# Valor Gold Carve Out Financial Statements Year Ended December 31 2025 FINAL

Source Brief: https://evesgoldminers.com/research/source-briefs/valor-gold-corp-valor-gold-carve-out-financial-statements-year-ended-december-31-5aa2fb30
Original source: https://valorgold.ca/wp-content/uploads/2026/06/Valor_Gold_-_Carve-Out_Financial_Statements_-_Year_Ended_December_31_2025_-_FINAL.pdf
EGM generated: 2026-09-27
Company: Valor Gold Corp. (VGL)

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# Valor Gold Carve Out Financial Statements Year Ended December 31 2025 FINAL

Source: https://valorgold.ca/wp-content/uploads/2026/06/Valor_Gold_-_Carve-Out_Financial_Statements_-_Year_Ended_December_31_2025_-_FINAL.pdf
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# Valor Gold Carve Out Financial Statements Year Ended December 31 2025 FINAL
Valor Gold Corp.
CARVE-OUT FINANCIAL STATEMENTS
For the years ended
December 31, 2025, and 2024
(Expressed in Canadian dollars)
Independent Auditor's Report
To the Shareholders of Seabridge Gold Inc.:
Opinion
We have audited the carve-out financial statements of Valor Gold Corp. (the "Company") a carve-out of Seabridge
Gold Inc., which comprise the carve-out statements of financial position as at December 31, 2025 and December 31,
2024, and the carve-out statements of profit or loss and comprehensive profit or loss, changes in equity and cash
flows for the years then ended, and notes to the carve-out financial statements, including material accounting policy
information.
In our opinion, the accompanying carve-out financial statements present fairly, in all material respects, the financial
position of the Company as at December 31, 2025 and December 31, 2024, and its financial performance and its cash
flows for the years then ended in accordance with IFRS® Accounting Standards as issued by the International
Accounting Standards Board.
Basis for Opinion
We conducted our audits 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 Financial Statements
section of our report. We are independent of the Company in accordance with the ethical requirements that are
relevant to our audits of the carve-out 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.
Material Uncertainty Related to Going Concern
We draw attention to Note 1 to the carve-out financial statements, which indicates that the Company incurred
operating losses and does not generate cash flows from operations. As stated in Note 1, these events or conditions,
along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant
doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Emphasis of Matter - Basis of Presentation
We draw attention to Note 2 to the carve-out financial statements, which describes the basis of presentation. The
carve-out financial statements have been prepared on a carve-out basis and reflect the historical results of
operations, financial position and cash flows of the Courageous Lake project of Seabridge Gold Inc. As a result, the
carve-out financial statements may not be indicative of the financial position, results of operations or cash flows that
would have been achieved had the Courtageous Lake project operated as a separate stand-alone entity during the
periods presented. Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
carve-out financial statements of the current period. These matters were addressed in the context of our audit of the
carve-out financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Except for the matter described in the Material Uncertainty Related to Going Concern section, we have determined
that there are no other key audit matters to communicate in our report.
MNP LLP
Suite 2400 - 609 Granville Street, PO Box 10203 LCD Pacific Centre 1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the carve-out financial statements in
accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, and for such
internal control as management determines is necessary to enable the preparation of carve-out financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the carve-out financial statements, management is responsible for assessing the Company’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 Company or to cease operations, or has no
realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the carve-out 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 carve-out
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 carve-out 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 Company’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 Company’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 carve-out 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 Company to cease to continue as a going concern.
 Evaluate the overall presentation, structure and content of the carve-out financial statements, including the
disclosures, and whether the carve-out financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
Suite 2400 - 609 Granville Street, PO Box 10203 LCD Pacific Centre
1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audits and significant audit findings, including any significant deficiencies in internal control that we
identify during our audits.
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 matters that were of most
significance in the audit of the carve-out 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 Kate Duholke.
Vancouver, British Columbia
May 15, 2026 Chartered Professional Accountants
Suite 2400 - 609 Granville Street, PO Box 10203 LCD Pacific Centre
1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca
VALOR GOLD CORP.
(Expressed in Canadian dollars)
Index
CARVE-OUT FINANCIAL STATEMENTS
CARVE-OUT STATEMENTS OF FINANCIAL POSITION ...................................................................... 3
CARVE-OUT STATEMENTS OF PROFIT OR LOSS AND COMPREHENSIVE PROFIT OR LOSS …….....4
CARVE-OUT STATEMENTS OF CASH FLOWS ............................................................................................ 5
CARVE-OUT STATEMENTS OF CHANGES IN EQUITY ............................................................................... 6
NOTES TO CARVE-OUT FINANCIAL STATEMENTS ................................................................................... 7
2
VALOR GOLD CORP.
(Expressed in Canadian dollars)
CARVE-OUT STATEMENTS OF FINANCIAL POSITION
Notes December 31, 2025 December 31 2024
Assets
Current assets
Amounts receivable and prepaid expenses $ 2,343 $ 3,967
2,343 3,967
Non-current assets
Mineral interests 6 1,869,428 1,089,810
Reclamation deposits 49,000 49,000
1,918,428 1,138,810
Total assets $ 1,920,771 $ 1,142,777
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued liabilities $ 26,799 $ 12,482
Provision for reclamation liabilities - -
Total liabilities 26,799 12,482
Equity
Net parent's investment 1,893,972 1,130,295
Total equity $ 1,893,972 $ 1,130,295
Total liabilities and equity $ 1,920,771 $ 1,142,777
Nature of operations and going concern (Note 1)
Subsequent events (Note 10)
Approved on Behalf of the Board:
Rudi Fronk C. Bruce Scott
Director Director
May 15, 2026 May 15, 2026
-The accompanying notes are an integral part of these carve-out financial statements -
3
VALOR GOLD CORP.
(Expressed in Canadian dollars)
CARVE-OUT STATEMENTS OF PROFIT OR LOSS
AND COMPREHENSIVE PROFIT OR LOSS
Years Ended December 31,
2025 2024
Foreign exchange gain (loss) $ 19 $ (321)
Profit (Loss) and comprehensive profit (loss) for the year $ 19 $ (321)
-The accompanying notes are an integral part of these carve-out financial statements -
4
VALOR GOLD CORP.
(Expressed in Canadian dollars)
CARVE-OUT STATEMENTS OF CASH FLOWS
Years Ended December 31,
Notes 2025 2024
Operating Activities
Gain (Loss) for the year $ 19 $ (321)
Changes in working capital items:
Amounts receivable and prepaid expenses 1,624 60,601
Accounts payable and accrued liabilities 14,317 (198,644)
Net cash from (used in) operating activities 15,960 (138,364)
Investing Activities
Expenditures on mineral interests 6 (752,819) (1,077,328)
Net cash used in investing activities
(7

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