Exhibit 99.20

BLACK MAMMOTH METALS CORPORATION

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

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 interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited interim financial statements of the Company have been prepared by and are the responsibility of the Company’s management.

The Company’s independent auditor has not performed a review of these 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.

BLACK MAMMOTH METALS CORPORATION

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

		As at June 30 2025				As at December 31, 2024
ASSETS
Current Assets
Cash		$	2,912,925			$	3,399,917
Commodity tax recoverable			6,135				3,682
Prepaids (Note 10)			84,929				9,132
			3,003,989				3,412,731
Mineral advances (Note 8)			121,920				158,762
Reclamation bond (Note 5)			69,543				53,490
Equipment (Note 6)			26,914				31,663
Exploration and Evaluation Assets (Note 8)			5,939,253				3,443,990
Total Assets		$	9,161,619			$	7,100,636
LIABILITIES
Current Liability
Accounts payable and accrued liabilities		$	114,302			$	78,227
Due to related parties (Notes 10 and 14)			82,077				234,809
Total Liabilities			196,379				313,036
EQUITY
Share Capital (Note 9)			21,528,743				19,148,949
Reserves (Note 9)			2,474,428				2,310,967
Accumulated Deficit			(15,037,931	)			(14,672,316	)
Total Equity			8,965,240				6,787,600
Total Liabilities and Equity		$	9,161,619			$	7,100,636

Nature of operations and going concern (Note 1)

Subsequent events (Note 16)

 

Approved on behalf of the Board of Directors:
“Mark Abrams”				“Dustin Henderson”
Director				Director

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BLACK MAMMOTH METALS CORPORATION

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND

COMPREHENSIVE LOSS

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

 

		THREE MONTHS ENDED JUNE 30,								SIX MONTHS ENDED JUNE 30,
		2025				2024				2025				2024
Operating Expenses
Depreciation (Note 6)		$	2,374			$	2,794			$	4,749			$	4,449
Foreign exchange loss			52,747				18,404				68,023				19,865
Interest, penalties and bank charges (Note 10)			697				2,664				2,353				6,219
Loss on debt settlements (Note 10)			-				-				-				12,400
Management fees (Note 10)			8,720				36,437				18,644				37,937
Office administration and other			3,611				9,319				8,097				12,010
Professional fees			34,051				14,473				40,594				26,664
Property investigations			23,755				19,126				23,755				24,580
Share-based compensation (Notes 9 and 10)			73,515				48,783				167,185				59,102
Shareholder communications			4,825				1,388				12,887				2,790
Transfer agent and regulatory fees			4,546				23,636				15,275				42,839
Travel and entertainment			1,376				9,856				4,053				10,647
Net Loss and Comprehensive Loss for the Period		$	(210,217	)		$	(186,880	)		$	(365,615	)		$	(259,502	)
Basic and Diluted Loss Per Share		$	(0.01	)		$	(0.01	)		$	(0.01	)		$	(0.01	)
Weighted Average Number of Shares Outstanding, Basic and Diluted			35,503,615				25,065,227				34,049,310				21,569,574

 

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BLACK MAMMOTH METALS CORPORATION

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

		SHARE CAPITAL								RESERVES
		SHARES				AMOUNT				EQUITY SETTLED SHARE-BASED PAYMENTS				WARRANTS				SUBSCRIPTION RECEIVED IN ADVANCE				ACUMULATED DEFICIT				EQUITY
Balance, December 31, 2023			15,876,871			$	12,404,074			$	1,211,429			$	803,643			$	40,000			$	(14,085,721	)		$	373,425
Private placement			10,100,000				3,340,000				-				-				(40,000	)			-				3,300,000
Share issued for debt			1,240,000				161,200				-				-				-				-				161,200
Exercise of options			94,500				28,225				(8,380	)															19,845
Exercise of warrants			635,000				95,250				-				-				-				-				95,250
Share-based compensation			-				-				59,102				-				-				-				59,102
Net loss and comprehensive loss for the period			-				-				-				-				-				(259,502	)			(259,502	)
Balance, June 30, 2024			27,946,371				16,028,749				1,262,151				803,643				-				(14,345,223	)			3,749,320
Private placements			4,600,000				3,220,000				-				-				-				-				3,220,000
Share issuance cost – cash			-				(50,400	)			-				-				-				-				(50,400	)
Share issuance cost – finder’s warrants			-				(49,400	)			-				49,400				-				-				-
Share-based compensation			-				-				195,773				-				-				-				195,773
Net loss and comprehensive loss for the period			-				-				-				-				-				(327,093	)			(327,093	)
Balance, December 31, 2024			32,546,371				19,148,949				1,457,924				853,043				-				(14,672,316	)			6,787,600
Exercise of options			42,000				12,544				(3,724	)			-				-				-				8,820
Exercise of warrants			4,867,500				2,367,250				-				-				-				-				2,367,250
Share-based compensation			-				-				167,185				-				-				-				167,185
Net loss and comprehensive loss for the period			-				-				-				-				-				(365,615	)			(365,615	)
Balance, June 30, 2025			37,455,871			$	21,528,743			$	1,621,385			$	853,043			$	-			$	(15,037,931	)		$	8,965,240

