SEDAR Interim Financial Statements

[
  {
    "companyName": "TUDOR GOLD CORP.",
    "reportingPeriodEnd": "2025-12-31",
    "reportStatus": "Audited",
    "auditorName": "Chartered Professional Accountants",
    "auditorKeyMatters": [
      "Material Uncertainty Related to Going Concern",
      "Assessment of Impairment Indicators of Exploration and Evaluation Assets"
    ],
    "balanceSheet": {
      "cash": {
        "2025-12-31": 918510,
        "2025-03-31": 370109
      },
      "shortTermInvestments": {
        "2025-12-31": 24094933,
        "2025-03-31": 0
      },
      "currentPortionOfReceivablesAndOther": {
        "2025-12-31": 366734,
        "2025-03-31": 283547
      },
      "marketableSecurities": {
        "2025-12-31": 92144,
        "2025-03-31": 0
      },
      "totalCurrentAssets": {
        "2025-12-31": 25472321,
        "2025-03-31": 653656
      },
      "bcmetcReceivable": {
        "2025-12-31": 496866,
        "2025-03-31": 270000
      },
      "longTermInvestments": {
        "2025-12-31": 3504342,
        "2025-03-31": 0
      },
      "receivablesAndOther": {
        "2025-12-31": 482945,
        "2025-03-31": 31920
      },
      "reclamationDeposits": {
        "2025-12-31": 24000,
        "2025-03-31": 146000
      },
      "propertyAndEquipment": {
        "2025-12-31": 1489276,
        "2025-03-31": 1745089
      },
      "explorationAndEvaluationAssets": {
        "2025-12-31": 221172848,
        "2025-03-31": 126582212
      },
      "totalAssets": {
        "2025-12-31": 252642598,
        "2025-03-31": 129428877
      },
      "accountsPayableAndAccruedLiabilities": {
        "2025-12-31": 451335,
        "2025-03-31": 475571
      },
      "currentPortionOfLeaseObligations": {
        "2025-12-31": 39194,
        "2025-03-31": 35836
      },
      "ftsPremiumLiability": {
        "2025-12-31": 3379533,
        "2025-03-31": 0
      },
      "currentIncomeTaxLiability": {
        "2025-12-31": 0,
        "2025-03-31": 66000
      },
      "totalCurrentLiabilities": {
        "2025-12-31": 3870062,
        "2025-03-31": 577407
      },
      "leaseObligations": {
        "2025-12-31": 165104,
        "2025-03-31": 194933
      },
      "deferredIncomeTaxLiability": {
        "2025-12-31": 13338480,
        "2025-03-31": 13103884
      },
      "totalNonCurrentLiabilities": {
        "2025-12-31": 17373646,
        "2025-03-31": 13876224
      },
      "shareCapital": {
        "2025-12-31": 255313386,
        "2025-03-31": 141937175
      },
      "otherReserves": {
        "2025-12-31": 36259913,
        "2025-03-31": 27623553
      },
      "deficit": {
        "2025-12-31": -56304347,
        "2025-03-31": -54008075
      },
      "totalShareholdersEquity": {
        "2025-12-31": 235268952,
        "2025-03-31": 115552653
      },
      "totalLiabilitiesAndShareholdersEquity": {
        "2025-12-31": 252642598,
        "2025-03-31": 129428877
      },
      "cashPerShare": {
        "2025-12-31": 0.0030,
        "2025-03-31": 0.0016
      },
      "workingCapitalPerShare": {
        "2025-12-31": 0.0700,
        "2025-03-31": 0.0003
      }
    },
    "incomeStatement": {
      "shareBasedCompensation": {
        "2025-12-31": 1391430,
        "2025-03-31": 3937526
      },
      "managementAndConsultingFees": {
        "2025-12-31": 618115,
        "2025-03-31": 784012
      },
      "investorRelationsAndMarketing": {
        "2025-12-31": 494596,
        "2025-03-31": 480292
      },
      "salariesAndWages": {
        "2025-12-31": 271419,
        "2025-03-31": 2328
      },
      "professionalFees": {
        "2025-12-31": 270557,
        "2025-03-31": 398788
      },
      "officeAndGeneralExpenses": {
        "2025-12-31": 178729,
        "2025-03-31": 314682
      },
      "transferAgentListingAndFilingFees": {
        "2025-12-31": 112749,
        "2025-03-31": 103677
      },
      "travel": {
        "2025-12-31": 110227,
        "2025-03-31": 465964
