Company: NMEX
Filing Date: 2025-11-26
Form Type: 10-K/A
Source: 0001437749-25-036462
Chunk: 16

Company: NORTHERN MINERALS & EXPLORATION LTD.
Filing Date: 2025-11-26
Form: 10-K/A
Chunk 16
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 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 |   |     | $    |        — |   |

<div align='center'>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</div>

NOTE 1—ORGANIZATION AND BUSINESS OPERATIONS

Northern Minerals & Exploration Ltd. (the “Company”) is a natural resource company operating in oil, gas and other energy related production in Oklahoma.

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