# EDGAR Filing Document

**Accession Number:** 0001346917
**File Stem:** 0001062993-25-011588
**Filing Date:** 2025-6
**Character Count:** 54616
**Document Hash:** 98c9af0ff401e8baa07b69af4a6c7af9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-011588.hdr.sgml**: 20250612

**ACCESSION NUMBER**: 0001062993-25-011588

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250612

**DATE AS OF CHANGE**: 20250612

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GENTOR RESOURCES INC.
- **CENTRAL INDEX KEY:** 0001346917
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 202679777
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-130386
- **FILM NUMBER:** 251043816

**BUSINESS ADDRESS:**
- **STREET 1:** 4120 YONGE STREET, SUITE 304
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M2P 2B8
- **BUSINESS PHONE:** (416) 361-2510

**MAIL ADDRESS:**
- **STREET 1:** 4120 YONGE STREET, SUITE 304
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M2P 2B8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GENTOR RESOURCES, INC.
- **DATE OF NAME CHANGE:** 20100518

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Gentor Resources, Inc.
- **DATE OF NAME CHANGE:** 20051214

------

**UNITED STATES** <br>**SECURITIES AND EXCHANGE COMMISSION** <br>Washington, D.C. 20549

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16** <br>**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

For the month of **<u>June 2025</u>.**

Commission File Number: **<u>333-130386</u>** 

**<u>GENTOR RESOURCES INC.</u>** <br>(Exact Name of Registrant as Specified in Charter)

**4120 Yonge Street, Suite 304**<br>**Toronto, Ontario, M2P 2B8** <br>**<u>Canada</u>**<br>(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. <br>Form 20-F [X] Form 40-F [ ]

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**SIGNATURE** 

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | **GENTOR RESOURCES INC.** |
|  | (Registrant) |
| Date: June 12, 2025 | By:&nbsp;&nbsp;&nbsp;&nbsp; */s/ Donat K. Madilo* |
|  | Name: Donat K. Madilo |
|  | Title: Chief Financial Officer |

---

------

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](exhibit99-1.htm) | [Interim Condensed Consolidated Financial Statements for the period ended March 31, 2025](exhibit99-1.htm) |
| [99.2](exhibit99-2.htm) | [Management's Discussion and Analysis for the period ended March 31, 2025](exhibit99-2.htm) |

---

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## Exhibit 99.1

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![](exhibit99-1x001.jpg)

GENTOR RESOURCES INC**.**

**INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**As at and for the three months ended March 31, 2025**

**(Stated in US dollars)**

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**GENTOR RESOURCES INC.**<br> **(An Exploration Stage Company)**<br>

**NOTICE TO READER**

These interim condensed consolidated financial statements of Gentor Resources Inc. as at and for the three months ended March 31, 2025 have been prepared by the management of Gentor Resources Inc. The auditors of Gentor Resources Inc. have not audited or reviewed these interim condensed consolidated financial statements.

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)**<br>**INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS**<br>**(Stated in US dollars and unaudited)**

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **March 31, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | $7506 | $1558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advances receivable (note 3) | 2851 | 2851 |
| **Total current assets** | 10357 | 4409 |
| **Total assets** | $10357 | $4409 |
| **LIABILITIES** |  |  |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $85769 | $81570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | 143348 | 142612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to related parties (note 4) | 1026371 | 986146 |
| **Total current liabilities** | 1255488 | 1210328 |
| **Total liabilities** | $1255488 | $1210328 |
| **SHAREHOLDERS' DEFICIENCY** |  |  |
| ***Authorized*** |  |  |
| 500,000,000 Common Shares, $0.0008 per share par value (note 5a) |  |  |
| ***Issued and outstanding*** |  |  |
| 38,906,742 Common Shares (December 31, 2023 - 38,906,742) (note 5b) | $31125 | $31125 |
| Additional paid-in capital | 43325272 | 43325272 |
| Deficit accumulated during the exploration stage | (44601528) | (44562316) |
| **Total shareholders' deficiency** | (1245131) | (1205919) |
| **Total liabilities and shareholders' deficiency** | $10357 | $4409 |
| *Nature of operations and going concern (note 1)* |  |  |
| *Environmental contingency (note 7)* |  |  |

---

*See accompanying notes to the interim condensed consolidated financial statements*