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BLACK MAMMOTH METALS CORPORATION

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

FOR THE SIX MONTHS ENDED JUNE 30,		2025				2024
Cash Flows (Used In) Provided By:
Operating Activities
Net loss for the period		$	(365,615	)		$	(259,502	)
Adjustments for:
Depreciation			4,749				4,449
Foreign exchange – reclamation bond			3,623				-
Foreign exchange – due to related parties			426				19,865
Loss on debt settlements			-				12,400
Accretion of interest			-				5,517
Share-based compensation			167,185				59,102
Changes in non-cash working capital accounts:
Commodity tax recoverable			(2,453	)			(4,249	)
Prepaid			(75,797	)			(8,267	)
Accounts payable and accrued liabilities			(39,489	)			(4,218	)
Due to related parties			(18,275	)			(254,432	)
Long-term payables			-				(783	)
			(325,646	)			(430,118	)
Investing Activities
Exploration and evaluation expenditures			(2,517,740	)			(1,601,134	)
Reclamation bond			(19,676	)			-
Equipment			-				(37,250	)
			(2,537,416	)			(1,638,384	)
Financing Activities
Proceeds from private placements			-				3,300,000
Proceeds from exercise of warrants			2,367,250				19,845
Proceeds from exercise of options			8,820				95,250
Repayment of loan payable			-				(40,000	)
			2,376,070				3,375,095
Change in Cash			(486,992	)			1,306,593
Cash, Beginning of Period			3,399,917				41,800
Cash, End of Period		$	2,912,925			$	1,348,393
Supplemental Cash Flow Information:
Accounts payable included in exploration and evaluation assets		$	75,564			$	-
Due to related parties included in exploration and evaluation assets		$	82,077			$	95,784
Fair value of options exercised		$	3,724			$	8,380
Shares issued on settlement of debt		$	-			$	161,200

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

1.	NATURE OF OPERATIONS AND GOING CONCERN

The Company was incorporated on August 17, 2004 in British Columbia, Canada and began active operations on that date.

The Company is a natural resource company engaged in the acquisition and exploration of resource properties in Idaho, Nevada, California, Utah, Arizona, New Mexico, and Oregon. The Company presently has no proven or probable reserves and on the basis of information to date, it has not yet determined whether these properties contain economically recoverable ore reserves. Consequently, the Company considers itself to be an exploration stage company. The Company is listed on the TSX Venture Exchange, having a symbol BMM.V.

The address of the Company’s corporate office and principal place of business is Suite 1710 – 1177 West Hastings Street, Vancouver, British Columbia, Canada.

The Company’s condensed interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company had a net loss of $365,615 for the period ended June 30, 2025 and, as of that date, had an accumulated deficit of $15,037,931.

Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive or raise additional debt and/or equity capital. Management intends to continue to raise additional funding in the form of equity financing from the sale of common stock to improve the working capital position, but there is no assurance that the Company will be successful in achieving this goal. These factors may cast significant doubt on the use of the going concern basis of accounting used in the preparation of these consolidated financial statements. These condensed interim consolidated financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue in business, and these adjustments may be material.

 

2.	BASIS OF PRESENTATION

 

a)

Statement of Compliance

These condensed interim consolidated financial statements including comparatives have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting.

The condensed interim consolidated financial statements were authorized for issue by the Board of Directors on August 29, 2025.

 

b)

Principles of Consolidation

The condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows:

 

On February 5, 2024, the Company completed the acquisition of IDA Mining Corporation (“IDA Mining”), a company incorporated under the laws of the States of Nevada, USA, by entering into a share purchase agreement to acquire all of the issued and outstanding shares of IDA Mining. IDA Mining holds an option to acquire a 100% interest in the American Mine property located in San Bernardino County, California (Note 7).

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

2.	BASIS OF PRESENTATION (Continued)

 

b)

Principles of Consolidation (Continued)

As at June 30, 2025, the principal activity of the Company’s subsidiaries was that of holding companies. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity as to obtain benefits from its activities. Intercompany transactions and balances are eliminated on consolidation.

 

c)

Basis of Measurement

The condensed interim consolidated financial statements have been prepared on a historical cost basis in Canadian dollars, which is the Company’s and its subsidiaries’ functional currency.

 

3.	USE OF ESTIMATES AND JUDGMENTS

The preparation of condensed interim consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, revenue and expenses. The estimates and associated 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 judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and 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 future periods if the revision affects both current and future periods.

Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting year that could result in a material adjustment of the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:

Critical accounting judgments:

 

i)

Impairment of exploration and evaluation assets

Assets or cash-generating units are evaluated at each reporting date to determine whether there are any indications of impairment. The Company considers both internal and external sources of information when making the assessment of whether there are indications of impairment for the Company’s exploration and evaluation assets.

