Snow Lake Resources .(US:LITM)2025-10-31 21:20Financial Performance - Total operating expenses for fiscal 2025 were C$12,067,903, a significant increase from C$5,805,055 in 2024, primarily due to higher consulting and professional fees [268]. - Net loss for fiscal 2025 was C$15,985,788, translating to a net loss per share of C$3.21, compared to C$6,850,918 and C$4.40 per share in 2024 [279]. - The company did not generate any revenues during the year ended June 30, 2025, remaining in the exploration stage [264]. Cash Flow and Financing - Cash flows used in operating activities amounted to C$9,390,622 in fiscal 2025, up from C$3,742,326 in 2024, driven by increased spending on exploration and corporate development [282]. - Cash flows provided by financing activities reached C$46,172,166 in fiscal 2025, significantly higher than C$6,909,611 in 2024, due to net proceeds from common share issuances [283]. - As of June 30, 2025, the company had cash of C$17,829,149, which is expected to cover operating expenses and capital expenditures for at least the next 12 months [289]. - The company plans to continue relying on equity or debt financing to maintain working capital and service expenditures, with no guarantee of successful financing due to market conditions [288]. Investment Activities - Investing cash outflows totaled C$21,479,352 in fiscal 2025, compared to C$4,481,208 in 2024, primarily for exploration and evaluation assets [284]. - In fiscal 2025, the company raised approximately US$44,207,788 through various public offerings, including net proceeds of US$2,897,622 from the August 2024 ATM Offering and US$40,033,238 from the April 2025 ATM Offering as of June 30, 2025 [286][297]. - The company invested US$10,000,000 in Kadmos Energy Services LLC, with US$2,000,000 paid in cash and US$8,000,000 secured by a promissory note [302]. - The company entered into a Subscription Agreement with GTI Energy Limited, acquiring 424,866,286 shares at A$0.0035 per share for a total of A$1,487,032 [298][299]. - On October 6, 2025, the company signed a binding Scheme Implementation Deed to acquire 100% of Global Uranium and Enrichment Limited [300]. Expenses Breakdown - Consulting fees surged to C$6,432,754 in fiscal 2025, compared to C$937,410 in 2024, reflecting efforts to raise capital for exploration activities [270]. - Professional fees for fiscal 2025 were C$1,584,940, slightly up from C$1,563,678 in 2024, but significantly lower than C$6,971,520 in 2023 [269]. - General and administrative expenses increased to C$1,133,908 in fiscal 2025 from C$380,746 in 2024, reflecting a scale-up in corporate activities [275]. Risk Management - The company is exposed to various financial risks, including market risk, credit risk, and liquidity risk [515]. - The overall risk management strategy aims to minimize potential adverse effects on financial performance due to market unpredictability [515]. - Different methods are employed to measure risks, such as sensitivity analysis for interest rate and foreign exchange risks [515]. - Ageing analysis is utilized for assessing credit risk [515]. - Beta analysis is conducted to determine market risk related to investment portfolios [515]. - Risk management is overseen by the board of directors [515]. - Further information on specific risks can be found in note 26 of the consolidated financial statements [515]. Corporate Governance - The company has no significant research and development plans at present, focusing instead on operational and financial management [305]. - The company issued 107,125 RSUs to directors and consultants, and reduced the price of all outstanding stock options to US$5.00 [306]. - The company is actively monitoring cash forecasts and managing performance against its forecasts to ensure financial stability [289]. - As of June 30, 2025, the company had made a claim against former directors for breach of fiduciary duty, seeking to recover payments totaling between US$1,392,000 and US$1,872,000 [294].