Northern Minerals & Exploration Ltd. Files Q1 2025 10-Q

TL;DR

NMEX 10-Q filed: Q1 FY25 results out. Check financials for gold/silver play.

AI Summary

Northern Minerals & Exploration Ltd. filed its 10-Q for the period ending October 31, 2024. The company, formerly known as Punchline Resources Ltd., is involved in gold and silver ores. Key financial details and operational updates for the first quarter of fiscal year 2025 are presented in this filing.

Why It Matters

This filing provides investors with an update on Northern Minerals & Exploration Ltd.'s financial performance and operational status for the first quarter of fiscal year 2025, crucial for assessing the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a mining and exploration company, Northern Minerals & Exploration Ltd. is subject to inherent risks associated with resource extraction, commodity price volatility, and regulatory changes.

Key Numbers

• Q1 2025 — Fiscal Quarter (Reporting period for the 10-Q filing.)
• 2024-10-31 — End of Reporting Period (The date through which financial information is reported.)

Key Players & Entities

• NORTHERN MINERALS & EXPLORATION LTD. (company) — Filer
• Punchline Resources Ltd. (company) — Former Company Name
• GOLD & SILVER ORES (industry) — Standard Industrial Classification
• 2024-10-31 (date) — Period of Report
• 20241213 (date) — Filing Date
• GoldenSandsExplorationIncMember (company) — Related Entity in Promissory Note

FAQ

Key Financial Figures

• $6,600 — compensation Officer compensation was $6,600 and $6,600 for the three months ended O
• $19,250 — onsulting – related party services were $19,250 and $18,000 for the three months ended
• $18,000 — related party services were $19,250 and $18,000 for the three months ended October 31,
• $1,250 — consulting fees. In the current period $1,250 was also paid to our CEO for consulting
• $16,000 — fessional fees Professional fees were $16,000 and $18,100 for the three months ended
• $18,100 — es Professional fees were $16,000 and $18,100 for the three months ended October 31,
• $2,100 — 4 and 2023, respectively, a decrease of $2,100 or 11.6%. Professional fees generally c
• $1,500 — xpenses. In the current period we had a $1,500 and $600 decrease in audit and legal fe
• $600 — the current period we had a $1,500 and $600 decrease in audit and legal fees, respe
• $32,752 — eneral and administrative expenses were $32,752 and $16,120 for the three months ended
• $16,120 — dministrative expenses were $32,752 and $16,120 for the three months ended October 31,
• $16,632 — and 2023, respectively, an increase of $16,632 or 103.2%. In the current period we iss
• $19,000 — ued common stock for services valued at $19,000. This was offset by a decrease of our e
• $2,870 — 24 and 2023, we had interest expense of $2,870 and $2,870, respectively. Net Loss F
• $77,462 — October 31, 2024, we had a net loss of $77,462 as compared to a net loss of $61,690 fo

Filing Documents

• nmex20241031_10q.htm (10-Q) — 346KB
• ex_754883.htm (EX-31.1) — 13KB
• ex_754884.htm (EX-31.2) — 12KB
• ex_754885.htm (EX-32.1) — 7KB
• 0001437749-24-037462.txt ( ) — 1814KB
• nmex-20241031.xsd (EX-101.SCH) — 18KB
• nmex-20241031_def.xml (EX-101.DEF) — 126KB
• nmex-20241031_lab.xml (EX-101.LAB) — 117KB
• nmex-20241031_pre.xml (EX-101.PRE) — 139KB
• nmex-20241031_cal.xml (EX-101.CAL) — 16KB
• nmex20241031_10q_htm.xml (XML) — 118KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 4