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)**<br> **INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS**<br> **(Stated in US dollars and unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the three<br>months ended<br>March 31, 2025** | **For the three<br>months ended<br>March 31, 2024** |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | $2061 | $14701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefits | 33400 | 34655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder's information | 1508 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 1008 | 2943 |
| **Net operating loss** | (37977) | (53457) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 7182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (loss) gain | (1235) | 7247 |
| **Net loss and comprehensive loss** | $(39212) | $(39028) |
| Net loss and comprehensive loss per share - basic | $(0.00) | $(0.00) |
| Net loss and comprehensive loss per share - diluted | $(0.00) | $(0.00) |
| Weighted average number of shares - basic | 38906742 | 38906742 |
| Weighted average number of shares - diluted | 38906742 | 38906742 |

---

 *<br>See accompanying notes to the interim condensed consolidated financial statements*<br>

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)<br>INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**<br>**(Stated in US dollars and unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the three<br>months ended<br>March 31, 2025** | **For the three<br>months ended<br>March 31, 2024** |
| **Operating activities:** |  |  |
| **Net loss** | $(39212) | $(39028) |
| **Adjustments required to reconcile net loss with net cash flows from operating activities** |  |  |
| **Changes in non-cash working capital balances** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | 40225 | 43539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 4199 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 736 | (5752) |
| **Cash generated by operating activities** | 5948 | 1711 |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan repayment |  | (26874) |
| **Cash used by financing activities** |  | (26874) |
| **Net cash inflow (outflow)** | 5948 | (25163) |
| **Cash, beginning of the period** | 1558 | 26703 |
| **Cash, end of the period** | $7506 | $1540 |

---

*See accompanying notes to the interim condensed consolidated financial statements*

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)**<br>**INTERIM CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIENCY**<br>**(Stated in US dollars and unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>common<br>shares** | **Common<br>shares<br>amount** | **Additional<br>paid-in<br>capital** | **Accumulated<br>deficit** | **Total<br>shareholders'<br>deficiency** |
| Balance at January 1, 2024 | 38906742 | $31125 | $43325272 | $(44357671) | $(1001274) |
| Net loss for the three months ended March 31, 2024 |  |  |  | (39028) | (39028) |
| Balance at March 31, 2024 | 38906742 | $31125 | $43325272 | $(44396699) | $(1040302) |
| Net loss for the nine months ended December 31, 2024 |  |  |  | (165617) | (165617) |
| Balance at December 31, 2024 | 38906742 | $31125 | $43325272 | $(44562316) | $(1205919) |
| Net loss for the three months ended March 31, 2025 |  |  |  | (39212) | (39212) |
| Balance at March 31, 2025 | 38906742 | $31125 | $43325272 | $(44601528) | $(1245131) |

---

*See accompanying notes to the interim condensed consolidated financial statements*

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)**<br>**NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars and unaudited)**<br>**As at and for the three months ended March 31, 2025**

1. NATURE OF OPERATIONS AND GOING CONCERN

NATURE OF OPERATIONS

Gentor Resources Inc. (the "Company" or "Gentor"), a Cayman Islands corporation, is an exploration stage corporation formed for the purpose of prospecting and developing mineral properties.

The business of exploring for minerals involves a high degree of risk. Few properties that are explored are ultimately developed into producing mines. Major expenses may be required to establish ore reserves, to develop metallurgical processes, to acquire construction and operating permits and to construct mining and processing facilities. Having relinquished its only project (the Karaburun project in Turkey) effective at the end of 2017, the Company currently does not have any commercial operations and has no material assets. The Company is currently evaluating new business opportuntiues.

GOING CONCERN

The accompanying interim condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the three months ended March 31, 2025, the Company had a net loss and comprehensive loss of $39,212 (2024 - net loss and comprehensive loss of $39,028). The Company also had a deficit accumulated during the exploration stage of $44,601,528 as at March 31, 2025 (December 31, 2024 - $44,562,316), and a working capital deficiency of $1,245,131 as at March 31, 2025 (December 31, 2024 - working capital deficiency of $1,205,919).

The Company intends to fund operations through equity financing arrangements. Such financings may be insufficient to fund its ongoing working capital and other cash requirements. The Company's continued existence is dependent upon it emerging from the exploration stage, obtaining additional financing to continue operations, exploring and developing mineral properties and the discovery, development and sale of ore reserves.

