# EDGAR Filing Document

**Accession Number:** 0001854816
**File Stem:** 0001477932-25-006916
**Filing Date:** 2025-9
**Character Count:** 40401
**Document Hash:** f3f3a4773719480e7d16cafda1510160
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-25-006916.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001477932-25-006916

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Minerva Gold Inc.
- **CENTRAL INDEX KEY:** 0001854816
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 981588963
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-255403
- **FILM NUMBER:** 251329813

**BUSINESS ADDRESS:**
- **STREET 1:** 12/1 KUNAYEV STR, IA 17
- **CITY:** NUR-SULTAN
- **STATE:** 1P
- **ZIP:** 010000
- **BUSINESS PHONE:** (725) 225-1800

**MAIL ADDRESS:**
- **STREET 1:** 12/1 KUNAYEV STR, IA 17
- **CITY:** NUR-SULTAN
- **STATE:** 1P
- **ZIP:** 010000

?xml version='1.0' encoding='ASCII'? mine_10q.htm

**U.S. SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

 **FORM 10-Q**

Mark One

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED <u>**AUGUST 31, 2025**</u>

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to _______

COMMISSION FILE NO. **<u>333-255403</u>**

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|:---|
| **MINERVA GOLD INC.** |
| (Exact name of registrant as specified in its charter) |

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| | | |
|:---|:---|:---|
| **Nevada** | **1000** | **98-1588963** |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | (Primary Standard Industrial<br>Classification Number) | (IRS Employer<br>Identification Number) |

---

**Minerva Gold Inc.** 

**12/1 Kunayev str, IA 17**

**Nur-Sultan, 010000, Kazakhstan**

**<u>(725) 225-1800</u>**

(Address and telephone number of registrant's executive office)

Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated Filer | ☒ | Emerging growth company | ☒ |
| Smaller reporting company | ☒ |  |  |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes ☐ No ☒

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☒

Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years. N/A

Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Applicable Only to Corporate Registrants

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the most practicable date:

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| | |
|:---|:---|
| Class&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Outstanding as of September 22, 2025 |
| Common Stock, $0.001 | 6570000 |

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| | | |
|:---|:---|:---|
|  | **MINERVA GOLD INC.** |  |
| **[Part I](#p1)** | **[Financial information](#p1)** | 3 |
| **[Item 1](#p1)** | **[Financial statements (unaudited)](#p1)** |  |
| **[Item 2](#i2)** | **[Management's discussion and analysis of financial condition and results of operations](#i2)** | **11** |
| **[Item 3](#i3)** | **[Quantitative and qualitative disclosures about market risk](#i3)** | **13** |
| **[Item 4](#i4)** | **[Controls and procedures](#i4)** | **13** |
| **[PART II](#p2)** | **[Other Information](#p2)** |  |
| **[Item 1](#p2i1)** | **[Legal proceedings](#p2i1)** | **14** |
| **[Item 2](#p2i2)** | **[Unregistered sales of equity securities and use of proceeds](#p2i2)** | **14** |
| **[Item 3](#p2i3)** | **[Defaults upon senior securities](#p2i3)** | **14** |
| **[Item 4](#p2i4)** | **[Mine safety disclosures](#p2i4)** | **14** |
| **[Item 5](#p2i5)** | **[Other information](#p2i5)** | **14** |
| **[Item 6](#i6)** | **[Exhibits](#i6)** | **15** |
|  | **[Signatures](#sig)** | **16** |

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| *[**Table of Contents**](#toc)* |

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**PART I. FINANCIAL INFORMATION**

MINERVA GOLD INC.

BALANCE SHEETS

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| | | |
|:---|:---|:---|
|  | **AUGUST 31, 2025**<br>**(UNAUDITED)** | **FEBRUARY 28, 2025**<br>**(AUDITED)** |
| ASSETS |  |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash & cash equivalents | $17379 | $17180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | - | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 17379 | 23680 |
| Other non-current assets | 2975 | 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 2975 | 3325 |
| TOTAL ASSETS | $20354 | $27005 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY |
| Current Liabilities | Current Liabilities | Current Liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | $- | $12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans from related parties | 55780 | 55780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 55780 | 67780 |
| Total Liabilities | 55780 | 67780 |
| Commitments and contingencies | - | - |
| Stockholders' Equity (Deficit) | Stockholders' Equity (Deficit) | Stockholders' Equity (Deficit) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 75,000,000 shares authorized; 6,570,000 shares issued and outstanding | 6570 | 6570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional Paid-In-Capital | 29830 | 29830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated Deficit | (71826) | (77175) |
| Total Stockholders' equity (deficit) | (35426) | (40775) |
| Total Liabilities and Stockholders' Equity (Deficit) | $20354 | $27005 |

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*The accompanying notes are an integral part of these financial statements*

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| *[**Table of Contents**](#toc)* |

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MINERVA GOLD INC.

