Thesis Gold & Silver Balance Sheet

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

Millions CAD. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022	Feb '21 Feb 28, 2021
Cash & Equivalents	36.09	9.39	7.27	17.2	31.48	34.12
Short-Term Investments	0.01	0.04	0.01	0.01	0.01	0.01
Cash & Short-Term Investments	36.1	9.43	7.28	17.21	31.49	34.13
Cash Growth	980.23%	29.55%	-57.72%	-45.36%	-7.73%	235.25%
Other Receivables	3.88	4.79	4.62	9.87	10.61	1.94
Receivables	3.88	4.79	4.62	9.87	10.61	1.94
Prepaid Expenses	0.38	0.19	0.13	0.62	0.5	0.12
Other Current Assets	0.95	0.76	1.24	-	-	-
Total Current Assets	41.32	15.17	13.26	27.7	42.6	36.19
Property, Plant & Equipment	217.94	190.79	168.69	100.53	77.12	35.79
Other Long-Term Assets	0.55	0.59	1.88	1.39	0.84	0.27
Total Assets	259.81	206.55	183.83	129.62	120.56	72.26
Accounts Payable	4.02	1.59	4.41	0.62	8.07	1.21
Accrued Expenses	0.78	0.04	0.09	0.01	0.06	0
Current Portion of Leases	0.19	0.17	0.03	0.09	0.08	-
Current Unearned Revenue	1.81	0.36	-	0.72	3.39	2.14
Total Current Liabilities	6.79	2.16	4.53	1.45	11.6	3.36
Long-Term Leases	0.67	0.8	-	0.02	0.1	-
Long-Term Deferred Tax Liabilities	22.35	17.11	14.54	13.47	8.18	3.29
Other Long-Term Liabilities	2.57	2.17	2.5	0.96	0.6	0.27
Total Liabilities	32.37	22.24	21.57	15.89	20.49	6.92
Common Stock	245.49	197.46	175.25	128.72	110.66	73.1
Retained Earnings	-36.18	-31.3	-29.65	-30.54	-25.67	-13.32
Comprehensive Income & Other	18.12	18.15	16.66	15.54	15.08	5.56
Shareholders' Equity	227.43	184.31	162.26	113.72	100.07	65.33
Total Liabilities & Equity	259.81	206.55	183.83	129.62	120.56	72.26
Total Debt	0.85	0.97	0.03	0.12	0.18	-
Net Cash (Debt)	35.25	8.45	7.25	17.09	31.31	34.13
Net Cash Growth	954.65%	16.66%	-57.61%	-45.41%	-8.27%	235.25%
Net Cash Per Share	0.15	0.04	0.05	0.20	0.47	0.66
Filing Date Shares Outstanding	261.19	237.76	196.16	97.71	79.57	61.29
Total Common Shares Outstanding	260.51	212.83	174.05	97.71	79.57	60.84
Working Capital	34.53	13.01	8.73	26.25	31	32.83
Book Value Per Share	0.87	0.87	0.93	1.16	1.26	1.07
Tangible Book Value	227.43	184.31	162.26	113.72	100.07	65.33
Tangible Book Value Per Share	0.87	0.87	0.93	1.16	1.26	1.07
Machinery	0.37	0.81	0.86	0.86	0.5	0.21

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