 

ii)

Going Concern

The Company’s assessment of its ability to raise sufficient funds to finance operations involves significant judgments. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

3.	USE OF ESTIMATES AND JUDGMENTS (Continued)

 

Critical accounting estimates:

 

i)

Economic recoverability and probability of future benefits of exploration and evaluation costs

The carrying value of exploration and evaluation assets and the likelihood of future economic recoverability of these carrying values is subject to significant management estimates. The application of the Company’s accounting policy for and determination of recoverability of capitalized assets is based on assumptions about future events or circumstances. New information may change estimates and assumptions made. If information becomes available indicating that recovery of expenditures is unlikely, the amounts capitalized are impaired and recognized as a loss in the period that the new information becomes available. A change in estimate could result in the carrying amount of capitalized assets being materially different from their presented carrying costs.

 

ii)

Recognition of deferred income tax assets

Management is required to assess the recoverability of deferred income tax assets, which arise from the differences between the carrying amount of assets and liabilities and their tax bases in accordance with IAS 12 Income Taxes, to the extent that it is probable future taxable profits will be available against which the temporary differences can be utilized.

 

4.	MATERIAL ACCOUNTING POLICY INFORMATION

Translation of Foreign Currencies

The functional currency is the currency of the primary economic environment in which the entity operates and has been determined for each entity within the Company. The functional currency for all entities within the Company is the Canadian dollar. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, The Effects of Changes in Foreign Exchange Rates.

Transactions in currencies other than the Canadian dollar are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting year, the monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the statement of financial position date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are reflected in profit or loss for the year.

Financial Instruments

Financial instruments consist of financial assets and financial liabilities and are initially recognized at fair value along with, in the case of a financial asset or liability not at fair value through profit and loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability. Transaction costs of financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit and loss.

The Company classifies its financial assets and financial liabilities in the following measurement categories:

 

i)

those to be measured subsequently at fair value (either through other comprehensive income or through profit or loss); and

ii)

those to be measured at amortized cost.

The Company’s financial assets and liabilities are recorded and measured as follows:

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

4.	MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

 

Financial Instruments (Continued)

Financial assets

The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding, are generally measured at amortized cost using the effective interest method. All other financial assets are measured at their fair values at the consolidated statement of financial position date, with any changes taken through profit and loss or other comprehensive income.

The Company has classified its financial assets as follows:

 

•

Cash is measured at fair value with changes to fair value subsequent to initial recognition being recorded in profit or loss for the period in which they occur.

•

Reclamation bond is measured at amortized cost using the effective interest rate method. Interest income, where material, is recorded in profit or loss.

Impairment of financial assets

The Company assesses all information available, including on a forward-looking basis, the expected credit losses associated with its assets carried at amortized cost.

Financial liabilities

Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at fair value through profit or loss (irrevocable election at the time of recognition). Any fair value changes due to credit risk for liabilities designated at fair value through profit and loss are recorded in other comprehensive income.

The Company’s financial liabilities include accounts payable and accrued liabilities, loan payable, long-term payables and amounts due to related parties which are measured at amortized cost using the effective interest rate method. Interest expense, where material, is recorded in profit or loss.

The Company derecognizes a financial liability when the liability is extinguished by way of discharge, cancellation or expiry. There were no changes to the classification of financial instruments in the period ended June 30, 2025.

Exploration and Evaluation Assets

Upon acquiring the legal right to explore a property, costs related to the acquisition, exploration and evaluation are capitalized by property. If economically recoverable ore reserves are developed, capitalized costs of the related exploration and evaluation assets are reclassified as mining assets and amortized using the unit of production method. An exploration and evaluation asset is reviewed for impairment whenever events or circumstances indicate that its carrying value may not be recoverable.

Any option payments received by the Company from third parties or tax credits refunded to the Company are credited to the capitalized cost of the exploration and evaluation assets. If payments received exceed the capitalized cost of the exploration and evaluation assets, the excess is recognized as income in the year received. The amounts shown for exploration and evaluation assets do not necessarily represent present or future values. Their recoverability is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development, and future profitable production or proceeds from the disposition thereof.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

4.	MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

 

Impairment of Non-Current Assets

At the end of each reporting period, the Company’s assets are reviewed to determine whether there is any indication that those assets may be impaired. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any.

Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash generating unit (“CGU”) to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and the asset’s value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the year.

Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

Decommissioning and Restoration Provision

The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of exploration and evaluation assets and equipment when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future rehabilitation cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to mining assets along with a corresponding increase in the rehabilitation provision in the year incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. The rehabilitation asset is depreciated on the same basis as mining assets.

The Company’s estimates of reclamation costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to mining assets with a corresponding entry to the provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates. Changes in the net present value, excluding changes in the Company’s estimates of reclamation costs, are charged to profit and loss for the year.

At June 30, 2025, the Company had a $Nil (2024 - $Nil) decommissioning and restoration provision.

Equipment

Equipment is recorded at cost and depreciated using the declining balance method at the following rates per annum.

Equipment   30% per annum

Equipment that is withdrawn from use, or has no reasonable prospect of being recovered through use or sale, is regularly identified and written off. The assets’ residual values, depreciation methods and useful lives are reviewed, and adjusted if appropriate, at each reporting date.