These circumstances represent material uncertainties which cast substantial doubt on the Company's ability to continue on a going concern basis. These interim condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. Such adjustments may be material.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP").

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)**<br>**NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars and unaudited)**<br>**As at and for the three months ended March 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) BASIS OF CONSOLIDATION

The Company's interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Gentor International Limited ("Gentor International"). Gentor International was incorporated on December 12, 2011 under the laws of the British Virgin Islands. Intercompany balances and transactions have been eliminated in preparing the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) MINERAL PROPERTIES AND EXPLORATION COSTS

Exploration costs pertaining to any mineral properties with no proven reserves are charged to operations as incurred. When it is determined that mineral properties can be economically developed as a result of establishing proven and probable reserves, costs incurred to develop such properties are capitalized. Such costs will be depreciated using the units-of-production method over the estimated life of the proven and probable reserves. The Company is in the exploration stage and has not yet realized any revenue from operations. All exploration expenditures have been expensed as incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) CAPITAL ASSETS

Capital assets are recorded at cost less accumulated depreciation. Depreciation and amortization has been recorded as follows:

Office equipment - Straight line basis over four years

Leasehold improvements - Straight line basis over five years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) ASSET IMPAIRMENT

The Company monitors events and changes in circumstances, which may require an assessment of the recoverability of its long-lived assets. If required, the Company would assess recoverability using estimated undiscounted future operating cash flows of the related asset or asset grouping. Assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the carrying amount of an asset is not recoverable, an impairment loss is recognized in operations, measured by comparing the carrying amount of the asset to its fair value. No impairment losses or reversals of previously recorded impairments were recorded during the three months ended March 31, 2025 and the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) ASSET RETIREMENT OBLIGATIONS

The fair value of the liability of an asset retirement obligation is recorded when it is incurred and the corresponding increase to the asset is depreciated over the estimated life of the asset. The liability is periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the asset retirement obligation. The Company has not identified or recorded any asset retirement obligations on its balance sheet as at March 31, 2025 and December 31, 2024.

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)**<br>**NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars and unaudited)**<br>**As at and for the three months ended March 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) STOCK-BASED COMPENSATION

The Company has a stock option plan, which is described in note 5(c). The Company uses the fair value method of accounting for stock options granted to directors, officers and employees whereby the fair value of options granted measured at the grant date is recorded as a compensation expense in the financial statements on a straight line basis over the requisite employee service period (usually the vesting period). Compensation expense on stock options granted to non-employees is measured at the earlier of the completion of performance and the date the options are vested using the fair value method and is recorded as an expense in the same period as if the Company had paid cash for the goods or services received. Any consideration paid by directors, officers, employees and consultants on exercise of stock options or purchase of shares is credited to capital stock. Shares are issued from treasury upon the exercise of stock options. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. As the stock options are exercisable in Canadian dollars, and the Company's shares trade on a Canadian exchange, stock options are determined to be equity instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) CASH

Cash consists of bank balances. The Company maintains cash in bank deposit accounts in Canada that at times may exceed Canadian federally insured limits. The Company has not experienced any losses in such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) FOREIGN EXCHANGE

The Company's functional and reporting currency is United States dollars. The functional currency of any foreign operations is United States dollars. Amounts in other than the functional currency are translated as follows: monetary assets and liabilities are translated at the spot rates of exchange in effect at the end of the period; non-monetary items are translated at historical exchange rates in effect on the dates of the transactions. Revenues and expense items are translated at average rates of exchange in effect during the period, except for depreciation, which is translated at its corresponding historical rate. Realized and unrealized exchange gains and losses are included in the interim condensed consolidated statements of loss and comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) USE OF ESTIMATES

The preparation of interim condensed consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the interim condensed consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from management's best estimates as additional information becomes available in the future. The Company bases its estimates and assumptions on historical experience, current facts, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Significant estimates and assumptions include those related to estimation of deferred income taxes, tax loss recoverability and fair value estimates for stock options.

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)**<br>**NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars and unaudited)**<br>**As at and for the three months ended March 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial Instruments

The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor's carrying amount or exchange amount. Financial instruments consist of cash, accounts payables, accrued liabilities, advances receivable and due to related parties and loans.

Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in any net income (loss). Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income (loss) until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in operations.

Fair Value

The Company follows "Accounting Standards Codification" ASC 820-10 *Fair Value Measurements and Disclosures* for its financial assets and financial liabilities that are re-measured and reported at fair value at each reporting period.

Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable in the market such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability and include situations where there is little, if any, market activity.

Derivative Financial Instruments

The Company reviews the terms of its equity instruments and other financing arrangements to determine whether or not there are embedded derivative instruments that are required to be accounted for separately as a derivative financial instrument. Also, in connection with the issuance of financing instruments, the Company may issue freestanding options or warrants that may, depending on their terms, be accounted for as derivative instrument liabilities, rather than as equity. The Company may also issue options or warrants to non-employees in connection with consulting or other services.

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)**<br>**NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars and unaudited)**<br>**As at and for the three months ended March 31, 2025**

Derivative financial instruments are measured at their fair value. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income or loss. For warrant-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to estimate fair value of the derivative instruments. For more complex derivative financial instruments, the Company uses acceptable pricing models to estimate fair value of the derivative instrument.

The classification of derivative instruments, including whether or not such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. If reclassification is required, the fair value of the derivative instrument, as of the determination date, is reclassified. Any previous charges or credits to income for changes in the fair value of the derivative instrument are not reversed. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) INCOME TAXES

Deferred income taxes are reported for temporary differences between items of income or expense reported in the interim condensed consolidated financial statements and those reported for income tax purposes, which require the use of the asset / liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the interim condensed consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases, and for the tax loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes deferred taxes for the estimated future tax effects attributable to deductible temporary differences and loss carryforwards when realization is more likely than not. The deferred taxes for the Company amount to $nil at the balance sheet dates.

ASC 740, "Income Taxes" requires that the Company recognize the impact of a tax position in its interim condensed consolidated financial statements if the position is more likely than not of being sustained upon examination and on the technical merits of the position. The Company does not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) LOSS PER SHARE

Basic loss per share calculations are based on the weighted-average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated using the treasury method. The treasury method assumes that outstanding stock options and warrants with an average exercise price below market price of the underlying shares are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period.

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)**<br>**NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars and unaudited)**<br>**As at and for the three months ended March 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE

Certain new standards, interpretations, amendments and improvements to existing standards were issued that are mandatory for accounting periods beginning on or after January 1, 2025. For the three months ended March 31, 2025 and the year ended December 31, 2024, there were no updates that are applicable or are consequential to the Company.

3. ADVANCES RECEIVABLE

The advances receivable as at March 31, 2025 included $2,851 of prepaid expenses $nil of an unsecured loan from third party (December 31, 2024 - $2,851). As at December 31, 2024, an allowance for doubtful accounts of $15,282 was recorded reducing the loan balance to $nil as a result of uncertainties surrounding the recoverability of this loan.

4. RELATED PARTY TRANSACTIONS

As of March 31, 2025, an amount of $654,364 (December 31, 2024 - $633,465) was owed to Arnold Kondrat, a director, Chief Executive Officer and President of the Company, which includes both salary and management fees in arrears and advances.

As of March 31, 2025, an amount of $372,007 was owed to Loncor Gold Inc. (December 31, 2024 - $352,681), a company with common directors, in relation to the payment of common general and administrative expenses.

All of the above related party transactions occurred in the normal course of operations and are unsecured, non-interest bearing, due on demand, and measured at the exchange amount as determined by management.

5. SHARE CAPITAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Authorized Share Capital

The authorized share capital of the Company consists of 500,000,000 common shares with a par value of $0.0008 per share. Each common share entitles the holder to one vote and no holder of the common shares shall be entitled to any right of cumulative voting.

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)**<br>**NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars and unaudited)**<br>**As at and for the three months ended March 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Issued Share Capital

As of March 31, 2025, the Company had 38,906,742 issued and outstanding common shares (December 31, 2024 - 38,906,742).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Stock-Based Compensation

The Company has a stock option plan (the "Plan"). Stock options may be granted under the Plan from time to time by the board of directors of the Company to such directors, officers, employees and consultants of the Company or a subsidiary of the Company, and in such numbers, as are determined by the board at the time of the granting of the stock options. The total number of common shares of the Company issuable upon the exercise of all outstanding stock options granted under the Plan shall not at any time exceed 10% of the total number of outstanding common shares, from time to time. The exercise price of each stock option granted under the Plan shall be determined in the discretion of the board of directors of the Company at the time of the granting of the stock option, provided that the exercise price shall not be lower than the last closing price of the Company's common shares on the TSX Venture Exchange prior to the date the stock option is granted.

