Lithium Corp 10-Q for FY2026 Q2

Lithium Corp (LTUM)

10-Q 2026-08-14 For: 2026-06-30

Added on August 14, 2026

About this 10-Q

Lithium Corp filed this 10-Q on August 14, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $0 a year earlier
Net loss: $219.55K; compared with a net loss of $155.85K a year earlier
Diluted EPS: $0.00; compared with $0.00 a year earlier

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Nevada		98-0530295
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

1031 Railroad St. Ste. 102B, Elko, Nevada		89801
(Address of principal executive offices)		(Zip Code)

Title of each class		Trading Symbol(s)		Name of exchange on which registered
Common Stock		LTUM		N/A

Large accelerated filer	☐			Accelerated filer	☐
Non-Accelerated filer	☒	Smaller reporting company	☒	Emerging growth company	☐

PART I - FINANCIAL INFORMATION		3

Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31

PART II - OTHER INFORMATION		32

Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3.	Defaults Upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibits	33

SIGNATURES		34

	June 30, 2026 (unaudited)			December 31, 2025
CURRENT ASSETS
Cash	$	2,168,366		$	2,481,204
Marketable securities		353,466			316,571
Deposits		700			700
Prepaid expenses		10,898			19,335
Total Current Assets		2,533,430			2,817,810

OTHER ASSETS
Equipment, net of accumulated depreciation		2,656			6,322

TOTAL ASSETS	$	2,536,086		$	2,824,132

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	18,546		$	8,958
Accounts payable and accrued liabilities - related party		41,145			38,354
Allowance for optioned properties		2,533,898			2,361,990

TOTAL CURRENT LIABILITIES		2,593,589			2,409,302

TOTAL LIABILITIES		2,593,589			2,409,302

Commitments and contingencies

STOCKHOLDERS' EQUITY
Common stock, 3,000,000,000 shares authorized, par value $0.001; 117,892,441 and 117,892,441 common shares outstanding, respectively		117,893			117,893
Additional paid in capital		8,950,963			8,950,963
Additional paid in capital - options		1,011,639			1,011,639
Additional paid in capital - warrants		369,115			369,115
Accumulated deficit		(10,507,113	)		(10,034,780	)

TOTAL STOCKHOLDERS' EQUITY		(57,503	)		414,830

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,536,086		$	2,824,132

	Three Months Ended June 30, 2026 (unaudited)			Three Months Ended June 30, 2025 (unaudited)			Six Months Ended June 30, 2026 (unaudited)			Six Months Ended June 30, 2025 (unaudited)

REVENUE	$	-		$	-		$	-		$	-

OPERATING EXPENSES
Professional fees		12,750			9,175			39,750			42,624
Depreciation		1,833			1,833			3,666			3,666
Exploration expenses		7,090			11,132			13,939			11,780
Consulting fees - related party		117,000			97,000			234,000			190,000
Consulting fees		15,000			18,000			30,000			36,000
Transfer agent and filing fees		6,077			6,449			11,357			10,899
Travel		10,620			1,533			11,124			1,847
General and administrative expenses		5,517			6,940			10,035			13,065
TOTAL OPERATING EXPENSES		175,887			152,062			353,871			309,881

LOSS FROM OPERATIONS		(175,887	)		(152,062	)		(353,871	)		(309,881	)

OTHER INCOME (EXPENSES)
Change in fair value of marketable securities		(48,954	)		(18,348	)		(131,397	)		(98,779	)
Other income		5,293			14,565			12,935			28,892
TOTAL OTHER INCOME (EXPENSE)		(43,661	)		(3,783	)		(118,462	)		(69,887	)

LOSS BEFORE INCOME TAXES		(219,548	)		(155,845	)		(472,333	)		(379,768	)

PROVISION FOR INCOME TAXES		-			-			-			-

NET LOSS	$	(219,548	)	$	(155,845	)	$	(472,333	)	$	(379,768	)

NET LOSS PER SHARE: BASIC AND DILUTED	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED		117,892,441			117,892,441			117,892,441			117,892,441

							Additional		Additional
					Additional		Paid-in		Paid-in					Total
	Common Stock				Paid-in		Capital -		Capital -		Accumulated			Stockholders'
	Shares		Amount		Capital		Warrants		Options		Deficit			Equity