STATEMENTS OF OPERATIONS

(UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS** <br>**ENDED** <br>**AUGUST 31, 2025** | **THREE MONTHS ENDED** <br>**AUGUST 31, 2024** | **SIX MONTHS ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED AUGUST 31, 2024** |
| Revenue | $12000 | $- | $24000 | $- |
| OPERATING EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 4376 | 4982 | 18651 | 18380 |
| Total Operation expenses | 4376 | 4982 | 18651 | 18380 |
| Income (Loss) before provision for income taxes | 7624 | (4982) | 5349 | (18380) |
| Provision for income taxes | - |  | - | - |
| Net income (loss) | $7624 | (4982) | $5349 | $(18380) |
| Income (loss) per common share:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and Diluted | $0.00 | $(0.00) | $0.00 | $(0.00) |
| Weighted Average Number of Common Shares Outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and Diluted | 6570000 | 6570000 | 6570000 | 6570000 |

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

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| *[**Table of Contents**](#toc)* |

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MINERVA GOLD INC.

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

FOR THE PERIODS ENDED AUGUST 31, 2024 AND AUGUST 31, 2025

(UNAUDITED)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of**<br>**Common**<br>**Shares** | **Amount** | **Additional** <br>**Paid-In-Capital** | **Deficit**<br>**accumulated** | **Total** |
| Balances as of February 29, 2024 | 6570000 | $6570 | $29830 | $(70052) | $(33652) |
| Net loss | - | - | - | (13398) | (13398) |
| Balances as of May 31, 2024 | 6570000 | $6570 | $29830 | $(83450) | $(47050) |
| Net loss | - | - | - | (4982) | (4982) |
| Balances as of August 31, 2024 | 6570000 | $6570 | $29830 | $(88432) | $(52032) |
| Balances as of February 28, 2025 | 6570000 | $6570 | $29830 | $(77175) | $(40775) |
| Net loss | - | - | - | (2275) | (2275) |
| Balances as of May 31, 2025 | 6570000 | $6570 | $29830 | $(79450) | $(43050) |
| Net income | - | - | - | 7624 | 7624 |
| Balances as of August 31, 2025 | 6570000 | $6570 | $29830 | $(71826) | $(35426) |

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

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MINERVA GOLD INC.

STATEMENTS OF CASH FLOWS

(UNAUDITED)

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|:---|:---|:---|
|  | **SIX MONTHS ENDED AUGUST 31, 2025** | **SIX MONTHS ENDED AUGUST 31, 2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $5349 | $(18380) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 350 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in Prepaid expense | 6500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in Accounts payable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Revenue | (12000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) Operating activities | 199 | (18322) |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds of loan from shareholder | - | 18322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by Financing activities | - | 18322 |
| Increase (decrease) in cash and equivalents | 199 |  |
| Cash and equivalents at beginning of the period | 17180 | - |
| Cash and equivalents at end of the period | $17379 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplemental cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes | $- | $- |

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

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MINERVA GOLD INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED AUGUST 31, 2025

NOTE 1 - ORGANIZATION AND BUSINESS

MINERVA GOLD INC. (the "Company") is a corporation established under the corporation laws in the State of Nevada on February 24, 2021 with an authorized capital of 75,000,000 common shares with a par value of $0.001. The Company's fiscal year-end is February 28. Minerva Gold Inc. (the "Company") is a junior mineral exploration company engaged in the identification, acquisition, and exploration of precious metals in Kazakhstan. As part of its strategic growth initiatives, the Company has expanded its business operations to include a new segment focused on design services. This addition aligns with the Company's long-term vision to diversify its offerings and better position itself to meet the evolving needs of potential clients.

NOTE 2 - GOING CONCERN

The Company's financial statements as of August 31, 2025 have been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated loss from inception (February 24, 2021) to August 31, 2025 of $71,826. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

***Basis of Presentation***

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America.

***Cash and Cash Equivalents***

For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. As of August 31, 2025, the company has $17,379 in the bank account.

***Stock-Based Compensation***

As of August 31, 2025, the Company has not issued any stock-based payments to its employees.

Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.

***New Accounting Pronouncements***

There were various accounting standards and interpretations issued recently by the Financial Accounting Standards Board (FASB). Management has evaluated all recent accounting pronouncements issued through the date of this filing and does not believe any of these standards will have a material impact on the Company's financial position, results of operations, or cash flows upon adoption.

