Alaska Silver Corp 10-Q for FY2025 Q3

Alaska Silver Corp. (WAMFF)

10-Q 2025-11-13 For: 2025-09-30

Added on April 06, 2026

About this 10-Q

Alaska Silver Corp filed this 10-Q on November 13, 2025, covering the quarter ended September 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended September 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $2.59M; compared with a net loss of $2.86M a year earlier
Diluted EPS: -$0.04; compared with -$0.04 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


British Columbia	87-4818470
(State or other jurisdiction of incorporation or organization)	(I.R.S. employer identification number)
500-1111 West Hasting St
Vancouver, British Columbia, Canada	V6E 2J3
(Address of principal executive offices)	(Zip Code)


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated Filer	☒	Smaller reporting company	☒	Emerging growth company	☒


		Page Number
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Condensed Consolidated Balance Sheet	2
	Unaudited Condensed Consolidated Statements Of Loss And Comprehensive Loss)	3
	Unaudited Condensed Consolidated Statements Of Cash Flows	4
	Unaudited Condensed Consolidated Statements Of Stockholders’ Equity	5
	Notes To The Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23
Item 4.	Controls and Procedures	23
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	Mine Safety Disclosures	24
Item 5.	Other Information	24
Item 6.	Exhibits	25
SIGNATURES		26


	Notes	September 30, 2025		December 31, 2024
ASSETS
Current Assets
Cash		$	569,342	$	849,572
GST receivable			43,510		33,389
Prepaid and deposits			64,287		105,347
Deferred share issue costs	11		628,694		—
Total current assets			1,305,833		988,308
Non-Current Assets
Equipment	3		1,227,439		1,558,765
Mineral properties	4		6,120,051		6,090,370
TOTAL ASSETS		$	8,653,323	$	8,637,443
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	5	$	1,933,810	$	86,682
Due to related parties	6		1,095,026		722,989
Promissory notes – current portion	8		1,050,000		120,000
Total current liabilities			4,078,836		929,671
Non-Current Liabilities
Asset retirement obligation	7		222,791		225,959
Promissory notes	8		2,048,008		2,236,065
TOTAL LIABILITIES			6,349,635		3,391,695
STOCKHOLDERS’ EQUITY
Capital stock	9
Authorized:
Unlimited without par value
Issued and outstanding:
44,167,986 subordinate voting shares at September 30, 2025 and 42,189,920 at December 31, 2024; 224,801 proportionate voting shares at September 30, 2025 and December 31, 2024			—		—
Additional paid-in capital	9		47,790,940		45,969,682
Cumulative translation adjustment			(209,788)		(220,447)
Deficit			(45,277,464)		(40,503,487)
TOTAL STOCKHOLDERS’ EQUITY			2,303,688		5,245,748
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	8,653,323	$	8,637,443
Nature and continuance of operations	1
Subsequent events	11

Approved by the Board of Directors:

“Christopher (Kit) Marrs”		“Kevin Nishi”
Director		Director


Title of each class	Trading Symbol(s)	Name of each exchange on which registered


		For the three months ended September 30				For the nine months ended September 30
	Notes	2025		2024		2025		2024
EXPENSES
Accretion expense		$	4,187	$	2,164	$	8,373	$	6,492
Consulting fees			91,452		49,461		245,768		175,626
Depreciation	3		110,415		111,210		331,299		331,152
Exploration expenses	3		1,860,364		2,074,636		2,343,108		3,281,243
Filing and regulatory fees			49,212		4,222		111,579		65,566
Insurance			4,373		6,303		36,747		29,641
Management fees			299,502		310,987		829,604		1,070,915
Marketing expenses			55,062		199,472		250,909		448,897
Office and sundry			25,850		24,724		140,163		122,089
Professional fees			(3,907)		60,835		261,213		220,630
			(2,496,510)	$	(2,844,014)	$	(4,558,763)	$	(5,752,251)
OTHER ITEMS
Foreign exchange (loss)			(8,452)		(12,440)		(37,650)		(16,159)
Interest expense	8		(82,864)		(27,816)		(187,028)		(93,279)
Interest income			1,699		25,822		9,464		57,521
NET LOSS		$	(2,586,127)	$	(2,858,448)	$	(4,773,977)	$	(5,804,168)
OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized foreign exchange gain on translation of foreign operations			17,803		20,145		10,659		12,244
COMPREHENSIVE LOSS			(2,568,324)		(2,838,303)		(4,763,318)		(5,791,924)
LOSS PER SHARE – BASIC AND DILUTED		$	(0.04)	$	(0.04)	$	(0.07)	$	(0.10)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – BASIC AND DILUTED	9		65,098,624		64,461,334		64,936,977		58,311,974


