Company: NMEX
Filing Date: 2025-11-17
Form Type: 10-K
Source: 0001437749-25-035266
Chunk: 12

Company: NORTHERN MINERALS & EXPLORATION LTD.
Filing Date: 2025-11-17
Form: 10-K
Item: Item 8
Chunk 12
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 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 $15,000with a third party. The note matures in twoyears and interest is set at $3,000for the full two years. As of July 31, 2024, there is $15,000and $9,375of principal and accrued interest, respectively, due on this loan. As of July 31, 2025, there was $15,000and $10,875of 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 $23,500and $11,000, 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 $60,000. The loan is unsecured, bears interest at8% 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 $30,000in cash and1,137,900shares of common stock at $0.05per share. As of July 31, 2024, there is $60,000and $23,265of principal and accrued interest, respectively, due on this loan. As of July 31, 2025, this note and related interest has been fully settled.

On June 1, 2023, the Company issued a Promissory Note to Golden Sands Exploration Inc, for $85,000. The note bears interest at6%