# Q4 Financial Statements Source Brief: https://evesgoldminers.com/research/source-briefs/golconda-gold-ltd-2026-04-23-q4-financial-statements-60f10930 Original source: https://golcondagold.com/_resources/financials/Q4-2025-Golconda-FS.pdf?v=050509 Original published: 2026-04-23 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 # Q4 Financial Statements Source: https://golcondagold.com/_resources/financials/Q4-2025-Golconda-FS.pdf?v=050509 Published: 2026-04-23T00:00:00+00:00 Fetched: 2026-05-05T09:33:45.25+00:00 Source artifact: 60f10930-ed14-4011-a63c-1e151cb0cadb Normalizer input: text ## Content # Q4 Financial Statements Consolidated Financial Statements (In U.S. dollars) GOLCONDA GOLD LTD. For the years ended December 31, 2025 and December 31, 2024 Independent Auditor’s Report To the Shareholders of Golconda Gold Ltd. Opinion We have audited the consolidated financial statements of Golconda Gold Ltd. and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at December 31, 2025 and 2024, and the consolidated statements of earnings (loss) and comprehensive income (loss), the consolidated statements of changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including material accounting policy information. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How the scope of our audit addressed the key audit matter Carrying value of At 31 December 2025 the We reviewed and challenged Mining Assets Group held Mining Properties Management’s impairment indicator Equipment (Summit) relating to the Summit project assessment of the Summit project by of $12.3m (2024: $12m) checking whether it was performed in (see notes 3(f), 4(g) accordance with relevant accounting and note 8) As detailed in note 3(f) there standards, and whether there were any are judgements and estimates indicators of impairment. Our specific that underpin the carrying audit procedures performed in this regard value of these assets. included the following: Management and the Board • We performed an independent are required to assess whether assessment focusing on the there are any potential uncertainties arising from the asset impairment indicators, which being held under prolonged care and could indicate that the maintenance. In particular, our carrying value of these assets procedures included: as at 31 December 2025 may o Assessing the internal and not be recoverable. Based on external factors in line with IAS the impairment indicator 36 which could give rise to an assessment performed, no indicator of impairment, indicators were present and including the current thus, no impairment was non-operational status of the recognised during the year mine and prevailing market 2 The Summit mine is currently conditions. not producing any gold o Critically evaluating concentrate and therefore is management’s restart plans, not generating any cash flows. including the timing, Accordingly, these estimates operational feasibility and and judgements are based on funding considerations the Group’s future restart associated with bringing the plans and the feasibility of mine back into production. those plans being executed. o Performing a focused challenge of key assumptions within the Given the level of estimation Life of Mine (LOM) model, and judgement involved in comparing production profiles determining whether any to resource estimates, indicators of impairment independent third-party data exist, we consider this to be a sources to operating cost key audit matter. estimates and inspection report findings to forecast restart capital requirements, to assess whether they supported management’s conclusion that no impairment indicators exist. o Considering whether the condition of the asset and length of time under care and maintenance gave rise to indicators of physical or economic obsolescence. Key observations: Based on the evidence obtained, management’s key assumptions were reasonable, and their conclusion that no impairment was required for the Summit project was appropriate. Other Information Management is responsible for the other information. The other information comprises: • The information included in the Management’s Discussion and Analysis. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. We obtained the Management’s Discussion and Analysis prior to the date of this auditor’s report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor’s report. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards as issued by the IASB, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. 3 In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those 4 matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. The engagement partner on the audit resulting in this independent auditor’s report is Jill MacRae. BDO LLP London, UK 23 April 2026 Chartered Professional Accountants BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). 5 GOLCONDA GOLD LT [Excerpt trimmed for readability. Open the original source for the complete filing or document.]