Northern Minerals & Exploration Reports Increased Net Loss and Rising Liabilities for Six Months Ending January 31, 2025

Northern Minerals & Exploration Ltd. reported its financial results for the six months ending January 31, 2025, revealing a net loss of $116,797, an increase of 27.7% compared to a net loss of $91,466 for the same period in the previous year. The company did not generate any revenue during this period, consistent with the previous year. Operating expenses rose significantly, totaling $111,001 for the six months ended January 31, 2025, compared to $85,736 in the prior year, primarily due to increased general and administrative expenses, which surged to $37,651 from $13,436.

The company's financial position has deteriorated, with total liabilities increasing to $311,115 as of January 31, 2025, up from $270,970 as of July 31, 2024. This rise in liabilities is attributed to higher accounts payable and accrued liabilities, which increased to $136,251 from $121,106. The stockholders' deficit also widened to $280,628 from $217,831, reflecting the ongoing losses and the issuance of common stock for services valued at $19,000 during the period.

In terms of operational developments, Northern Minerals & Exploration has maintained its focus on oil and gas production in Texas and mineral exploration in Nevada. The company has not reported any significant changes in customer counts or market share, and it continues to rely on financing activities to support its operations. For the six months ended January 31, 2025, the company raised $60,000 through financing activities, primarily from related party loans and the sale of common stock to directors, compared to $88,625 in the previous year.

Looking ahead, the company acknowledges the need for additional funding to cover its budgeted expenses over the next twelve months. Northern Minerals & Exploration plans to pursue equity financing arrangements, although it cautions that these may not be sufficient to meet all capital requirements. The company’s ability to continue as a going concern is uncertain, as it has accumulated a deficit of $3,654,980 and faces challenges in maintaining operations at a level that would provide returns to investors. The management has indicated that it will continue to evaluate its financial strategies and operational plans in light of these challenges.