During the three months ended March 31, 2025, the Company recognized $nil as stock-based compensation (year ended December 31, 2024 - $nil). As at March 31, 2025, there no stock options outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Loss Per Share

Basic income (loss) per share was calculated on the basis of the weighted average number of common shares outstanding for the three months ended March 31, 2025, amounting to 38,906,742 common shares (three months ended March 31, 2024 - 38,906,742).

6. FINANCIAL RISK MANAGEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) FOREIGN CURRENCY RISK

Foreign currency risk is the risk that a variation in exchange rates between the United States dollar and other foreign currencies will affect the Company's operations and financial results. A portion of the Company's transactions are denominated in Canadian dollars. The Company is also exposed to the impact of currency fluctuations on its monetary assets and liabilities. Significant foreign currency gains or losses are reflected as a separate component in the interim condensed consolidated statement of loss and comprehensive loss. The Company has not used derivative instruments to reduce its exposure to foreign currency risk.

The following table indicates the impact of foreign currency risk on net working capital as at March 31, 2025 and December 31, 2024. The table below also provides a sensitivity analysis of a 10 percent strengthening of the US dollar against the Canadian dollar which would have increased (decreased) the Company's net loss by the amounts shown in the table below. A 10 percent weakening of the US dollar against the Canadian dollar would have had an equal but opposite effect as at March 31, 2025 and the year ended December 31, 2024.

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)**<br>**NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars and unaudited)**<br>**As at and for the three months ended March 31, 2025**

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| | | |
|:---|:---|:---|
|  | **Canadian<br>Dollars** | **Canadian<br>Dollars** |
|  | **March 31, 2025** | **December 31, 2024** |
| **Cash** | $10293 | 1723 |
| Accounts payable | (90533) | (87597) |
| Total foreign currency working capital | (80240) | (85874) |
| US$ exchange rate | 0.6956 | 0.6950 |
| Total foreign currency net working capital in US$ | (55815) | (59683) |
| ***Impact of a 10% strengthening of the US$ on net loss*** | (5581) | (5968) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) MARKET RISK

Market risk is the potential for financial loss from adverse changes in underlying market factors, including foreign-exchange rates, commodity prices and stock based compensation costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) CREDIT RISK

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument. Financial instruments that potentially subject the Company to credit risks are limited to cash. The Company does not have significant credit risk related to cash as the Company transacts with a bank with a high credit rating assigned by international credit-rating agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) LIQUIDITY RISK

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company is exposed to liquidity risk due to its limited cash resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) DISCLOSURES OF FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

The Company's financial assets and liabilities are carried at amortised cost and belong to Level 2 of the fair value hierarchy. During the three months ended March 31, 2025, there were no transfers between levels of the fair value hierarchy. The carrying amounts of these financial instruments are a reasonable estimate of their fair values because of their current nature.

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**GENTOR RESOURCES INC.**<br>**(An Exploration Stage Company)**<br>**NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars and unaudited)**<br>**As at and for the three months ended March 31, 2025**

7. ENVIRONMENTAL CONTINGENCY

Any exploration and evaluation activities of the Company are subject to laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company believes its activities are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations.

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## Exhibit 99.2

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![](exhibit99-2x001.jpg)

GENTOR RESOURCES INC.

**MANAGEMENT'S DISCUSSION AND ANALYSIS** 

**FOR THE THREE MONTHS ENDED MARCH 31, 2025**

The following management's discussion and analysis ("**MD&A**"), which is dated as of May 29, 2025, provides a review of the activities, results of operations and financial condition of Gentor Resources Inc. (the "**Company**" or "**Gentor**") as at and for the three months ended March 31, 2025 ("**Q1 2025**"), as well as future prospects of the Company. This MD&A should be read in conjunction with the unaudited interim condensed consolidated financial statements of the Company for Q1 2025 (the "**Interim Financial Statements**") and the audited consolidated financial statements of the Company as at and for the year ended December 31, 2024 (the "**Annual Financial Statements**"). As the Company's consolidated financial statements are prepared in United States dollars, all dollar amounts in this MD&A are expressed in United States dollars unless otherwise specified. Additional information relating to the Company, including the Company's annual report on Form 20-F, is available on SEDAR+ at <u>www.sedarplus.ca</u> and on EDGAR at <u>www.sec.gov.</u>