      },
      "directorsFees": {
        "2025-12-31": 47239,
        "2025-03-31": 61538
      },
      "depreciation": {
        "2025-12-31": 28884,
        "2025-03-31": 249878
      },
      "repairsAndMaintenance": {
        "2025-12-31": 0,
        "2025-03-31": 48005
      },
      "lossFromOperations": {
        "2025-12-31": -3523945,
        "2025-03-31": -6846690
      },
      "interestAndFinanceExpense": {
        "2025-12-31": -32601,
        "2025-03-31": -36876
      },
      "foreignExchangeLoss": {
        "2025-12-31": -10677,
        "2025-03-31": -22322
      },
      "gainOnDisposalOfInvestments": {
        "2025-12-31": 0,
        "2025-03-31": 425652
      },
      "otherIncome": {
        "2025-12-31": 10829,
        "2025-03-31": 123675
      },
      "unrealizedFairValueAdjustmentOnMarketableSecurities": {
        "2025-12-31": 17749,
        "2025-03-31": 0
      },
      "interestAndFinanceIncome": {
        "2025-12-31": 157078,
        "2025-03-31": 64434
      },
      "ftsPremiumRecovery": {
        "2025-12-31": 1282063,
        "2025-03-31": 629729
      },
      "lossBeforeTaxes": {
        "2025-12-31": -2099504,
        "2025-03-31": -5662398
      },
      "currentIncomeTaxRecoveryExpense": {
        "2025-12-31": 37828,
        "2025-03-31": -66000
      },
      "deferredIncomeTaxExpense": {
        "2025-12-31": -234596,
        "2025-03-31": -531000
      },
      "netLossAndComprehensiveLoss": {
        "2025-12-31": -2296272,
        "2025-03-31": -6259398
      },
      "lossPerShareBasicAndDiluted": {
        "2025-12-31": -0.01,
        "2025-03-31": -0.03
      },
      "weightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted": {
        "2025-12-31": 308757730,
        "2025-03-31": 233361727
      }
    },
    "cashFlowStatement": {
      "netLossForPeriod": {
        "2025-12-31": -2296272,
        "2025-03-31": -6259398
      },
      "currentIncomeTaxRecoveryExpense": {
        "2025-12-31": -37828,
        "2025-03-31": 66000
      },
      "deferredIncomeTaxExpense": {
        "2025-12-31": 234596,
        "2025-03-31": 531000
      },
      "depreciation": {
        "2025-12-31": 28884,
        "2025-03-31": 249878
      },
      "ftsPremiumRecovery": {
        "2025-12-31": -1282063,
        "2025-03-31": -629729
      },
      "interestAndFinanceIncome": {
        "2025-12-31": -157078,
        "2025-03-31": 0
      },
      "interestExpenseOnLeases": {
        "2025-12-31": 19728,
        "2025-03-31": 36876
      },
      "gainOnDisposalOfInvestments": {
        "2025-12-31": 0,
        "2025-03-31": -425652
      },
      "shareBasedCompensation": {
        "2025-12-31": 1391430,
        "2025-03-31": 3937526
      },
      "unrealizedFairValueAdjustmentOnMarketableSecurities": {
        "2025-12-31": -17749,
        "2025-03-31": 0
      },
      "unrealizedForeignExchangeLoss": {
        "2025-12-31": 115,
        "2025-03-31": 0
      },
      "changesInNonCashWorkingCapitalItems_receivablesAndOther": {
        "2025-12-31": -12919,
        "2025-03-31": 62068
      },
      "changesInNonCashWorkingCapitalItems_dueFromRelatedParty": {
        "2025-12-31": 0,
        "2025-03-31": -60000
      },
      "changesInNonCashWorkingCapitalItems_accountsPayableAndAccruedLiabilities": {
        "2025-12-31": -211061,
        "2025-03-31": -49740
      },
      "changesInNonCashWorkingCapitalItems_incomeTaxesPaid": {
        "2025-12-31": -65563,
        "2025-03-31": 0
      },
      "netCashUsedInOperatingActivities": {
        "2025-12-31": -2405780,
        "2025-03-31": -2541171
      },
      "cashAcquiredFromAcquisitionOfAmericanCreek": {
        "2025-12-31": 40806,
        "2025-03-31": 0
      },
      "expendituresOnEEAssets": {
        "2025-12-31": -6088448,
        "2025-03-31": -7741987
      },
      "explorationAdvances": {
        "2025-12-31": -139897,
        "2025-03-31": -30807
      },
      "proceedsFromSaleOfInvestments": {
