SEDAR Interim Financial Statements

[
  {
    "companyName": "Badlands Resources Inc.",
    "reportingPeriodEnd": "2025-12-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cash": 367885,
      "cashInTrust": 7561,
      "accountsReceivable": 2748,
      "prepaidExpensesAndDeposits": 47488,
      "totalCurrentAssets": 425682,
      "explorationAndEvaluationAssets": 644489,
      "totalAssets": 1070171,
      "accountsPayableAndAccruedLiabilities": 1731001,
      "amountsDueToRelatedParties": 1791661,
      "loansPayable": 606774,
      "totalCurrentLiabilities": 4129436,
      "totalLiabilities": 4129436,
      "shareCapital": 50283913,
      "subscriptionsReceived": 365850,
      "shareBasedPaymentsReserve": 1926603,
      "deficit": -55635631,
      "totalDeficiency": -3059265,
      "totalLiabilitiesAndEquityDeficiency": 1070171,
      "cashPerShare": 0.0325,
      "workingCapitalPerShare": -0.3275
    },
    "incomeStatement": {
      "interestAndAccretion": 41043,
      "managementAndConsultingFees": 657740,
      "mediaAndNewsDissemination": 42792,
      "officeAndMiscellaneous": 50847,
      "professionalFees": 108451,
      "rent": 36000,
      "transferAgentAndFilingFees": 9275,
      "lossBeforeItemsBelow": -946148,
      "foreignExchangeGainLoss": 48047,
      "gainOnSaleOfExplorationAndEvaluationAssets": 0,
      "otherIncome": 37747,
      "lossAndComprehensiveLossForThePeriod": -860354,
      "basicAndDilutedLossPerCommonShare": -0.08,
      "weightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted": 11307265
    },
    "cashFlowStatement": {
      "netLossForThePeriod": -860354,
      "interestExpense": 41043,
      "foreignExchange": 7226,
      "gainOnSaleOfExplorationAndEvaluationAssets": 0,
      "otherIncome": -37747,
      "changesInAccountsReceivable": -31,
      "changesInPrepaidExpensesAndDeposits": 23555,
      "changesInAccountsPayableAndAccruedLiabilities": 227562,
      "changesInAmountsDueToRelatedParties": 504001,
      "netCashUsedInOperatingActivities": -94745,
      "explorationAndEvaluationAssets": -36303,
      "proceedsFromSaleOfExplorationAndEvaluationAssets": 100000,
      "netCashProvidedByUsedInInvestingActivities": 63697,
      "shareSubscriptionsReceived": 365850,
      "loansAdvancedFromRelatedParties": 60163,
      "repaymentOfLoansFromRelatedParties": -21962,
      "netCashProvidedByFinancingActivities": 404051,
      "changeInCashDuringThePeriod": 373003,
      "cashBeginningOfThePeriod": 2443,
      "cashAndCashInTrustEndOfThePeriod": 375446
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Mineral/Resource Property",
        "description": "Standby Gold Project, South Dakota (includes BHB Claims and Standby Property). Subject to an option agreement for sale.",
        "ownershipPercentage": 100,
        "value": 644489,
        "notes": "Includes acquisition costs, option payments, staking, and exploration costs. Impaired to estimated recoverable amount based on expected sale proceeds."
      },
      {
        "type": "Mineral/Resource Property",
        "description": "Goliath Property, Ontario. Acquisition pending TSX-V approval.",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "Agreement to acquire for $200,000. Subject to existing 2% NSR."
      },
      {
        "type": "Mineral/Resource Property",
        "description": "Straw Lake Property, Ontario. Previously sold; final installment received in prior year.",
        "ownershipPercentage": 0,
        "value": null,
        "notes": "Sale completed; no remaining interest."
      }
    ],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 11307265,
      "classesOfShares": ["common shares"],
      "warrants": [],
      "options": [
        {
          "number": 80000,
          "exercisePrice": 2.5,
          "expiryDate": "2026-01-21"
        },
        {
          "number": 50000,
          "exercisePrice": 1,
          "expiryDate": "2027-04-01"
        },
        {
          "number": 82500,
          "exercisePrice": 1.2,
          "expiryDate": "2028-02-05"
        }
      ],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "nineMonthsEndedDecember312025": {
          "managementAndConsultingFees": 450000,
          "officeAndMiscellaneous": 22500,
          "mediaAndNewsDissemination": 36000,
          "rent": 36000
        },
        "nineMonthsEndedDecember312024": {
          "managementAndConsultingFees": 450000,
          "officeAndMiscellaneous": 22500,
          "mediaAndNewsDissemination": 36000,
          "rent": 30000
        }
      },
      "namedIndividuals": [
        {
          "name": "Not Disclosed (CEO)",
          "title": "Chief Executive Officer",
          "period": "Nine months ended December 31, 2025",
          "components": {
            "salary": 135000,
            "bonus": null,
            "total": 135000
          }
        },
        {
          "name": "Not Disclosed (Executive Chair)",
          "title": "Executive Chair",
          "period": "Nine months ended December 31, 2025",
          "components": {
            "salary": 135000,
            "bonus": null,
            "total": 135000
          }
        },
        {
          "name": "Not Disclosed (CFO)",
          "title": "Chief Financial Officer",
          "period": "Nine months ended December 31, 2025",
          "components": {
            "salary": 67500,
            "bonus": null,
            "total": 67500
          }
        },
        {
          "name": "Not Disclosed (Corporate Secretary)",
          "title": "Corporate Secretary",
          "period": "Nine months ended December 31, 2025",
          "components": {
            "salary": 67500,
            "bonus": null,
            "total": 67500
          }
        },
        {
          "name": "Not Disclosed (Close Family Member of CEO)",
          "title": "Consultant",
          "period": "Nine months ended December 31, 2025",
          "components": {
            "salary": 45000,
            "bonus": null,
            "total": 45000
          }
        }
      ],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Company controlled by executive chair",
          "description": "Loans payable (multiple bridge loans)",
          "amount": 606774,
          "period": "As at December 31, 2025"
        },
        {
          "counterparty": "Company controlled by chief executive officer",
          "description": "Loans payable (multiple bridge loans)",
          "amount": 109041,
          "period": "As at December 31, 2025"
        },
        {
          "counterparty": "Company controlled by chief financial officer",
          "description": "Loans payable (bridge loan)",
          "amount": 24950,
          "period": "As at December 31, 2025"
        },
        {
          "counterparty": "Company with a common officer and director",
          "description": "Rent expense",
          "amount": 36000,
          "period": "Nine months ended December 31, 2025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "After December 31, 2025",
        "description": "Entered into a bridge loan agreement with a company controlled by the executive chair for $74,891 at 10% interest, maturing the earlier of July 19, 2026 or closing of a financing >= $1,000,000.",
        "impactValue": 74891
      },
      {
        "eventDate": "After December 31, 2025",
        "description": "Refunded $365,850 in share subscriptions for a private placement that did not close.",
        "impactValue": -365850
      },
      {
        "eventDate": "After December 31, 2025",
        "description": "80,000 stock options expired unexercised.",
        "impactValue": null
      },
      {
        "eventDate": "After December 31, 2025",
        "description": "Settled civil claim for $47,561 (see Note 16).",
        "impactValue": -47561
      }
    ]
  }
]