None
SEDAR Interim Financial Statements
DEF · Price
[
{
"companyName": "DEFIANCE SILVER CORP.",
"reportingPeriodEnd": "2025-12-31",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
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"deferredIncomeTaxLiabilities": 36000,
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"shareBasedPaymentReserve": 9292645,
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"totalShareholdersEquity": 61740480,
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"cashPerShare": 0.0280,
"workingCapitalPerShare": 0.0257
},
"incomeStatement": {
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"transferAgentAndFilingFees": 82198,
"travel": 73649,
"totalExpenses": 1560599,
"interestIncome": 142276,
"lossOnForeignExchange": -81281,
"lossAndComprehensiveLossForThePeriod": -1337042,
"basicAndDilutedLossPerCommonShare": 0,
"weightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted": 363423473
},
"cashFlowStatement": {
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"shareBasedCompensation": 283744,
"foreignExchangeLossOnNonMonetaryItems": -75,
"changesInReceivables": 77943,
"changesInValueAddedTax": -416644,
"changesInPrepaidExpensesAndOtherAssets": -119481,
"changesInAccountsPayableAndAccruedLiabilities": 334732,
"netCashUsedInOperatingActivities": -1176823,
"purchaseOfPropertyAndEquipment": -54896,
"explorationAndEvaluationAssetsExpenditures": -3389436,
"netCashUsedInInvestingActivities": -3444332,
"proceedsFromIssuanceOfShareCapitalNetOfIssuanceCosts": 0,
"proceedsFromStockOptionsExercised": 38113,
"proceedsFromWarrantsExercised": 29000,
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"changeInCashDuringThePeriod": -4554042,
"cashBeginningOfThePeriod": 14750256,
"cashEndOfThePeriod": 10196214
},
"investmentsAndOtherAssets": [
{
"type": "Investments",
"description": "Guaranteed investment certificates held with the bank as collateral for the Company’s credit cards issued to key personnel.",
"ownershipPercentage": null,
"value": 25000,
"notes": "Included in Other Assets."
},
{
"type": "Reclamation Bond",
"description": "Deposit in place with a United States bank as security for a reclamation bond on former exploration and evaluation assets located in the United States.",
"ownershipPercentage": null,
"value": 16296,
"notes": "Included in Other Assets. Interest is paid periodically to the Company."
},
{
"type": "Exploration and Evaluation Assets",
"description": "San Acacio Project - 100% interest (option to purchase) in mining concessions and surface rights in Zacatecas, Mexico.",
"ownershipPercentage": 100,
"value": 28761979,
"notes": "Subject to a 2.5% NSR payable to vendors. Final option payment of US$2,300,000 due June 30, 2026."
},
{
"type": "Exploration and Evaluation Assets",
"description": "Lagartos Project - 100% interest acquired from MAG Silver Corp.",
"ownershipPercentage": 100,
"value": 1939590,
"notes": "Acquired via share issuance."
},
{
"type": "Exploration and Evaluation Assets",
"description": "Lucita Project - 100% interest acquired from Pan American Silver Corp.",
"ownershipPercentage": 100,
"value": 4846420,
"notes": "Subject to a 2% NSR payable to vendors."
},
{
"type": "Exploration and Evaluation Assets",
"description": "Minerva property - mining claim application pending approval in Coahuila, Mexico.",
"ownershipPercentage": 100,
"value": 23248,
"notes": "Application pending with Mexican mining authorities."
},
{
"type": "Exploration and Evaluation Assets",
"description": "Tepal Project - 100% right, title and interest in mining claims in Michoacán, Mexico.",
"ownershipPercentage": 100,
"value": 10935170,
"notes": "Subject to a 2.5% NSR repurchase option agreement with Minera Tepal."
},
{
"type": "Exploration and Evaluation Assets",
"description": "GEMS Project - 100% right, title and interest in mining claims in Sonora, Mexico, acquired via acquisition of Green Earth Metals Inc.",
"ownershipPercentage": 100,
"value": 1453320,
"notes": "Acquired in July 2025. Covers three copper-gold-silver projects."
}
],
"shareStructure": {
"authorizedShares": "Unlimited",
"issuedShares": 364052890,
"classesOfShares": ["Common shares without par value"],
"warrants": [
{
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"expiryDate": "2026-02-27"
},
{
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{
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{
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{
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{
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{
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{
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{
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{
"number": 30000,
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{
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{
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},
{
"number": 3901500,
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{
"number": 316500,
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},
{
"number": 2437500,
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"expiryDate": "2027-02-11"
},
{
"number": 3659800,
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"expiryDate": "2027-06-20"
},
{
"number": 33000000,
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],
"options": [
{
"number": 1035000,
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"expiryDate": "2026-06-30"
},
{
"number": 1202500,
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},
{
"number": 200000,
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},
{
"number": 822500,
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"expiryDate": "2028-01-31"
},
{
"number": 530417,
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"expiryDate": "2029-04-12"
},
{
"number": 550000,
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"expiryDate": "2029-05-29"
},
{
"number": 200000,
"exercisePrice": 0.31,
"expiryDate": "2029-07-23"
},
{
"number": 2688500,
"exercisePrice": 0.22,
"expiryDate": "2030-02-27"
},
{
"number": 605000,
"exercisePrice": 0.23,
"expiryDate": "2030-05-29"
},
{
"number": 1012500,
"exercisePrice": 0.59,
"expiryDate": "2030-11-05"
},
{
"number": 1175000,
"exercisePrice": 0.9,
"expiryDate": "2031-06-30"
},
{
"number": 1513750,
"exercisePrice": 0.41,
"expiryDate": "2032-01-31"
},
{
"number": 1572500,
"exercisePrice": 0.16,
"expiryDate": "2033-01-31"
},
{
"number": 2555000,
"exercisePrice": 0.18,
"expiryDate": "2034-04-12"
}
],
"rightsConvertibleInstruments": null
},
"managementCompensation": {
"currency": "CAD",
"periods": {
"sixMonthsEndedDecember312025": {
"managementAndConsultingFees": 646365,
"shareBasedPayments": 182930,
"total": 829295
},
"sixMonthsEndedDecember312024": {
"managementAndConsultingFees": 647185,
"shareBasedPayments": 201990,
"total": 849175
}
},
"namedIndividuals": [],
"otherRelatedPartyTransactions": [
{
"counterparty": "Directors, officers, and related companies",
"description": "Accounts payable and accrued liabilities",
"amount": 224020,
"period": "As at December 31, 2025"
}
]
},
"subsequentEvents": [
{
"eventDate": null,
"description": "Issued 4,988,812 common shares pursuant to exercise of warrants for gross proceeds of $993,742.",
"impactValue": 993742
},
{
"eventDate": null,
"description": "Issued 50,000 common shares pursuant to exercise of stock options for gross proceeds of $7,750.",
"impactValue": 7750
},
{
"eventDate": null,
"description": "Issued incentive stock options to purchase an aggregate of 2,720,000 common shares at $0.35, 289,000 DSUs, 458,000 PSUs, and 314,000 RSUs under the Omnibus Equity Incentive Plan.",
"impactValue": null
}
]
}
]
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