Subsequent expenditures relating to an item of equipment are capitalized when it is probable that future economic benefits from the use the assets will be increased. All other subsequent expenditures are recognized as repairs and maintenance.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

4.	MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

 

Income Taxes

Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years.

Deferred tax is recorded by providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting or taxable loss; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the consolidated statement of financial position date.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

Share Issue Costs

Costs directly identifiable with the raising of capital are charged against the related share capital. Costs related to shares not yet issued are recorded as deferred financing costs and are deferred until the issuance of the shares to which the costs relate, at which time the costs will be charged against the related share capital or charged to operations if the shares are not issued.

Flow-through Shares

Canadian Income Tax legislation permits an enterprise to issue securities referred to as flow-through shares, whereby the investor can claim the tax deductions arising from the renunciation of the related resource expenditures. The Company accounts for flow-through shares whereby the premium paid for the flow through shares in excess of the market value of the shares without flow-through features at the time of issue is credited to other liabilities and included in profit or loss at the same time the qualifying expenditures are made.

Earnings Per Share

The Company presents basic and diluted earnings (loss) per share for its common shares. Basic earnings (loss) per share is calculated by dividing the income attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted earnings per share is calculated using the treasury stock method which considers the potential exercise of outstanding financial instruments with equity purchase or conversion features. Diluted earnings per share does not adjust the loss attributable to common shareholders or the weighted average number of common shares outstanding when the effect is anti-dilutive.

Valuation of Equity Units Issued in Private Placements

The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the most easily measured component based on fair value and then the residual value, if any, to the less easily measurable component.

The fair value of the common shares issued in a private placement is determined to be the more easily measurable component and are valued at their fair value, as determined by the closing quoted bid price on the announcement date. The balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded as reserves.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

4.	MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

 

Equity-based Compensation

The Company grants stock options and warrants to acquire common shares of the Company to directors, officers, employees and consultants. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee.

The fair value of stock options and compensatory warrants are measured on the date of grant, using the Black-Scholes option pricing model, and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital.

In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of goods or services received.

Government Assistance

Government assistance from the Canada Emergency Business Account (“CEBA”) loans under federal COVID-19 response programs are recorded as a liability. Any forgivable portion of the assistance is not recorded as a gain until there is reasonable assurance that it will not be repayable.

New accounting standards

An amendment to IAS 1, Presentation of Financial Statements replaced the requirement to disclose “significant” accounting policies with a requirement to disclose “material” accounting policies. This amendment was effective January 1, 2023. Any other pronouncements are either not relevant to the Company or the impact of adopting them on its financial statements was not significant.

 

5.	RECLAMATION BOND

The Company has provided a USD$27,770 reclamation bond to the Division of Minerals in the state of Nevada as security against future reclamation on the Company’s mineral properties since abandoned. During the year ended December 31, 2019, USD$16,945 of the bond was returned to the Company for the portion of the restoration that has received final regulatory approval.

As at June 30, 2025, the carrying value of the reclamation bond was $14,807 (December 31, 2024 - $15,569). The bond is classified as a long-term asset as it will not be recovered until the Division of Minerals approves restoration work that was completed during 2018.

During the year ended December 31, 2024, the Company provided a USD$26,004 reclamation bond to the Division of Minerals in the state of Nevada as security against future reclamation for operations on the Company’s Happy Cat Property (Note 8). As at June 30, 2025 the carrying value of the reclamation bond was $35,572 (December 31, 2024 - $37,921).

During the period ended June 30, 2025, the Company provided a USD$13,649 reclamation bond to the Division of Minerals in the state of Nevada as security against future reclamation for operations on the Company’s Callaghan Property (Note 8). As at June 30, 2025 the carrying value of the reclamation bond was $18,671 (December 31, 2024 - $Nil).

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

6.

EQUIPMENT

 

		Equipment
Cost
Balance, December 31, 2023			$   16,551
Additions			37,250
Balance, December 31, 2024 and June 30, 2025			$   53,801
Accumulated deprecation
Balance, December 31, 2023			$   14,896
Additions			7,242
Balance, December 31, 2024			22,138
Additions			4,749
Balance, June 30, 2025			$   26,887
Carrying amounts
Balance, December 31, 2024			$   31,663
Balance, June 30 2025			$   26,914

 

7.	ACQUISTION OF IDA MINING CORPORATION

On January 18, 2024, the Company completed a share purchase agreement with the CEO and a director of the Company to acquire all of the issued and outstanding common shares of IDA Mining in consideration of the assignment and assumption of approximately USD$150,000 (CAD$188,029) in property costs incurred in connection with underlying option agreement. The Company will also incur an interest expense on the costs going forward at 9% per annum. During the year ended December 31, 2024, the Company recorded interest of $5,517. The balance was paid during the year ended December 31, 2024.