Balance, December 31, 2024		117,892,441	$	117,893	$	8,948,385	$	369,115	$	1,011,639	$	(9,538,979	)	$	908,053

Net income		-		-		-		-		-		(223,923	)		(223,923	)

Balance, March 31, 2025		117,892,441		117,893		8,948,385		369,115		1,011,639		(9,762,902	)		684,130

Net income		-		-		-		-		-		(155,845	)		(155,845	)

Balance, June 30, 2025		117,892,441	$	117,893	$	8,948,385	$	369,115	$	1,011,639	$	(9,918,747	)	$	528,285

Balance, December 31, 2025		117,892,441	$	117,893	$	8,950,963	$	369,115	$	1,011,639	$	(10,034,780	)	$	414,830

Net income		-		-		-		-		-		(252,785	)		(252,785	)

Balance, March 31, 2026		117,892,441		117,893		8,950,963		369,115		1,011,639		(10,287,565	)		162,045

Net income		-		-		-		-		-		(219,548	)		(219,548	)

Balance, June 30, 2026		117,892,441	$	117,893	$	8,950,963	$	369,115	$	1,011,639	$	(10,507,113	)	$	(57,503	)

	Six Months Ended June 30, 2026 (unaudited)			Six Months Ended June 30, 2025 (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) for the period	$	(472,333	)	$	(379,768	)
Adjustment to reconcile net income (loss) to net cash used in operating activities
Change in fair value of marketable securities		131,397			98,779
Depreciation		3,666			3,666
Changes in assets and liabilities:
(Increase) Decrease in prepaid expenses		8,437			7,552
Increase (decrease) in accounts payable and accrued liabilities		12,379			9,334
Net Cash (Used in) Operating Activities		(316,454	)		(260,437	)

CASH FLOWS FROM INVESTING ACTIVITY:
Cash from properties		3,616			-
Net Cash Provided by Investing Activity		3,616			-

Increase (Decrease) in cash		(312,838	)		(260,437	)
Cash, beginning of period		2,481,204			3,065,858
Cash, end of period	$	2,168,366		$	2,805,421

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	-		$	-
Cash paid for income taxes	$	-		$	-

NON CASH TRANSACTIONS
Marketable securities received as consideration for mineral property	$	168,292		$	-

	-	Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
	-	Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).
	-	Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.

	Fair Value Measurements at June 30, 2026
	Level 1		Level 2		Level 3
Assets
Cash	$	2,168,366	$	-	$	-
Marketable securities		353,466
Total Assets		2,521,832		-		-
Liabilities
Total Liabilities		-		-		-
	$	2,521,832	$	-	$	-

	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3
Assets
Cash	$	2,481,204	$	-	$	-
Marketable securities		316,571
Total Assets		2,797,775		-		-
Liabilities
Total Liabilities		-		-		-
		-	$	-	$	-
	$	2,797,775

Balance, December 31, 2025	$	316,571
Additions		168,292
Fair value adjustment		(131,397	)

Balance, March 31, 2026	$	353,466

	March 31, 2026		December 31, 2025
Other	$	1,698	$	17,135
Transfer agent fees		9,200		2,200
Total prepaid expenses	$	10,898	$	19,335

	Year-ended December 31, 2024
Risk free interest rate	4.0%-4.1		%
Stock volatility factor	90%-98		%
Weighted average expected life of options	3.4-5 years
Expected dividend yield		0	%

	Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
	Options		Weighted Average Exercise Price		Options		Weighted Average Exercise Price
Outstanding, beginning of period		3,500,000	$	0.04		4,100,000	$	0.10
Repricing		-		-		-		(0.06	)

Outstanding, end of period		3,500,000	$	0.04		4,100,000	$	0.04

	Six Months Ended June 30, 2026
Revenue	$	-

Professional fees		39,750
Depreciation		3,666
Exploration		13,939
Consulting fees – related party		234,000
Consulting fees		30,000
Transfer agent and filing fees		11,357
Travel		11,124
General and administrative		10,035
Other items		118,462

