NorthIsle Q2 2026 Financial Statements

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# NorthIsle Q2 2026 Financial Statements

Source: https://www.northisle.ca/wp-content/uploads/2026/08/Q2-2026-Northisle_FS_08192026.pdf
Published: 2026-08-19T00:00:00+00:00
Fetched: 2026-09-12T08:46:49.516+00:00
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# NorthIsle Q2 2026 Financial Statements
Source: https://www.northisle.ca/wp-content/uploads/2026/08/Q2-2026-Northisle_FS_08192026.pdf
Published: 2026-08-19
Northisle Copper and Gold Inc.
Condensed Interim Consolidated Financial Statements
For the three and six months ended June 30, 2026
(Unaudited)
(Canadian dollars except where noted)
Northisle Copper and Gold Inc.
Condensed Interim Consolidated Financial Statements
(Unaudited)
(Expressed in Canadian dollars)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
June 30, 2026 December 31, 2025
ASSETS Note $ $
Cash and cash equivalents 3 125,805,187 32,504,353
Mineral property exploration tax credit 204,863 204,863
Other assets 4 2,039,370 993,355
CURRENT ASSETS 128,049,420 33,702,571
Deposits 5 262,376 232,175
Equipment 6 328,097 297,970
Right of use asset 7 637,046 420,662
Mineral property interests 8 10,016,000 10,016,000
ASSETS 139,292,939 44,669,378
LIABILITIES
Accounts payable and accrued liabilities 3,466,994 2,390,538
Flow-through premium liability 9 657,735 2,476,497
Current portion of lease liability 10 314,253 251,422
CURRENT LIABILITIES 4,438,982 5,118,457
Non-current portion of lease liability 10 348,260 183,066
LIABILITIES 4,787,242 5,301,523
SHAREHOLDERS’ EQUITY
Share capital 11 199,744,410 89,610,840
Contributed surplus 12 4,957,287 4,809,229
Deficit (70,196,000) (55,052,214)
SHAREHOLDERS’ EQUITY 134,505,697 39,367,855
LIABILITIES AND SHAREHOLDERS’ EQUITY 139,292,939 44,669,378
Nature of operations 1
Approved by the Audit Committee
Hume Kyle (signed) Director Sam Lee (signed) CEO and Director
The accompanying notes are an integral part of these condensed interim consolidated financial statements
-2-
Northisle Copper and Gold Inc.
Condensed Interim Consolidated Financial Statements
(Unaudited)
(Expressed in Canadian dollars)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
Three Months Ended Six Months Ended
June 30 June 30
2026 2025 2026 2025
Note $ $ $ $
Mineral property expenditures 8b 8,039,179 2,500,907 13,753,012 3,121,068
Filing and regulatory fees 114,369 29,742 211,520 50,852
Office and administration 113,146 96,282 290,267 128,302
Professional fees 612,679 68,317 828,871 111,164
Rent and utilities 91,905 33,457 154,330 47,771
Share-based payments 12 441,771 511,313 693,787 651,686
Shareholder communication and travel 423,905 184,456 716,039 350,118
Wages and benefits 13 668,621 317,523 1,436,931 548,032
OPERATING EXPENSES 10,505,575 3,741,997 18,084,757 5,008,993
Foreign exchange loss 360 496 8,220 479
Interest income (729,583) (32,728) (1,130,429) (95,381)
Flow-through premium recovery 9 (733,833) (817,054) (1,818,762) (954,384)
LOSS AND COMPREHENSIVE LOSS 9,042,519 2,892,711 15,143,786 3,959,707
Basic and diluted loss per share 0.03 0.01 0.05 0.02
Weighted average number of common
shares outstanding 332,242,780 257,954,638 318,619,498 257,586,747
The accompanying notes are an integral part of these condensed interim consolidated financial statements
-3-
Northisle Copper and Gold Inc.
Condensed Interim Consolidated Financial Statements
(Unaudited)
(Expressed in Canadian dollars)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2026 2025
Note
Cash flows provided by (used in) $ $
OPERATING ACTIVITIES
Loss and comprehensive loss (15,143,786) (3,959,707)
Items not affecting cash
Interest on lease obligation 20,022 7,252
Amortization 132,713 24,468
Interest income (1,130,429) (95,381)
Flow-through premium recovery 9 (1,818,762) (954,384)
Share-based compensation 12 693,787 651,686
(2,102,669) (366,359)
Non-cash working capital items
Change in other assets (176,382) (131,017)
Change in accounts payable and accrued liabilities 1,076,456 224,720
900,074 93,703
CASH USED IN OPERATING ACTIVITIES (16,346,381) (4,232,363)
INVESTING ACTIVITIES
Purchase of equipment 6 (45,510) -
Deposits paid 5 (30,201) -
Interest received (paid) 260,796 (14,101)
CASH PROVIDED FROM (USED IN) INVESTING
ACTIVITIES 185,085 (14,101)
FINANCING ACTIVITIES
Gross Proceeds from Private placement and public offering 11 115,003,300 172,500
Issuance costs 11 (5,695,452) (1,863)
Proceeds from exercise of stock options 12 279,993 33,953
Principal repayments related to lease payments 10 (125,711) (29,711)
CASH PROVIDED FROM FINANCING ACTIVITIES 109,462,130 174,879
CHANGE IN CASH AND CASH EQUIVALENTS 93,300,834 (4,071,585)
Cash and Cash Equivalents – Beginning 32,504,353 9,476,401
CASH AND CASH EQUIVALENTS - ENDING 125,805,187 5,404,816
The accompanying notes are an integral part of these condensed interim consolidated financial statements
-4-
Northisle Copper and Gold Inc.
Condensed Interim Consolidated Financial Statements
(Unaudited)
(Expressed in Canadian dollars)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’
EQUITY
Note Number of Share Contributed Shareholders’
Shares Capital Surplus Deficit Equity
$ $ $ $
DECEMBER 31, 2024 257,214,767 54,143,843 4,261,307 (41,568,555) 16,836,595
Private placement 250,000 172,500 - - 172,500
Private placement issuance costs - (1,863) - - (1,863)
Exercise of stock options and restricted
share units 12 631,201 227,062 (193,109) - 33,953
Share-based payments 12 - - 651,686 - 651,686
Loss and comprehensive loss - - - (3,959,707) (3,959,707)
JUNE 30, 2025 258,095,968 54,541,542 4,719,884 (45,528,262) 13,733,164
DECEMBER 31, 2025 293,729,987 89,610,840 4,809,229 (55,052,214) 39,367,855
Private placement and public offering 11 37,706,000 115,003,300 - - 115,003,300
Share issuance costs 11 - (5,695,452) - - (5,695,452)
