Company: NMEX
Filing Date: 2025-11-26
Form Type: 10-K/A
Source: 0001437749-25-036462
Chunk: 25

Company: NORTHERN MINERALS & EXPLORATION LTD.
Filing Date: 2025-11-26
Form: 10-K/A
Chunk 25
---
 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 of % is being used.

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

| Federal income tax benefit attributable to: |     | 2025 |         |   |     | 2024 |         |   |
|:--------------------------------------------|:----|:-----|--------:|:--|:----|:-----|--------:|:--|
| 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      |     | $    |       — |   |     | $    |       — |   |

F-10

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

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