Q1 2026 represented the first full quarter following the transformational acquisition of Mawson Finland Limited completed in December 2025. During the quarter, the Company continued to advance exploration and development activities across its expanded Nordic portfolio in Sweden and Finland while maintaining a strong treasury position.
Q1 2026 Highlights:
Cash balance increased to approximately C$86.1 million as at March 31, 2026 (December 31, 2025: C$84.4 million), providing the Company with a strong financial position to advance exploration and development activities across its Nordic portfolio.
Total assets increased to approximately C$180.0 million as at March 31, 2026 (December 31, 2025: C$178.0 million).
Exploration and evaluation assets remained at approximately C$91.5 million following the addition of the Rajapalot gold-cobalt project and other Finnish assets acquired through the Mawson transaction.
During the quarter, the Company incurred approximately C$3.7 million in exploration expenditure across its Nordic project portfolio.
The Company reported a net loss of C$28.4 million for Q1 2026 (Q1 2025: C$6.1 million), primarily attributable to non-cash share-based compensation expense of approximately C$23.7 million associated with option grants completed following the Mawson acquisition and continued corporate growth initiatives.
Excluding non-cash share-based compensation expense and working capital changes, cash utilized in operating activities during Q1 2026 was approximately C$5.9 million (Q1 2025: C$4.7 million), reflecting increased exploration and corporate activities across the Company's expanded asset base.
Operational Highlights:
The Company continued advancing exploration programs across Sweden and Finland following the completion of the Mawson acquisition in December 2025.
At the ...
