PureBase Corporation Reports Net Loss of $452,688 and No Revenue for Quarter Ending February 28, 2025

PureBase Corporation reported its financial results for the three months ending February 28, 2025, revealing a net loss of $452,688, a decrease from a loss of $490,972 in the same period the previous year. The company did not generate any revenue during this quarter, consistent with the prior year. Total operating expenses decreased by 9% to $418,216, primarily due to reduced selling, general, and administrative expenses, which fell by $68,496. However, stock-based compensation increased significantly, contributing to the overall operating loss.

The company's financial position showed a working capital deficiency of $1,494,421 as of February 28, 2025, compared to $1,093,058 at the end of the previous fiscal period. This increase in deficiency was attributed to higher current liabilities, including a $238,449 rise in advances from US Mine Corporation (USMC) and a $101,551 increase in the line of credit with USMC. Cash and cash equivalents decreased to $19,990 from $28,100, reflecting ongoing operational cash consumption.

In terms of strategic developments, PureBase continues to rely on USMC for its mineral resources, as it has not yet commenced mining operations. The company is focused on developing specialized agricultural products and supplementary cementitious materials for the construction sector. Notably, PureBase is working on a kaolin-based product aimed at reducing CO2 emissions in concrete production, which aligns with increasing regulatory demands for sustainable construction materials.

Operationally, the company has not reported any customer purchases, as its agricultural product sales are seasonal and typically begin in the second quarter. The total employee headcount remains stable, with no significant changes reported. The company is exploring options to meet its short-term cash requirements, including potential equity and debt financing, primarily from USMC.

Looking ahead, PureBase anticipates continued operating losses as it executes its development plans for 2025. The management believes that the combination of anticipated revenue generation and ongoing financing from USMC will provide the necessary funding to sustain operations over the next twelve months. However, there remains substantial doubt about the company's ability to continue as a going concern if it cannot secure additional financing or generate revenue.