# Q3 Financial Statements Source Brief: https://evesgoldminers.com/research/source-briefs/golconda-gold-ltd-2025-11-26-q3-financial-statements-2c65b1e8 Original source: https://golcondagold.com/_resources/financials/Q3-2025-Golconda-FS.pdf?v=050509 Original published: 2025-11-26 EGM generated: 2026-09-04 Company: Golconda Gold Ltd (GG) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # Q3 Financial Statements Source: https://golcondagold.com/_resources/financials/Q3-2025-Golconda-FS.pdf?v=050509 Published: 2025-11-26T00:00:00+00:00 Fetched: 2026-05-05T09:33:51.09+00:00 Source artifact: 2c65b1e8-233d-48ea-b23c-2e172ca9f6ac Normalizer input: text ## Content # Q3 Financial Statements Condensed Consolidated Interim Financial Statements (In U.S. dollars) (Unaudited) GOLCONDA GOLD LTD. For the three and nine-month periods ended September 30, 2025 and September 30, 2024 The accompanying unaudited condensed interim consolidated financial statements of Golconda Gold Ltd. (the “Company”) have been prepared by and are the responsibility of the Company’s management and approved by the board of directors of the Company (the “Board of Directors”). GOLCONDA GOLD LTD. Condensed Consolidated Interim Statement of Financial Position (In U.S. dollars) (Unaudited) Note September 30, 2025 December 31, 2024 Assets Current assets: Cash at banks 2,179,659 335,462 Trade receivables and other assets 5 2,825,798 1,732,889 Inventories 6 995,235 438,798 6,000,692 2,507,149 Non-current assets: Mining properties and plant and equipment 7 45,882,986 43,192,778 45,882,986 43,192,778 51,883,678 45,699,927 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities 8 4,785,360 4,500,253 Interest-bearing loans and borrowings 9 2,157,727 2,305,965 Deferred revenue 10 640,778 517,936 7,583,865 7,324,154 Non-current liabilities: Interest-bearing loans and borrowings 9 - 1,586,121 Restoration and rehabilitation provision 11 2,120,353 1,906,176 Deferred revenue 10 4,905,662 4,794,626 7,026,015 8,286,923 Equity Share capital 13 58,397,792 58,397,792 Reserves 3,146,313 2,639,212 Deficit (24,270,307) (30,948,154) 37,273,798 30,088,850 51,883,678 45,699,927 Approved and authorized by the Board of Directors for issue on November 26, 2025: “Ravi Sood ” Director “Dino Titaro ” Director The above condensed consolidated interim statement of financial position should be read in conjunction with the accompanying notes. 1 GOLCONDA GOLD LTD. Condensed Consolidated Interim Statement of Earnings (Loss) and Comprehensive Earnings (Loss) (In U.S. dollars) (Unaudited) Note Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024 Revenue 8,954,541 4,408,129 23,257,972 9,594,180 Mine operating costs 14a (5,151,653) (3,406,715) (13,145,387) (8,139,901) Earnings from mine operations 3,802,888 1,001,414 10,112,585 1,454,279 Corporate general and administration 14b (541,071) (491,715) (1,875,141) (1,541,899) Foreign exchange gain / (loss) 50,096 (171,190) (119,990) (74,066) Other expenses 14c (127,799) (29,485) (238,771) (410,562) Net financing expense 14d (393,199) (481,231) (1,200,836) (1,238,251) (1,011,973) (1,173,621) (3,434,738) (3,264,778) Net earnings / (loss) before taxation 2,790,915 (172,207) 6,677,847 (1,810,499) Taxation 12 - - - - Net earnings / (loss) and comprehensive earnings / 2,790,915 (172,207) 6,677,847 (1,810,499) (loss)1 Net earnings / (loss) and comprehensive earnings / 2,790,915 (172,207) 6,677,847 (1,810,499) (loss) for the period attributable to owners of the parent Basic and diluted earnings / (loss) per common share 13 0.04 0.00 0.09 (0.03) Weighted average number of common shares – basic 13 71,840,033 71,273,309 71,840,033 71,273,309 Weighted average number of common shares – diluted 13 77,992,039 71,273,309 77,638,083 71,273,309 1 There were no items of other comprehensive earnings or loss for the three and nine months ended September 30, 2025 or 2024 The above condensed consolidated interim statement of earnings (loss) and comprehensive earnings (loss) should be read in conjunction with the accompanying notes. 2 GOLCONDA GOLD LTD. Condensed Consolidated Interim Statement of Changes in Equity (In U.S. Dollars) (Unaudited) Nine months ended September 30, 2025 and 2024 Capital stock Reserves Share-based Number Amount payments Deficit Total Balance as at December 31, 2023 71,273,309 58,149,241 2,887,763 (29,781,455) 31,255,549 Net loss and comprehensive loss for the period - - - (1,810,499) (1,810,499) Balance as at September 30, 2024 71,273,309 58,149,241 2,887,763 (31,591,954) 29,445,050 Net earnings and comprehensive earnings for the period - - - 643,800 643,800 Transactions with owners: Share issue 566,724 248,551 (248,551) - - Balance as at December 31, 2024 71,840,033 58,397,792 2,639,212 (30,948,154) 30,088,850 Net earnings and comprehensive earnings for the period - - - 6,677,847 6,677,847 Transactions with owners: Share-based compensation - - 507,101 - 507,101 Balance as at September 30, 2025 71,840,033 58,397,792 3,146,313 (24,270,307) 37,273,798 The above condensed consolidated interim statement of changes in equity should be read in conjunction with the accompanying notes. 3 GOLCONDA GOLD LTD. Condensed Consolidated Interim Statement of Cash Flows (In U.S. Dollars) (Unaudited) Nine months ended September 30, 2025 and 2024 Nine months ended September 30, Notes 2025 2024 Cash flows from operating activities: Net earnings / (loss) for the period 6,677,847 (1,810,499) Items not involving cash: Depreciation and depletion 7 1,217,105 668,997 Share-based compensation 14 507,101 - Accretion 11 107,023 124,807 Financing cost on borrowings and deferred revenue 14 1,093,812 1,113,445 Foreign exchange loss 143,149 75,720 Deferred revenue 10 (183,269) (82,229) Streaming Agreement transaction costs - 161,085 Working capital adjustments: Change in trade and other receivables (929,232) (1,296,024) Change in inventories (499,438) 10,184 Change in trade and other payables (786,239) (28,059) Cash inflow from Streaming Agreement - 4,838,915 7,347,859 3,776,342 Cash flows from investing activities: Mining assets acquired 7 (3,091,945) (2,545,329) (3,091,945) (2,545,329) Cash flow from financing activities: Borrowings - drawdown 9 - 200,000 Borrowing - repayment 9 (2,300,000) (700,000) Interest paid (160,958) (339,078) (2,460,958) (839,078) Increase in cash 1,794,956 391,935 Effect of unrealized foreign exchange gain on cash 49,241 3,068 Cash at banks, at December 31 335,462 113,213 Cash at banks, at September 30 2,179,659 508,216 The above condensed consolidated interim statement of cash flows should be read in conjunction with the accompanying notes. 