Interim Condensed Consolidated Financial Statements | March 31, 2025 and 2024
Viridian Metals Inc.
Interim Condensed Consolidated Financial
Statements
For the three months ended
March 31, 2025 and 2024
Viridian Metals Inc.
Interim Condensed Consolidated Financial Statements
March 31, 2025 and 2024 Page
Notice of no auditor review of Interim Condensed Consolidated Financial Statements
Interim Condensed Consolidated Statement of Financial Position 1
Interim Condensed Consolidated Statement of Loss and Comprehensive Loss 2
Interim Condensed Consolidated Statement of Changes in Shareholders’ Equity 3
Interim Condensed Consolidated Statement of Cash Flows 4
Notes to the Interim Condensed Consolidated Financial Statements 5 - 18
VIRIDIAN METALS INC.
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 condensed consolidated interim financial statements of the Company have
been prepared by management and approved by the Audit Committee and Board of Directors of
the Company.
As at, March 31, December 31,
2025 2024
ASSETS $ $
CURRENT
Cash 464,982 116,389
Prepaids 19,611 33,827
Advances and receivables Note 7 272,701 830,412
TOTAL ASSETS 757,294 980,628
LIABILITIES
CURRENT
Trade payables and accrued liabilities 81,791 204,942
Flow-through share premium liability 81,258 76,052
TOTAL CURRENT LIABILITIES 163,049 280,994
SHAREHOLDERS' EQUITY
Share capital Note 10 3,154,734 3,154,734
Equity reserves Note 11 1,839,968 1,839,968
Deficit (4,400,457) (4,295,068)
594,245 699,634
TOTAL LIABILITIES AND EQUITY 757,294 980,628
Nature of operations and going concern Note 1
Commitment and contingencies Note 14
Subsequent events Note 15
Approved on behalf of the board of directors
"Alan Grujic" "Tyrell Sutherland"
Director Director
Viridian Metals Inc.
Interim Unaudited Condensed Consolidated Statement of Financial Position
(Expressed in Canadian Dollars)
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
1
March 31, 2025 March 31, 2024
$ $
EXPENSES
Exploration expenditures (Note 8) (117,313) 41,124
General and administrative 4,286 1,573
Consulting fees 91,350 19,500
Professional fees (Note 9) 56,574 48,880
Regulatory (Note 9) 41,336 -
Promotion 20,903 5,858
Foreign exchange gain (1,760) -
Interest and bank charges 596 249
TOTAL EXPENSES 95,972 117,184
Loss before other items (95,972) (117,184)
OTHER INCOME (EXPENSES)
Flow-through share premium (5,206) -
Part XII.6 taxes (5,637) -
Interest income 1,426 1,611
(9,417) 1,611
NET LOSS AND COMPREHENSIVE LOSS (105,389) (115,573)
Loss per share
Basic and diluted (0.00) (0.03)
Weighted-average number of shares outstanding
Basic and diluted 49,608,938 39,818,984
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
2
Viridian Metals Inc.
Interim Unaudited Condensed Consolidated Statement of Loss and Comprehensive Loss
(Expressed in Canadian Dollars)
Three months ended
Warrants
Contributed
surplus Shares to be issued Deficit Total equity
# of shares $ $ $ $ $ $
Balance, December 31, 2023 41,607,200 1,467,884 781,982 100 3,680 (1,985,871) 267,775
Net loss for the period - - - - - (115,573) (115,573)
Balance, March 31, 2024 41,607,200 1,467,884 781,982 100 3,680 (2,101,444) 152,202
Shares issued as part of a private placement 3,780,628 953,722 494,498 - - - 1,448,220
Issuance of finder's warrants - - 12,050 - - - 12,050
Issuance of finder's shares 20,000 3,680 - - (3,680) - -
Contractor shares issued 150,000 52,500 - - - - 52,500
Exercise of compensation options 1,000,000 100 - (100) - - -
Premium on Flow-Through Shares - (125,000) - - - - (125,000)
Share issue costs 199,110 17,037 (29,086) - - - (12,049)
Shareholder contributions - 71,811 5,649 - - - 77,460
Stock based compensation - - - 486,000 - - 486,000
RTO - common shares issued (Note 4) 2,852,000 713,000 - - - - 713,000
RTO - warrants issued (Note 4) - - 20,675 - - - 20,675
RTO - stock options issued (Note 4) - - - 68,200 - - 68,200
Net loss for the period - - - - - (2,193,624) (2,193,624)
Balance, December 31, 2024 49,608,938 3,154,734 1,285,768 554,200 - (4,295,068) 699,634
Net loss for the period - - - - - (105,389) (105,389)
Balance, March 31, 2025 49,608,938 3,154,734 1,285,768 554,200 - (4,400,457) 594,245
3
Viridian Metals Inc.
