Wolverine Resources Reports Increased Net Loss and Focus Shift to Mineral Exploration

Wolverine Resources Corp. reported a net loss of $110,145 for the three months ended November 30, 2024, compared to a loss of $79,041 for the same period in 2023. For the six months ended November 30, 2024, the company recorded a net loss of $389,574, significantly higher than the $179,498 loss reported in the prior year. The increase in losses is attributed to higher operating expenses, which rose to $111,318 in the latest quarter from $78,624 a year earlier, and to $253,014 for the six-month period, up from $176,715. The primary driver of these increased expenses was a rise in general and administrative costs, which included higher consulting and accounting fees.

In terms of operational changes, Wolverine Resources has shifted its focus back to mineral exploration after previously exploring opportunities in cybersecurity. The company has two mineral properties in Labrador, Canada, namely the Frog Property and the Cache River Property. During the six months ended November 30, 2024, mineral property exploration costs increased to $21,932 from $7,099 in the same period last year, reflecting renewed exploration activities. However, the company has not yet generated any revenue since its inception in 2006, and it does not anticipate earning revenue in the near future.

Wolverine Resources' financial position remains precarious, with a working capital deficiency of $94,124 as of November 30, 2024. The company reported cash of $11,851 at the end of the reporting period, a slight increase from $5,842 at the beginning of the period. The company has indicated that it requires approximately $114,000 (CAD$152,000) to fund its planned exploration activities over the next twelve months. The management has expressed concerns regarding its ability to continue as a going concern without additional financing, as it has accumulated losses of $11,419,761 since inception.

The company has also seen changes in its capital structure, with the issuance of 4,120,000 shares of common stock for proceeds of $75,664 during the six months ended November 30, 2024. This is part of a broader strategy to raise funds through equity financing, as the company has not secured any significant loans. The total number of shares outstanding increased to 125,224,373 as of November 30, 2024, up from 100,974,373 at the end of the previous fiscal year.

Looking ahead, Wolverine Resources plans to conduct further exploration activities on its properties in 2025, contingent upon securing the necessary funding. The company is pursuing various financing alternatives to meet its immediate and long-term financial requirements, but there is no assurance that it will be able to raise the required capital or that it can do so on favorable terms. The management's outlook remains cautious, emphasizing the need for additional financing to sustain operations and advance exploration efforts.