Financial Statements Q4 2025 (Audited)

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# Financial Statements Q4 2025 (Audited)

Source: https://goldskyresources.com/wp-content/uploads/2026/04/Goldsky_FS_Q4_2025_final-for-filing.pdf
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# Financial Statements Q4 2025 (Audited)
GOLDSKY RESOURCES CORP. (FORMERLY FIRST NORDIC METALS CORP.)
CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in Canadian Dollars)
DECEMBER 31, 2025
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of
Goldsky Resources Corp. (formerly First Nordic Metals Corp.)
Opinion
We have audited the accompanying consolidated financial statements of Goldsky Resources Corp. (formerly First
Nordic Metals Corp.) (the “Company”), which comprise the consolidated statements of financial position as at
December 31, 2025 and 2024, and the consolidated statements of loss and comprehensive loss, changes in
shareholders’ equity, and cash flows for the years then ended, and notes to the consolidated financial statements,
including material accounting policy information.
In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position
of the Company as at December 31, 2025 and 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 (IFRS Accounting Standards).
Basis for Opinion
We conducted our audit 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 Consolidated
Financial Statements section of our report. We are independent of the Company in accordance with the ethical
requirements that are relevant to our audit of the consolidated 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 in our audit is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in the auditor's professional judgment, were of most significance in the
audit of the consolidated financial statements of the current year. These matters were addressed in the context
of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
Assessment of Impairment Indicators of Exploration and Evaluation Assets (“E&E Assets”)
As described in Note 6 to the consolidated financial statements, the carrying amount of the Company’s E&E Assets
was $91,457,429 as of December 31, 2025. As more fully described in Note 3 to the consolidated financial
statements, management assesses E&E Assets for indicators of impairment at each reporting period.
The principal considerations for our determination that the assessment of impairment indicators of the E&E Assets
is a key audit matter are that there was judgment made by management when assessing whether there were
indicators of impairment for the E&E Assets, specifically relating to the assets’ carrying amount which is impacted
by the Company’s intent and ability to continue to explore and evaluate these assets. This in turn led to a high
degree of auditor judgment, subjectivity, and effort in performing procedures to evaluate audit evidence relating
to the judgments made by management in their assessment of indicators of impairment that could give rise to the
requirement to prepare an estimate of the recoverable amount of the E&E Asset.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming
our overall opinion on the consolidated financial statements. Our audit procedures included, among others:
• Evaluating management’s assessment of impairment indicators.
• Evaluating the intent for the E&E Assets through discussion and communication with management.
• Reviewing the Company’s recent expenditure activity and expenditure budgets for future periods.
• Assessing compliance with agreements and expenditure requirements including reviewing option
agreements and vouching cash payments.
• Assessing the Company’s rights to explore E&E Assets including sending a confirmation request to an
optionor to ensure good standing of agreements.
• Obtaining, on a test basis, confirmation of title to ensure mineral rights underlying the E&E Assets are in
good standing.
Accounting for the Acquisition of Mawson Finland Limited (“Mawson”)
As described in Note 4 to the consolidated financial statements, during the year ended December 31, 2025, the
Company acquired 100% of Mawson (the “Transaction”) for consideration totalling $75,871,879. As more fully
described in Note 2, judgement is required by the Company to assess whether the Transaction constituted a
business combination or an asset acquisition.
We identified the accounting for the Transaction as a key audit matter in respect of whether the set of assets
acquired, and liabilities assumed constituted a business. This matter represented an area of significant risk of
material misstatement given the high degree of estimation uncertainty. A high degree of auditor judgment,
subjectivity, and effort were required in performing procedures to evaluate management’s significant judgements
in assessing the accounting for the Transaction and the fair value of the assets acquired.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming
our overall opinion on the consolidated financial statements. Our audit procedures included, among others:
• Evaluating management’s assessment of whether the Transaction constituted an asset acquisition or
business combination.
• Examining and evaluating the contractual terms identified in underlying agreements in connection with
the Transaction for consistency with the amounts recorded in the consolidated financial statements.
• Reviewing and assessing fair value of the assets acquired and liabilities assumed on acquisition.
• Assessing the adequacy of the disclosures in the consolidated financial statements.
Other Information
Management is responsible for the other information. The other information obtained at the date of this auditor's
report includes Management’s Discussion and Analysis.
Our opinion on the consolidated financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.
We obtained Management’s Discussion and Analysis prior to the date of this auditor’s report. If, based on the work
we have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in
accordance with IFRS Accounting Standards, and for such internal control as management determines is
necessary to enable the preparation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated 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 Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated 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
consolidated 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 consolidated 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 consolidated 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 consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the Company to express an opinion on the
consolidated financial statements. We are responsible for the direction, supervision and performance of
the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
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 independenc

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