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***Segment Reporting***

In accordance with ASC Topic 280, Segment Reporting, the Company has determined that it operates as a single reportable segment. The Company has limited operations and is managed by a sole officer, who serves as both Chief Executive Officer and Chief Financial Officer. As such, all decisions regarding resource allocation and performance evaluation are made on a consolidated basis. Therefore, the Company has concluded that it has one operating and reportable segment, and no additional segment disclosures are required at this time.

***Use of Estimates and Assumptions***

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.

***Fair Value of Financial Instruments***

ASC 825, "Disclosures about Fair Value of Financial Instruments", requires disclosure of fair value information about financial instruments. ASC 820, "Fair Value Measurements" defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2025.

The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accounts payable and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.

***Income Taxes***

Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

***Earnings per Share***

ASC No. 260, "Earnings Per Share", specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260.

Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company.

***Depreciation Policy***

The assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use.

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Subsequent expenditure related to an item of the assets is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repairs and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred.

Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the assets derecognized.

During the year ended Feb 28, 2025, Company purchased website for $3,500. The Company depreciates its property using straight-line depreciation over the estimated useful life of 5 years. Company charged $350 as depreciation expense for the six-month period ended August 31, 2025.

***Revenue Recognition***

The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, *Revenue from Contracts with Customers*, which outlines a five-step model for recognizing revenue:

*1.* *Identify the contract with a customer* – A contract is an agreement between two or more parties that creates enforceable rights and obligations.

*2.* *Identify the performance obligations in the contract* – Performance obligations are promises in a contract to transfer goods or services to a customer.

*3.* *Determine the transaction price* – The transaction price is the amount of consideration the Company expects to be entitled to in exchange for transferring promised services.

*4.* *Allocate the transaction price to the performance obligations* – If a contract contains more than one performance obligation, the transaction price is allocated to each based on relative standalone selling prices.

*5.* *Recognize revenue when (or as) the performance obligations are satisfied* – Revenue is recognized when control of the promised goods or services is transferred to the customer.

The Company's revenue primarily consists of design services. These services are generally accounted for as performance obligations satisfied at a point in time. Revenue is recognized when the service has been fully performed, delivered to the customer, and payment has been received or is reasonably assured.

***Deferred Revenue***

Deferred revenue represents advance payments received from customers before the Company has satisfied its performance obligations. Such amounts are recorded as a liability until the services are performed, at which point the revenue is recognized. Deferred revenue is classified as a current liability when the Company expects to perform the services within one year.

NOTE 4 - CAPITAL STOCK

The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share.

As of August 31, 2025, the Company had 6,570,000 shares issued and outstanding for total proceeds of $36,400.

NOTE 5 - RELATED PARTY TRANSACTIONS

In support of the Company's efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

Since February 24, 2021 (Inception) through August 31, 2025, the Company's sole officer and director loaned the Company $55,780 to pay for incorporation costs and general and administrative expenses. As of August 31, 2025, the amount outstanding was $55,780. The loan is non-interest bearing, due upon demand and unsecured.

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NOTE 6 - COMMITMENTS AND CONTINGENCIES

On March 29, 2023, Minerva Gold Inc. signed a Mineral Property Option Agreement with Tuzashuu Ken Limited Liability Company that holds License No. 5862 MP for the exploration of the Arsy deposit. According to this Agreement, in order to keep the Option, the Company was obligated to make aggregate cash payments of $500,000 within six months of execution of the SPA, fund exploration and development work on the Property in 2024 totaling at least $300,000, and transfer to the Optioner not less than 30% (Thirty percent) of the Company's shares by the end of the Option Period. However, the agreement was terminated after the Company failed to meet the required obligations within the specified timeframe, and as of now, no rights to the property are held.

As of the date of this Quarterly Report, the Company does not have any material commitments other that discussed in the Mineral Property Option Agreement. As of August 31, 2025, the Company is not aware of any contingent liabilities, legal disputes, and other obligations that could impact the company's financial position and that should be reflected in the financial statements.

NOTE 7 - SUBSEQUENT EVENT

The Company has evaluated subsequent events from August 31, 2025 to the date the financial statements were issued and has determined that there are no items to disclose.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION**

FORWARD LOOKING STATEMENTS

Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

**DESCRIPTION OF BUSINESS**

We were incorporated on February 24, 2021, in the State of Nevada. Minerva Gold Inc. is primarily focused on mineral property exploration. As part of its strategic growth initiative, the company has expanded its operations to include design services, further diversifying its offerings. In addition to its core exploration activities, Minerva Gold now provides innovative, tailored design solutions across various industries. This expansion reflects the company's long-term vision of strengthening its competitive position and adapting to the evolving needs of its diverse client base. By integrating design services into its portfolio, Minerva Gold Inc. aims to deliver comprehensive, creative solutions—from conceptualization to execution—ensuring high-quality outcomes and enhanced client satisfaction.