12
Exercise of stock options, restricted
share units and deferred share units 1,531,364 825,722 (545,729) - 279,993
Share-based payments 12 - - 693,787 - 693,787
Loss and comprehensive loss - - - (15,143,786) (15,143,786)
JUNE 30, 2026 332,967,351 199,744,410 4,957,287 (70,196,000) 134,505,697
The accompanying notes are an integral part of these condensed interim consolidated financial statements
-5-
Northisle Copper and Gold Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and six months ended June 30, 2026
(Unaudited)
(Expressed in Canadian dollars)
1. NATURE OF OPERATIONS
Northisle Copper and Gold Inc. together with its subsidiary, North Island Mining Corp. (collectively,
“Northisle” or the “Company”) is a Canadian exploration stage company which is focused on the
exploration and development of its North Island Project on Vancouver Island.
The Company is incorporated in British Columbia, Canada. Its head office is located at 520 – 1050 West
Pender Street, Vancouver, British Columbia.
The nature of the Company’s operations requires significant expenditures for the acquisition,
exploration, and evaluation of mineral properties. To date, the Company has not generated any
revenue from mining operations and is considered to be in the exploration stage. The Company’s
operations have been primarily funded from equity financings. The Company will continue to require
additional funding to maintain its ongoing exploration and evaluation programs, property maintenance
payments, and operations.
2. BASIS OF PRESENTATION
a) Compliance with International Financial Reporting Standards
These condensed interim consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards as issued by the International Accounting Standards Board
(“IFRS Accounting Standards”), as applicable to the preparation of interim financial statements
including International Accounting Standard (“IAS”) 34, Interim Financial Reporting. Accordingly, they
do not include all the information and notes to the consolidated financial statements required by IFRS
Accounting Standards for annual financial statements and should be read in conjunction with the
Company’s most recent audited consolidated financial statements for the year ended December 31,
2025.
These condensed interim financial statements were approved for issue by the Company’s Board of
Directors on August 19, 2026.
b) IFRS Pronouncements
Adopted
Effective January 1, 2026, the Company adopted amendments to IFRS 9, Financial Instruments and
IFRS 7, Financial Instruments: Disclosures related to the classification and measurement of financial
instruments.
The adoption of these amendments did not have a material impact on the Company’s condensed interim
consolidated financial statements.
-6-
Northisle Copper and Gold Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and six months ended June 30, 2026
(Unaudited)
(Expressed in Canadian dollars)
Not yet adopted
IFRS 18 – Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, Presentation and Disclosure of Financial Statements (IFRS 18),
which replaces IAS 1, Presentation of Financial Statements. IFRS 18 introduces a specified structure
for the income statement by requiring income and expenses to be presented into the three defined
categories of operating, investing and financing, and by specifying certain defined totals and subtotals.
Where company-specific measures related to the income statement are provided, IFRS 18 requires
companies to disclose explanations around these measures, which are referred to as management-
defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation
and disaggregation which apply to the primary financial statements and the notes. IFRS 18 will not
affect the recognition and measurement of items in the financial statements, nor will it affect which
items are classified in other comprehensive income and how these items are classified. The standard
is effective for reporting periods beginning on or after January 1, 2027, including for interim financial
statements. Retrospective application is required, and early application is permitted. Management is
currently assessing the effect of this new standard on our financial statements.
As of June 30, 2026, there are no other IFRS or IFRIC interpretations with future effective dates that
are expected to have a material impact on the Company.
c) Critical accounting judgments, estimates and assumptions
The preparation of these consolidated financial statements required management to make estimates,
judgments and assumptions that affect the reported amounts and other disclosures in these
consolidated financial statements. Estimates and the underlying assumptions are based on historical
experience and various other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making the judgments about carrying values of assets and liabilities
that are not readily apparent from other sources. Actual results may differ from these estimates under
different assumptions and conditions.
Estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimate is revised if the revision affects only that
period or in the period of the revision and further periods if the review affects both current and future
periods.
Critical estimates are estimates and assumptions made by management that may result in material
adjustments to the carrying amount of assets and liabilities within the next financial year. Critical
estimates used in the preparation of these consolidated financial statements include, among others,
the impairment of carrying values of equipment and mineral property interests, and the determination
of realizable amounts of deferred tax assets and liabilities.
Critical accounting judgments are judgments about the application of accounting policies that

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