Headwater Exploration Balance Sheet

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	122	142.69	146.05	175.45	114.7	76.77
Cash & Short-Term Investments	122	142.69	146.05	175.45	114.7	76.77
Cash Growth	-10.69%	-2.30%	-16.75%	52.96%	49.41%	25.95%
Accounts Receivable	45.89	56.22	41.14	42.24	30.1	4.98
Other Receivables	0.4	2.4	7.37	0.9	0.5	0.5
Receivables	46.29	58.62	48.52	43.14	30.6	5.48
Inventory	1.1	1.19	0.79	1.24	0.81	0.57
Prepaid Expenses	1.63	1.7	1.46	0.99	0.49	0.45
Restricted Cash	2.35	0.35	0.35	0.35	0.35	1.83
Other Current Assets	0.55	3.09	3.76	0.42	0.77	0.07
Total Current Assets	173.9	207.65	200.92	221.59	147.72	85.17
Property, Plant & Equipment	830.65	742.11	634.31	510.91	340.75	215.18
Other Long-Term Assets	2.29	2.88	1.11	2.24	0.34	0.34
Total Assets	1,007	952.64	836.34	734.74	488.81	300.69
Accounts Payable	81.39	70.85	73.72	71.4	52.97	4.11
Accrued Expenses	16.87	14.77	2.43	0.83	0.2	0.09
Current Portion of Leases	0.84	0.63	0.03	0.63	0.86	0.14
Current Income Taxes Payable	-	14.67	22.4	14.39	-	-
Other Current Liabilities	33.03	28	23.74	24.91	3.92	10.31
Total Current Liabilities	132.14	128.91	122.31	112.16	57.95	14.64
Long-Term Leases	1.4	2.09	0.81	0.24	0.7	0.3
Long-Term Deferred Tax Liabilities	64.23	55.36	49.86	39.95	4.78	-
Other Long-Term Liabilities	56.69	66.81	52.85	39.06	27.6	16.72
Total Liabilities	254.46	253.18	225.84	191.41	91.02	31.66
Common Stock	494.76	486.98	483.01	479.16	469.52	387.39
Additional Paid-In Capital	10.79	10.97	18.97	17.31	14.69	11.66
Retained Earnings	246.83	201.51	108.52	46.86	-91.85	-137.68
Comprehensive Income & Other	-	-	-	0	5.44	7.66
Shareholders' Equity	752.38	699.46	610.5	543.34	397.79	269.03
Total Liabilities & Equity	1,007	952.64	836.34	734.74	488.81	300.69
Total Debt	2.24	2.72	0.84	0.86	1.55	0.44
Net Cash (Debt)	119.75	139.97	145.21	174.59	113.15	76.34
Net Cash Growth	-11.80%	-3.61%	-16.83%	54.29%	48.23%	25.82%
Net Cash Per Share	0.50	0.59	0.61	0.76	0.52	0.53
Filing Date Shares Outstanding	238.76	237.77	236.67	234.04	223.73	195.41
Total Common Shares Outstanding	238.76	237.76	236.58	233.92	217.68	195.11
Working Capital	41.77	78.74	78.61	109.43	89.78	70.53
Book Value Per Share	3.15	2.94	2.58	2.32	1.83	1.38
Tangible Book Value	752.38	699.46	610.5	543.34	397.79	269.03
Tangible Book Value Per Share	3.15	2.94	2.58	2.32	1.83	1.38

Source: S&P Global Market Intelligence. Standard template. Financial Sources.