SEDAR Interim Financial Statements

[
  {
    "companyName": "VULCAN MINERALS INC.",
    "reportingPeriodEnd": "2025-09-30",
    "reportStatus": "Unaudited",
    "auditorName": "MNP LLP",
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cashAndCashEquivalents": 2037209,
      "guaranteedInvestmentCertificates": 3018848,
      "accountsReceivable": 13708,
      "prepaidExpenses": 7211,
      "totalCurrentAssets": 5076976,
      "investments": 470561,
      "investmentInAssociates": 36255610,
      "explorationAndEvaluationAssets": 2581645,
      "capitalAssets": 20560,
      "totalAssets": 44405352,
      "accountsPayableAndAccruedLiabilities": 56240,
      "totalCurrentLiabilities": 56240,
      "deferredIncomeTaxLiability": 2971710,
      "totalLiabilities": 3027950,
      "shareholdersEquity": 41377402,
      "totalEquity": 41377402,
      "cashPerShare": 0.0158,
      "workingCapitalPerShare": 0.0388
    },
    "incomeStatement": {
      "generalAndAdministrativeExpenses": -515811,
      "directorsFees": -47000,
      "depreciation": -5461,
      "shareBasedCompensation": -177494,
      "lossFromOperations": -745766,
      "interestIncome": 104325,
      "incomeFromOptionPayments": 0,
      "dilutionGainLoss": -144192,
      "writeDownOfMineralExplorationAndEvaluationAssets": 0,
      "incomeLossFromEquityAccountedInvestments": -486190,
      "incomeLossBeforeTaxes": -1271823,
      "deferredIncomeTax": 306742,
      "netIncomeLoss": -965081,
      "netIncomeLossPerShareBasicAndDiluted": -0.007,
      "weightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted": 129309265
    },
    "cashFlowStatement": {
      "netLoss": -965081,
      "adjustmentForNonCashItems": {
        "dilutionLoss": 144192,
        "lossFromEquityAccountedInvestments": 486190,
        "deferredOptionPaymentsAndInvestmentInUnrelatedCompanies": 0,
        "writeDownOfMineralExplorationAndEvaluationAssets": 0,
        "incomeFromGuaranteedInvestmentCertificates": -18848,
        "deferredIncomeTaxLiability": -306742,
        "shareBasedCompensation": 183391,
        "depreciation": 5461
      },
      "changesInNonCashWorkingCapital": {
        "accountsReceivable": 52615,
        "prepaidExpenses": 19966,
        "accountsPayableAndAccruedLiabilities": -40749
      },
      "cashUsedInOperatingActivities": -439605,
      "cashFromFinancingActivities": 0,
      "cashUsedInInvestingActivities": -3143210,
      "netChangeInCashAndCashEquivalents": -3582815,
      "cashAndCashEquivalentsBeginningOfPeriod": 5620024,
      "cashAndCashEquivalentsEndOfPeriod": 2037209
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Investment in public companies",
        "description": "Shares in public companies received as consideration for option payments on mineral claims and shares received as consideration for the sale of mineral claims",
        "ownershipPercentage": null,
        "value": 78944,
        "notes": "Fair value through other comprehensive income, Level 1"
      },
      {
        "type": "Investment in private company",
        "description": "Triple Point Resources (private company)",
        "ownershipPercentage": null,
        "value": 391617,
        "notes": "Fair value through other comprehensive income, Level 3"
      },
      {
        "type": "Investment in associate",
        "description": "Atlas Salt Inc. - mineral exploration company, principal asset is the Great Atlantic salt deposit",
        "ownershipPercentage": 29.78,
        "value": 36255610,
        "notes": "Equity method accounting, 29.78% ownership"
      },
      {
        "type": "Mineral Properties",
        "description": "25 mineral licences consisting of 991 claims in Newfoundland and Labrador",
        "ownershipPercentage": null,
        "value": 2581645,
        "notes": "Exploration and evaluation stage, some optioned to Gander Gold Corporation"
      }
    ],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 129309265,
      "classesOfShares": ["common shares", "preferred shares"],
      "warrants": [],
      "options": [
        {
          "number": 9600000,
          "exercisePrice": 0.17,
          "expiryDate": null
        }
      ],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "2025": {
          "managementFeesSalariesAndBenefits": 253231,
          "shareBasedCompensation": 75625,
          "total": 338433
        },
        "2024": {
          "managementFeesSalariesAndBenefits": 227354,
          "shareBasedCompensation": 0,
          "total": 251882
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Corporation controlled by the President and CEO",
          "description": "Rent paid",
          "amount": 36000,
          "period": "2025"
        },
        {
          "counterparty": "Corporation controlled by the President and CEO",
          "description": "Rent paid",
          "amount": 18000,
          "period": "2024"
        }
      ]
    },
    "subsequentEvents": []
  }
]