# Financial Statements Q3 2025 & Management’s Discussion and Analysis Q3 2025

Source Brief: https://evesgoldminers.com/research/source-briefs/goldsky-resources-corp-financial-statements-q3-2025-and-management-s-discussion-a-bc2860ba
Original source: https://goldskyresources.com/wp-content/uploads/2025/11/First-Nordic_Q32025-Combined.pdf
EGM generated: 2026-09-27
Company: Goldsky Resources Corp. (GSKR)

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## Extracted Document Text

# Financial Statements Q3 2025 & Management’s Discussion and Analysis Q3 2025

Source: https://goldskyresources.com/wp-content/uploads/2025/11/First-Nordic_Q32025-Combined.pdf
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## Content

# Financial Statements Q3 2025 & Management’s Discussion and Analysis Q3 2025
FIRST NORDIC METALS CORP.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian Dollars - Unaudited)
SEPTEMBER 30, 2025
Notice to Reader
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed consolidated interim
financial statements, they must be accompanied by a notice indicating that the condensed consolidated interim financial statements have not been
reviewed by an auditor.
The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility
of the Company’s management.
The Company’s independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with the
standards established by the Chartered Professional Accountants of Canada for a review of financial statements by an entity’s auditor.
1
FIRST NORDIC METALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Expressed in Canadian Dollars - Unaudited)
As at
September 30, December 31,
2025 2024
ASSETS
Current
Cash $ 9,847,278 $ 9,568,671
Deferred financing cost 178,698 213,742
Receivables 834,241 304,664
Prepaid expenses 915,966 1,013,880
11,776,183 11,100,957
Equity investment - exploration and evaluation assets (Note 5) 1 1
Exploration and evaluation assets (Note 4,6) 15,441,163 15,441,163
$ 27,217,347 $ 26,542,121
LIABILITIES
Current
Accounts payable and accrued liabilities $$ 4,285,672
2,392,014 $$ 3,342,671
190,687
Subscriptions received in advance (Note 7) 681,809 -
Accounts payable and accrued liabilities (Note 10) 4,967,481 3,342,671
Shareholders’ equity
Share capital (Note 7) 61,387,370 43,044,348
Reserves (Note 7) 12,587,034 9,468,862
Deficit (51,724,538) (29,313,760)
22,249,866 23,199,450
$ 27,217,347 $ 26,542,121
Nature and continuance of operations (Note 1)
Subsequent events (Note 14)
Approved and authorized by the board on November 28, 2025
/s/ Toby Pierce Director /s/ Russell Bradford Director
Toby Pierce Russell Bradford
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
2
FIRST NORDIC METALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed in Canadian Dollars - Unaudited)
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
(Restated) (Restated)
OPERATING EXPENSES
Consulting and support services (Note 10) 1,776,431 703,820 3,239,550 1,145,365
Exploration expenditures (Note 5, 10) 2,352,613 392,995 8,220,133 777,026
Foreign exchange loss (gain) 292,428 (123,342) 504,468 31,704
Interest income (42,061) (1) (142,721) (76)
Investor relations (Note 10) 550,323 805,665 1,474,504 1,087,648
Management fees (Note 10) 2,507,992 120,180 2,876,722 425,987
Office and administrative (Note 10) 930,052 153,682 1,898,422 292,739
Professional fees 118,060 103,969 353,118 203,441
Stock-based payments (Note 7, 10) 179,244 800,632 3,789,135 2,681,251
Transfer agent and filing fees 61,744 26,731 197,447 65,923
8,726,826 2,984,331 22,410,778 6,711,008
Loss and comprehensive loss for the period $ (8,726,826) $ (2,984,331) $ (22,410,778) $ (6,711,008)
Basic and diluted loss per common share $ (0.03) $ (0.02) $ (0.08) $ (0.04)
Weighted average number of common 304,272,089 196,862,377 281,918,164 185,599,094
shares outstanding – basic and diluted
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
3
FIRST NORDIC METALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Expressed in Canadian Dollars - Unaudited)
Total
Common Shareholders’
Shares Share Capital Reserves Deficit Equity
Balance, December 31, 2023 139,583,827 11,674,926 6,819,430 (18,449,445) 44,911
Shares issued for:
Acquisition 35,747,716 4,289,726 - - 4,289,726
Private placement 8,082,399 1,212,360 - - 1,212,360
Mineral property 27,954,872 10,063,754 10,063,754
Share issuance costs - (148,377) 18,625 - (129,752)
Acquisition - options - - 126,020 - 126,020
Acquisition - warrants - - 237,655 - 237,655
Stock options exercised 7,253,730 2,831,664 (1,168,419) - 1,663,245
Warrants exercised 9,223,355 2,777,366 - - 2,777,366
Warrant modification - (133,324) 133,324 - -
Share-based payments - - 2,681,251 - 2,681,251
Loss and comprehensive loss - - - (6,711,008) (6,711,008)
Balance, September 30, 2024
(Restated) 227,845,899 $ 32,568,095 $ 8,847,886 $ (25,160,453) $ 16,255,528
Balance, December 31, 2024 264,047,199 $ 43,044,348 $ 9,468,862 $ (29,313,760) $ 23,199,450
Shares issued for:
Private placement 44,786,701 16,819,526 - - 16,819,526
Share issuance costs - (2,046,721) - - (2,046,721)
Compensation options - (405,065) 405,065 -
Stock options exercised 5,176,365 2,666,769 (1,076,028) - 1,590,741
Warrants exercised 4,648,180 1,300,727 - - 1,300,727
Exercise of compensatory options 23,595 7,786 7,786
options
Share-based payments - - 3,789,135 - 3,789,135
Loss and comprehensive loss - - - (22,410,778) (22,410,778)
Balance, September 30, 2025 318,682,040 $ 61,387,370 $ 12,587,034 $ (51,724,538) $ 22,249,866
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
4
FIRST NORDIC METALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(Expressed in Canadian Dollars - Unaudited)
Nine months ended Nine months ended