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 6

Controls and Procedures

Item 4. Controls and Procedures 6

– OTHER INFORMATION

PART II – OTHER INFORMATION 6

Legal Proceedings

Item 1. Legal Proceedings 6

Risk Factors

Item 1A. Risk Factors 6

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 6

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 6

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 6

Other Information

Item 5. Other Information 6

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements NORTHERN MINERALS & EXPLORATION LTD. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets as of October 31, 2024 (Unaudited) and July 31, 2024 (Audited) F-1 Condensed Consolidated Statements of Operations for the Three Months ended October 31, 2024 and 2023 (Unaudited) F-2 Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) for the Three Months ended October 31, 2024 and 2023 (Unaudited) F-3 Condensed Consolidated Statements of Cash Flows for the Three Months ended October 31, 2024 and 2023 (Unaudited) F-4 Notes to Condensed Consolidated Financial Statements (Unaudited) F-5 3 NORTHERN MINERALS & EXPLORATION LTD. CONDENSED CONSOLIDATED BALANCE SHEETS October 31, July 31, 2024 2024 (Unaudited) (Audited) ASSETS Current Assets: Cash $ 10,662 $ 53,139 Total Current Assets 10,662 53,139 TOTAL ASSETS $ 10,662 $ 53,139 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable $ 16,000 $ 1,600 Accrued liabilities 35,091 33,506 Loans payable - current 86,000 86,000 Total Current Liabilities 137,091 121,106 Other payables 38,364 38,364 Accounts payable – related party 26,500 26,500 Loan payable – long term 85,000 85,000 TOTAL LIABILITIES 286,955 270,970 Commitments and Contingencies Stockholders' Deficit: Preferred stock, $ 0.001 par value, 50,000,000 shares authorized; no shares issued — — Common stock, $ 0.001 par value, 250,000,000 shares authorized; 105,401,032 and 105,301,032 shares issued and outstanding as of October 31, 2024 and July 31, 2024, respectively 105,401 105,301 Additional paid-in-capital 3,233,951 3,215,051 Accumulated deficit ( 3,615,645 ) ( 3,538,183 ) Total Stockholders' Deficit ( 276,293 ) ( 217,831 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 10,662 $ 53,139 The accompanying notes are an integral part of these unaudited condense

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements October 31, 2024 (Unaudited) NOTE 1 — ORGANIZATION AND BUSINESS OPERATIONS Northern Minerals & Exploration Ltd. (the "Company") is an emerging natural resource company operating in oil and gas production in central Texas and exploration for gold and silver in northern Nevada. The Company was incorporated in Nevada on December 11, 2006 under the name Punchline Entertainment, Inc. On August 22, 2012, the Company's board of directors approved an agreement and plan of merger to effect a name change of the Company from Punchline Entertainment, Inc. to Punchline Resources Ltd. On July 12, 2013, the stockholders approved an amendment to change the name of the Company from Punchline Resources Ltd. to Northern Mineral & Exploration Ltd. FINRA approved the name change on August 13, 2013. On November 22, 2017, the Company created a wholly owned subsidiary, Kathis Energy LLC ("Kathis") for the purpose of conducting oil and gas drilling programs in Texas. On December 14, 2017, Kathis Energy, LLC and other Limited Partners, created Kathis Energy Fund 1, LP, a limited partnership created for raising investor funds. On May 7, 2018, the Company created ENMEX LLC, a wholly owned subsidiary in Mexico, for the purposes of managing and operating its investments in Mexico including but not limited to the Joint Venture opportunity being negotiated with Pemer Bacalar on the 61 acres on the Bacalar Lagoon on the Yucatan Peninsula. There was no activity from inception to date. NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company's unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the re

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Forward-Looking Statements This report on Form 10-Q contains certain forward-looking statements. All statements other than statements of historical fact are "forward-looking statements" for purposes of these provisions, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operation; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties, and actual results could differ materially from those anticipated by the forward-looking statements. These forward-looking statements involve significant risks and uncertainties, including, but not limited to, the following: competition, promotional costs and the risk of declining revenues. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors. These forward-looking statements are made as of the date of this filing, and we assume no obligation to update such forward-looking statements. The following discusses our financial condition and results of operations based upon our unaudited financial statements which have been prepared in conformity with accounting principles generally accepted in the United States. It should be read in conjunction with our financial statements and the notes thereto included elsewhere herein. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual resu

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item. Item 4.

Controls and Procedures

Controls and Procedures We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer (our principal executive officer, principal financial officer and principal accounting officer), as appropriate to allow timely decisions regarding required disclosure. We carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer (our principal executive officer, principal financial officer and principal accounting officer), of the effectiveness of the design and operation of our disclosure cont

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View this 10-Q filing on SEC EDGAR