Company: NMEX
Filing Date: 2025-11-26
Form Type: 10-K/A
Source: 0001437749-25-036462
Chunk: 23

Company: NORTHERN MINERALS & EXPLORATION LTD.
Filing Date: 2025-11-26
Form: 10-K/A
Chunk 23
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 the life of the properties, and current cost estimates as of each year-end. The future net cash flows are discounted at 10 percent per annum as required by GAAP.

|                                                          |     | 2025 |                                      |
|:---------------------------------------------------------|:----|:-----|-------------------------------------:|
| Future cash inflows                                      |     | $    |                              523,015 |
| Future production                                        |     |      | 0.641 Oil (MMBL) & 166.531 Gas (MMCF |
| Future development costs                                 |     | $    |                               10,875 |
| Future LOE                                               |     | $    |                              273,427 |
| Future net cash flows (undiscounted)                     |     | $    |                              225,431 |
| 10% annual discount                                      |     | $    |                              151,456 |
| Standardized measure of discounted future net cash flows |     | $    |                              156,671 |

NOTE 7—LOANS PAYABLE

On April 16, 2017, the Company executed a promissory note for $ with a third party. The note matures in two years and interest is set at $ for the full two years. As of July 31, 2024, there is $ and $ of principal and accrued interest, respectively, due on this loan. As of July 31, 2025, there was $ and $ of principal and accrued interest, respectively, due on this loan. This loan is currently in default.

As of July 31, 2025 and 2024, the Company owes a third party $ and $, respectively. The loan is unsecured, non-interest bearing and due on demand.

During the year ended July 31, 2020, a third party loaned the Company $. The loan is unsecured, bears interest at % per annum and matures on September 1, 2021. On April 30, 2025, the Company and the third party entered into a debt settlement agreement, whereby the parties agreed to settle the outstanding principal and interest for $ in cash and shares of common stock at $ per share. As of July 31, 2024, there is $ and $ of principal and accrued interest, respectively, due on this loan. As of July 31, 2025, this note and related interest has been fully settled.

F-9

On June 1, 2023, the