The transaction did not constitute a business combination, as IDA Mining did not meet the definition of a business under IFRS 3 – Business Combinations. As a result, the acquisition of IDA Mining was accounted for as an asset acquisition, whereby the purchase price was allocated to the identifiable assets and liabilities of the Company based on their relative fair values at the date of purchase. The net assets acquired pursuant to the acquisition were as follows:

 

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS

 

		Blanco Creek, Central Idaho				Leadore, Idaho				Christmas, Idaho				Barbara Mine, Oregon				Happy Cat Gold, Central Nevada				Quito Gold, Nevada				Amador, Nevada				Water Canyon, Nevada
Acquisition costs, December 31, 2023		$	156,131			$	-			$	-			$	-			$	174,242			$	-			$	-			$	-
Additions – cash			23,353				54,831				17,815				41,112				54,149				128,993				203,879				67,809
Acquisition of IDA Mining (Note 7)			-				-				-				-				-				-				-				-
Acquisition costs, December 31, 2024			179,484				54,831				17,815				41,112				228,391				128,993				203,879				67,809
Additions – cash			-				47,230				59,919				-				313				176,232				13,346				-
Cost recovery			-				-				-				-				-				-				-				-
Acquisition costs, June 30, 2025			179,484				102,061				77,734				41,112				228,704				305,225				217,225				67,809
Exploration costs, December 31, 2023			214,751				-				-				-				502,216				-				-				-
Incurred during the year:
Assays			-				27,378				-				-				-				-				-				599
Consulting (Note 10)			-				64,438				110,470				-				20,920				26,295				617				9,432
Field work			39				-				-				-				-				12,213				-				-
Travel			-				-				-				-				2,983				1,485				-				-
Exploration costs, December 31, 2024			214,790				91,816				110,470				-				526,119				39,993				617				10,031
Incurred during the period:
Assays			-				17,653				-				-				125,498				-				-				-
Consulting (Note 10)			-				61,692				-				-				40,109				250				1,438				-
Drilling			-				-				-				-				401,980				-				-				-
Field work			-				-				-				-				-				1,692				-				-
Travel			-				-				-				-				26,576				-				-				-
Exploration costs, June 30, 2025			214,790				171,161				110,470				-				1,120,282				41,935				2,055				10,031
Total Exploration and Evaluation Assets, as at June 30, 2025		$	394,274			$	273,222			$	188,204			$	41,112			$	1,348,986			$	347,160			$	219,280			$	77,840

Additional properties continued on the next page.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

		Drum, Utah				Diamond Jim, Nevada				Adelaide Crown, Nevada				Callaghan, Nevada				Raven, Nevada				Callaghan North and Charlie, Nevada				East Reveille, Nevada				Coleman Canyon, Nevada
Acquisition costs, December 31, 2023		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Additions – cash			47,964				40,525				7,400				80,183				44,579				36,367				102,779				104,688
Acquisition of IDA Mining (Note 7)			-				-				-				-				-				-				-				-
Acquisition costs, December 31, 2024			47,964				40,525				7,400				80,183				44,579				36,367				102,779				104,688
Additions – cash			3,707				29,747				14,099				14,099				-				7,049				-				217
Cost recovery			-				-				-				-				-				-				-				(46,631	)
Acquisition costs, June 30, 2025			51,671				70,272				21,499				94,282				44,579				43,416				102,779				58,274
Exploration costs, December 31, 2023			-				-				-				-				-				-				-				-
Incurred during the year:
Assays			-				-				-				11,651				-				599				-				599
Consulting (Note 10)			-				-				-				24,019				-				876				8,061				57,304
Field work			-				-				-				825				-				-				-				1,028
Travel			-				-				-				297				-				-				-				-
Exploration costs, December 31, 2024			-				-				-				36,792				-				1,475				8,061				58,931
Incurred during the period:
Assays			-				-				-				95,621				-				-				-				-
Consulting (Note 10)			144				-				-				41,678				-				228				-				7,166
Drilling			-				-				-				745,082				-				-				-				-
Field work			-				-				371				9,742				-								-				7,049
Travel			-				-				-				3,003				-				-				-				-
Exploration costs, June 30, 2025			144				-				371				931,918				-				1,703				8,061				73,146
Total Exploration and Evaluation Assets, as at June 30, 2025		$	51,815			$	70,272			$	21,870			$	1,026,200			$	44,579			$	45,119			$	110,840			$	131,420

Additional properties continued on the next page.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