Loss	$	472,333

	Measured Mineral Resources		Indicated Mineral Resources		Measured + Indicated Mineral Resources		Inferred Mineral Resources
	Amount	Grade/Quality	Amount	Grade/Quality	Amount	Grade/Quality	Amount	Grade/Quality
Lithium	Nil	N/A	Nil	N/A	Nil	N/A	Nil	N/A

	Proven Mineral Reserves	Probable Mineral Reserves	Total Mineral Reserves		Proven Mineral Reserves	Probable Mineral Reserves
	Amount	Grade/Quality	Amount		Amount	Grade/Quality
Lithium	Nil	N/A	Nil	Lithium	Nil	N/A

	·	Surficial sediment sampling – 49 grid sediment samples were collected, and a further 32 sediment samples from discrete points on the property in 2009 and early 2010.
	·	Preliminary water sampling 2009-10 – 9 water samples collected.
	·	Surficial sediment temperature and pH/ORP survey, March 2010.
	·	SP gradient surveys on the northern playa March 2010, a total of 8.525-line km surveyed. Also, a 1 km line of long-wire SP surveying was completed on a line where a gradient survey was performed earlier.
	·	Gravity survey of the southern playa in May 2010 – an area of approximately 6 km2 was investigated via high-definition gravity. Follow-up surveying was completed in October 2011 and a further 30 stations were read. The northern playa was too wet to access for survey work.
	·	Near surface brine and sediment sampling program in March 2011 – 39 brine samples.
	·	Gravity survey of the northern playa in August 2011. An abortive attempt was made to survey the northern playa where 22 stations were setup on the periphery. The northern playa was too wet to survey.
	·	Direct push drilling program in October 2011, included 41 holes at 25 sites (1080.77 m) a total of 37 samples collected.
	·	Direct push drilling program in November 2012, included 19 holes at 17 sites (362.97 m).

	·	a total of 19 samples collected.
	·	Confirmatory and expanded hand auger drill hole brine sampling by American Lithium Corporation in 2016. A total of 154 samples collected.
	·	Geological and Geophysical collaboration between American Lithium Corporation and University of Texas at Dallas, August 2016.
	·	Drilling of a deep sonic drill hole (L-16-13A) on the property to the east of the margin of the playa, south of the area of strongest lithium/boron/potassium mineralization in September 2016.
	·	Passive Seismic, and Audio Magnetotelluric surveys in 2022 – 24.
	·	Brine bench tests to determine amenability to Direct Lithium Extraction technology
	·	One RC drillhole proximal to the Northeastern margin of the playa Summer 2023.

	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Change Between Three Month Period Ended June 30, 2026 and June 30, 2025
Professional fees	$	12,750	$	9,175	$	3,575
Depreciation		1,833		1,833		-
Exploration expense		7,090		11,132		(4,042	)
Consulting fees – related party		117,000		97,000		20,000
Consulting fees		15,000		18,000		(3,000	)
Transfer agent and filing fees		6,077		6,449		(372	)
Travel		10,620		1,533		9,087
General and administrative		5,517		6,940		(1,423	)
Other loss (income)		43,661		3,783		39,878
Net loss (income)	$	219,548	$	155,845	$	63,703

	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025		Change Between Six Month Period Ended June 30, 2026 and June 30, 2025
Professional fees	$	39,750	$	42,624	$	(2,874	)
Depreciation		3,666		3,666		-
Exploration expense		13,939		11,780		2,159
Consulting fees – related party		234,000		190,000		44,000
Consulting fees		30,000		36,000		(6,000	)
Transfer agent and filing fees		11,357		10,899		458
Travel		11,124		1,847		9,277
General and administrative		10,035		13,065		(3,030	)
Other loss (income)		118,462		69,887		48,575
Net loss (income)	$	472,333	$	379,768	$	92,565

	At June 30, 2026			At December 31, 2025
Current assets	$	2,533,430		$	2,817,810
Current liabilities		(2,593,589	)		(2,409,302	)
Working capital	$	(60,159	)	$	408,508

	Six Months Ended
	June 30, 2026			June 30, 2025
Net cash (used in) operating activities	$	(316,454	)	$	(260,437	)
Net cash provided by investing activities		3,616			-
Net cash provided by financing activities		-			-
Net increase (decrease) in cash during period	$	(312,838	)	$	(260,437	)