        "2025-12-31": 0,
        "2025-03-31": 586185
      },
      "purchaseOfPropertyAndEquipment": {
        "2025-12-31": 0,
        "2025-03-31": -470169
      },
      "purchaseOfShortAndLongTermInvestments": {
        "2025-12-31": -35000000,
        "2025-03-31": 0
      },
      "reclamationDeposit": {
        "2025-12-31": 186000,
        "2025-03-31": 66600
      },
      "redemptionOfShortTermInvestments": {
        "2025-12-31": 7528750,
        "2025-03-31": 0
      },
      "transactionCostsForAcquisitionOfAmericanCreek": {
        "2025-12-31": -1192007,
        "2025-03-31": 0
      },
      "interestReceived": {
        "2025-12-31": 44871,
        "2025-03-31": 0
      },
      "netCashUsedInInvestingActivities": {
        "2025-12-31": -34619925,
        "2025-03-31": -7590178
      },
      "paymentOfLeaseObligations": {
        "2025-12-31": -46200,
        "2025-03-31": -59840
      },
      "proceedsFromExerciseOfShareOptions": {
        "2025-12-31": 144000,
        "2025-03-31": 85000
      },
      "proceedsFromExerciseOfWarrants": {
        "2025-12-31": 788285,
        "2025-03-31": 0
      },
      "proceedsFromFTSPrivatePlacements": {
        "2025-12-31": 22377699,
        "2025-03-31": 0
      },
      "proceedsFromPrivatePlacements": {
        "2025-12-31": 16579023,
        "2025-03-31": 0
      },
      "proceedsFromSharesIssuedForATMFinancing": {
        "2025-12-31": 559337,
        "2025-03-31": 3122582
      },
      "shareIssuanceCosts": {
        "2025-12-31": -2827923,
        "2025-03-31": -107618
      },
      "netCashGeneratedByFinancingActivities": {
        "2025-12-31": 37574221,
        "2025-03-31": 3040124
      },
      "increaseDecreaseInCashForPeriod": {
        "2025-12-31": 548516,
        "2025-03-31": -7091225
      },
      "cashBeginningOfPeriod": {
        "2025-12-31": 370109,
        "2025-03-31": 7461334
      },
      "effectOfForeignExchangeRateChangesOnCash": {
        "2025-12-31": -115,
        "2025-03-31": 0
      },
      "cashEndOfPeriod": {
        "2025-12-31": 918510,
        "2025-03-31": 370109
      }
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Short-term Investments",
        "description": "Redeemable short-term investment certificates (RSTICs) and guaranteed investment certificates (GICs) held at major financial institutions, classified at amortized cost.",
        "ownershipPercentage": null,
        "value": 24094933,
        "notes": "Mature between June 1, 2026 and December 15, 2026."
      },
      {
        "type": "Long-term Investments",
        "description": "Guaranteed investment certificates (GICs) held at major financial institutions, classified at amortized cost.",
        "ownershipPercentage": null,
        "value": 3504342,
        "notes": "Mature between December 16, 2026 and June 16, 2027."
      },
      {
        "type": "Marketable Securities",
        "description": "Common shares of publicly traded companies, recorded at fair value through profit or loss.",
        "ownershipPercentage": null,
        "value": 92144,
        "notes": "Fair value determined by quoted market prices."
      },
      {
        "type": "Mineral Resource Property",
        "description": "Treaty Creek Project (Goldstorm Deposit) located in the Golden Triangle, British Columbia.",
        "ownershipPercentage": 80,
        "value": 221172848,
        "notes": "Joint venture with Teuton Resources Corp. (20% interest). Subject to net smelter return royalties: 0.98% NSR to Teuton on core tenures, 0.49% NSR to Teuton on surrounding tenures, and 2.00% NSR with 1.00% buyback at $1,000,000 to St. Andrews Goldfields Ltd. on certain tenures."
      },
      {
        "type": "Note Receivable",
        "description": "Loan to Affinity Metals Corp., bearing interest at 10% per annum, due December 31, 2027.",
        "ownershipPercentage": null,
        "value": 426192,
        "notes": "Classified as non-current."
