Q4 2025 - Financial Statements Download

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# Q4 2025 - Financial Statements Download

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# Q4 2025 - Financial Statements Download
LUNR ROYALTIES CORP.
(formerly 17156138 Canada Inc.)
Financial Statements
From the Date of Incorporation on July 14, 2025
to December 31, 2025
(Expressed in U.S. Dollars)
Independent auditor’s report
To the Shareholders of LunR Royalties Corp.
Our opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial
position of LunR Royalties Corp. (the Company) as at December 31, 2025 and its financial performance and
its cash flows for the period from July 14, 2025 to December 31, 2025 in accordance with IFRS Accounting
Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards).
What we have audited
The Company’s financial statements comprise:
• the statement of financial position as at December 31, 2025;
• the statement of comprehensive loss for the period from July 14, 2025 to December 31, 2025;
• the statement of cash flow for the period from July 14, 2025 to December 31, 2025;
• the statement of changes in equity for the period from July 14, 2025 to December 31, 2025; and
• the notes to the financial statements, comprising material accounting policy information and other
explanatory information.
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 financial statements section of our report.
PricewaterhouseCoopers LLP
PwC Place, 250 Howe Street, Suite 1400
Vancouver, British Columbia, Canada V6C 3S7
T.: +1 604 806 7000, F.: +1 604 806 7806
Fax to mail: ca_vancouver_main_fax@pwc.com
“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Independence
We are independent of the Company in accordance with the ethical requirements that are relevant to our
audit of the financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance
with these requirements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements for the period from July 14, 2025 to December 31, 2025. These matters
were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Key audit matter How our audit addressed the key audit matter
Assessment of impairment indicators of royalty Our approach to addressing the matter included the following
interests procedures, among others:
Refer to note 4e) – Summary of material accounting policies –  Evaluated management’s assessment of impairment
royalty interests and note 5 – Royalty interests to the financial indicators for its royalty interests, which included the
statements. following:
The Company’s royalty interests carrying amount as at ‒ Assessed the reasonableness of factors such as
December 31, 2025 amounted to $1.7 million. Management significant changes in future commodity prices,
assesses whether any indication of impairment exists at the discount rates, operator reserve and resource
end of each reporting period for each royalty interest. estimates or other relevant information received from
Management makes judgments in assessing whether there the operators that indicates production from the
are indicators of impairment, which include both internal and royalty interests will not likely occur or may be
external factors such as significant changes in future significantly reduced in the future, by considering
commodity prices, discount rates, operator reserve and external market and industry data, other publicly
resource estimates or other relevant information received from disclosed information by operators of the underlying
the operators that indicates production from the royalty interest mining operation associated with the royalty interests
will not likely occur or may be significantly reduced in the and consistency with evidence obtained in other areas
future. If such an indication exists, the recoverable amount of of the audit.
the interest is estimated in order to determine the extent of the
impairment (if any).
Key audit matter How our audit addressed the key audit matter
We considered this a key audit matter due to (i) the
significance of the royalty interests balance; (ii) the judgment
by management in assessing any indicators of impairment; and
(iii) auditor judgment, subjectivity and effort in performing
procedures and evaluating audit evidence related to
management’s assessment of impairment indicators of royalty
interests.
Other information
Management is responsible for the other information. The other information comprises the Management’s
Discussion and Analysis.
Our opinion on the 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 financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
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
financial statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with IFRS Accounting Standards, and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the 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 financial statements
Our objectives are to obtain reasonable assurance about whether the 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 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 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 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 financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
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 independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Ranbir Gill.
/s/PricewaterhouseCoopers LLP
Chartered Professional Accountants
Vancouver, British Columbia
March 16, 2026
LunR Royalties Corp. (formerly 17156138 Canada Inc.)
Statement of Financial Position
(Expressed in U.S. Dollars)
Note December 31, 2025
Assets
Current assets:
Cash $1,372,453
Receivables and other assets 53,809
1,426,262
Royalty interests 5 1,677,848
Total assets $3,104,110
Liabilities
Current liabilities:
Trade payables and accrued liabilities $240,469
Total liabilities 240,469
Shareholders’ equity
Share capital 6 3,257,318
Contributed surplus 11,198
Deficit (478,240)
Accumulated other comprehensive income 73,365
Total shareholders’ equity 2,863,641
Total liabilities and shareholders’ equity $3,104,110
Arrangement (Note 2)
Commitment (Note 10)
Subsequent event (Notes 6 and 11)
On behalf of the Board:
/s/Adam I. Lundin /s/Martino de Ciccio
Director Director
The accompanying notes are an integral part of these interim financial statements.
LunR Royalties Corp. (formerly 17156138 Canada Inc.)
Statement of Comprehensive Loss
(Expressed in U.S. Dollars)
July 14, 2025
Note to December 31, 2025
Ex

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