Company: NMEX
Filing Date: 2025-11-17
Form Type: 10-K
Source: 0001437749-25-035266
Chunk: 5

Company: NORTHERN MINERALS & EXPLORATION LTD.
Filing Date: 2025-11-17
Form: 10-K
Item: Item 8
Chunk 5
---
30,000                —          
  Proceeds from loan payable                                                                                   12,500                —          
  Proceeds from note payable – related party                                                                  135,000                —          
  Net cash provided by financing activities                                                                   152,500                213,625    
  Net change in cash                                                                                         ( 49,080                46,239     
  Cash at beginning of the year                                                                                53,139                6,900      
  Cash at end of the year                                                          $                            4,059      $         53,139     
  Cash paid during the period for:                                                                                                              
  Interest                                                                         $                            5,100      $         3,825      
  Taxes                                                                            $                                —      $         —          
  Non-cash investing and financing activities:                                                                                                  
  Common stock issued to oil and gas rights                                        $                          267,200      $         —          
  Common stock issued for debt settlement                                          $                           56,895      $         —          

The accompanying notes are an integral part of these consolidated financial statements.

F-5

Northern Minerals & Exploration Ltd.

Notes to Consolidated Financial Statements

July 31, 2025

NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS

Northern Minerals & Exploration Ltd. (the “ Company”) is a natural resource company operating in oil and gas production in central Texas and Oklahoma and exploration for gold and silver in northern Nevada.

The Company was incorporated in Nevada on December 11, 2006 under the name Punchline Entertainment, Inc. On August 22, 2012, the Company’s board of directors approved an agreement and plan of merger to effect a name change of the Company from Punchline Entertainment, Inc. to Punchline Resources Ltd. On July 12, 2013, the stockholders approved an amendment to change the name of the Company from Punchline Resources Ltd. to Northern Mineral & Exploration Ltd. FINRA approved the name change on August 13, 2013.

On November 22, 2017, the Company created a wholly owned subsidiary, Kathis Energy LLC (“ Kathis”) for the purpose of conducting oil and gas drilling programs in Texas.

On December 14, 2017, Kathis Energy, LLC and other Limited Partners, created Kathis Energy Fund 1, LP, a limited partnership created for raising investor funds.

On May 7, 2018, the Company created ENMEX LLC, a wholly owned subsidiary in Mexico, for the purposes