SEDAR Interim Financial Statements

[
  {
    "companyName": "Founders Metals Inc.",
    "reportingPeriodEnd": "2026-02-28",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "asAt2026-02-28": {
        "cash": 47421738,
        "accountsReceivable": 877648,
        "prepaidsAndDepositsCurrent": 575904,
        "totalCurrentAssets": 48875290,
        "fixedAssets": 3955701,
        "prepaidsAndDepositsNonCurrent": 552065,
        "explorationAndEvaluationProperties": 112343099,
        "totalAssets": 165726155,
        "accountsPayableAndAccruedLiabilities": 8868987,
        "totalCurrentLiabilities": 8868987,
        "shareCapital": 163817392,
        "nonControllingInterest": 6214700,
        "optionAndWarrantReserve": 10188204,
        "deficit": -23340339,
        "accumulatedOtherComprehensiveLoss": -22789,
        "totalEquity": 156857168,
        "totalLiabilitiesAndEquity": 165726155
      },
      "asAt2025-08-31": {
        "cash": 25746648,
        "accountsReceivable": 290414,
        "prepaidsAndDepositsCurrent": 360136,
        "totalCurrentAssets": 26397198,
        "fixedAssets": 3628076,
        "prepaidsAndDepositsNonCurrent": 831436,
        "explorationAndEvaluationProperties": 84888024,
        "totalAssets": 115744734,
        "accountsPayableAndAccruedLiabilities": 7524238,
        "totalCurrentLiabilities": 7524238,
        "shareCapital": 114322507,
        "nonControllingInterest": 6214700,
        "optionAndWarrantReserve": 5573868,
        "deficit": -17872520,
        "accumulatedOtherComprehensiveLoss": -18059,
        "totalEquity": 108220496,
        "totalLiabilitiesAndEquity": 115744734
      }
    },
    "incomeStatement": {
      "forSixMonthsEnded2026-02-28": {
        "marketingExpenses": 589076,
        "generalAndAdministration": 946826,
        "managementFees": 383125,
        "professionalFees": 648955,
        "regulatoryAndFilingFees": 112984,
        "totalExpenses": 2680966,
        "interestIncome": 412787,
        "foreignExchangeGainLoss": -85832,
        "shareBasedCompensation": -3113808,
        "netLoss": -5467819,
        "basicEarningsPerShare": -0.05,
        "dilutedEarningsPerShare": -0.05,
        "weightedAverageSharesOutstanding": 109962253,
        "otherComprehensiveIncomeLoss": -4730,
        "totalComprehensiveLoss": -5472549
      },
      "forSixMonthsEnded2025-02-28": {
        "marketingExpenses": 566752,
        "generalAndAdministration": 650563,
        "managementFees": 528622,
        "professionalFees": 704610,
        "regulatoryAndFilingFees": 49713,
        "totalExpenses": 2500260,
        "interestIncome": 221546,
        "foreignExchangeGainLoss": -51736,
        "shareBasedCompensation": -509448,
        "netLoss": -2839898,
        "basicEarningsPerShare": -0.03,
        "dilutedEarningsPerShare": -0.03,
        "weightedAverageSharesOutstanding": 84511456,
        "otherComprehensiveIncomeLoss": 0,
        "totalComprehensiveLoss": -2839898
      }
    },
    "cashFlowStatement": {
      "forSixMonthsEnded2026-02-28": {
        "netLoss": -5467819,
        "shareBasedCompensation": 3113808,
        "changesInNonCashWorkingCapital": {
          "accountsReceivable": -587234,
          "prepaidsAndDeposits": 63603,
          "accountsPayableAndAccruedLiabilities": -127081
        },
        "cashUsedInOperatingActivities": -3004723,
        "equipmentPurchases": -770047,
        "explorationAndEvaluationPropertyAcquisition": -7736014,
        "explorationAndEvaluationPropertyExpenditures": -16076881,
        "cashUsedInInvestingActivities": -24582942,
        "proceedsFromPrivatePlacements": 50000000,
        "proceedsFromOptionsExercised": 687500,
        "cashShareIssuanceCosts": -1420015,
        "cashProvidedByFinancingActivities": 49267485,