For the six month period ending August 31, 2025, the company realized $24,000 in revenue from its design services.

**RESULTS OF OPERATIONS**

Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

As of August 31, 2025, our total assets were $20,354 compared to $27,005 in total assets at February 28, 2025. As of August 31, 2025, our total liabilities were $55,780 compared to $67,780 in total liabilities at February 28, 2025.

Stockholders' equity was negative $35,426 as of August 31, 2025 compared to negative $40,775 as of February 28, 2025.

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*Three months ended August 31, 2025 compared to three months ended August 31, 2024*

Revenue

During three months ended August 31, 2025, the Company had $12,000 in revenue compared to $0 during three months ended August 31, 2024.

During three months ended August 31, 2025, we incurred expenses of $4,376 compared to $4,982 during three months ended August 31, 2024. Our net income for the three months ended August 31, 2025 was $7,624 compared to net loss of $4,982 during three months ended August 31, 2024.

*Six months ended August 31, 2025 compared to six months ended August 31, 2024*

Revenue

During six months ended August 31, 2025, the Company had $24,000 in revenue compared to $0 during six months ended August 31, 2024.

During six months ended August 31, 2025, we incurred expenses of $18,651 compared to $18,380 during six months ended August 31, 2024. Our net income for the six months ended August 31, 2025 was $5,349 compared to net loss of $18,380 during six months ended August 31, 2024.

<u>Cash Flows used by Operating Activities</u>

For the six-month period ended August 31, 2025, net cash flows provided by operating activities were $199 comprised of net income of $5,349, depreciation expense of $350, decrease in prepaid expenses of $6,500 and decrease in deferred revenue of $12,000. For the six-month period ended August 31, 2024 net cash net cash flows used in operating activities were $18,322 comprised of net loss of $18,380 and depreciation expense of $58.

<u>Cash Flows from Financing Activities</u>

For the six-month period ended August 31, 2025, net cash flows from financing activities was $-0- compared to $18,322 for the six-month period ended August 31, 2024 received from loan the related party.

**PLAN OF OPERATION AND FUNDING**

We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

While existing working capital is currently unavailable, further advances, debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next twelve months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.

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**OFF-BALANCE SHEET ARRANGEMENTS**

As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

**GOING CONCERN**

The independent registered public accounting firm auditors' report accompanying our February 28, 2025 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. Management has a disclosure in the financial statements to this effect as well. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

As a "smaller reporting company" as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

**ITEM 4. CONTROLS AND PROCEDURES**

*Disclosure Controls and Procedures*

Our disclosure controls and procedures are designed to ensure that information required to be disclosed in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Our principal executive officer and principal financial and accounting officer have reviewed the effectiveness of our "disclosure controls and procedures" (as defined in the Securities Exchange Act of 1934 Rules 13(a)-15(e) and 15(d)-15(e)) within the end of the period covered by this Quarterly Report on Form 10-Q and have concluded that the disclosure controls and procedures were not effective to ensure that material information relating to the Company is recorded, processed, summarized, and reported in a timely manner.

*Changes in Internal Controls over Financial Reporting*

There have been no changes in the Company's internal control over financial reporting during the six-month period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

No senior securities were issued and outstanding during the six-month period ended August 31, 2025.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable to our Company.

**ITEM 5. OTHER INFORMATION**

None.

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**ITEM 6. EXHIBITS**

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| [31.1](mine_ex311.htm) | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)](mine_ex311.htm) |
| [32.1](mine_ex321.htm) | [Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002](mine_ex321.htm) |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |

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**SIGNATURES**

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **MINERVA GOLD INC.** | **MINERVA GOLD INC.** |
| Dated: September 22, 2025  | By:  | */s/ Aftandil Aibekov*  |
|  |  | Aftandil Aibekov, President and Chief Executive Officer and Chief Financial Officer |

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16 \| page<br>

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, Aftandil Aibekov, President and Chief Executive Officer and Chief Financial Officer of Minerva Gold Inc., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Minerva Gold Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d- 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure control and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 22, 2025

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|:---|
| */s/ Aftandil Aibekov* |
| Aftandil Aibekov,  |
| President, Chief Executive Officer and Chief Financial Officer |

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Minerva Gold Inc. (the "Company") on Form 10-Q for the period ended August 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: September 22, 2025

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| |
|:---|
| */s/ Aftandil Aibekov* |
| Aftandil Aibekov  |
| President, Chief Executive Officer and |
| Chief Financial Officer |

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