Company: NMEX
Filing Date: 2025-11-17
Form Type: 10-K
Source: 0001437749-25-035266
Chunk: 3

Company: NORTHERN MINERALS & EXPLORATION LTD.
Filing Date: 2025-11-17
Form: 10-K
Item: Item 8
Chunk 3
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CONSOLIDATED FINANCIAL STATEMENTS

  Report of Independent Registered Public Accounting Firm                                                              F-1  
  Consolidated Balance Sheets as of July 31, 2025 and 2024                                                             F-2  
  Consolidated Statements of Operations for the Years ended July 31, 2025 and 2024                                     F-3  
  Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the Years ended July 31, 2025 and 2024      F-4  
  Consolidated Statements of Cash Flows for the Years ended July 31, 2025 and 2024                                     F-5  
  Notes to Consolidated Financial Statements                                                                           F-6  

9

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and
Stockholders of Northern Minerals & Exploration LTD

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Northern Minerals & Exploration LTD (the Company) as of July 31, 2025 and 2024, and the related consolidated statements of operations, stockholders’ equity (deficit), and cash flows for each of the years in the two-year period ended July 31, 2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of July 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended July 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Consideration of the Company’ s Ability to Continue as a Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying notes to the financial statements, the Company has significant net losses, cash flow deficiencies, negative working capital, and an accumulated deficit. Those conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding those matters are described in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United