Winshear Gold Corp. Condensed Consolidated Interim Financial Statements for the Nine Months Ended December 31, 2025

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# Winshear Gold Corp. Condensed Consolidated Interim Financial Statements for the Nine Months Ended December 31, 2025

Source: https://winshear.com/site/assets/files/3941/wins_2025-12-31_fs.pdf
Published: 2026-02-27T00:00:00+00:00
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# Winshear Gold Corp. Condensed Consolidated Interim Financial Statements for the Nine Months Ended December 31, 2025
Source: https://winshear.com/site/assets/files/3941/wins_2025-12-31_fs.pdf
Published: 2026-02-27
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the Nine Months Ended December 31, 2025 and 2024
(Unaudited - Expressed in Canadian Dollars)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Unaudited - Expressed in Canadian Dollars)
As at
Note December 31, 2025 March 31, 2025
0B0B ASSETS
Current
Cash 5 $ 472,936 $ 1,363,845
Receivables and prepaids 6 66,707 62,706
Investments 7 - 3,000
Total Assets $ 539,643 $ 1,429,551
1B1B LIABILITIES
Current
Trade and other payables 5, 10 $ 71,006 $ 175,535
Total Liabilities 71,006 175,535
2B2B SHAREHOL DERS’ EQUITY
Share capital 9 30,621,676 30,018,538
Reserves 9 12,115,365 11,906,571
Deficit (42,268,404) (40,671,093)
Total Shareholders’ Equity 468,637 1,254,016
Total Liabilities and Shareholders’ Equity $ 539,643 $ 1,429,551
Nature of operations and going concern (Note 1)
Commitments (Notes 8)
Subsequent Event (Note 13)
Approved on behalf of the Board:
“Richard Williams” “Andrew MacRitchie”
Richard Williams Andrew MacRitchie
1
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Unaudited - Expressed in Canadian Dollars)
For the 3 months ended For the 3 months ended For the 9 months ended For the 9 months ended
Note
Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2024
_OPERATING EXPENSES
Exploration 8 $ 330,245 $ 518,986 $ 997,639 $ 1,199,314
Filing and transfer agent fees 9,662 6,783 26,751 16,424
Professional fees 11,305 34,482 84,232 96,506
Marketing 29,304 45,755 58,303 53,092
General and administration 16,985 16,569 50,915 64,560
Salaries and consulting 84,250 98,000 257,831 281,000
Share-based payment 9 45,930 83,083 76,482 120,387
(527,681) (803,658) (1,552,153) (1,831,283)
_OTHER INCOME (LOSS)
Interest income 4,147 13,648 21,742 48,826
Foreign exchange (loss) gain (9,405) 107,569 (69,585) 98,253
Gain on investments 7 1,560 4,500 2,685 3,750
Net and comprehensive loss for
the period $ (531,379) $ (677,941) $ (1,597,311) $ (1,680,454)
Basic loss per common share $ (0.01) $ (0.02) $ (0.04) $ (0.05)
Basic weighted average number of
44,251,965 31,418,632 40,262,753 31,418,632
common shares outstanding
2
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited - Expressed in Canadian Dollars)
SHARE CAPITAL
Number Amount Reserves Deficit Total
At March 31, 2024 31,418,632 $ 30,018,538 $ 11,743,110 $ (38,611,669) $ 3,149,979
Share-based payment - - 120,387 - 120,387
Loss for the period - - - (1,680,454) (1,680,454)
At December 31, 2024 31,418,632 $ 30,018,538 $ 11,863,497 $ (40,292,123) $ 1,589,912
At March 31, 2025 31,418,632 $ 30,018,538 $ 11,906,571 $(40,671,093) $ 1,254,016
Private placement issuance 12,633,333 636,084 121,916 - 758,000
Share issue costs - (46,946) 10,396 - (36,550)
Shares issued for exploration 200,000 14,000 - - 14,000
Share-based payment - - 76,482 - 76,482
Loss for the period - - - (1,597,311) (1,597,311)
At December 31, 2025 44,251,965 $ 30,621,676 $ 12,115,365 $ (42,268,404) $ 468,637
Share Capital (Note 9)
3
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(Unaudited - Expressed in Canadian Dollars)
For the 9 months ended For the 9 months ended
Note
December 31, 2025 December 31, 2024
4B4B OPERATING ACTIVITIES
Loss for the period $ (1,597,311) $ (1,680,454)
Items not involving cash:
Unrealized foreign exchange 38,978 -
Unrealized gain on investments 7 (2,685) (3,750)
Share based payment 9 76,482 120,387
Shares issued for exploration expense 9 14,000 -
Changes in non-cash working capital items:
Receivables and prepaids (4,001) 199,407
Trade and other payables (104,528) (121,698)
Cash flows used in operating activities (1,579,065) (1,486,108)
6B6B INVESTING ACTIVITIES
Proceeds from disposal of marketable securities 7 5,685 -
Cash flows from investing activities 5,685 -
6B6B FINANCING A CTIVITIES
Proceeds from private placement issuance 9 758,000 -
Share issuance costs (36,551) -
Cash flows from financing activities 721,449 -
Effect of foreign exchange on cash (38,978) -
Change in cash during the period (890,909) (1,486,108)
Cash—beginning of period 1,363,845 3,149,066
Cash—end of period $ 472,936 $ 1,662,958
4
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Notes to the Condensed Consolidated Interim Financial Statements
(Unaudited - Expressed in Canadian dollars)
December 31, 2025
01 NATURE OF OPERATIO NS AND GOING CONCERN
Winshear Gold Corp. (the “Company”) was incorporated on November 8, 1998 under the laws of the British
Columbia Business Corporations Act. The Company is listed on the TSXV Venture Exchange (the “TSXV”) under
the symbol “WINS-V”. The Company’s head office is at 1056-409 Granville Street, Vancouver, British Columbia,
V6C 1T2.
The Company’s principal business activities include the acquisition and exploration of mineral exploration assets.
To date, the Company has not earned any revenues and is considered to be in the exploration stage.
Although the Company has taken steps to verify title to the properties on which it is conducting exploration and
in which it has an interest, in accordance with industry standards for the current stage of operations of such
