Wolverine Resources Reports Q3 Net Loss of $63,569, Plans to Raise $114,000 for Exploration

Wolverine Resources Corp. reported its financial results for the three and nine months ended February 28, 2025, revealing a net loss of $63,569 for the third quarter, a decrease from a loss of $105,417 in the same period the previous year. For the nine-month period, the company recorded a net loss of $453,143, compared to a loss of $284,915 in the prior year. The company has not generated any revenue since its inception, and its financial performance continues to reflect the challenges faced by exploration-stage companies.

Operating expenses for the third quarter totaled $66,678, down from $108,404 in the same quarter of the previous year. This decline was primarily attributed to a significant reduction in general and administrative expenses, which fell from $92,719 to $52,518. The decrease in expenses was driven by lower consulting fees and reduced tax penalties. For the nine-month period, total operating expenses increased to $319,692 from $285,119, with general and administrative expenses rising to $283,600, largely due to increased consulting fees.

Wolverine Resources has been actively engaged in mineral property exploration, particularly focusing on its Frog Property in Labrador, Canada. The company incurred mineral property exploration costs of $14,160 in the third quarter and $36,092 for the nine-month period, reflecting an increase from the previous year. The company continues to explore opportunities for further exploration activities, although it has not yet established any economically recoverable mineral reserves.

As of February 28, 2025, Wolverine Resources reported a working capital deficiency of $126,690, with total current liabilities amounting to $132,256. The company’s cash position was nil, raising concerns about its ability to fund ongoing operations. To address its financial needs, Wolverine plans to raise approximately $114,000 (CDN$152,000) over the next twelve months to support its exploration programs. The company has indicated that it may seek additional financing through equity or debt, although there is no assurance that such financing will be available on favorable terms.

Looking ahead, Wolverine Resources remains focused on its exploration strategy while navigating the challenges of being an exploration-stage company. The management has expressed the need for further financing to continue its operations and achieve its exploration goals. The company’s future performance will depend on its ability to secure necessary funding and successfully advance its exploration initiatives in Labrador.