Omai Gold Mines Corp. Q2 2026 Financial Statements

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# Omai Gold Mines Corp. Q2 2026 Financial Statements

Source: https://omaigoldmines.com/site/assets/files/6202/omai_fs_-_q2_2026_-_final.pdf
Published: 2026-06-30T00:00:00+00:00
Fetched: 2026-09-12T08:15:37.267+00:00
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# Omai Gold Mines Corp. Q2 2026 Financial Statements
Source: https://omaigoldmines.com/site/assets/files/6202/omai_fs_-_q2_2026_-_final.pdf
Published: 2026-06-30
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
(Unaudited, expressed in United States dollars)
NOTICE OF NO AUDITOR REVIEW OF INTERIM 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 the interim financial statements have
not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements of
the Company have been prepared by and are the responsibility of the Company
management.
The Company
s independent auditor has not performed a review of these unaudited
condensed interim 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.
Omai Gold Mines Corp.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in U.S. dollars, except where indicated otherwise)
As at As at
June 30, 2026 December 31, 2025
Assets
Current assets
Cash (Note 3) $ 5,431,197 $ 11,725,932
Amounts receivable and prepayments (Note 4) 2,100,212 758,353
Short-term investments (Note 3) 28,532,841 30,902,533
36,064,250 43,386,818
Non-current assets
Other (Note 6) 72,190 72,190
Equipment (Note 5) 420,726 376,724
Total assets $ 36,557,166 $ 43,835,732
Liabilities
Current liabilities
Trade payables and accrued liabilities (Note 7 and 13) $ 2,970,739 $ 2,315,434
Total liabilities 2,970,739 2,315,434
Shareholders' equity
Share capital (Note 8) 82,305,032 81,677,245
Share-based payments (Note 9) 10,294,740 5,281,839
Warrant reserve (Note 10) 4,039,653 4,137,361
Accumulated other comprehensive income ("AOCI") 341,741 1,542,122
Deficit (63,394,739) (51,118,269)
Total shareholders' equity 33,586,427 41,520,298
Total liabilities and shareholders' equity $ 36,557,166 $ 43,835,732
Nature of operations and going concern (Note 1)
Subsequent event (Note 14)
The accompanying notes are an integral part of these condensed interim consolidated financial
statements.
Omai Gold Mines Corp.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
(Expressed in U.S. dollars, except where indicated otherwise)
For the three months ended June 30, For the six months ended June 30,
2026 2025 2026 2025
Expenses
Exploration and evaluation expenditures (Note 11) $ 3,732,768 $ 2,457,613 $ 6,416,980 $ 4,294,396
General and administrative (Note 12) 544,877 399,948 1,006,063 853,768
Amortization 70,737 13,948 119,462 28,274
Share-based compensation (Note 9) 1,220,583 459,842 5,294,854 1,312,588
Operating loss $ (5,568,965) $ (3,331,351) $ (12,837,359) $ (6,489,026)
Interest income 281,184 78,370 597,530 190,948
Foreign exchange income (loss) (36,604) (199,034) (36,641) (93,044)
244,580 (120,664) 560,889 97,904
Net (loss) $ (5,324,385) $ (3,452,015) $ (12,276,470) $ (6,391,122)
Foreign currency translation adjustment (2,089,000) 1,018,907 (1,200,381) 859,225
Other comprehensive income (loss) $ (2,089,000) $ 1,018,907 $ (1,200,381) $ 859,225
Total loss and comprehensive loss for the period $ (7,413,385) $ (2,433,108) $ (13,476,851) $ (5,531,897)
Loss per share (Note 14) $ (0.01) $ (0.01) $ (0.02) $ (0.01)
Weighted average number of shares outstanding:
Basic & Diluted 675,006,994 613,777,940 673,934,012 590,439,248
The accompanying notes are an integral part of these condensed interim consolidated financial
statements.
Omai Gold Mines Corp.
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in U.S. dollars, except where indicated otherwise)
For the six months ended June 30,
2026 2025
Cash flows from operating activities
Net loss for the period $ (12,276,470) $ (6,391,122)
Items not affecting cash
Share-based compensation (Note 9) 5,294,854 1,312,588
Unrealized foreign exchange - 93,044
Accrued interest (138,015) -
Amortization (Note 5) 119,462 28,274
(7,000,169) (4,957,216)
Change in non-cash working capital
(Increase) in amounts receivable and prepayments (1,341,859) (339,281)
(Decrease) in accounts payable and accrued liabilities 655,305 (518,581)
Cash used in operating activities $ (7,686,723) $ (5,815,078)
Cash flows from financing activities
Net proceeds from issuance of common shares (Note 8) - 16,570,353
Share issue costs (2,962) -
Proceeds from the exercise of stock options (Note 9) 112,629 190,962
Proceeds from the exercise of warrants (Note 10) 138,459 395,907
Cash flows from financing activities $ 248,126 $ 17,157,222
Cash flows from investing activities
Purchase of equipment (Note 5) (163,464) -
Purchase of short-term investments (18,296,200) -
Sale of short-term investments 19,703,600 -
Cash flows used in investing activities $ 1,243,936 $ -
Effect of exchange rate changes on cash (100,074) 766,181
Change in cash (6,294,735) 12,108,324
Cash, beginning of period 11,725,932 6,522,853
Cash, end of period 5,431,197 18,631,177
Supplemental cash flow information
Interest income received 459,547 224,834
The accompanying notes are an integral part of these condensed interim consolidated financial
statements.
Omai Gold Mines Corp.
Condensed Interim Consolidated Statements of Shareholders' Equity
(Expressed in U.S. dollars, except where indicated otherwise)
Share-
Number of based Warrant
shares Amount payments reserve AOCI Deficit Total
Balance, December 31, 2024 522,914,545 $ 34,879,525 $ 3,589,479 $ 4,566,114 $ 182,667 $ (37,530,480) $ 5,687,305
Private placement 84,334,100 17,764,520 - - - - 17,764,520
Share issue costs - (1,194,168) - - - - (1,194,168)
Issuance of warrants - (437,876) - 437,876 - - -