Interim Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity
(Expressed in Canadian Dollars)
Equity Reserves
Share Capital
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
March 31, 2025 March 31, 2024
$
OPERATING ACTIVITIES
Net loss for the period (105,389) (115,573)
Adjustments for:
Flow-through share premium 5,206 -
(100,183) (115,573)
Cash was provided by (used to finance) changes in the following working capital items:
Advances and receivables 557,711 162,269
Prepaids 14,216 818
Trade payables and accrued liabilities (123,151) 9,420
Net change in non-cash working capital 448,776 172,507
Cash provided by operating activities 348,593 56,934
Increase in cash and cash equivalents 348,593 56,934
Cash and cash equivalents, beginning of the period 116,389 119,532
Cash and cash equivalents, end of the period 464,982 176,466
Cash 463,962 176,466
Cash equivalents 1,020 -
Cash and cash equivalents 464,982 176,466
4
For the three months ended
Viridian Metals Inc.
Interim Unaudited Condensed Consolidated Statement of Cash Flows
(Expressed in Canadian Dollars)
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
VIRIDIAN METALS INC.
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
For the three months ended March 31, 2025
(Expressed in Canadian Dollars)
5
1. NATURE OF OPERATIONS AND GOING CONCERN
Viridian Metals Inc. (“Viridian” or the “Company”), was incorporated on February 28, 2022 under the Canada
Business Corporations Act and has its principal office in Almonte, Ontario, Canada. The Company is engaged
in the evaluation, acquisition and exploration of mineral properties in Canada. The Company plans to ultimately
develop the properties, bring them into production, option or lease the properties to third parties, or sell the
properties outright. The Company has not determined whether these properties contain mineral reserves that
are economically recoverable, and the Company is considered to be in the exploration stage. The head office is
located at 3990 Old Almonte Road, Almonte, Ontario, K0A 1A0.
On November 6, 2024, Viridian Metals Corp. and Viridian Metals Inc. (formerly Coco Pool Corp. ) completed
a reverse takeover with the result being that the current shareholders of Viridian Metals Corp. would then
control the consolidated entity (Refer to Note 4). On November 14, 2024, the Resulting Issuer (defined in Note
4) was listed on the TSX Venture Exchange (the “TSX-V”) and traded under the symbol “VRDN”. Subsequent
to December 31, 2024, the Company delisted from the TSX -V and started trading on the Canadian Securities
Exchange (“CSE”). There was no change in the Company’s stock symbol.
The business of mining and exploring for minerals involves a high degree of risk and there can be no assurance
that current exploration programs will result in profitable mining operations. The recoverability of amounts
expended on exploration and evaluati on activities is dependent upon a 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 profi table production or, alternatively,
upon disposition of such properties at a profit. The Company may also be subject to increases in taxes and
royalties, renegotiation of contracts, expropriation, currency exchange fluctuations and restrictions and political
uncertainty.
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 exploration of
such properties, these procedures do not guarantee the Company's title. Property title may be subject to
government licensing requirements, unregistered prior claims and agreements, aboriginal claims, social license
requirements and non-compliance with regulatory requirements.
The Company does not have any proven economically recoverable reserves, and has limited years of operation,
and at March 31 , 20 25, the Company had a deficit of $ 4,400,457 (December 31, 202 4 - $4,259,068) and
working capital of $594,245 (December 31, 2024 - $699,634). The Company as at March 31, 2025, had cash
balances of $464,982 (December 31, 2024 - $116,389) and accounts payable and current liabilities of $163,049
(December 31, 202 4 - $280,994). These conditions indicate the existence of material uncertainties that cast
significant doubt on the Company's ability to continue as a going concern. The Company's ability to continue
as a going concern is dependent on the Company being able to satisfy it s liabilities as they become due, the
Company being able to obtain the necessary financing to complete the development of its mineral properties,
the attainment of profitable mining operations, and, or the receipt of proceeds from the disposition of its mineral
properties. The outcome of these matters cannot be predicted at this time. There is no assurance that funds will
be available on terms acceptable to the Company or at all. These financial statements do not include any
adjustments to the carrying values and classification of assets and liabilities that would be necessary if the
Company were unable to realize its assets or discharge its liabilities in anything other than the ordinary course
of operations. Such adjustments could be material.