SEDAR Interim Financial Statements

[
  {
    "companyName": "Axo Copper Corp.",
    "reportingPeriodEnd": "2025-12-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cashAndCashEquivalents": 2951010,
      "salesTaxRecoverable": 267508,
      "prepaidExpensesAndOtherAssets": 881903,
      "loanReceivable": 751660,
      "totalCurrentAssets": 4852081,
      "resourceProperties": 19184576,
      "totalAssets": 24036657,
      "accountsPayableAndAccruedLiabilities": 996495,
      "totalCurrentLiabilities": 996495,
      "shareCapital": 23710783,
      "contributedSurplus": 1361000,
      "warrants": 1056000,
      "deficit": -3087621,
      "totalEquity": 23040162,
      "totalLiabilitiesAndEquity": 24036657,
      "cashPerShare": 0.0227,
      "workingCapitalPerShare": 0.0296
    },
    "incomeStatement": {
      "consultingFees": 107500,
      "duesAndFees": 30866,
      "insurance": 81056,
      "officeAndOther": 13290,
      "professionalFees": 121590,
      "shareholderCommunication": 447578,
      "stockBasedCompensation": 212000,
      "travel": 38491,
      "wagesAndBenefits": 225144,
      "totalOperatingExpenses": 1277515,
      "interestIncome": -87057,
      "foreignExchangeLoss": 22600,
      "totalOtherExpenses": -64457,
      "netLossAndComprehensiveLoss": -1213058,
      "lossPerShareBasicAndDiluted": 0.01,
      "weightedAverageOutstandingCommonSharesBasicAndDiluted": 130295233
    },
    "cashFlowStatement": {
      "netLossAndComprehensiveLoss": -1213058,
      "stockBasedCompensation": 212000,
      "changesInSalesTaxRecoverable": -174171,
      "changesInPrepaidExpenses": -568677,
      "changesInAccountsPayableAndAccruedLiabilities": 407662,
      "cashUsedInOperatingActivities": -1336244,
      "advancesOnLoanReceivable": -751660,
      "expendituresOnResourceProperties": -4317673,
      "cashUsedInInvestingActivities": -5069333,
      "proceedsFromIssuanceOfCommonShares": 0,
      "shareIssueCostsPaid": -680460,
      "cashUsedInFinancingActivities": -680460,
      "changeInCashAndCashEquivalents": -7086037,
      "cashAndCashEquivalentsBeginningOfPeriod": 10037047,
      "cashAndCashEquivalentsEndOfPeriod": 2951010
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Mineral/Resource Properties",
        "description": "La Gallina concession (La Huerta copper project)",
        "ownershipPercentage": 100,
        "value": 10568596,
        "notes": "Located in Jalisco, Mexico. Acquired via Rights Option Agreement. Payments include cash and share issuances."
      },
      {
        "type": "Mineral/Resource Properties",
        "description": "Los Juanes concession (La Huerta copper project)",
        "ownershipPercentage": 100,
        "value": 8615980,
        "notes": "Located in Jalisco, Mexico. Acquired via Rights Assignment Agreement and Commercial Agency Agreement."
      },
      {
        "type": "Loan Receivable",
        "description": "Non-interest bearing loan to Sapuchi Minera",
        "ownershipPercentage": null,
        "value": 751660,
        "notes": "Advanced for ejido community obligations related to San Antonio Gold Project acquisition."
      }
    ],
    "shareStructure": {
      "authorizedShares": "Unlimited",
      "issuedShares": 130295233,
      "classesOfShares": ["Common shares"],
      "warrants": [
        {
          "number": 11024576,
          "exercisePrice": 0.68,
          "expiryDate": "2027-06-04"
        }
      ],
      "options": [
        {
          "number": 3500000,
          "exercisePrice": 0.38,
          "expiryDate": "2034-06-30"
        }
      ],
      "rightsConvertibleInstruments": "Deferred Share Units (DSUs): 1,500,000 outstanding"
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "sixMonthsEndedDec312025": {
          "salaries": 225144,
          "bonus": 0,
          "stockBasedCompensation": 212000,
          "consultingFees": 107500,
          "total": 544644
        }
      },
      "namedIndividuals": [
        {
          "name": "Executive Chair (corporation)",
          "title": "Executive Chair",
          "period": "sixMonthsEndedDec312025",
          "components": {
            "salary": 0,
            "bonus": 0,
            "total": 45000
          }
        },
        {
          "name": "Chief Financial Officer (corporation)",
          "title": "Chief Financial Officer",
          "period": "sixMonthsEndedDec312025",
          "components": {
            "salary": 0,
            "bonus": 0,
            "total": 62500
          }
        }
      ],
      "otherRelatedPartyTransactions": []
    },
    "subsequentEvents": [
      {
        "eventDate": "2026-01-27",
        "description": "Acquisition of Sapuchi Minera (San Antonio Gold Project) from Osisko Development Corp. Consideration: 15,325,841 common shares (9.99% ownership). Contingent payments up to $4M. Issued 7,655,250 shares to OR International for stream agreement (4.99% ownership).",
        "impactValue": null
      },
      {
        "eventDate": "2026-02-19",
        "description": "Closed bought deal financing: 57,500,000 units at $0.70 per unit for gross proceeds of $40,250,000. Each unit includes one common share and one-half warrant (whole warrant exercise price $1.00, 18-month term).",
        "impactValue": 40250000
      },
      {
        "eventDate": null,
        "description": "1,000,000 common shares released from trust pursuant to La Gallina Rights Option Agreement.",
        "impactValue": null
      },
      {
        "eventDate": null,
        "description": "475,000 IPO Warrants exercised for gross proceeds of $332,500.",
        "impactValue": 332500
      },
      {
        "eventDate": "2026-02-23",
        "description": "Granted 3,975,000 stock options to officers, directors, and consultants. Exercise price $0.92, 10-year term, vesting over 3 years.",
        "impactValue": null
      }
    ]
  }
]