Shares issued on exercise of warrants 4,017,841 614,590 - (218,683) - - 395,907
Shares issued on exercise of stock options 3,362,239 440,731 (249,769) - - - 190,962
Share-based compensation - - 1,312,588 - - - 1,312,588
Other comprehensive income - - - - 859,225 - 859,225
Net loss - - - - (6,391,122) (6,391,122)
Balance, June 30, 2025 614,628,725 $ 52,067,322 $ 4,652,298 $ 4,785,307 $ 1,041,892 $ (43,921,602) $ 18,625,217
Balance, December 31, 2025 670,540,283 $ 81,677,245 $ 5,281,839 $ 4,137,361 $ 1,542,122 $ (51,118,269) $ 41,520,298
Share issue costs - (2,962) - - - - (2,962)
Shares issued on exercise of warrants 1,534,763 236,167 - (97,708) - - 138,459
Shares issued on exercise of stock options 3,337,032 394,582 (281,953) - - - 112,629
Share-based compensation - - 5,294,854 - - - 5,294,854
Other comprehensive income - - - - (1,200,381) - (1,200,381)
Net loss - - - - - (12,276,470) (12,276,470)
Balance, June 30, 2026 675,412,078 $ 82,305,032 $ 10,294,740 $ 4,039,653 $ 341,741 $ (63,394,739) $ 33,586,427
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Omai Gold Mines Corp.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and six months ended June 30, 2026 and 2025
(Expressed in United States dollars)
1. Nature of operations and going concern
Omai Gold Mines Corp. ("Omai" or the "Company") was incorporated under the Business
Corporations Act (Ontario) on March 22, 1962 and its activities are focused on exploring and
evaluating mineral assets. The corporate office of the Company is located at Suite 1400, 25 Adelaide
St. East, Toronto, Ontario M5C 3A1, Canada. Common shares of Omai are traded on the TSX Venture
Exchange (
) under the symbol
and the OTCQB Exchange under (
). Through
its subsidiary Avalon Gold Exploration Inc. (
), a company registered in Guyana, the Company
holds a prospecting licence to perform mineral exploration in Guyana.
The business of mining and exploring for minerals involves a high degree of risk and there can be
no assurance that planned exploration and evaluation programs will result in profitable mining
operations. The continuance of the Company is dependent upon the successful outcomes of
exploration and evaluation activities, the discovery of economically recoverable reserves,
confirmation of the Company's interest in the underlying mineral claims, the ability of the Company
to obtain necessary financing to complete the development and future profitable production or,
alternatively, upon disposition of such property at a profit. Changes in future conditions could
require material write downs of the carrying values of the Company's assets.
Although the Company has taken steps to verify title to its exploration and evaluation properties, in
accordance with industry standards for the current stage of exploration of such property, these
procedures do not guarantee the Company's title. Property title may be subject to unregistered prior
agreements and noncompliance with regulatory and environmental requirements. The Company's
assets may also be subject to increases in taxes and royalties, renegotiation of contracts, currency
exchange fluctuations and restrictions and political uncertainty.
These condensed interim consolidated financial statements for the three and six months ended
June 30, 2026 and 2025 (the
Interim Financial Statements
) have been prepared using IFRS
Accounting Standards (
) applicable to a going concern, which contemplates the realization of
assets and the settlement of liabilities in the normal course of business rather than through a
process of forced liquidation. The Interim Financial Statements do not reflect adjustments to the
carrying amounts of assets and liabilities, the reported expenses and the statement of financial
position classification used that would be necessary if the going concern assumption were not
appropriate. Such adjustments could be material.
At June 30, 2026, the Company has not earned revenue other than interest on cash balances held
and had an accumulated deficit of $63,394,739 (December 31, 2025 - $51,118,269). During the three
and six months ended June 302, 2026, the Company incurred net losses and comprehensive losses
of $7,413,385 (Q2 2025 - $2,433,108) and $13,476,851 (2025 -$5,531,897), respectively. At June 30, 2026,
the Company had cash and highly liquid short-term investments totalling $33,964,038 (December
31, 2025 - $42,628,465) and working capital of $33,093,512 (December 31, 2025 - $41,071,384). The
Company has historically relied on equity financings to fund its operations and repay its liabilities.
There can be no assurances additional equity financings will be available on terms acceptable to the
Company or at all.
Omai Gold Mines Corp.
Notes to the Condensed Interim Consolidated Financial Statements
For the three and six months ended June 30, 2026 and 2025
(Expressed in United States dollars)
2. Material accounting policies
(a) Statement of compliance
These Interim Financial Statements include the accounts of Omai and its wholly-owned subsidiaries
subsidiaries
) (hereinafter together with Omai, the
Company
). The Interim Financial
Statements have been prepared in accordance with IFRS as issued by the International Accounting
Standards Board (IASB) applicable to the preparation of condensed interim financial statements,
including IAS 34 Interim Financial Reporting. These Interim Financial Statements should be read in
conjunction with the Company
s annual consolidated financial statements for the year ended
December 31, 2025 and were prepared using the same accounting policies, method of computation
and presentation as were applied in the annual consolidated financial statements for the year ended
December 31, 2025.
The financial information inc

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