500, "proceedsFromExerciseOfOptions": 12500, "proceedsFromExerciseOfWarrants": 350000, "paymentOfNotePayable": -210000, "netCashProvidedByFinancingActivities": 23483260, "increaseInCashAndRestrictedCash": 7577735, "cashAndRestrictedCashBeginning": 426745, "effectOfExchangeRateChangesOnRestrictedCash": -50891, "cashAndRestrictedCashEnding": 7953589, "cash": 5810877, "restrictedCash": 2142712, "supplementalInterestPaid": 972869 }, "february28_2025": { "netLoss": -1109783, "financeAndInterestExpense": 0, "commonSharesIssuedForExplorationAndEvaluationExpense": 0, "marketableSecuritiesReceivedOnSaleOfExplorationAndEvaluationAssets": 0, "shareBasedCompensation": 148210, "unrealizedLossOnMarketableSecurities": 0, "forgivenessOfDebt": -244488, "flowThroughSharePremiumRecovery": -174229, "unrealizedForeignExchangeGain": 0, "changeInSalesTaxRecoverable": -105059, "changeInPrepaidExpenses": -49842, "changeInOtherReceivables": -85354, "changeInAccountsPayableAndAccruedLiabilities": 504369, "netCashUsedInOperatingActivities": -1116176, "purchaseOfRestrictedInvestment": 0, "netCashUsedInInvestingActivities": 0, "proceedsOfPrivatePlacementUnits": 0, "proceedsOfPrivatePlacementFlowThroughShares": 0, "shareIssuanceCostsRelatedToPrivatePlacement": 0, "proceedsFromIssuanceOfDebenture": 0, "debenturesIssuanceCosts": 0, "partialRepaymentOfDebenture": 0, "proceedsFromExerciseOfOptions": 0, "proceedsFromExerciseOfWarrants": 0, "paymentOfNotePayable": 0, "netCashProvidedByFinancingActivities": 0, "increaseInCashAndRestrictedCash": -1116176, "cashAndRestrictedCashBeginning": 1142851, "effectOfExchangeRateChangesOnRestrictedCash": 0, "cashAndRestrictedCashEnding": 26675, "cash": 26675, "restrictedCash": 0, "supplementalInterestPaid": 0 } } }, "investmentsAndOtherAssets": [ { "type": "Marketable Securities", "description": "Common shares of Total Metals Corp.", "ownershipPercentage": null, "value": 1500000, "notes": "Fair value at February 28, 2026; subject to unrealized loss of $2,433,333." }, { "type": "Restricted Investment", "description": "Restricted cash deposited in interest reserve account for debentures", "ownershipPercentage": null, "value": 2142712, "notes": "Held for interest payments on debentures; classified as restricted cash." } ], "shareStructure": { "authorizedShares": "Unlimited", "issuedShares": 423509625, "classesOfShares": [ "Common shares" ], "warrants": [ { "number": 3642500, "exercisePrice": 0.20, "expiryDate": "2026-04-13" }, { "number": 9500000, "exercisePrice": 0.07, "expiryDate": "2026-09-20" }, { "number": 1400000, "exercisePrice": 0.07, "expiryDate": "2026-10-10" }, { "number": 28053332, "exercisePrice": 0.25, "expiryDate": "2028-09-26" }, { "number": 48000000, "exercisePrice": 0.15, "expiryDate": "2028-09-29" }, { "number": 2914998, "exercisePrice": 0.25, "expiryDate": "2028-10-09" } ], "options": [ { "number": 5500000, "exercisePrice": 0.10, "expiryDate": "2026-05-31" }, { "number": 1500000, "exercisePrice": 0.40, "expiryDate": "2027-01-25" }, { "number": 2325000, "exercisePrice": 0.12, "expiryDate": "2027-10-14" }, { "number": 325000, "exercisePrice": 0.16, "expiryDate": "2028-01-13" }, { "number": 325000, "exercisePrice": 0.12, "expiryDate": "2028-05-08" }, { "number": 5650000, "exercisePrice": 0.09, "expiryDate": "2028-12-27" }, { "number": 6400000, "exercisePrice": 0.025, "expiryDate": "2029-07-19" }, { "number": 1000000, "exercisePrice": 0.03, "expiryDate": "2027-10-31" }, { "number": 1000000, "exercisePrice": 0.035, "expiryDate": "2029-12-02" }, { "number": 35100000, "exercisePrice": 0.15, "expiryDate": "2030-11-02" }, { "number": 2000000, "exercisePrice": 0.15, "expiryDate": "2031-01-20" } ], "rightsConvertibleInstruments": null }, "managementCompensation": { "currency": "CAD", "periods": { "threeMonthsEndedFebruary28_2026": { "consultingFees": 70500, "directorFees": 7950, "shareBasedCompensation": 707430 }, "threeMonthsEndedFebruary28_2025": { "consultingFees": 52400, "directorFees": 3062, "shareBasedCompensation": 77889 }, "sixMonthsEndedFebruary28_2026": { "consultingFees": 164167, "directorFees": 15030, "shareBasedCompensation": 1990160 }, "sixMonthsEndedFebruary28_2025": { "consultingFees": 117000, "directorFees": 19950, "shareBasedCompensation": 130433 } }, "namedIndividuals": [], "otherRelatedPartyTransactions": [ { "counterparty": "Officers and directors", "description": "Accounts payable and accrued liabilities owed", "amount": 155070, "period": "2026-02-28" }, { "counterparty": "Officer (note payable)", "description": "Promissory note payable (repaid in December 2025) - accrued interest previously included", "amount": 0, "period": "2026-02-28" }, { "counterparty": "Directors", "description": "Outstanding directors' fees", "amount": 66780, "period": "2026-02-28" }, { "counterparty": "Directors", "description": "Related party receivable due from directors", "amount": 85354, "period": "2026-02-28" }, { "counterparty": "Insiders of the Company", "description": "Subscribed for $1,280,732 of debenture offering; accrued interest and accretion expense of $82,217 for six months ended Feb 28, 2026", "amount": 82217, "period": "2026-02-28" }, { "counterparty": "Directors and officers", "description": "Subscribed to 1,931,666 units for gross proceeds of $289,750 in equity offering", "amount": 289750, "period": "2026-02-28" }, { "counterparty": "Law firm (director is partner)", "description": "Professional fees incurred", "amount": 1354796, "period": "2026-02-28" }, { "counterparty": "Law firm (director is partner)", "description": "Amount payable at period end", "amount": 61299, "period": "2026-02-28" }, { "counterparty": "Law firm (director is partner)", "description": "Forgiveness of debt in prior period (six months ended Feb 28, 2025)", "amount": 244488, "period": "2025-02-28" } ] }, "subsequentEvents": [ { "eventDate": "2026-03-01 to 2026-04-23 (assumed)", "description": "Exercise of 750,000 options for 750,000 common shares, proceeds of $22,500.", "impactValue": 22500 }, { "eventDate": "2026-03-01 to 2026-04-23 (assumed)", "description": "Exercise of 150,000 warrants for 150,000 common shares, proceeds of $10,500.", "impactValue": 10500 }, { "eventDate": null, "description": "Extension of expiry date of 3,642,500 warrants from April 13, 2026 to July 12, 2026. Exercise price remains $0.20 per share.", "impactValue": null } ] } ]