Financial Statements (June 30, 2025)

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# Financial Statements (June 30, 2025)

Source: https://www.kuyasilver.com/images/pdf/FS-and-MDA/KUUYAFS-Q2_2025.pdf
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# Financial Statements (June 30, 2025)
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2025
(Expressed in US Dollars)
(Unaudited)
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the
condensed interim consolidated financial statements, they must be accompanied by a notice indicating that an
auditor has not reviewed the financial statements.
The Company’s independent auditor has not performed a review of these condensed interim consolidated
financial statements in accordance with standards established by the Chartered Professional Accountants of
Canada for a review of interim financial statements by an entity’s auditor.
The accompanying condensed interim consolidated financial statements of the Company have been prepared by
and are the responsibility of the Company’s management.
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in US Dollars)
(Unaudited)
As at
June December
30, 2025 31, 2024
ASSETS
Current
Cash $ 243,418 $ 765,565
Trade receivables 759,259 -
Prepaids and advances 162,582 60,818
Inventories (Note 4) 555,262 82,850
Other receivables 311,988 376,086
2,032,509 1,285,319
Facilities and equipment (Note 5) 125,036 97,595
Exploration and evaluation assets (Note 6) 23,518,827 22,341,683
$ 25,676,372 $ 23,724,597
LIABILITIES
Current
Accounts payable and accrued liabilities (Notes 7 and 11) $ 1,428,341 $ 1,364,694
Convertible debentures (Note 8) 111,122 457,827
Flow-through share premium (Note 9) - 139,943
1,539,463 1,962,464
Reclamation provision (Note 6) 1,811,764 1,695,352
3,351,227 3,657,816
SHAREHOLDERS’ EQUITY
Share capital (Note 9) 50,480,435 47,698,391
Reserves (Notes 8, 9, and 10) 710,024 (397,841)
Deficit (28,865,314) (27,233,769)
22,325,145 20,066,781
$ 25,676,372 $ 23,724,597
Nature of operations and going concern (Note 1)
Commitments and contingencies (Note 17)
Subsequent events (Notes 9 and 18)
Approved on behalf of the board by:
/s/ “David Stein” /s/ “Eugene C. McBurney”
David Stein, Director Eugene C. McBurney, Director
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE INCOME (LOSS)
(Expressed in US Dollars)
(Unaudited)
Three Three Six Six
months months months months
ended ended ended ended
June 30, June 30, June 30, June 30,
2025 2024 2025 2024
Revenue
Revenue from sale of concentrate $ 1,163,673 $ - $ 1,389,670 $ -
Transportation, refining and other charges (467,989) - (467,989) -
695,684 - 921,681 -
Property expenses
Exploration and evaluation expenditures
(Notes 6 and 11) 410,033 906,759 1,508,378 1,431,601
(410,033) 906,759 (1,508,378) (1,431,601)
Administrative expenses
Administrative costs 25,728 25,847 51,907 53,212
Consulting fees (Note 11) - 4,135 - 4,135
Directors’ fees (Note 11) 24,395 24,652 47,903 49,666
Filing fees 9,301 6,919 16,193 15,622
Management fees 15,168 15,345 29,800 30,914
Marketing and investor relations 55,197 63,445 85,204 158,940
Office and miscellaneous 112,448 23,087 182,328 102,295
Professional fees (Note 11) 118,642 78,538 176,447 146,655
Share-based compensation
(Notes 9 and 11) 72,118 64,202 199,228 151,677
Shareholder communication 2,811 3,723 4,100 6,666
Transfer agent 8,772 5,831 10,743 7,707
Travel 5,317 70,884 23,191 143,480
Salaries and benefits (Note 11) 161,513 160,933 329,320 314,559
(611,410) (547,541) (1,156,364) (1,185,528)
Operating loss (325,759) (1,454,300) (1,743,061) (2,617,129)
Accretion expense (Note 6) (14,465) (13,232) (44,772) (26,658)
Foreign exchange gain 30,426 3,387 9,525 425
Interest income 3,551 - 4,067 -
Recognition of flow-through share
premium (Note 8) 23,688 14,974 142,696 24,701
43,200 5,129 111,516 (1,532)
Loss for the period (282,559) (1,449,171) (1,631,545) (2,618,661)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE INCOME (LOSS) (cont’d…)
(Expressed in US Dollars)
(Unaudited)
Three Three Six Six
months months months months
ended ended ended ended
June 30, June 30, June 30, June 30,
2025 2024 2025 2024
Other comprehensive income (loss)
Item that may be reclassified
subsequently to profit and loss
Foreign currency translation
adjustment 1,101,465 (224,022) 1,123,467 (749,525)
Comprehensive income (loss) for the
period $ 818,906 $ (1,673,193) $ (508,078) $ (3,368,186)
Loss per common share – basic and
diluted $ (0.01) $ (0.01) $ (0.00) $ (0.03)
Weighted average number of common
shares outstanding – basic and diluted 121,362,844 98,927,617 115,432,864 96,108,611
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Expressed in US Dollars)
(Unaudited)
Share Capital
Foreign
currency
Number Share-based translation
of shares Amount reserves reserves Deficit Total
December 31, 2023 92,922,899 $ 44,177,779 $ 1,996,386 $ (488,580) $ (21,210,951) $ 24,474,634
Issuance of units for cash (Note 9) 10,474,991 2,785,306 - - - 2,785,306
Flow-through share premium (Note 9) - (455,934) - - - (455,934)
Share issue costs (Note 9) - (95,745) - - - (95,745)
Issuance of common shares for share issue
costs (Note 9) 267,907 70,353 - - - 70,353
Issuance of common shares on settlement of
restricted share units (Notes 9 and 10) 437,500 130,677 (130,677) - - -
Issuance of common shares on exercise of
warrants (Note 9) 398,432 110,051 (4,103) - - 105,948
Options forfeited or expired (Note 10) - - (22,817) - 22,817 -
Warrants expired (Note 9) - 177,921 (179,492) - 1,571 -