Estimated Net Expenditures During The Next Twelve Months

General and administrative expenses	$	471,000
Exploration expenses		200,000
Travel		30,000
Total	$	701,000

Exhibit Number		Description
(3)		Articles of Incorporation and Bylaws
3.1		Articles of Incorporation (Incorporated by reference to our Registration Statement on Form SB-2 filed on December 21, 2007)
3.2		Bylaws (Incorporated by reference to our Registration Statement on Form SB-2 filed on December 21, 2007)
3.3		Articles of Merger (Incorporated by reference to our Current Report on Form 8-K filed on October 2, 2009)
3.4		Certificate of Change (Incorporated by reference to our Current Report on Form 8-K filed on October 2, 2009)
(4)		Instruments Defining the Rights of Security Holders, Including Indentures
4.1		2009 Stock Option Plan (Incorporated by reference to our Current Report on Form 8-K filed on December 30, 2009)
(10)		Material Contracts
10.1		Lease Purchase Agreement dated June 1, 2009 between Nevada Lithium Corporation, Nevada Mining Co., Inc., Robert Craig, Barbara Craig and Elizabeth Dickman. (Incorporated by reference to our Current Report on Form 8-K filed on October 26, 2009)
10.3		Mining Option Agreement dated April 15, 2013 between our company and Thomas Lewis (incorporated by reference to our Current Report on Form 8-K filed on April 22, 2013)
10.4		Mining Claim Sale Agreement dated June 6, 2013 between our company and Herb Hyder (incorporated by reference to our Current Report on Form 8-K filed on June 12, 2013)
10.5		Trust Agreement dated August 30, 2013 between our company and Tom Lewis (incorporated by reference to our Quarterly Report on Form 10-Q filed on November 7, 2013)
10.6		Operating Agreement dated effective April 23, 2014 between our company, All American Resources, L.L.C. and TY & Sons Investments Inc. (incorporated by reference to our Current Report on Form 8-K filed on April 29, 2014)
10.7		Asset Purchase Agreement dated August 15, 2014 between our company and Pathion, Inc. (incorporated by reference to our Quarterly Report on Form 10-Q filed on November 7, 2014)
10.8		Exploration Earn-In Agreement dated effective February 10, 2016 between our company and 1032701 B.C. Ltd. (incorporated by reference to our Current Report on Form 8-K filed on March 15, 2016)
10.9		Exploration Earn-In Agreement dated effective February 10, 2016 between our company, 1067323 Nevada Ltd. and 1067323 B.C. Ltd. (incorporated by reference to our Current Report on Form 8-K filed on May 11, 2016)
10.10		Purchase Agreement, by and between Lithium Corporation and Lincoln Park Capital Fund, LLC, dated January 25, 2021. (incorporated by reference to our Current Report on Form 8-K filed on January 28, 2021)
10.11		Registration Rights Agreement, by and between Lithium Corporation and Lincoln Park Capital Fund, LLC, dated January 25, 2021 (incorporated by reference to our Current Report on Form 8-K filed on January 28, 2021)
(14)		Code of Ethics
14.1		Code of Business Conduct and Ethics (incorporated by reference to our Annual Report on Form 10-K filed on April 15, 2013)
(21)		Subsidiaries of the Registrant
21.1		Lithium Royalty Corp, a Nevada corporation
(31)		Rule 13a-14 (d)/15d-14d) Certifications
31.1*		Section 302 Certification by the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer
(32)		Section 1350 Certifications
32.1*		Section 906 Certification by the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer
101*		Interactive Data File
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

		LITHIUM CORPORATION
		(Registrant)

Dated: August 14, 2026		/s/ Tom Lewis
		Tom Lewis
		President, Treasurer, Secretary and Director
		(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

1.	I have reviewed this Quarterly Report on Form 10-Q of Lithium Corporation.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 14, 2026

/s/ Tom Lewis
Tom Lewis President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer, and Director (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

	(1)	the Quarterly Report on Form 10-Q of Lithium Corporation. for the quarter ended June 30, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Lithium Corporation.