		St. Elmo, Nevada				Clover, Nevada				West Reveille, Nevada				Coal Canyon, Nevada				America Mine, California				Other Properties Staking				Total
Acquisition costs, December 31, 2023		$	-			$	-			$	-			$	-			$	-			$	-			$	330,373
Additions – cash			16,456				6,594				-				-				697,407				-				1,776,883
Acquisition of IDA Mining (Note 7)			-				-				-				-				188,029				-				188,029
Acquisition costs, December 31, 2024			16,456				6,594				-				-				885,436				-				2,295,285
Additions – cash			7,049				70,893				98,191				21,148				-				366,645				929,884
Cost recovery			-				-				-				-				-				-				(46,631	)
Acquisition costs, June 30, 2025			23,505				77,487				98,191				21,148				885,436				366,645				3,178,538
Exploration costs, December 31, 2023			-				-				-				-				-				-				716,967
Incurred during the year:
Assays			-				-				-				-				-				-				40,826
Consulting (Note 10)			3,337				-				-				-				35,794				-				361,563
Field work			-				-				-				-				10,479				-				24,584
Travel			-				-				-				-				-				-				4,765
Exploration costs, December 31, 2024			3,337				-				-				-				46,273				-				1,148,705
Incurred during the period:
Assays			-				-				-				-				-				-				238,772
Consulting (Note 10)			529				-				-				-				15,644				1,128				170,006
Drilling			-				-				-				-				-				-				1,147,062
Field work			-				-				-				-				3,317				4,249				26,420
Travel			171				-				-				-				-				-				29,750
Exploration costs, June 30, 2025			4,037				-				-				-				65,234				5,377				2,760,715
Total Exploration and Evaluation Assets, as at June 30, 2025		$	27,542			$	77,487			$	98,191			$	21,148			$	950,670			$	372,022			$	5,939,253

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

a)

Blanco Creek Property, Central Idaho, USA

During the year ended December 31, 2017, the Company’s subsidiary, Black Mammoth Gold Corporation (“Black Mammoth Gold”), entered into an assignment and assumption agreement (the “Agreement”) with IDA Gold Corporation (“IDA”) pursuant to which IDA has assigned, and Black Mammoth Gold has assumed, all of the rights and obligations of the lessee under a long-term lease of the Blanco Creek mineral property located in central Idaho. The lease is subject to an underlying two percent (2%) production royalty in favour of the landlord and a one percent (1%) production royalty in favour of IDA. The Company will be responsible for all costs of maintaining the property going forward.

Lease Terms (in United States Dollars “USD$”):

The lease term is approximately 20 years (due date is October 14, 2036) and is renewable for up to an additional 40 years (60 years in total).

 

 

(1)

The Company has not been able to contact a claimant entitled to receive USD$1,000 of this amount since 2020. Accordingly, USD$5,000 is being held on the claimant’s behalf until such time as the funds can be disbursed appropriately.

(2)

During the period ended June 30, 2025, USD$2,000 (December 31, 2024 - USD$2,000) was held by the Company on behalf of a deceased claimant until funds can be disbursed appropriately.

Provided all payments are current the Company may at any time during the life of the Agreement purchase the property for $3,000,000 from the landlord. In the alternative, and provided that all payments are current, the Company may at any time during the life of the Agreement purchase each 1% of the Production Royalty in favour of the landlord for $1,500,000. All royalty payments shall be credited against the purchase price for the Production Royalty and the Property, respectively, and any amount paid for the purchase of the Production Royalty shall be credited against the purchase price of the Property.

If the Company elects to purchase the property it will still be subject to the 1% production royalty in favour of IDA.

The Agreement is considered a related party transaction as the Company and IDA have two directors in common.

 

b)

Happy Cat Gold Property, Central Nevada, USA

During the year ended December 31, 2020, the Company’s subsidiary, Antelope Creek Gold Corporation (“Antelope Creek Gold”), entered into an assignment and assumption agreement (the “Agreement”) with IDA pursuant to which IDA has assigned, and Antelope Creek Gold has assumed, all of the rights and obligations of the Happy Cat Gold Property located in central Nevada.

The Company will reimburse IDA for property related costs incurred totalling USD$60,000 payable on or before April 30, 2024 (see Note 10). An extension agreement with IDA was amended and amount payable has been deferred to October 1, 2026 (see Note 14).

The property is subject to a 2.75% NSR in favour of IDA.

The Agreement is considered a related party transaction as the Company and IDA have two directors in common.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

c) Quito Gold Property, Central Nevada, USA

On March 28, 2024, the Company entered into an option agreement between its wholly owned subsidiary, Antelope Creek Gold, and Nevada Select Royalty Inc. (“Nevada Select”) to acquire 100% interest in the Quito Gold Property located in central Nevada for consideration of USD$900,000 over 4 years as follows:

 

Additionally, Antelope Creek Gold will assume the property’s annual BLM and county fees.

Upon completion of the option payments, the Company will be subjected to a USD$35,000 annual advance minimum royalty and 2.5% NSR.

 

d)

America Mine Property, California, USA

On February 5, 2024, the Company acquired the option to acquire a 100% interest in the America Mine property located in San Bernardino County, California through the completion of the share purchase agreement of IDA Mining (see Note 7).

Pursuant to the underlying option agreement, the Company must make payments as follows:

 

 (i) extended from August 31, 2025 to November 7, 2025

Additionally, IDA Mining will assume the property’s annual fees of approximately USD$12,000, which includes all BLM and county fees. There are no royalties, work commitment amounts, finder’s fees or share compensation in connection with either the option agreement or the transaction.

