Company: NMEX
Filing Date: 2025-11-17
Form Type: 10-K
Source: 0001437749-25-035266
Chunk: 14

Company: NORTHERN MINERALS & EXPLORATION LTD.
Filing Date: 2025-11-17
Form: 10-K
Item: Item 8
Chunk 14
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2025, Robert Campbell resigned as Director and Secretary of the Company.

On April 30, 2025, Victor Miranda resigned as Director of the Company.

NOTE 11 - INCOME TAX

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The U. S. federal income tax rate of21% is being used.

The provision for Federal income tax consists of the following July 31:

                                                   2025                    2024                
 ───────────────────────────────────────────────────────────────────────────────────────────────
  Federal income tax benefit attributable to:                                                  
  Current Operations                               $         ( 80,600      $         ( 35,800  
  Related party accruals                                        1,300                —         
  Other nondeductible expenses                                 34,500                —         
  Less: valuation allowance                                    44,800                35,800    
  Net provision for Federal income taxes           $                —      $         —         

The cumulative tax effect at the expected rate of21% of significant items comprising our net deferred tax amount is as follows:

                                           2025                     2024                 
 ─────────────────────────────────────────────────────────────────────────────────────────
  Deferred tax asset attributable to:                                                    
  Net operating loss carryover             $         207,800        $         153,500    
  Less: valuation allowance                          ( 207,800                ( 153,500  
  Net deferred tax asset                   $         —              $         —          

At July 31, 2025, the Company had net operating loss carry forwards of approximately $799,000that maybe offset against future taxable income. No tax benefit has been reported in the July 31, 2025 or 2024 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.

On December 22, 2017, the U. S. government enacted comprehensive tax legislation commonly referred to as the Tax Cut and Jobs Act (the “