Headwater Exploration Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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
Net Income	153.21	188.03	156.07	162.11	45.83
Depreciation & Amortization	127.04	124.88	120.2	79.41	44.39
Stock-Based Compensation	26.01	12	5.24	4.09	2.73
Other Adjustments	60.52	63.7	43.74	48.52	24.97
Changes in Other Operating Activities	-2	-12.1	7.05	-10.2	-6.26
Operating Cash Flow	297.14	316.74	303.32	283.93	111.66
Operating Cash Flow Growth	-6.19%	4.42%	6.83%	154.28%	48446.09%
Capital Expenditures	-228.29	-222.87	-240.07	-248.92	-140.39
Sale of Property, Plant & Equipment	-	-	3.75	-	-
Other Investing Activities	0.4	-3.99	-7.39	16.87	31.26
Investing Cash Flow	-227.89	-226.85	-243.71	-232.06	-109.13
Issuance of Common Stock	-	0.55	1.01	1.84	0.02
Repurchase of Common Stock	-7.65	-	-	-	-
Net Common Stock Issued (Repurchased)	-7.65	0.55	1.01	1.84	0.02
Common Dividends Paid	-102.35	-94.92	-94.16	-	-
Other Financing Activities	-2.29	1.13	4.15	7.03	35.38
Financing Cash Flow	-112.29	-93.24	-89	8.88	35.4
Net Cash Flow	-43.04	-3.36	-29.4	60.74	37.93
Free Cash Flow	68.85	93.87	63.25	35	-28.73
Free Cash Flow Growth	-26.66%	48.42%	80.69%	-	-
FCF Margin	13.39%	18.35%	14.86%	9.38%	-17.41%
Free Cash Flow Per Share	0.29	0.40	0.27	0.15	-0.13
Levered Free Cash Flow	49.96	77.95	43.25	-17.6	-56.43
Unlevered Free Cash Flow	-51.74	-35.78	-59.54	-107.48	-54.32

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.