**Forward-Looking Statements**

The following MD&A contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding future plans and objectives of the Company) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: having relinquished its only project (the Karaburun project in Turkey) effective at the end of 2017, the Company currently does not have any commercial operations and has no material assets; while the Company is currently evaluating new business opportunities, the Company has only limited funds with which to identify and evaluate a potential asset or business for acquisition or participation, and no assurance can be given that a suitable asset or business will be identified and acquired on suitable terms; uncertainties relating to the availability and costs of financing in the future; changes in equity markets; the Company's history of losses and expectation of future losses; activities of the Company (including the Company's ability to secure financing) may be adversely impacted the other risks disclosed under the heading "Risk Factors" in the Company's annual report on Form 20-F.

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Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

**General**

As described in the Going Concern note to the Interim Financial Statements (Note 1), the Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its cash requirements. The Company's continued existence is dependent upon it emerging from the exploration stage, obtaining additional financing to continue operations, exploring and developing mineral properties and the discovery, development and sale of ore reserves. Thus, management uses its judgment in determining whether the Company is able to continue as a going concern. See also the "Liquidity and Capital Resources" section of this MD&A.

**Results of Operations**

For Q1 2025, the Company reported net loss and comprehensive loss of $39,212 ($0.00 loss per share), as compared to a net loss and comprehensive loss of $39,028 ($0.00 per share) for the three months ended March 31, 2024 ("**Q1 2024**"). During Q1 2025, variances in expenses occurred in the expense categories described below as compared to Q1 2024.

*Professional fees*

Professional fees, which include legal and audit fees, decreased significantly to $2,061 during Q1 2025 compared to $14,701 during Q1 2024. The decrease in professional fees in Q1 2025 as compared to Q1 2024 mainly related to fluctuations in legal expenses in connection with corporate activities.

*Employee benefits*

The Company's employee benefits expense was $33,400 for Q1 2025 as compared to $34,655 during Q1 2024. The Company's personnel are paid out of the Canadian corporate office.

*Shareholder's information* 

The Company incurred expenses related to shareholder's information of $1,508 during Q1 2025 which is consistent when compared to $1,158 during Q1 2024.

*General and administrative expenses*

The Company incurred general and administrative expenses of $1,008 during Q1 2025 compared to $2,943 for Q1 2024. This decrease in general and administrative expenses is primarily attributable to a decrease in the costs of filing.

*Foreign exchange loss / gain*

The Company recorded a foreign exchange loss of $1,235 during Q1 2025 and a foreign exchange gain of $7,247 during Q1 2024, due to fluctuations in the value of the United States dollar relative to the Canadian dollar.

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*Interest income*

The Company recorded interest income of $nil for Q1 2025 compared to $7,182 for Q1 2024 as a result of a recognition of the realized gain on repayment of the CEBA loan.

**Summary of Quarterly Results**

The following table sets out certain consolidated financial information of the Company for each of the last eight quarters, from the second quarter of fiscal 2023 to the first quarter of fiscal 2025. This financial information has been prepared in accordance with U.S. generally accepted accounting principles ("**US GAAP**"). The Company's presentation and functional currency is the United States dollar.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **2024** | **2024** |
|  | **1st Quarter** | **4th Quarter** | **3rd Quarter** | **2nd Quarter** |
| Net loss | $(39212) | $(75829) | $(43854) | $(45934) |
| Net loss per share | $(0.00) | $(0.01) | $(0.00) | $(0.00) |
|  | **2024** | **2023** | **2023** | **2023** |
|  | **1st Quarter** | **4th Quarter** | **3rd Quarter** | **2nd Quarter** |
| Net (loss) income | $(39028) | $(91089) | $(35685) | $244870 |
| Net (loss) income per share | $(0.00) | $(0.00) | $(0.00) | $0.00 |

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The Company reported a net loss of $39,212 during the first quarter of 2025 compared to a net loss of $75,829 in the fourth quarter of 2024, with the decrease in net loss due in part to the allowance for doubtful account expense in the fourth quarter of $15,282 for a loan to third party. The decrease in net loss was also due to a decrease in professional fees of $27,561, which was offset by an increase of $8,482 in foreign exchange loss during the first quarter of 2025 as compared to the fourth quarter of 2024.