September 30, 2025 September 30, 2024
(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period $ (22,410,778) $ (6,711,008)
Items not affecting cash:
Share-based payments 3,789,135 2,681,251
Changes in non-cash working capital items:
Receivables (529,577) (47,098)
Prepaid expenses 97,914 (434,632)
Accounts payable and accrued liabilities 978,045 215,125
Cash used in operating activities (18,075,261) (4,296,362)
CASH FLOWS FROM INVESTING ACTIVITY
Cash acquired on acquisition of Gold Line Resources Ltd. - 14,126
Transaction costs for Gold Line Resources Ltd. - (101,043)
Cash used in investing activities - (86,917)
CASH FLOWS FROM FINANCING ACTIVITY
Private placements 16,819,526 1,212,360
Share issuance costs (2,046,721) (129,752)
Subscription for shares 681,809 -
Proceeds from options exercised 1,590,741 1,663,245
Proceeds from warrants exercised 1,300,727 2,777,366
Proceeds from compensatory options exercised 7,786 -
Cash provided by financing activities 18,353,868 5,523,219
Change in cash during the period 278,607 1,139,940
Cash, beginning of period 9,568,671 128,236
Cash, end of period $ 9,847,278 $ 1,268,176
Supplemental disclosure with respect to cash flows (Note 9)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
5
FIRST NORDIC METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NINE MONTHS ENDED SEPTEMBER 30, 2025
(Expressed in Canadian Dollars - Unaudited)
1. NATURE AND CONTINUANCE OF OPERATIONS
First Nordic Metals Corp. (formerly Barsele Minerals Corp.) (the “Company”) was incorporated under the laws of the Province
of British Columbia, Canada on February 20, 2013. The Company’s principal business activities include the acquisition and
exploration of mineral properties in Sweden and Finland. The Company’s shares trade on the TSX Venture Exchange under
the trading symbol FNM. On March 21, 2025, the Company’s SDR’s commenced trading on Nasdaq First North under the
symbol FNMC SDB with the ISIN SE0023847785.
The head office of the Company is located at Suite 300 - 1055 West Hastings Street, Vancouver, BC, Canada, V6C 2E9. The
registered address and records office of the Company is located at Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC,
Canada, V6C 2X8.
These condensed consolidated interim financial statements have been prepared on a going concern basis which assumes that
the Company will be able to realize its assets and discharge its liabilities in the normal course of business rather than through
a process of forced liquidation. The Company has no source of operating cash flow. While the Company has been successful
in obtaining certain funding from 2022 to 2025, there is no assurance that such future financing will be available or be available
on favourable terms. The Company had incurred a loss of $22,410,778 for the nine months ended September 30, 2025, and
accumulated losses of $51,724,538 as of September 30, 2025. As at September 30, 2025, the Company has a working capital
of $6,808,702. The Company raised additional funds after the period ended September 30, 2025 (Note 14). The Company
anticipates that it has sufficient capital to meet its current obligations for the next twelve months.
2. BASIS OF PREPARATION
a) Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with accounting policies
consistent with International Accounting Standards (“IAS”) 34, Interim Financial Reporting using the Principles of IFRS
Accounting Standards as issued by the International Accounting Standards Board (IASB).
These condensed consolidated interim financial statements do not include all the information required for full annual
financial statements and, accordingly, should be read in conjunction with the Company’s annual consolidated financial
statements for the year ended December 31, 2024.
b) Basis of measurement
These condensed consolidated interim financial statements have been prepared on a historical cost basis, except for financial
instruments measured at fair value. In addition, these financial statements have been prepared using the accrual basis of
accounting except for cash flow information.
c) Basis of consolidation
These condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned
subsidiaries, being Gold Line Resources Ltd. (British Columbia, Canada), Gold Line Resources Holdings Ltd. (British
Columbia, Canada), First Nordic Metals Sweden AB (Sweden), GLR Finland Oy (Finland), Solvik Gold AB (Sweden),
Nordic Route Explorations Ltd. (British Columbia, Canada), and Nordic Route Explorations AB (Sweden).
Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of
an entity so as to obtain benefits from its activities. The financial statements of subsidiaries, including entities which the
Company controls, are included in the condensed consolidated interim financial statements from the date that control
commences until the date that control ceases. All intercompany transactions and balances have been eliminated.
6
FIRST NORDIC METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NINE MONTHS ENDED SEPTEMBER 30, 2025
(Expressed in Canadian Dollars - Unaudited)
2. BASIS OF PREPARATION (cont’d….)
Critical accounting estimates
The preparation of these condensed consolidated interim financial statements in accordance with IFRS requires management
to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported expenses during the period. Actual results could differ from these estimates.
Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of
the reporting period, that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that
actual results differ from assumptions made, relate to, but are not limited to, the following:
a) The inputs used in calculating the fair va

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