        "increaseInCash": 21679090,
        "effectOfExchangeRateChanges": -4730,
        "netIncreaseInCash": 21675090,
        "cashBeginning": 25746648,
        "cashEnd": 47421738
      },
      "forSixMonthsEnded2025-02-28": {
        "netLoss": -2839898,
        "shareBasedCompensation": 509448,
        "changesInNonCashWorkingCapital": {
          "accountsReceivable": -32219,
          "prepaidsAndDeposits": -106373,
          "accountsPayableAndAccruedLiabilities": -2597358
        },
        "cashUsedInOperatingActivities": -5066400,
        "equipmentPurchases": -1938415,
        "explorationAndEvaluationPropertyAcquisition": 0,
        "explorationAndEvaluationPropertyExpenditures": -12135083,
        "cashUsedInInvestingActivities": -14073498,
        "proceedsFromPrivatePlacements": 67205678,
        "proceedsFromOptionsExercised": 273000,
        "proceedsFromWarrantsExercised": 2755415,
        "cashShareIssuanceCosts": -4220584,
        "cashProvidedByFinancingActivities": 66013509,
        "increaseInCash": 46873611,
        "effectOfExchangeRateChanges": 0,
        "netIncreaseInCash": 46873611,
        "cashBeginning": 4800069,
        "cashEnd": 51673680
      }
    },
    "derivedMetrics": {
      "cashPerShare": 0.4313,
      "workingCapitalPerShare": 0.3638
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Mineral Property",
        "description": "Exploration and evaluation properties (Antino Gold Project, Elmtree, Mine Rehab, Antino West)",
        "ownershipPercentage": null,
        "value": 112343099,
        "notes": "Includes total capitalized costs as at February 28, 2026. Antino Gold Project (70% owned via Lawa Gold N.V.), Elmtree Gold Project (100%), Mine Rehab N.V. (100%), Antino West (100% but subject to 70% ownership under option agreement)."
      }
    ],
    "shareStructure": {
      "authorizedShares": "Unlimited common shares and unlimited preferred shares",
      "issuedShares": 115694034,
      "classesOfShares": ["Common shares", "Preferred shares (none issued)"],
      "warrants": [],
      "options": [
        { "number": 225000, "exercisePrice": 0.50, "expiryDate": "2026-03-04" },
        { "number": 470000, "exercisePrice": 0.35, "expiryDate": "2028-04-24" },
        { "number": 700000, "exercisePrice": 0.80, "expiryDate": "2028-10-04" },
        { "number": 1292400, "exercisePrice": 1.56, "expiryDate": "2029-03-04" },
        { "number": 300000, "exercisePrice": 2.55, "expiryDate": "2029-10-01" },
        { "number": 2910000, "exercisePrice": 4.70, "expiryDate": "2030-05-06" },
        { "number": 250000, "exercisePrice": 4.35, "expiryDate": "2030-11-24" }
      ],
      "rightsConvertibleInstruments": "Restricted Share Units (RSUs): 1,340,000 unvested RSUs as at February 28, 2026"
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "sixMonthsEnded2026-02-28": {
          "managementFees": 383125,
          "shareBasedCompensation": 2336773,
          "total": 2823023
        },
        "sixMonthsEnded2025-02-28": {
          "managementFees": 860246,
          "shareBasedCompensation": 509448,
          "total": 1369694
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Directors and officers (and companies controlled by them)",
          "description": "Accounts payable included in accrued liabilities",
          "amount": 51000,
          "period": "As at February 28, 2026"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": null,
        "description": "Issuance of 250,000 common shares upon exercise of stock options with exercise prices between $0.50 and $1.56 for total proceeds of $151,500. Forfeiture of 210,000 stock options (exercise price $4.70) and 100,000 RSUs.",
        "impactValue": null
      }
    ]
  }
]