The Company reported a net loss of $75,829 during the fourth quarter of 2024 compared to a net loss of $43,854 in the third quarter of 2024, largely due to the allowance for doubtful account expense in the fourth quarter of $15,282 for a loan to third party. The increase in net loss was also due to an increase in professional fees of $29,622 which includes both legal and audit fees, which was offset by a decrease of $5,977 in shareholder information expenses during the fourth quarter of 2024 as compared to the third quarter of 2024.

The Company reported a net loss of $43,854 during the third quarter of 2024 which remained consistent with the previous quarter's net loss of $45,934. The net loss in the third quarter of 2024 was mainly impacted by a decrease in shareholder's information of $2,674 and a decrease in general and administrative expenses of $1,827. This was offset by an increase of foreign exchange loss of $2,194 during the third quarter of 2024 compared to the second quarter of 2024.

The Company reported a net loss of $45,934 during the second quarter of 2024 compared to a net loss of $39,028 during the first quarter of 2024. The net loss in the second quarter of 2024 was mainly impacted by an increase in shareholder's information of $9,179, a decrease in interest

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income of $7,182 and a decrease in foreign exchange gain of $5,532. This was offset by a decrease in professional fees of $14,701 incurred during the second quarter of 2024 compared to the first quarter of 2024.

The Company reported a net loss of $39,028 during the first quarter of 2024 compared to a net loss of $91,089 during the fourth quarter of 2023, mostly due to a decrease in regular course of business expenses during the first quarter of 2024, in particular, a decrease in professional fees of $29,204 and a decrease of $2,889 in shareholder's information.

The Company reported a net loss of $91,089 during the fourth quarter of 2023 compared to a net loss of $35,685 in the third quarter of 2023, mostly due to regular course of business expenses for the fourth quarter of 2023. The increase in net loss was mainly due to an increase in professional fees of $43,987 which includes both legal and audit fees, and an increase of $3,162 in shareholder information expenses during the fourth quarter of 2023 as compared to third quarter of 2023.

The Company reported a net loss of $35,685 during the third quarter of 2023 compared to net income of $244,870 in the second quarter of 2023. The main reason for the different results in the third quarter of 2023 compared to the second quarter of 2023 was the write-back of $288,274 of certain accounts payable and accrued liabilities recorded in the second quarter of 2023. The loss in the third quarter of 2023 was also offset by a decrease in filing fees of $7,069 as compared to the second quarter of 2023.

**Liquidity and Capital Resources**

The Company has historically relied primarily on equity financing to fund its activities. Although the Company has been successful in completing equity financing in the past, there is no assurance that the Company will secure the necessary financing in the future.

The Company's cash balance at March 31, 2025 was $7,506 as compared to $1,558 at December 31, 2024.

The Company expects to raise additional funds through additional offerings of its equity securities to funds its activities. However, there is no assurance that such financing will be available on acceptable terms, if at all. If the Company raises additional funds by issuing additional equity, the ownership percentages of existing shareholders will be reduced and the securities that the Company may issue in the future may have rights, preferences or privileges senior to those of the current holders of the Company's common shares. Such securities may also be issued at a discount to the market price of the Company's common shares, resulting in possible further dilution to the book value per share of common shares. If the Company is unable to raise sufficient funds through equity offerings, the Company may need to sell an interest in any property held by it. There can be no assurance the Company would be successful in selling any such property.

**Outstanding Share Data**

The authorized share capital of the Company consists of 500,000,000 common shares, with a par value of $0.0008 per share. As of May 29, 2025, the Company had 38,906,742 common shares and no stock options or warrants outstanding.

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**Related Party Transactions**

As of March 31, 2025, an amount of $654,364 (December 31, 2024 - $633,465) was owed to Arnold Kondrat, a director, Chief Executive Officer and President of the Company, which includes both salary and management fees in arrears and advances.

As of March 31, 2025, an amount of $372,007 was owed to Loncor Gold Inc. (December 31, 2024 - $352,681), a company with common directors, in relation to the payment of common general and administrative expenses.

All of the above related party transactions occurred in the normal course of operations and are unsecured, non-interest bearing, due on demand, and measured at the exchange amount as determined by management.

**Accounting Pronouncements Not Yet Effective** 

Certain new standards, interpretations, amendments and improvements to existing standards were issued that are mandatory for accounting periods beginning on or after January 1, 2025. For the three months ended ended March 31, 2025, there were no updates that are applicable or are consequential to the Company.

