Nations Royalty Cash Flow Statement

Financials in millions CAD. Fiscal year is April - March.

Millions CAD. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	May '24 May 31, 2024	Mar '24 Mar 31, 2024	May '23 May 31, 2023	May '22 May 31, 2022
Net Income	-4.42	-28.55	-1.29	0.36	-0.25	-0.06
Stock-Based Compensation	2.09	3.28	0.06	-	-	-
Other Operating Activities	-	22.48	-	-	-	-
Change in Accounts Receivable	-0.36	-0.79	-	-	-	-
Change in Accounts Payable	-0.27	-1.01	0.42	-0.36	0.27	0.06
Change in Other Net Operating Assets	0.02	-0.03	-0.03	-	-0.01	-
Operating Cash Flow	-2.94	-4.62	-0.83	-	0.02	-
Cash Acquisitions	-	9.33	-	-	-	-
Investing Cash Flow	-	9.33	-	-	-	-
Issuance of Common Stock	0	-	-	-	0.89	-
Other Financing Activities	-	-	-0.01	-	-0.01	-
Financing Cash Flow	0	-	-0.01	-	0.88	-
Net Cash Flow	-2.94	4.71	-0.84	-	0.89	-
Free Cash Flow	-2.94	-4.62	-0.83	-	0.02	-
Free Cash Flow Margin	-265.62%	-546.98%	-	-	-	-
Free Cash Flow Per Share	-0.02	-0.04	-0.04	-	0.03	-
Levered Free Cash Flow	-1.35	-	-0.34	-	-	-
Unlevered Free Cash Flow	-1.35	-	-0.34	-	-	-
Change in Working Capital	-0.61	-1.82	0.4	-0.36	0.26	0.06

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.