Financial Statements Q1 2026 & Management’s Discussion and Analysis Q1 2026

Extracted Document Text

This is a readable excerpt of the EGM normalized Markdown text. It helps search engines and researchers understand PDF, filing, or company-document content while the original source remains authoritative.

# Financial Statements Q1 2026 & Management’s Discussion and Analysis Q1 2026

Source: https://goldskyresources.com/wp-content/uploads/2026/05/GSKR-Financial-Statements-and-MDA-Q1-2026.pdf
Fetched: 2026-09-12T07:02:21.907+00:00
Source artifact: e4eb3435-71dd-4b46-9296-f1f1c509e42e
Normalizer input: text

## Content

# Financial Statements Q1 2026 & Management’s Discussion and Analysis Q1 2026
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian Dollars-Unaudited)
MARCH 31, 2026
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.
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Expressed in Canadian Dollars-Unaudited)
As at
March 31, December 31,
2026 2025
ASSETS
Current
Cash $ 86,135,044 $ 84,381,333
Deferred financing cost 243,438 160,712
Receivables 922,102 1,140,935
Bonds 101,119 101,119
Prepaid expenses 273,672 408,527
87,675,375 86,192,626
Right of use asset (Note 13) 319,698 347,101
Property and equipment 559,626 33,841
Equity investment - exploration and evaluation assets (Note 5) 1 1
Exploration and evaluation assets (Note 6) 91,457,429 91,457,429
$ 180,012,129 $ 178,030,998
LIABILITIES
Current
Accounts payable and accrued liabilities $ 2,614,314
2,392,014 $ 3,742,487
190,687
Lease liability (Note 14) 113,609 111,688
Subscriptions received in advance $ - $ 681,809
2,727,923 4,535,984
Lease liability (Note 14) 255,157 283,754
2,983,080 4,819,738
Shareholders’ equity
Share capital (Note 7) 228,136,101 214,403,611
Shares to be issued - 2,459,449
Reserves (Note 7) 34,802,554 13,897,866
Deficit (85,909,606) (57,549,666)
177,029,049 173,211,260
$ 180,012,129 $ 178,030,998
Nature and continuance of operations (Note 1)
Subsequent events (Note 16)
Approved and authorized by the board on May 28, 2026
/s/ Peter Breese Director /s/ Russell Bradford Director
Peter Breese Russell Bradford
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed in Canadian Dollars-Unaudited)
Three months Three months
ended March 31, ended March 31,
2026 2025
OPERATING EXPENSES
Accretion expense 9,875 -
Amortization of Right-of-use asset (Note 13) 27,403 -
Consulting and support services 454,301 536,258
Exploration expenditures (Note 5, 10) 3,665,952 1,610,465
Foreign exchange loss (gain) (349,974) 84,927
Interest income (480,377) (66,569)
Investor relations 262,505 487,226
Management fees (Note 10) 300,119 129,630
Office and administrative 347,766 479,245
Professional fees 316,594 82,899
Share-based payments (Note 7, 10) 23,730,688 2,718,095
Transfer agent and filing fees 75,088 80,254
28,359,940 6,142,430
Loss and comprehensive loss for the period $ (28,359,940) $ (6,142,430)
Basic and diluted loss per common share $ (0.16) $ (0.09)
Weighted average number of common shares outstanding – basic and 181,342,649 66,769,390
diluted
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Expressed in Canadian Dollars)
Total
Common Share Shares to Shareholders’
Shares Capital be Issued Reserves Deficit Equity
Balance, December 31, 2024 66,011,800 $ 43,044,348 - 9,468,862 $ (29,313,760) $ 23,199,450
Shares issued for:
Private placement 776,398 1,397,516 - - - 1,397,516
Share issuance costs - (773,424) - - - (773,424)
Stock options exercised 252,682 362,265 - (140,655) - 221,610
Warrants exercised 881,496 999,808 - - - 999,808
Share-based payments - - - 2,718,095 - 2,718,095
Loss and comprehensive loss - - - - (6,142,430) (6,142,430)
Balance, March 31, 2025 67,922,376 $ 45,030,513 $ - $ 12,046,302 $ (35,456,190) $ 21,620,625
Balance, December 31, 2025 176,651,231 $ 214,403,611 $ 2,459,449 $ 13,897,866 $ (57,549,666) $ 173,211,260
Shares issued for:
Acquisition 20,138 80,150 - - - 80,150
Stock options exercised 2,569,097 6,310,029 - (2,826,000) - 3,484,029
Warrants exercised 2,260,257 3,956,252 - - - 3,956,252
Compensatory options exercised 659,326 926,610 - - - 926,610
Shares issued for services 1,618,058 2,459,449 (2,459,449) - - -
Share-based payments - - - 23,730,688 - 23,730,688
