# FS

Source Brief: https://evesgoldminers.com/research/source-briefs/talamore-mining-corp-fs-32c866c0
Original source: https://talamoremining.com/site/assets/files/6210/2026-03-31_fmt_fs_final.pdf
EGM generated: 2026-09-27
Company: Talamore Mining Corp. (TALA)

## Use Note

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## Extracted Document Text

# FS

Source: https://talamoremining.com/site/assets/files/6210/2026-03-31_fmt_fs_final.pdf
Fetched: 2026-09-12T07:10:48.105+00:00
Source artifact: 32c866c0-68fb-40f0-b85a-7c0d126aa7e4
Normalizer input: text

## Content

# FS
Fuerte Metals Corporation
Condensed Consolidated Interim Financial Statements
March 31, 2026
(Unaudited)
www.fuertemetals.com
TSX.V: FMT
OTCQB: FUEMF
NOTICE OF NO AUDITOR REVIEW
The unaudited condensed consolidated interim financial statements, and accompanying notes thereto, for the
periods ended March 31, 2026 and 2025 have not been reviewed by the Company’s external auditors.
2
FUERTE METALS CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
Unaudited
(Expressed in Canadian Dollars)
As at As at
Note March 31, 2026 December 31, 2025
ASSETS
Current
Cash $ 55,720,950 $ 56,864,178
Receivables 314,342 256,661
Prepaid expenses 1,024,992 155,627
Investment in marketable securities 5 1,860,200 2,308,450
58,920,484 59,584,916
Exploration and evaluation assets 6 122,567,666 122,600,810
Property, plant and equipment 7 23,967,068 24,727,311
Investment in marketable securities 5 3,720,400 4,616,900
Total assets $ 209,175,618 $ 211,529,937
LIABILITIES
Current
Accounts payable and accrued liabilities $ 4,387,434 $ 2,093,423
Flow-through premium liability 8 2,380,963 2,516,813
6,768,397 4,610,236
Deferred tax liability 1,055,000 1,391,000
Provision for reclamation and remediation 9 10,241,182 10,274,326
Total liabilities 18,064,579 16,275,562
SHAREHOLDERS’ EQUITY
Common share capital 10 226,643,528 189,709,802
Preferred share capital 10 - 30,512,171
Reserves 11 18,442,766 15,817,284
Accumulated deficit (53,975,255) (40,784,882)
Total shareholders’ equity 191,111,039 195,254,375
Total liabilities and shareholders’ equity $ 209,175,618 $ 211,529,937
Description of business and nature of operations (Note 1)
Going concern (Note 2(b))
Subsequent events (Note 17)
Approved on Behalf of the Board on May 11, 2026.
“Sandip Rana”
Director
“Scott V. Hicks”
Director
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
3
FUERTE METALS CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
For the three months ended March 31, 2026 and 2025
Unaudited
(Expressed in Canadian Dollars, except share amounts)
Three months ended March 31,
Note 2026 2025
Expenses
Consulting fees $ 24,976 $ 23,537
Exploration and evaluation (“E&E”) expenditures 6(b) 7,509,090 1,432,999
Pre-exploration and evaluation - 145,493
IVA expense 3,866 138,028
General and administration (“G&A”) 349,746 72,592
Salaries, management and director fees 16 765,747 122,409
Professional fees 216,736 90,744
Share-based compensation 11 3,431,672 389,706
Shareholder communications 243,533 99,507
Travel 61,215 10,657
(12,606,581) (2,525,672)
Other income (expenses)
Fair value loss on investment in marketable securities 5 (1,344,750) -
Interest income 284,104 41,985
Flow-through share premium recovery 8 135,850 -
IVA recovery - 13,265
Foreign exchange gain / (loss) 5,004 (33,133)
(919,792) 22,117
Loss before tax (13,526,373) (2,503,555)
Income tax expense
Deferred income tax recovery 336,000 -
336,000 -
Loss and comprehensive loss for the period $ (13,190,373) $ (2,503,555)
Loss per common share, basic and diluted $ (0.10) $ (0.04)
Weighted average number of shares outstanding – basic and diluted 133,178,841 61,171,215
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
4
FUERTE METALS CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
For the three months ended March 31, 2026 and 2025
Unaudited
(Expressed in Canadian Dollars)
Three months ended March 31,
Note 2026 2025
Net inflow (outflow) of cash related to the following activities:
Operating:
Loss $ (13,190,373) $ (2.503,555)
Adjustments to reconcile loss to cash used in operating activities:
Deferred income tax recovery (336,000) -
Share-based compensation 11 3,431,672 389,706
Depreciation expense 7 790,292 -
Fair value loss on investment in marketable securities 5 1,344,750 -
Flow-through share premium recovery (135,850) -
Changes in non-cash working capital items:
Accounts payable and accrued liabilities 2,294,011 281,706
Receivables (57,681) (11,495)
Prepaid expenses (869,365) 16,059
Cash used in operating activities (6,728,544) (1,827,428)
Investing activities
Purchase of equipment (30,049)
Cash used in investing activities (30,049) -
Financing activities
Proceeds from exercise of stock options 11 842,101 -
Proceeds from exercise of warrants 11 4,773,264 -
Cash provided by financing activities 5,615,365 -
Change in cash during the year (1,143,228) (1,827,428)
Cash, beginning of year 56,864,178 5,575,071
Cash, end of year $ 55,720,950 $ 3,747,643
Supplemental Schedule of Non-Cash
Investing and Financing Activities:
Conversion of Preferred Shares to Common Shares $ 30,512,171 $ -
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
5
FUERTE METALS CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
For the three months ended March 31, 2026 and 2025
Unaudited
(Expressed in Canadian Dollars)
Number of Number of Preferred
Common Preferred Common Share Capital Accumulated
Note Shares Shares Share Capital Reserves Deficit Total
Balance, December 31, 2024 61,171,215 - $ 38,705,824 $ - $ 3,739,969 $ (30,774,093) $ 11,671,700
Share-based compensation 11 - - - - 389,706 - 389,706
Loss for the period - - - - - (2,503,555) (2,503,555)
Balance, March 31, 2025 61,171,215 - $ 38,705,824 $ - $ 4,129,675 $ (33,277,648) $ 9,557,851
Balance, December 31, 2025 126,859,280 10,842,989 $ 189,709,802 $ 30,512,171 $ 15,817,284 $ (40,784,882) $ 195,254,375
Share-based compensation 11 - - - - 3,431,672 - 3,431,672
