Financial Statements (September 30, 2025)

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# Financial Statements (September 30, 2025)

Source: https://www.kuyasilver.com/images/pdf/FS-and-MDA/Kuya_Interim_Financials.pdf
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# Financial Statements (September 30, 2025)
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 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
September December
30, 2025 31, 2024
ASSETS
Current
Cash $ 6,628,147 $ 765,565
Trade receivables 276,302 -
Prepaids and advances (Note 11) 433,554 60,818
Inventories (Note 4) 178,187 82,850
Other receivables 264,012 376,086
7,780,202 1,285,319
Facilities and equipment (Note 5) 110,799 97,595
Exploration and evaluation assets (Note 6) 23,071,491 22,341,683
$ 30,962,492 $ 23,724,597
LIABILITIES
Current
Accounts payable and accrued liabilities (Notes 7 and 11) $ 1,478,449 $ 1,364,694
Convertible debentures (Note 8) - 457,827
Flow-through share premium (Note 9) - 139,943
1,478,449 1,962,464
Reclamation provision (Note 6) 1,792,456 1,695,352
3,270,905 3,657,816
SHAREHOLDERS’ EQUITY
Share capital (Note 9) 56,842,016 47,698,391
Reserves (Notes 8, 9, and 10) 1,022,115 (397,841)
Deficit (30,172,544) (27,233,769)
27,691,587 20,066,781
$ 30,962,492 $ 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 LOSS
(Expressed in US Dollars)
(Unaudited)
Three Three Nine Nine
months months months months
ended ended ended ended
September September September September
30, 2025 30, 2024 30, 2025 30, 2024
Revenue
Revenue from sale of concentrate $ 771,084 $ - $ 2,160,754 $ -
Production costs, incl. transportation,
refining and other charges (1,165,790) - (1,850,391) -
(394,706) - 310,363 -
Property expenses
Exploration and evaluation expenditures
(Notes 6 and 11) 207,034 1,140,777 1,498,800 2,572,378
(207,034) (1,140,777) (1,498,800) (2,572,378)
Administrative expenses
Administrative costs 24,616 27,597 76,523 80,809
Consulting fees (Note 11) 30,201 - 30,201 4,135
Directors’ fees (Note 11) 28,959 24,707 76,862 74,373
Filing fees 9,030 7,960 25,223 23,582
Management fees 15,239 15,396 45,039 46,310
Marketing and investor relations 78,282 76,231 163,486 235,171
Office and miscellaneous 82,005 62,330 264,333 164,625
Professional fees (Note 11) 32,162 55,078 208,609 201,733
Salaries and benefits (Note 11) 263,361 152,080 592,681 466,639
Share-based compensation
(Notes 9 and 11) 153,021 84,568 352,249 236,245
Shareholder communication 1,354 535 5,454 7,201
Transfer agent 3,231 796 13,974 8,503
Travel 160,218 41,724 183,409 185,204
(881,679) (549,002) (2,038,043) (1,734,530)
Operating loss (1,483,419) (1,689,779) (3,226,480) (4,306,908)
Accretion expense (Note 6) (13,316) (13,277) (58,088) (39,935)
Foreign exchange (loss) gain (36,554) 1,323 (27,029) 1,748
Interest income 9,391 23,611 13,458 23,611
Recognition of flow-through share
premium (Note 8) - 127,855 142,696 152,556
(40,479) 139,512 71,037 137,980
Loss for the period (1,523,898) (1,550,267) (3,155,443) (4,168,928)
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 LOSS (cont’d…)
(Expressed in US Dollars)
(Unaudited)
Three Three Nine Nine
months months months months
ended ended ended ended
September September September September
30, 2025 30, 2024 30, 2025 30, 2024
Other comprehensive income (loss)
Item that may be reclassified
subsequently to profit and loss
Foreign currency translation
adjustment (473,661) 271,262 649,806 (478,263)
Comprehensive loss for the period $ (1,997,559) $ (1,279,005) $ (2,505,637) $ (4,647,191)
Loss per common share – basic and
diluted $ (0.01) $ (0.01) $ (0.03) $ (0.04)
Weighted average number of common
shares outstanding – basic and diluted 133,614,874 104,521,509 122,067,703 98,933,308
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) 998,432 278,952 (8,547) - - 270,405
Options forfeited or expired (Note 10) - - (22,817) - 22,817 -
Warrants expired (Note 9) - 296,186 (297,757) - 1,571 -
Share-based compensation (Note 10) - - 236,245 - - 236,245
Foreign currency translation - - - (478,263) - (478,263)
Loss for the period - - - - (4,168,928) (4,168,928)
September 30, 2024 105,101,729 47,187,574 1,772,833 (966,843) (25,355,491) 22,638,073
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) 350,000 96,723 (2,576) - - 94,147
Debt unit warrants (Note 8) - - 128,304 - - 128,304
Share-based compensation (Note 10) - - 63,128 - - 63,128
Foreign currency translation - - - (1,310,380) - (1,310,380)
Loss for the period - - - - (1,878,278) (1,878,278)
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) 29,740,000 7,688,835 902,914 - - 8,591,749
Share issue costs (Note 9) - (201,394) 33,475 - - (167,919)
Issuance of common shares on conversion
of convertible debentures (Notes 8 and 9) 2,580,966 515,592 - - - 515,592
Issuance of common shares on exercise of
options (Note 9) 764,197 421,351 (190,384) - - 230,967
Issuance of common shares on exercise of
warrants (Note 9) 2,330,700 644,317 (36,512) - - 607,805
Options forfeited or expired (Note 10) - - (216,668) - 216,668 -
Warrants expired (Note 9) - 74,924 (74,924) - - -
Share-based compensation (Note 10) - - 352,249 - - 352,249
Foreign currency translation - - - 649,806 - 649,806
Loss for the period - - - - (3,155,443) (3,155,443)
September 30, 2025 143,285,258 $ 56,842,016 $ 2,649,532 $ (1,627,417) $ (30,172,544) $ 27,691,587
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)
Nine months Nine months
ended ended
September September
30, 2025 30, 2024
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Loss for the period $ (3,155,443) $ (4,168,928)
Adjust for items not involving cash:
Depreciation 22,646 1,020
Accretion expense 58,088 39,935
Share-based compensation 352,249 236,245
Recognition of flow-through share premium (142,696) (152,556)
Interest expense 21,776 -
Unrealized foreign exchange gain 25,172 (77,129)
Change in non-cash working capital items:
Trade receivables (274,894) -
Other receivables 128,318 10,745
Prepaids and advances (368,860) (55,176)
Inventories (92,159) -
Accounts payable and accrued liabilities 68,823 592,800
Net cash used in operating activities (3,356,980) (3,573,044)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Additions to facilities and equipment (32,610) (96,637)
Net cash used in investing activity (32,610) (96,637)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Proceeds from issuance of share capital 9,430,521 3,055,711
Share issue costs (167,919) (65,462)
Net cash provided by financing activities 9,262,602 2,990,249
Change in cash 5,873,012 (679,432)
Effect of foreign exchange on cash (10,430) (31)
Cash, beginning of period 765,565 2,650,187
Cash, end of period $ 6,628,147 $ 1,970,724
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)
SEPTEMBER 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 nine months ended September 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 September 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
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