Loss and comprehensive loss - - - - (28,359,940) (28,359,940)
Balance, March 31, 2026 183,778,107 $ 228,136,101 $ - $ 34,802,554 $ (85,909,606) $ 177,029,049
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(Expressed in Canadian Dollars-Unaudited)
Three months ended Three months ended
March 31, 2026 March 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period $ (28,359,940) $ (6,142,430)
Items not affecting cash:
Share-based payments 23,730,688 2,718,095
Accretion 9,875 -
Amortization 27,403 -
Changes in non-cash working capital items:
Receivables 220,773 (124,328)
Prepaid expenses 134,855 (315,458)
Deferred financing cost (82,726) -
Accounts payable and accrued liabilities (1,535,072) (822,400)
Cash used in operating activities (5,854,144) (4,686,521)
CASH FLOWS FROM INVESTING ACTIVITY
Cash acquired on acquisition 60,529 -
Advances (101,205) -
(40,676) -
CASH FLOWS FROM FINANCING ACTIVITY
Private placements - 1,397,516
Share issuance costs - (607,720)
Repayment of lease liabilities (36,551) -
Proceeds from options exercised 3,484,029 221,610
Proceeds from compensatory options exercised 926,610 -
Proceeds from warrants exercised 3,274,443 999,808
Cash provided by financing activities 7,648,531 2,011,214
Change in cash during the period 1,753,711 (2,675,307)
Cash, beginning of period 84,381,333 9,568,671
Cash, end of period $ 86,135,044 $ 6,893,364
Supplemental disclosure with respect to cash flows (Note 9)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2026
(Expressed in Canadian Dollars-Unaudited)
1. NATURE AND CONTINUANCE OF OPERATIONS
Goldsky Resources Corp. (formerly First Nordic Metals 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. On March 18, 2024, after the closing of the transaction
with Gold Line Resources Ltd. (Note 4), the Company changed its name to First Nordic Metals Corp. On December 22, 2025,
after the closing of the transaction with Mawson Finland Limited (Note 4), the Company changed its name to Goldsky
Resources Corp. The Company’s shares trade on the TSX Venture Exchange under the trading symbol GSKR.V. On March
21, 2025, the Company’s SDR’s commenced trading on Nasdaq First North under the symbol GSKR 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.
On February 23, 2024, the Company closed the transaction to acquire 100% of the shares of Gold Line Resources Ltd. (“Gold
Line”), a Canadian exploration company listed on the TSX-V and OTC Exchange, for total consideration of $4,754,444 (Note
4). On December 16, 2025, the Company closed the transaction to acquire 100% of the shares of Mawson Finland Limited
(“Mawson”), a Canadian exploration company listed on the TSX-V, for a total consideration of $75,871,879 (Note 4).
On December 10, 2025, the Company consolidated its outstanding share capital on the basis of four (4) pre-consolidated shares
for one (1) post consolidated share (the “Consolidation”). All share amounts have been adjusted to reflect the consolidation.
The exercise price and number of common shares issuable upon the exercise of the Company’s outstanding options and
warrants have also been proportionately adjusted.
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 raised adequate funds during the prior year and 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, 2025.
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.
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2026
(Expressed in Canadian Dollars-Unaudited)
2. BASIS OF PREPARATION (Cont’d)
c) Basis of consolidation
These condensed consolidated 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), Nordic Route Explorations AB (Sweden), Mawson Finland
Limited (Canada), Mawson Finland Gold BC Limited (Canada) and Mawson Oy (Finland).
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 consolidated financial statements from the date that control commences until the
date that control ceases. All intercompany transactions and balances have been eliminated.
Critical accounting estimates
The preparation of these condensed consolidated interim financial statements in accordance with IFRS requires management to
make certain estimates, judgm

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]