Spartan Delta 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	0.34	0.31	0.92	0.41	124.4	1.25
Cash & Short-Term Investments	0.34	0.31	0.92	0.41	124.4	1.25
Cash Growth	-34.48%	-66.77%	127.59%	-99.67%	9891.89%	-53.65%
Accounts Receivable	55.04	52.18	33.32	40.11	129.85	90.81
Other Receivables	9.57	9.89	13.83	10.57	10.56	5.93
Receivables	64.61	62.06	47.15	50.68	140.41	96.74
Prepaid Expenses	10.48	10.01	6.43	8.01	8.01	5.1
Restricted Cash	150.81	150.81	150.81	150.86	-	-
Other Current Assets	26.39	17.41	5.81	11.89	36.19	7.07
Total Current Assets	252.63	240.6	211.12	221.85	309.01	110.16
Property, Plant & Equipment	1,075	919.63	691.08	550.92	1,671	1,482
Long-Term Deferred Tax Assets	16.45	8.66	30.94	40.59	119.96	142.89
Other Long-Term Assets	4.04	4.42	-	6.17	-	7.5
Total Assets	1,348	1,173	933.14	819.52	2,099	1,742
Accounts Payable	154.19	114.55	78.8	86.17	176.76	176.87
Current Portion of Leases	74.53	9.98	9.72	9.47	9.45	10.21
Other Current Liabilities	204.2	152.71	153.85	154.61	92.42	56.5
Total Current Liabilities	432.92	277.24	242.37	250.25	278.63	243.57
Long-Term Debt	175.87	159.86	120.91	44.48	145.18	387.56
Long-Term Leases	6.61	9.22	16.11	25.76	36.05	44.59
Other Long-Term Liabilities	89.77	78.37	82.32	69.32	122.8	180.04
Total Liabilities	705.17	524.68	461.72	389.81	582.65	855.77
Common Stock	122.18	112.35	13.53	11.71	553.65	517.19
Additional Paid-In Capital	13.62	15.29	6.91	1.3	24.4	16.34
Retained Earnings	507.36	521	450.99	416.7	938.77	343.39
Comprehensive Income & Other	-	-	-	-	-	9.73
Shareholders' Equity	643.17	648.63	471.43	429.72	1,517	886.65
Total Liabilities & Equity	1,348	1,173	933.14	819.52	2,099	1,742
Total Debt	257.01	179.05	146.75	79.71	190.68	442.36
Net Cash (Debt)	-256.67	-178.75	-145.82	-79.3	-66.28	-441.12
Net Cash Per Share	-1.25	-0.88	-0.83	-0.46	-0.38	-3.31
Filing Date Shares Outstanding	202.6	200.5	199.22	173.2	171.4	153.26
Total Common Shares Outstanding	202.56	200.51	173.62	173.2	171.41	153.21
Working Capital	-180.29	-36.64	-31.25	-28.4	30.38	-133.42
Book Value Per Share	3.18	3.23	2.72	2.48	8.85	5.79
Tangible Book Value	643.17	648.63	471.43	429.72	1,517	886.65
Tangible Book Value Per Share	3.18	3.23	2.72	2.48	8.85	5.79

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