4 GOLCONDA GOLD LTD. Notes to the Unaudited Condensed Consolidated Interim Financial Statements (in U.S. Dollars) For the three and nine months ended September 30, 2025 and 2024 1. Corporate Information Golconda Gold Ltd. (the “Company” or “Golconda”) was incorporated under the Business Corporations Act (Ontario) on October 24, 2007 and its principal business activities are the exploration for, development of, and operation of gold mining properties. The Company’s registered and head office is located at Suite 1800, 181 Bay St., Toronto, Ontario, Canada and its shares are listed on the TSX Venture Exchange (symbol GG.V) and quoted in the United States on the OTCQB (symbol GGGOF). The Company owns two mining assets: (1) a producing mine which also has the rights to certain mineral exploration tenements (the mine and mineral exploration tenements collectively, “Galaxy”) located in the Republic of South Africa (“South Africa”); and (2) a mine and processing infrastructure located in the United States of America (“Summit”). 2. Going Concern As at September 30, 2025, the Company had a working capital deficiency (current assets less current liabilities) of $1.6 million (December 2024: $4.8 million). Earnings from mining operations were $10.1 million and cash flows from operating activities were $7.3 million for the nine months ended September 30, 2025. The Company is subject to various commitments under the Streaming Agreement (see Note 10). If the Company is in breach of such commitments, the counterparty to the Streaming Agreement has various potential recourses under the agreement including calling for the repayment of $5 million of the stream deposit. Based on the base-case cash flow projections, the Company expects to generate sufficient cash to meet all of its commitments and liabilities, including those under the Streaming Agreement, while remaining cash positive. The current commodity price and exchange rate environment can be volatile, which may have an impact on the Company’s cash flows. Despite the higher gold price currently being realized, the Company continues to review its near-term operating plans and to take steps to reduce costs and maximize cash flow. The Board of Directors of the Company has performed an assessment of the ability of the Company to continue as a going concern which covers a period of at least 12 months from the date of approval of the unaudited condensed consolidated interim financial statements. The Board of Directors believes that the Company is a going concern due to the strong operating cash flow generated by mining operations and the significant flexibility the Company has on both operating and capital expenditure. 3. Basis of preparation (a) Statement of compliance The unaudited condensed interim consolidated financial statements (the “Financial Statements”) of the Company as at and for the three and nine months ended September 30, 2025 have been prepared in accordance with IAS 34, Interim Financial Reporting, and do not include all of the information required for full annual consolidated financial statements. Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with IFRS have been omitted or condensed. (b) Significant accounting judgments, estimates and assumptions The preparation of the Financial Statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the Financial Statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are regularly evaluated and are based on management’s experience and other factors, including 5 GOLCONDA GOLD LTD. Notes to the Unaudited Condensed Consolidated Interim Financial Statements (In U.S. Dollars) For the three and nine months ended September 30, 2025 and 2024 expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The particular areas of estimation uncertainty and critical judgments are outlined in detail in Note 3(e) in the annual audited consolidated financial statements for the year ended December 31, 2024 (the “Annual Financial Statements”). (c) Functional and presentation currency These Financial Statements are presented in U.S. dollars, which is the functional currency of the Company and each of its subsidiaries. All amounts are in U.S. dollars, except where otherwise indicated. 4. Material Accounting Policies These Financial Statements have been prepared following the same accounting policies and methods of computation as the Annual Financial Statements. Please see Note 4 in the Annual Financial Statements for further information. The following new standards and amendments are effective for the period beginning 1 January 2025: • Lack of exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) On 15 August 2023, the IASB issued Lack of Exchangeability which amended IAS 21 The Effects of Changes in Foreign Exchange Rates (the “Amendments”). These Amendments are applicable for annual reporting periods beginning on or after 1 January 2025. The Amendments introduce requirements to assess when a currency is exchangeable into another currency and when it is not. The Amendments require an entity to estimate the spot exchange rate when it concludes that a currency is not exchangeable into another currency. The Amendments also introduce additional disclosure requirements when an entity estimates a spot exchange rate because a currency is not exch [Excerpt trimmed for readability. Open the original source for the complete filing or document.]