 

e)

Amador Properties, Arizona and Nevada, USA

On March 27, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire 100% interest in a group of properties, which consists of Amador Property in Nevada, Big Penny Bear Property in Arizona, Zulu Property in Arizona, Northern Star Property in Arizona, and the Goldstone Property in Nevada.

Pursuant to the option agreement, the Company will be required to make the following payments:

 

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

f)

Leadore Property, Idaho, USA

On April 2, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Black Mammoth Gold, to acquire a 100% interest in the Leadore Property located in Lemhi County, Idaho by making payments as follows:

 

 

g)

Adelaide Crown Property, Nevada, USA

On April 3, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Adelaide Crown Property located in Nevada by making payments as follows:

 

Additionally, the Company will be subjected to a royalty of $2 per ton.

 

h)

Drum Property, Utah, USA

On April 15, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in a land package located in Millard County, Utah by making payments as follows:

 

 

i)

Diamond Jim Property, Nevada, USA

On April 2, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Diamond Jim Property located in Nevada, USA by making payments as follows:

 

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

j)

Water Canyon Property, Nevada, USA

On April 30, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Water Canyon Property located in Nevada, USA by making payments as follows:

 

* Maiden Resource defines as a 43-101 resource in the inferred or indicated categories that is declared, for the first time on the Property, after the effective date.

The Company must also complete a drilling program on or before April 30, 2027.

The property is subject to a 2.50% NSR in favour of the optionor.

 

k)

Christmas Property, Idaho, USA

On May 1, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Black Mammoth Gold, to acquire a 100% interest in the Christmas Property located in Lemhi County, Idaho by making payments as follows:

 

 

l)

Callaghan Property, Nevada, USA

On July 17, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire 100% interest in the Callaghan Property located in Nevada by making an aggregate of USD$1,235,000 in cash payments as follows:

 

The property is subject to a 1.0% NSR in favour of the optionor.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

m)

Callaghan North and Charlie Property, Nevada, USA

On September 24, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Callaghan North Property located in Nevada by making USD$24,570 in cash payments for claims fees (paid).

The property is subject to a 1.0% NSR royalty, of which 0.25% can be repurchased prior to commercial production for USD$225,000.

On September 24, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Charlie Property located in Lander County as follows:

 

The property is subject to a 2.0% NSR in favour of the optionor.

 

n)

Raven Property, Nevada, USA

On September 24, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Raven Property located in Nevada by making USD$30,030 in cash payments for claims fees (paid).

Certain claims with a pre-existing 0.5% NSR royalty interest will be subject to an additional 0.5% NSR royalty while unencumbered claims will be subject to a 1.0% NSR royalty, of which 0.25% can be repurchased prior to commercial production for USD$275,000.

 

o)

Barbara Mine Property, Oregon, USA

On September 13, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Black Mammoth Gold, to acquire a 100% interest in the Barbara Property located in Oregon by making an aggregate of USD$30,000 in cash payments as follows:

 

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

p)

East Reveille Property, Nevada USA

On November 14, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the East Reveille Property located in Nevada, USA by making payments as follows:

 

* Maiden Resource defines as a 43-101 resource in the inferred or indicated categories that is declared, for the first time on the Property, after the effective date.

 

q)

St. Elmo Property, Nevada, USA

On November 14, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the St. Elmo Property located in Nevada by making an aggregate of USD$75,000 in cash payments as follows:

 

Additionally, the Company must pay the BLM fees annually and reimburse USD$7,008 of BLM fees paid by the vendor during September 2024 (paid).

The property is subject to a 2.5% NSR in favour of the optionor.

 

r)

Coleman Canyon Property, Nevada USA

On December 31, 2024, the Company entered into mineral lease purchase agreement (the “Agreement”) with TUVERA Exploration Inc. (“TUVERA”) (formerly ARNEVUT Resources Inc.) pursuant to which TUVERA has assigned, and Antelope Creek Gold has assumed, all of the rights and obligations of TUVERA under a long-term lease (the “Lease”) of the Coleman Canyon Property located in Nevada, USA. The Lease is subject to an underlying production royalty of up to three percent (3.0%) in favour of the landlord and the 89 federal claims staked in 2024 by Black Mammoth are subject to a one percent (1.0%) production royalty in favour of TUVERA. The Company will be responsible for all costs of maintaining the property going forward.

The Leases, signed in 2010 for an initial term of 20 years, can be extended for an additional 20 years under certain conditions. The Company understands that the Lease payments are in arrears but that the Leases are still in force. There are no payments, work commitment amounts, finder’s fees or share compensation in connection with the acquisition.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

s)

Clover Property, Nevada USA

On January 8, 2025, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire 100% interest in the Clover Property located in Nevada by making an aggregate of USD$185,000 in cash payments as follows:

 

The property is subject to a 2.50% NSR in favour of the optionor.

 

t)

West Reveille, Nevada USA

On January 31, 2025, the Company entered into a property acquisition agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the West Reveille Property located in Nevada, USA by making payments as follows:

 

The property is subject to a pre-existing 3.0% NSR in favour a royalty holder.

