Headwater Exploration Balance Sheet

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	63.06	99.66	142.69	146.05	175.45	114.7
Cash & Short-Term Investments	63.06	99.66	142.69	146.05	175.45	114.7
Cash Growth	-49.78%	-30.16%	-2.30%	-16.75%	52.96%	49.41%
Accounts Receivable	79.18	53	58.62	46.74	43.14	30.6
Other Receivables	-	-	-	1.77	1.1	-
Inventory	1.38	1.08	1.19	0.79	1.24	0.81
Other Current Assets	5.25	4.31	5.14	5.57	1.76	1.61
Total Current Assets	148.86	158.04	207.65	200.92	221.59	147.72
Net Property, Plant & Equipment	827.36	790.75	712.02	616.38	468.04	311.76
Other Long-Term Assets	53.51	46.37	32.97	19.04	44	29.33
Total Assets	1,030	995.17	952.64	836.34	734.74	488.81
Accounts Payable	86.07	65.7	70.85	73.72	71.4	52.97
Current Portion of Leases	0.98	0.96	0.63	0.03	0.63	0.86
Other Current Liabilities	64.84	61.44	57.44	48.57	40.13	4.12
Total Current Liabilities	151.89	128.09	128.91	122.31	112.16	57.95
Long-Term Leases	1.07	1.33	2.09	0.81	0.24	0.7
Other Long-Term Liabilities	119.2	117.6	122.17	102.72	79.01	32.38
Total Long-Term Liabilities	120.27	118.92	124.26	103.52	79.25	33.07
Total Liabilities	272.16	247.01	253.18	225.84	191.41	91.02
Common Stock	487.38	487.38	486.98	483.01	479.16	469.52
Additional Paid-in Capital	10.79	10.79	10.97	18.97	17.31	20.12
Retained Earnings	259.4	249.99	201.51	108.52	46.86	-91.85
Shareholders' Equity	757.57	748.16	699.46	610.5	543.34	397.79
Total Liabilities & Equity	1,030	995.17	952.64	836.34	734.74	488.81
Total Debt	2.05	2.28	2.72	0.84	0.86	1.55
Net Cash (Debt)	61.01	97.37	139.97	145.21	174.59	113.15
Net Cash Growth	-37.35%	-30.44%	-3.61%	-16.83%	54.29%	47.96%
Net Cash Per Share	0.25	0.41	0.59	0.61	0.76	0.52
Book Value	757.57	748.16	699.46	610.5	543.34	397.79
Book Value Per Share	3.16	3.12	2.96	2.57	2.35	1.84
Tangible Book Value	757.57	748.16	699.46	610.5	543.34	397.79
Tangible Book Value Per Share	3.16	3.12	2.96	2.57	2.35	1.84