Company: WOLV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001062993-25-001810
Chunk: 13

Company: Wolverine Resources Corp.
Filing Date: 2025-02-07
Form: 10-Q
Item: Item 8
Chunk 13
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 Wolverine common shares held by each of Bruce Costerd and Luke Rich were cancelled.On June 17, 2024, 47 claims were cancelled, and the Frog Property was reduced in size to 215 claims.On December 20, 2024, 90 claims were cancelled, and the size of the Frog Property was reduced to 125 claims.The Company also holds a 90% interest in the Cache River Property located in Labrador, Canada consisting of a total of 53 mineral claims and an area of 1320 hectares (3,262 acres). The Company is not currently conducting any exploration on the Cache River Property.We have not yet determined whether the Frog Property or the Cache River Property contains mineral reserves that are economically recoverable.Our Current BusinessWe are an exploration stage mining company engaged in the identification, acquisition, and exploration of metals and minerals with a focus on base and precious metals. Our current operational focus is to raise sufficient funds to continue exploration activities on our properties in Labrador, Canada, known as the Frog Property, Hook Property and the Cache River Property. We intend to conduct further exploration activities on the properties in 2025. We expect to review other potential exploration projects from time to time as they are presented to us.Cash RequirementsThere is limited historical financial information about us upon which to base an evaluation of our performance. We are in the development stage and have not generated any revenue from activities. We cannot guarantee we will be successful in our business activities. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, and possible cost overruns due to price and cost increases in services.Over the next twelve months we intend to use any funds that we may have available to fund our Plan of Operation. Not accounting for our working capital deficit of $94,124 as of November 30, 2024, we require additional funds of approximately $114,000 (CDN$152,000) at a minimum to proceed with our plan of operation over the next twelve months. As we do not have the funds necessary to cover our projected operating expenses for the next twelve-month period, we will be required to raise additional funds through the issuance of equity securities, through loans or through debt financing. There can be no assurance that we will be successful in raising the required capital or that actual cash requirements will not exceed our estimates. We intend to fulfill any additional cash requirement through the sale of our equity securities.Our auditors have issued a going concern opinion for our year ended May 31, 202