properties, these procedures do not guarantee the Company’s title. Property title may be subject to government
licensing requirements or regulations, social licensing requirements, unregistered prior agreements, unregistered
claims, aboriginal claims, and non-compliance with regulatory and environmental requirements. Loss of title to
a material mineral property interest could be a significant impediment to the Company.
These condensed consolidated interim financial statements (the “Financial Statements”) have been prepared
assuming the Company will continue as a going-concern. The ability of the Company to continue as a going-
concern depends upon its ability to continue to raise adequate financing and to develop profitable operations.
These Financial Statements do not include adjustments to amounts and classifications of assets and liabilities
that might be necessary should the Company be unable to continue operations. Such adjustments could be
material.
Material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going
concern. The Company has working capital of $468,637 as of December 31, 2025 (March 31, 2025 -
$1,254,016). As a result of forecast operating losses, the continuance of the Company’s operations is dependent
on obtaining sufficient additional financing to realize recoverability of the Company’s investments in its mineral
exploration properties. While the Company has been successful in obtaining financing in the past, that does not
guarantee future success. Management closely monitors metal commodity prices, individual equity movements
and the stock market to determine the appropriate course of action to be taken by the Company if favourable or
adverse market conditions occur.
02 BASIS OF PREPARATION
Statement of Compliance
These Financial Statements have been prepared in accordance with International Accounting Standards (“IAS”)
1, “Presentation of Financial Statements” and utilize accounting policies consistent with International Financial
Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and
Interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”), applicable to the
preparation of interim financial statements including International Accounting Standard 24 – Interim Financial
Reporting. Accordingly, certain disclosures included in the annual financial statements prepared in accordance
with IFRS as issued by the IASB have been condensed or omitted. These Financial Statements should be read
in conjunction with the Company’s audited consolidated financial statements for the year ended March 31, 2025.
5
Notes to the Condensed Consolidated Interim Financial Statements
(Unaudited - Expressed in Canadian dollars)
December 31, 2025
Approval of The Financial Statements
These Financial Statements were authorized for issue by the Board of Directors of the Company on March 2,
2026.
Basis of Presentation
These Financial Statements have been prepared on a historical cost basis, except for financial instruments
classified as financial instruments at fair value through profit and loss, which are stated at their fair value. In
addition, these Financial Statements have been prepared using the accrual basis of accounting, except for cash
flow information.
Certain prior period comparatives have been reclassified to conform with current period presentation.
Functional and Presentation Currency
These Financial Statements are presented in Canadian dollars unless otherwise noted, which is the functional
currency of the parent and its subsidiaries.
Basis of Consolidation
These Financial Statements of the Company include the accounts of the Company and its wholly owned
subsidiaries, BAFEX Holdings Ltd., BAFEX Tanzania Limited and Winshear de Peru SAC, the principal activity of
which is mineral exploration. Subsidiaries are fully consolidated from the date the Company obtains control and
continue to be consolidated until the date that control ceases. Control is achieved when the Company is exposed
to or has the right to variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. All inter-company transactions and balances have been eliminated upon
consolidation.
03 NEW AND FUTURE CHANGES IN A CCOUNTING POLICIES
ADOPTED APRIL 1, 2025
Effective April 1, 2025, the Company adopted a number of amendments and improvements of existing standards
including IAS 1 – Presentation of Financial Statements. These new standards did not have a material impact on
the Financial Statements.
FOR ACCOUNTING PERI ODS SUBSEQUENT TO YEAR-END
Certain pronouncements were issued by the IASB or the IFRIC that are mandatory for accounting periods
commencing on or after January 1, 2025. Many are not applicable or do not have a significant impact on the
Company and have been excluded. The IASB has issued classification and measurement and disclosure
amendments to IFRS 9 and IFRS 7 which are effective for years beginning on or after January 1, 2026 with earlier
application permitted. The amendments clarify the date of recognition and derecognition of some financial assets
6
Notes to the Condensed Consolidated Interim Financial Statements
(Unaudited - Expressed in Canadian dollars)
December 31, 2025
and liabilities and introduce a new Notes to the Condensed Consolidated Interim Financial Statements except for
some financial liabilities settled through an electronic payment system. Other changes include a clarification of
the requirements when assessing whether a financial asset meets the solely payments of principal and interest
criteria and new disclosures for certain instruments with contractual terms that can change cash flows (including
instruments where cash flow changes are linked to environmental, social or governance targets). IFRS 18,
Presentation and Disclosure in Fin

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