Financial Statements Q4 2025 & Management’s Discussion and Analysis Q4 2025

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# Financial Statements Q4 2025 & Management’s Discussion and Analysis Q4 2025

Source: https://goldskyresources.com/wp-content/uploads/2026/03/GSKR-Q4-Financials-unaudited.pdf
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# Financial Statements Q4 2025 & Management’s Discussion and Analysis Q4 2025
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in Canadian Dollars)
(Unaudited)
DECEMBER 31, 2025
Notice to Reader
The accompanying unaudited consolidated financial statements of the Company have been prepared by and are the responsibility of
the Company’s management.
The Company’s independent auditor has neither performed an audit nor a review of these consolidated financial statements.
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in Canadian Dollars-Unaudited)
As at
December 31, December 31,
2025 2024
ASSETS
Current
Cash $ 84,381,333 $ 9,568,671
Deferred financing cost 160,712 213,742
Receivables 1,140,935 304,664
Bonds 101,119 -
Prepaid expenses 408,527 1,013,880
86,192,626 11,100,957
Right of use asset 347,101 -
Property and equipment 33,841 -
Equity investment - exploration and evaluation assets (Note 5) 1 1
Exploration and evaluation assets (Note 4,6) 91,457,429 15,441,163
$ 178,030,998 $ 26,542,121
LIABILITIES
Current
Accounts payable and accrued liabilities (Note 10) $$ 6,201,936
2,392,014 $$ 3,342,671
190,687
Lease
Accounts
liability
payable and accrued liabilities (Note 10) 111,688 -
Subscriptions received in advance (Note 7) 681,809 -
6,995,433 3,342,671
Lease liability 283,754 -
7,279,187 3,342,671
Shareholders’ equity
Share capital (Note 7) 214,403,611 43,044,348
Reserves (Note 7) 13,897,866 9,468,862
Deficit (57,549,666) (29,313,760)
170,751,811 23,199,450
$ 178,030,998 $ 26,542,121
Nature and continuance of operations (Note 1)
Subsequent events (Note 13)
Approved and authorized by the board on March 30, 2026
/s/ Peter Breese Director /s/ Russell Bradford Director
Peter Breese Russell Bradford
The accompanying notes are an integral part of these consolidated financial statements.
6
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed in Canadian Dollars)
(Unaudited)
Year ended Year ended
December 31, December 31,
2025 2024
OPERATING EXPENSES
Consulting and support services 4,373,596 1,366,570
Foreign exchange loss (gain) 65,017 (31,288)
Exploration expenditures (Note 5,10) 9,511,785 2,094,689
Interest income (468,301) (1,534)
Investor relations (Note 10) 1,795,874 1,300,993
Management fees (Note 10) 5,109,693 819,533
Office and administrative (Note 10) 2,423,286 697,481
Professional fees 685,067 405,286
Royalty expense (Note 6) 607,642 448,432
Share-based payments (Note 7, 10) 3,882,356 2,747,251
Transfer agent and filing fees 249,891 172,685
28,235,906 10,020,098
Write-down of exploration and evaluation asset - 844,217
Loss and comprehensive loss for the year $ (28,235,906) $ (10,864,315)
Basic and diluted loss per common share $ (0.36) $ (0.22)
Weighted average number of common shares outstanding – basic and 78,098,435 49,937,567
diluted
The accompanying notes are an integral part of these consolidated financial statements.
7
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Expressed in Canadian Dollars)
(Unaudited)
Total
Common Shareholders’
Shares Share Capital Reserves Deficit Equity
Balance, December 31, 2023 34,895,957 11,674,926 6,819,430 (18,449,445) 44,911
Shares issued for:
Acquisition 8,936,929 4,289,726 - - 4,289,726
Private placement 10,733,000 12,189,984 522,744 - 12,712,728
Mineral property 6,988,718 10,063,754 - - 10,063,754
Share issuance costs - (1,003,141) 18,625 - (984,516)
Compensation options - (296,410) 296,410 - -
Acquisition - options - - 126,020 - 126,020
Acquisition - warrants - - 237,655 - 237,655
Stock options exercised 2,142,808 3,472,917 (1,432,597) - 2,040,320
Warrants exercised 2,314,389 2,785,916 - - 2,785,916
Warrant modification - (133,324) 133,324 - -
Share-based payments - - 2,747,251 - 2,747,251
Loss and comprehensive loss - - - (10,864,315) (10,864,315)