 

u)

Coal Canyon Property, Nevada USA

On April 4, 2025, the Company entered into an exploration lease and option to purchase agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Coal Canyon Property located in Nevada, USA. The term of the lease is 40 years. To maintain the lease in good standing, the Company is required to make the following payments:

 

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

u)

Coal Canyon Property, Nevada USA (continued)

The Company has the option to acquire a 100% interest in the property at any time, subject to the GSR, for $500,000. Any lease payments made prior to exercising the option to acquire the property will be applied against the purchase price.

The property is subject to a 1.2% gross returns royalty (“GSR”) in favour of the optionor, whereby 0.2% can be repurchased by the Company for US$200,000 any time prior to the commencement of commercial production.

There are no work commitment amounts, finder’s fees or share compensation in connection with the lease agreement.

 

v)

Other properties staking, Nevada, Arizona and New Mexico, USA

 

i)

On February 20, 2025, the Company entered into a finder’s fee agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire assistance in staking a group of properties located in in Nevada, Arizona and New Mexico.

Pursuant to finder’s fee agreement, the Company has agreed to make a cash payment of USD$60,000, of which half of the amount (USD$30,000 - paid) is payable upon completion of the staking of the properties, and the remaining half (USD$30,000) is payable upon completing an in-person visit to the properties.

The Company will also have an option to acquire a separate property, Pilgrim Tailing, in consideration of the following:

 

 

ii)

On June 2, 2025, the Company entered into a finder’s fee agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire assistance in staking a group of properties located in in Nevada, Arizona and Utah.

Pursuant to finder’s fee agreement, the Company has agreed to make a cash payment of USD$90,000, of which half of the amount (USD$45,000 - paid) is payable upon completion of the staking of the properties, and the remaining half (USD$45,000) is payable upon completing an in-person visit to the properties. The Company also paid USD$15,000 of finder’s staking fee.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

9.	SHARE CAPITAL

 

a)

Authorized

Unlimited common shares without par value

 

b)

Issued and Outstanding

During the period ended June 30, 2025, the Company:

 

•

issued 4,867,500 common shares pursuant to the exercise of warrants for gross proceeds of $2,367,250.

 

•

issued 42,000 common shares pursuant to exercise of options for gross proceeds of $12,544, and accordingly, relocated $3,724 from reserves to share capital.

During the year ended December 31, 2024, the Company:

 

•

issued 4,600,000 units pursuant to a private placement financing, for gross proceeds of $3,220,000. Each unit contained one common share and one-half common share purchase warrant, with each purchase warrant exercisable into one common share for a period of two years at an exercise price of $1.10. In connection with the private placement, the Company paid finder’s fees of $50,400 and issued 72,000 finder’s warrants (valued at $49,400) exercisable for a period of two years at an exercise price of $1.10.

 

•

issued 2,300,000 units pursuant to the first tranche of a private placement financing, for gross proceeds of $276,000. Each unit contained one common share and one common share purchase warrant, with each purchase warrant exercisable into one common share for a period of three years at an exercise price of $0.20. Of the proceeds received, $40,000 was recorded in subscriptions received in advance as at December 31, 2023.

 

•

issued 2,200,000 units pursuant to the second and final tranche of a private placement financing, for gross proceeds of $264,000. Each unit contained one common share and one common share purchase warrant, with each purchase warrant exercisable into one common share for a period of three years at an exercise price of $0.20.

 

•

issued 635,000 common shares pursuant to exercise of warrants for gross proceeds of $95,250.

 

•

issued 94,500 common shares pursuant to exercise of options for gross proceeds of $19,845, and accordingly, relocated $8,380 from reserves to share capital.

 

•

closed a debt settlement of $148,800 by issuing 1,240,000 common shares valued at $161,200, which resulted a loss of $12,400 (Note 10).

 

•

issued 5,600,000 units pursuant to a private placement financing, for gross proceeds of $2,800,000. Each unit contained one common share and one-half common share purchase warrant, with each purchase warrant exercisable into one common share for a period of two years at an exercise price of $0.75.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

9.	SHARE CAPITAL (Continued)

 

c)

Stock Options

The Company has a stock option plan whereby it is authorized to grant options to directors, employees and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company at prices to be determined and for a term not in excess of five years. Stock options granted to consultants conducting investor relations activities vest in accordance with TSX regulations. Unless otherwise stated, share purchase options vest when granted.

During the period ended June 30, 2025 the Company granted no stock options.

During the year ended December 31, 2024, the Company:

 

•

granted 297,000 incentive stock options to directors and a consultant of the Company, exercisable at a price of $0.12 and having an expiry date of January 19, 2029. The options will vest 30% after year one, 30% after year two, and 40% after year three.

 

•

granted 1,120,000 incentive stock options to directors and consultants of the Company, exercisable at a price of $0.60 and having an expiry date of May 21, 2029. The options will vest 30% after year one, 30% after year two, and 40% after year three.

As at June 30, 2025, the following options were outstanding for the purchase of common shares.

 

*

18,000 OPTIONS ARE SUBSEQUENTLY EXERCISED.

Summaries of changes in stock options are presented below: