SEDAR Interim Financial Statements

[
  {
    "companyName": "Surge Copper Corp.",
    "reportingPeriodEnd": "2025-12-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cashAndCashEquivalents": 4295620,
      "gstReceivable": 339411,
      "otherReceivable": 2520,
      "prepaidExpenses": 114928,
      "totalCurrentAssets": 4752479,
      "explorationAndEvaluationCosts": 61236053,
      "rightOfUseAsset": 20341,
      "equipmentAndCampBuildings": 15600,
      "totalNonCurrentAssets": 61271994,
      "totalAssets": 66024473,
      "tradeAndOtherPayables": 543065,
      "currentPortionOfLeaseLiability": 27951,
      "deferredCompensationLiability": 1370904,
      "totalCurrentLiabilities": 1941920,
      "leaseObligationLiability": 0,
      "deferredIncomeTaxLiability": 4144000,
      "totalNonCurrentLiabilities": 4144000,
      "totalLiabilities": 6085920,
      "shareCapital": 83467979,
      "contributedSurplus": 14188787,
      "deficit": -37718213,
      "totalShareholdersEquity": 59938553,
      "totalLiabilitiesAndShareholdersEquity": 66024473,
      "cashPerShare": 0.0132,
      "workingCapitalPerShare": 0.0086
    },
    "incomeStatement": {
      "amortization": 23635,
      "consulting": 70529,
      "managementAndPersonnel": 839802,
      "marketingAndConferences": 257412,
      "office": 92545,
      "professionalFees": 103571,
      "shareBasedPayments": 998395,
      "shareholderCommunications": 11369,
      "transferAgentAndFilingFees": 38523,
      "travel": 67458,
      "totalExpenses": 2503239,
      "interestExpense": -3776,
      "interestIncome": 63891,
      "miscellaneousIncome": null,
      "rentalIncome": 10800,
      "lossOnRevaluationOfDeferredCompensationLiability": -986837,
      "otherIncomeRealizationOfFlowThroughPremiumLiability": 849057,
      "lossBeforeIncomeTaxes": -2570104,
      "incomeTaxes": 0,
      "netLossAndTotalComprehensiveLossForThePeriod": -2570104,
      "lossPerShareBasic": -0.007,
      "lossPerShareDiluted": -0.007,
      "weightedAverageNumberOfCommonSharesOutstanding": 326225863
    },
    "cashFlowStatement": {
      "netLossForThePeriod": -2570104,
      "amortization": 23635,
      "flowThroughSharePremium": -849057,
      "lossOnRevaluationOfDsusToBeSettledInCash": 986837,
      "shareBasedPayments": 998395,
      "changesInNonCashWorkingCapitalItemsTaxesRecoverable": -109798,
      "changesInNonCashWorkingCapitalItemsOtherReceivables": 1260,
      "changesInNonCashWorkingCapitalItemsPrepaidExpenses": -31919,
      "changesInNonCashWorkingCapitalItemsTradeAndOtherPayables": 208592,
      "changesInNonCashWorkingCapitalItemsLeaseLiability": -23683,
      "cashUsedInOperatingActivities": -1365842,
      "investmentInExplorationAndEvaluationAssets": -6188160,
      "propertyAcquisitionCosts": -285000,
      "reclamationBond": -3000,
      "cashUsedInInvestingActivities": -6476160,
      "proceedsFromShareIssuance": 10256619,
      "cashProvidedByFinancingActivities": 10256619,
      "netIncreaseInCash": 2414617,
      "cashAndCashEquivalentsBeginningOfThePeriod": 1881003,
      "cashAndCashEquivalentsEndOfThePeriod": 4295620
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Mineral Property",
        "description": "Berg Property, British Columbia, 100% owned, comprised of 113 mineral claims and one mining lease (41,894.96 hectares). Option to acquire 100% of MacLean East property (6,312.72 hectares).",
        "ownershipPercentage": 100,
        "value": 24028394,
        "notes": "Subject to 1% NSR royalty to Royal Gold on eight claims and mining lease. Option agreement for MacLean East requires payments up to $1,685,000 (cash or shares) over 5 years and grants 2.5% and 1.0% NSRs upon exercise. Additional claims at Bergette and Sylvia prospects subject to 2-2.5% NSRs with buy-down options."
      },
      {
        "type": "Mineral Property",
        "description": "Ootsa Property, British Columbia, 100% owned, comprised of 138 mineral claims (93,480.40 hectares).",
        "ownershipPercentage": 100,
        "value": 37207659,
        "notes": "Various NSR royalties on specific claims (Ox, Seel, Swing, Troitsa Peak) ranging from 1% to 2%, with options to purchase portions of the royalties."
      },
      {
        "type": "Royalty Interest",
        "description": "2% NSR on Auro and Auro South properties sold to New Gold Inc.",
        "ownershipPercentage": null,
        "value": null,
        "notes": "Retained from 2012 sale."
      }
    ],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 345414484,
      "classesOfShares": ["common shares"],
      "warrants": [],
      "options": [
        {
          "number": 1800000,
          "exercisePrice": 0.69,
          "expiryDate": "2026-01-04"
        },
        {
          "number": 200000,
          "exercisePrice": 0.44,
          "expiryDate": "2026-04-23"
        },
        {
          "number": 2500000,
          "exercisePrice": 0.42,
          "expiryDate": "2026-06-23"
        },
        {
          "number": 800000,
          "exercisePrice": 0.42,
          "expiryDate": "2026-10-15"
        },
        {
          "number": 200000,
          "exercisePrice": 0.31,
          "expiryDate": "2026-12-20"
        },
        {
          "number": 175000,
          "exercisePrice": 0.15,
          "expiryDate": "2029-07-18"
        }
      ],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "nineMonthsEndedDec312025": {
          "shortTermEmployeeBenefits": 941976,
          "shareBasedPayments": 998395,
          "total": 1940371
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "company with common officers",
          "description": "office sublease revenue",
          "amount": 10800,
          "period": "nineMonthsEndedDec312025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "2026-01-02",
        "description": "300,000 incentive stock options exercised for gross proceeds of $126,000.",
        "impactValue": 126000
      },
      {
        "eventDate": "2026-01-04",
        "description": "1,800,000 incentive stock options with exercise price of $0.69 expired unexercised.",
        "impactValue": null
      },
      {
        "eventDate": "2026-01-12",
        "description": "Granted 2,169,041 RSUs to officers and directors (vest over 36 months) and 1,501,642 DSUs to a director (vest 12 months from grant).",
        "impactValue": null
      },
      {
        "eventDate": "2026-02-10",
        "description": "Announced non-brokered private placement for gross proceeds of $20,000,000 (40,000,000 units at $0.50 per unit, each unit includes one common share and one warrant exercisable at $1.00 for three years).",
        "impactValue": 20000000
      },
      {
        "eventDate": "2026-02-26",
        "description": "Closed first tranche of private placement: 32,040,000 units for gross proceeds of $16,020,000. Paid cash finder's fees of $62,295.",
        "impactValue": 16020000
      }
    ]
  }
]