Share-based compensation (Note 10) - - 151,677 - - 151,677
Foreign currency translation - - - (749,525) - (749,525)
Loss for the period - - - - (2,618,661) (2,618,661)
June 30, 2024 104,501,729 46,900,408 1,810,974 (1,238,105) (22,805,224) 23,668,053
Issuance of common shares on settlement
of restricted share units (Notes 9 and 10) 412,500 82,307 (82,307) - - -
Issuance of common shares on conversion
of convertible debentures (Notes 8 and 9) 2,005,166 331,787 - - - 331,787
Issuance of common shares on exercise of
warrants (Note 9) 950,000 265,624 (7,020) - - 258,604
Debt unit warrants (Note 8) - - 128,304 - - 128,304
Warrants expired (Note 9) - 118,265 (118,265) - - -
Share-based compensation (Note 10) - - 147,696 - - 147,696
Foreign currency translation - - - (1,039,118) - (1,039,118)
Loss for the period - - - - (3,428,545) (3,428,545)
December 31, 2024 107,869,395 $ 47,698,391 $ 1,879,382 $ (2,277,223) $ (27,233,769) $ 20,066,781
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (cont’d…)
(Expressed in US Dollars)
(Unaudited)
Share Capital
Foreign
currency
Number Share-based translation
of shares Amount reserves reserves Deficit Total
December 31, 2024 107,869,395 $ 47,698,391 $ 1,879,382 $ (2,277,223) $ (27,233,769) $ 20,066,781
Issuance of units for cash (Note 9) 11,600,000 2,025,714 - - - 2,025,714
Share issue costs (Note 9) - (77,476) - - - (77,476)
Issuance of common shares on conversion
of convertible debentures (Notes 8 and 9) 2,176,222 405,609 - - - 405,609
Issuance of common shares on exercise of
options (Note 9) 672,499 387,667 (174,300) - - 213,367
Warrants expired (Note 9) - 40,530 (40,530) - - -
Share-based compensation (Note 10) - - 199,228 - - 199,228
Foreign currency translation - - - 1,123,467 - 1,123,467
Loss for the period - - - - (1,631,545) (1, 631,545)
June 30, 2025 122,318,116 $ 50,480,435 $ 1,863,780 $ (1,153,756) $ (28,865,314) $ 22,325,145
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in US Dollars)
(Unaudited)
Six months Six months
ended June ended June
30, 2025 30, 2024
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Loss for the period $ (1,631,545) $ (2,618,661)
Adjust for items not involving cash:
Depreciation 7,704 682
Accretion expense 44,772 26,658
Share-based compensation 199,228 151,677
Recognition of flow-through share premium (142,696) (24,701)
Interest expense 21,435 -
Unrealized foreign exchange gain 53,056 (107,853)
Change in non-cash working capital items:
Receivables (Trade and other) (654,167) (67,282)
Prepaids and advances (95,470) 4,217
Inventories (453,368) -
Accounts payable and accrued liabilities (7,997) 100,309
Net cash used in operating activities (2,659,046) (2,534,954)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Additions to facilities and equipment (29,303) (97,436)
Net cash used in investing activity (29,303) (97,436)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Proceeds from issuance of share capital 2,239,081 2,891,254
Share issue costs (77,476) (65,462)
Net cash provided by (used in) financing activities 2,161,605 (2,825,792)
Change in cash (526,744) 193,402
Effect of foreign exchange on cash 4,597 6,085
Cash, beginning of period 765,565 2,650,187
Cash, end of period $ 243,418 $ 2,849,674
Supplemental cash flow information (Note 12)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
KUYA SILVER CORPORATION
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in US Dollars)
(Unaudited)
JUNE 30, 2025
1. NATURE OF OPERATIONS AND GOING CONCERN
Kuya Silver Corporation (the “Company”) is a mineral exploration and development company with a focus on
acquiring, exploring and advancing precious metal assets in Peru and Canada, the Company also holds 5% interest
in Umm Hadid Project in Saudi Arabia, with the option to acquire an additional 40% until April 2027 (Note 6).
During the year ended December 31, 2024 and the six months ended June 30, 2025, the Company executed on
its strategic plans to rehabilitate the Bethania Silver Project in Peru with the objective of moving the mine
towards development. However, as at June 30, 2025, the Company does not yet consider the project to be in
the development phase, as contemplated under IFRS Accounting Standards (“IFRS”).
The Company was incorporated on July 15, 2015 under the Business Corporations Act (British Columbia). The
Company’s head office and principal address is located at 150 King Street West, Suite 200, Toronto, ON, M5J 1J9.
The Company’s registered and records office is located at 2054 Dowad Drive, Squamish, BC, V8B 0Y8. The
Company’s shares are listed on the Canadian Securities Exchange (“CSE”) under the symbol KUYA.
These condensed interim consolidated financial statements have been prepared on the assumption that the
Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and
will be able to realize assets and discharge liabilities in the ordinary course of operations. The Company’s
continuation as a going concern is dependent upon its ability to complete financings sufficient to meet current
and future obligations, the successful results from its business activities, and its ability to operate profitably and
generate funds. In assessing whether the going concern assumption is appropriate, management takes into
account all available information about the future, which is at least, but not limited to, 12 months from the end
of the reporting period. Although the Company raised capital in previous,

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