**Significant Accounting Estimates**

The preparation of the Company's Interim Financial Statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Information about critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the Company's Interim Financial Statements include the following:

Income taxes

Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes, which require the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, and for the tax loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes deferred taxes for the estimated future tax effects attributable to deductible temporary differences and loss carryforwards when realization is more likely than not. The deferred taxes for the Company amount to $nil as at March 31, 2025.

Accounting Standards Codification 740, "Income Taxes" requires that the Company recognize the impact of a tax position in its financial statements if the position is more likely than not of being sustained upon examination and on the technical merits of the position. At March 31, 2025 the Company had no material unrecognized tax benefits. The Company does not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months.

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Stock-based compensation

The Company has a stock option plan, which is described in note 5(c) of the Interim Financial Statements. The Company uses the fair value method of accounting for stock options granted to directors, officers and employees whereby the fair value of options granted measured at the grant date is recorded as a compensation expense in the financial statements on a straight-line basis over the requisite employee service period (usually the vesting period). Compensation expense on stock options granted to non-employees is measured at the earlier of the completion of performance and the date the options are vested using the fair value method and is recorded as an expense in the same period as if the Company had paid cash for the goods or services received. Any consideration paid by directors, officers, employees and consultants on exercise of stock options or purchase of shares is credited to capital stock. Shares are issued from treasury upon the exercise of stock options. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. As at March 31, 2025 all stock options granted had expired.

Fair value of financial instruments

The Company follows "Accounting Standards Codification" ASC 820-10 *Fair Value Measurements and Disclosures* for its financial assets and financial liabilities that are re-measured and reported at fair value at each reporting period.

Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.

At March 31, 2025 and December 31, 2024, the carrying values of the Company's cash, amounts due to related parties, advances receivable, accounts payable and accrued liabilities approximate fair value.

**Financial Risk Management**

Foreign Currency Risk

Foreign currency risk is the risk that a variation in exchange rates between the United States dollar and other foreign currencies will affect the Company's operations and financial results. A portion of the Company's transactions are denominated in Canadian dollars. The Company is also exposed to the impact of currency fluctuations on its monetary assets and liabilities. Significant foreign currency gains or losses are reflected as a separate component of the consolidated statement of income (loss) and comprehensive income (loss). The Company has not used derivative instruments to reduce its exposure to foreign currency risk.

The following table indicates the impact of foreign currency risk on net working capital as at March 31, 2025 and December 31, 2024. The table below also provides a sensitivity analysis of a 10 percent strengthening of the US dollar against the Canadian dollar which would have increased (decreased) the Company's net loss by the amounts shown in the table below. A 10 percent weakening of the US dollar against the Canadian dollar would have had the equal but opposite effect as at March 31, 2025 and December 31, 2024.

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| | | |
|:---|:---|:---|
|  | **Canadian<br>Dollars** | **Canadian<br>Dollars** |
|  | **March 31, 2025** | **December 31, 2024** |
| Cash | $10293 | 1723 |
| Accounts payable | (90533) | (87597) |
| Total foreign currency working capital | (80240) | (85874) |
| US$ exchange rate | 0.6956 | 0.6950 |
| Total foreign currency net working capital in US$ | (55815) | (59683) |
| *Impact of a 10% strengthening of the US$ on net loss* | (5581) | (5968) |

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Market Risk

Market risk is the potential for financial loss from adverse changes in underlying market factors, including foreign-exchange rates, commodity prices and stock-based compensation costs.

**Other Risks and Uncertainties**

Effective at the end of 2017, the Company relinquished its Karaburun project in Turkey (which was the Company's only project). The Company is currently evaluating new business opportunities. As the Company currently does not have any commercial operations and has no material assets, an investment in the Company's common shares is considered highly speculative and involves a very high degree of risk. While the Company is currently evaluating new business opportunities, the Company has only limited funds with which to identify and evaluate a potential asset or business for acquisition or participation, and no assurance can be given that a suitable asset or business will be identified and acquired on suitable terms. Further, even if a proposed transaction is identified, there can be no assurance that the Company will be able to complete the transaction. The transaction may be financed in whole, or in part, by the issuance of additional securities of the Company and this may result in further dilution to investors, which dilution may be significant, and which may also result in a change of control of the Company.

Reference is made to the Company's annual report on Form 20-F for additional risk factor disclosure (a copy of such document can be obtained from SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov).

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