      }
    ],
    "shareStructure": {
      "authorizedShares": "Unlimited common shares and unlimited preferred shares issuable in series",
      "issuedShares": 406471241,
      "classesOfShares": [
        "Common shares",
        "Preferred shares"
      ],
      "warrants": [
        {
          "number": 11494148,
          "exercisePrice": 0.75,
          "expiryDate": "2028-05-29"
        },
        {
          "number": 1100505,
          "exercisePrice": 0.5,
          "expiryDate": "2028-05-29"
        },
        {
          "number": 572891,
          "exercisePrice": 0.63,
          "expiryDate": "2026-04-12"
        },
        {
          "number": 3246367,
          "exercisePrice": 0.59,
          "expiryDate": "2028-05-01"
        },
        {
          "number": 6590736,
          "exercisePrice": 1.2,
          "expiryDate": "2027-12-03"
        },
        {
          "number": 667283,
          "exercisePrice": 1.2,
          "expiryDate": "2027-12-11"
        },
        {
          "number": 7937500,
          "exercisePrice": 1.2,
          "expiryDate": "2027-12-15"
        }
      ],
      "options": [
        {
          "number": 1090000,
          "exercisePrice": 2.09,
          "expiryDate": "2026-01-20"
        },
        {
          "number": 450000,
          "exercisePrice": 3.14,
          "expiryDate": "2026-04-05"
        },
        {
          "number": 1300000,
          "exercisePrice": 2.7,
          "expiryDate": "2026-06-01"
        },
        {
          "number": 1600000,
          "exercisePrice": 2.07,
          "expiryDate": "2027-01-19"
        },
        {
          "number": 550000,
          "exercisePrice": 1.94,
          "expiryDate": "2027-04-14"
        },
        {
          "number": 1450000,
          "exercisePrice": 1.45,
          "expiryDate": "2026-01-05"
        },
        {
          "number": 200000,
          "exercisePrice": 1.75,
          "expiryDate": "2028-05-08"
        },
        {
          "number": 2200000,
          "exercisePrice": 0.85,
          "expiryDate": "2028-10-03"
        },
        {
          "number": 600000,
          "exercisePrice": 1.25,
          "expiryDate": "2026-12-18"
        },
        {
          "number": 5675000,
          "exercisePrice": 0.96,
          "expiryDate": "2029-09-13"
        },
        {
          "number": 6700000,
          "exercisePrice": 0.6,
          "expiryDate": "2030-06-19"
        },
        {
          "number": 100000,
          "exercisePrice": 0.6,
          "expiryDate": "2030-07-01"
        },
        {
          "number": 647360,
          "exercisePrice": 0.34,
          "expiryDate": "2026-05-19"
        },
        {
          "number": 428400,
          "exercisePrice": 0.27,
          "expiryDate": "2026-11-02"
        },
        {
          "number": 654500,
          "exercisePrice": 0.34,
          "expiryDate": "2029-08-19"
        },
        {
          "number": 642600,
          "exercisePrice": 0.38,
          "expiryDate": "2029-09-05"
        },
        {
          "number": 5428780,
          "exercisePrice": 0.38,
          "expiryDate": "2030-05-08"
        },
        {
          "number": 122570,
          "exercisePrice": 0.27,
          "expiryDate": "2030-05-24"
        },
        {
          "number": 547400,
          "exercisePrice": 0.38,
          "expiryDate": "2030-08-27"
        },
        {
          "number": 2832200,
          "exercisePrice": 0.38,
          "expiryDate": "2030-09-04"
        }
      ],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "2025-12-31": {
          "shareBasedCompensation": 1277522,
          "managementAndConsultingFees": 772663,
          "salariesAndBenefits": 271419,
          "directorsFees": 47239,
          "total": 2368843
        },
        "2025-03-31": {
          "shareBasedCompensation": 1945573,
          "managementAndConsultingFees": 826208,
          "salariesAndBenefits": 0,
          "directorsFees": 61538,
          "total": 2833319
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "P2 Gold Inc.",
          "description": "Shared office space cost recovery and management fees under shared services agreements.",
          "amount": 120292,
          "period": "2025-12-31"
        },
        {
          "counterparty": "Goldstorm Metals Corp.",
          "description": "Sub-lease of office space and use of vehicles, field equipment, storage, accommodation facilities, and a bridge.",
          "amount": 6000,
          "period": "2025-12-31"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "2026-02-05",
        "description": "Granted share options to employees, directors and consultants to purchase an aggregate of 7,075,000 common shares at an exercise price of $1.26 per share, expiring February 5, 2031.",
        "impactValue": null
      },
      {
        "eventDate": null,
        "description": "Exercised 270,130 share options for proceeds of $99,520.",
        "impactValue": 99520
      },
      {
        "eventDate": null,
        "description": "Exercised 1,464,213 warrants for proceeds of $1,070,405.",
        "impactValue": 1070405
      }
    ]
  }
]