Thesis Gold Cash Flow Statement

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
Net Income	-5.76	-1.65	0.89	-4.86	-12.35	-4.76
Depreciation & Amortization	0.12	-	-	-	-	-
Stock-Based Compensation	1.35	1.1	0.1	0.31	8.94	3.13
Other Operating Activities	-1.71	-3.14	-4.1	1.43	0.22	-0.54
Change in Accounts Receivable	0.02	0.02	7.02	0.85	-0.96	0.1
Change in Accounts Payable	-1.17	-4.31	0.73	-8.33	6.92	1
Change in Other Net Operating Assets	1.11	0.53	-0.16	0.71	-0.64	-0.03
Operating Cash Flow	-5.4	-7.45	4.48	-9.89	2.12	-1.1
Capital Expenditures	-25.48	-20.37	-32.82	-23.23	-48.24	-24.91
Cash Acquisitions	-	-	8.26	-	-	-
Investment in Securities	0.03	-0.03	-	-	-	-
Other Investing Activities	-	1.29	-0.18	-0.55	-0.56	-0.07
Investing Cash Flow	-25.46	-19.1	-24.74	-23.79	-48.8	-24.98
Long-Term Debt Repaid	-	-	-	-	-0.02	-
Net Debt Issued (Repaid)	-0.17	-	-	-	-0.02	-
Issuance of Common Stock	66.43	30.95	11.24	20.87	46.73	53.27
Other Financing Activities	-2.62	-2.27	-0.91	-1.48	-2.66	-3.24
Financing Cash Flow	63.64	28.68	10.33	19.39	44.04	50.04
Net Cash Flow	32.78	2.12	-9.93	-14.29	-2.64	23.95
Free Cash Flow	-30.88	-27.82	-28.34	-33.12	-46.11	-26.02
Free Cash Flow Per Share	-0.13	-0.14	-0.21	-0.38	-0.70	-0.50
Levered Free Cash Flow	-23.15	-24.69	-27.69	-34.85	-47.79	-24.84
Unlevered Free Cash Flow	-23.1	-24.69	-27.69	-34.85	-47.79	-24.84
Change in Working Capital	-0.04	-3.76	7.59	-6.77	5.31	1.07

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