Conversion of preferred shares to common shares 10 10,842,989 (10,842,989) 30,512,171 (30,512,171) - - -
Exercise of options 10 655,000 - 1,356,030 - (513,929) - 842,101
Exercise of warrants 10 1,812,216 - 4,830,372 - (57,108) - 4,773,264
Exercise of restricted stock units 10 193,891 - 235,153 - (235,153) - -
Loss for the period - - - - - (13,190,373) (13,190,373)
Balance, March 31, 2026 140,363,376 - $ 226,643,528 $ - $ 18,442,766 $ (53,975,255) $ 191,111,039
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
6
FUERTE METALS CORPORATION
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Three months ended March 31, 2026 and 2025
Unaudited
(Expressed in Canadian Dollars unless otherwise noted)
1. DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS
Fuerte Metals Corporation (“Fuerte” or the “Company”) was incorporated under the Business Corporations Act of British Columbia on
April 8, 2020. The Company’s registered and records office and head office is located at 3200 – 733 Seymour Street, Vancouver, BC,
V6B 0S6. The Company is listed on the TSX Venture Exchange (“TSXV”), having the symbol “FMT” and on the OTCQB under the
symbol “FUEMF”. The principal business of the Company is to identify, explore and evaluate, and progress mineral properties in
Canada, Chile, Mexico and elsewhere in the Americas.
On February 9, 2024, the Company completed a reverse takeover transaction (the “RTO”), pursuant to a Business Combination
Agreement dated December 15, 2023, between Fuerte, 1000723052 Ontario Corporation, a newly incorporated, wholly owned
subsidiary of Fuerte, and TCP1 Corporation (“TCP1”). Immediately prior to completing the RTO, Fuerte consolidated its issued and
outstanding shares on a 6 for 1 basis. Pursuant to the RTO, Fuerte acquired all of the outstanding shares in TCP1 in exchange for
common shares of Fuerte. Upon completion of the RTO, the shareholders of TCP1 controlled Fuerte and accordingly, the transaction
was accounted for as a reverse acquisition of Fuerte by TCP1 and TCP1 was identified as the accounting acquirer.
On October 17, 2025, the Company closed the acquisition of Goldcorp Kaminak Ltd., the owner of the Coffee Gold Project (the “Coffee
Project”) in Yukon, Canada, from Newmont Corporation (“Newmont”) (Note 3). Subsequent to the acquisition date, Goldcorp Kaminak
Ltd. changed its name to Kaminak Gold Ltd. (“Kaminak”).
The Company also holds mineral properties in Chile through its ownership of the Placeton project and mineral properties in Mexico
comprised of the Cristina and Yecora projects. The success of the Company will be dependent on obtaining the necessary financing
to evaluate and progress the Coffee Project as well as the mineral properties in Chile and Mexico.
2. BASIS OF PREPARATION, GOING CONCERN AND SUMMARY OF MATERIAL ACCOUNTING POLICIES
(a) Basis of preparation
These condensed consolidated interim financial statements of the Company for the three months ended March 31, 2026
and 2025, have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all the information
and disclosures required in full annual financial statements and should be read in conjunction with the Company’s audited
consolidated financial statements for the year ended December 31, 2025 which have been prepared in accordance with
IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These condensed
consolidated interim financial statements have been prepared on a historical cost basis, except for financial instruments
measured at fair value. All dollar amounts presented are expressed in Canadian dollars, unless otherwise specified. In
addition, these condensed consolidated interim financial statements are prepared using the accrual basis of accounting
except for cash flow information.
These condensed consolidated interim financial statements were approved and authorized for issue by the Board of
Directors (“Board”) on May 11, 2026.
(b) Going concern
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 settle its obligations in the normal course of business. The Company
has incurred losses since inception and the ability of the Company to continue as a going concern depends upon its ability
to raise adequate financing through the capital markets. During the three months ended March 31, 2026, the Company
incurred a loss of $13,190,373 and, as of March 31, 2026, the Company had an accumulated deficit of $53,975,255. The
continuation of the Company is dependent upon obtaining necessary financing to meet its ongoing operational needs, its
project development requirements, and its specific exploration spending commitments (see Note 8). While the Company
raised additional funding in 2025, it will continue to incur losses in the process of advancing its mineral exploration projects
such that additional funds will be required in the future to enable the Company to continue its operations. There can be no
assurance that financing will be available on terms which are acceptable to the Company.
These factors indicate the existence of a material uncertainty that may cast significant doubt upon the Company’s ability to
continue as a going concern. These condensed consolidated interim financial statements do not give effect to any
adjustments to the amounts and classifications of assets and liabilities which might be necessary should the Company be
unable to continue its operations as a going concern. Such adjustments could be material.
7
FUERTE METALS CORPORATION
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Three months ended March 31, 2026 and 2025
Unaudited
(Expressed in Canadian Dollars unless otherwise noted)
2. BASIS OF PREPARATION, GOING CONCERN AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
(c) Material accounting policies
The material accounting policies that have been applied, on a consistent basis, in the preparation of these condensed
co

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