Balance, December 31, 2024 66,011,800 43,044,348 9,468,862 (29,313,760) 23,199,450
Shares issued for:
Acquisition 39,976,326 69,958,571 - - 69,958,571
Private placement 11,196,675 16,819,526 - - 16,819,526
Private placement 52,631,567 80,000,000 - - 80,000,000
Share issuance costs - (3,535,406) - (3,535,406)
Finder shares issued 1,164,960 - - - -
Compensation options - (405,065) 405,065 - -
Acquisition-Transaction cost 1,403,062 2,219,645 - - 2,219,645
Acquisition - options - - 1,142,444 - 1,142,444
Stock options exercised 1,294,091 2,591,600 (1,000,861) - 1,590,739
Warrants exercised 2,095,516 2,305,797 - - 2,305,797
Exercise of compensatory options 6,252 8,252 - - 8,252
Shares issued for services 870,982 1,396,343 - - 1,396,343
Share-based payments - - 3,882,356 - 3,882,356
Loss and comprehensive loss - - - (28,235,906) (28,235,906)
Balance, December 31, 2025 176,651,231 $ 214,403,611 $ 13,897,866 $ (57,549,666) $ 170,751,811
The accompanying notes are an integral part of these consolidated financial statements.
8
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in Canadian Dollars)
(Unaudited)
Year ended Year ended
December 31, 2025 December 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the year $ (28,235,906) $ (10,864,315)
Items not affecting cash:
Share-based payments 3,882,356 2,747,251
Write-down of exploration and evaluation asset - 844,217
Shares issued for services 1,396,343 -
Changes in non-cash working capital items:
Receivables (674,597) (196,444)
Prepaid expenses 678,283 (910,489)
Advances (350,000) -
Accounts payable and accrued liabilities 2,051,832 1,566,426
Cash used in operating activities (21,251,689) (6,813,354)
CASH FLOWS FROM INVESTING ACTIVITY
Cash acquired on acquisition 691,823 14,126
Transaction costs for acquisition (2,551,219) (101,043)
(1,859,396) (86,917)
CASH FLOWS FROM FINANCING ACTIVITY
Private placements 96,819,526 12,712,728
Share issuance costs (3,535,406) (984,516)
Subscription for shares 681,809 -
Deferred financing costs 53,030 (213,742)
Proceeds from options exercised 1,590,739 2,040,320
Proceeds from warrants exercised 2,305,797 2,785,916
Proceeds from compensatory options exercised 8,252 -
Cash provided by financing activities 97,923,747 16,340,706
Change in cash during the year 74,812,662 9,440,435
Cash, beginning of year 9,568,671 128,236
Cash, end of year $ 84,381,333 $ 9,568,671
Supplemental disclosure with respect to cash flows (Note 9)
The accompanying notes are an integral part of these consolidated financial statements.
9
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2025
(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 changes 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 16, 2025, the Company consolidated its outstanding share capital on the basis of four (4) pre-consolidated shares
for one (1) post consolidated share. 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 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
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 $28,235,906 for the year ended December 31, 2025, and accumulated losses of
$57,549,666 as of December 31, 2025. As of December 31, 2025, the Company has a working capital of $79,197,193. The
Company has raised adequate funds during the 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 consolidated financial statements have been prepared in accordance with accounting policies consistent with IFRS
Accounting Standards as issued by the International Accounting Standards Board (IASB).
b) Basis of measurement
These consolidated 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.
10
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2025
(Expressed in Canadian Dollars)
(Unaudited)
2. BASIS OF PREPARATION (cont’d…)
c) Basis of consolidation
These 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),
Gold Line Resources Sweden AB (Sweden), GLR Finland Oy (Finland), Solvik Gold OB (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 consolidated financial statements in accordance with IFRS requires management to make certain
estimates, judgments and assumptions that affect the reported a

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