	September 30, 2025		September 30, 2024
Cash flows used in operating activities:
Loss for the period	$	(4,773,977)	$	(5,804,168)
Adjustments for non-cash items:
Accretion expense		8,373		6,492
Depreciation expense		331,299		331,152
Share-based payments		266,470		571,188
Interest accrued on Promissory Notes		186,433		93,279
		(3,981,402)		(4,802,057)
Changes in non-cash working capital
GST receivable		(10,121)		4,576
Prepaids and deposits		41,060		13,245
Accounts payable and accrued liabilities		1,847,155		34,830
Due to related parties		372,037		23,489
Deferred share issue costs		(628,694)		—
		(2,359,965)		(4,725,917)

Cash flows (used in) from investing activities:
Mineral property claim expenditures		(41,222)		(167,492)

Cash flows from (used in) financing activities:
Issuance of subordinate voting shares, net		—		5,861,002
Exercise of stock options		398,283		188,500
Exercise of warrants		622,032		109,953
Issuance of promissory note		1,179,983		—
Repayment of promissory notes		(90,000)		(533,082)
		2,110,298		5,626,373
Effect of exchange rate changes on cash		10,659		12,758
Net change in cash for the period		(280,230)		745,722
Cash, beginning of period		849,572		1,191,561
Cash, end of period	$	569,342	$	1,937,283

Supplemental disclosure with respect to cash flows:
Revision in ARO estimate	$	11,541	$	4,359
Value of warrants issued with debt units	$	534,473	$	—
Interest paid in cash	$	—	$	—


							Accumulated
	Shares				Additional		Other
	Subordinate		Proportionate		Paid-In		Comprehensive		Accumulated
	Voting		Voting		Capital		Loss		Deficit		Total
December 31, 2023	28,120,406		224,801		$	38,760,427	$	(196,794)	$	(33,224,389)	$	5,339,244
Stock-based compensation	—		—			245,806		—		—		245,806
Foreign translation exchange loss	—		—			—		(13,501)		—		(13,501)
Net loss	—		—			—		—		(1,072,673)		(1,072,673)
March 31, 2024	28,120,406		224,801			39,006,233		(210,295)		(34,297,062)		4,498,876
Private placements, net	13,416,333		—			5,861,002		—		—		5,861,002
Exercise of stock options	290,000		—			188,500		—		—		188,500
Exercise of warrants	113,181		—			72,236		—		—		72,236
Stock-based compensation	—		—			170,370		—		—		170,370
Foreign translation exchange gain	—		—			—		5,600		—		5,600
Net loss	—		—			—		—		(1,873,047)		(1,873,047)
June 30, 2024	41,939,920		224,801			45,298,341		(204,695)		(36,170,109)		8,923,537
Exercise of warrants	50,000		—			37,717		—		—		37,717
Stock-based compensation	—		—			155,012		—		—		155,012
Foreign translation exchange gain	—		—			—		20,145		—		20,145
Net loss	—		—			—		—		(2,858,448)		(2,858,448)
September 30, 2024	41,989,920		224,801			45,491,070		(184,550)		(39,028,557)		6,277,963
December 31, 2024	42,189,920		224,801			45,969,682		(220,447)		(40,503,487)		5,245,748
Issuance of warrants	—		—			534,473		—		—		534,473
Stock-based compensation	—		—			80,242		—		—		80,242
Foreign translation exchange loss	—		—			—		(13,150)		—		(13,150)
Net loss	—		—			—		—		(855,852)		(855,852)
March 31, 2025	42,189,920		224,801			46,584,397		(233,597)		(41,359,339)		4,991,461
Exercise of stock options	70,000		—			22,924		—		—		22,924
Exercise of RSUs	27,682		—			—		—		—		—
Stock-based compensation	—		—			114,394		—		—		114,394
Foreign translation exchange gain	—		—			—		6,006		—		6,006
Net loss	—		—			—		—		(1,331,998)		(1,331,998)
June 30, 2025	42,287,602		224,801			46,721,715		(227,591)		(42,691,337)		3,802,787
Exercise of stock options	912,000		—			375,359		—		—		375,359
Exercise of warrants	968,384		—			622,032		—		—		622,032
Stock-based compensation	—		—			71,834		—		—		71,834
Foreign translation exchange gain	—		—			—		17,803		—		17,803
Net loss	—		—			—		—		(2,586,127)		(2,586,127)
September 30, 2025	44,167,986	*	224,801	*	$	47,790,940	$	(209,788)	$	(45,277,464)	$	2,303,688


Subsidiary	Ownership		Location
Western Alaska Copper & Gold Company. (“WACG”)	100	%	USA
Piek Inc.	100	%	USA


	September 30, 2025	December 31, 2024
	($)	($)	Life
Cost:
Equipment	2,118,332	2,118,332	5 years
Vehicles	180,859	180,859	10 years
	2,299,191	2,299,191
Accumulated Amortization:
Equipment	(1,015,558)	(697,795)
Vehicles	(56,194)	(42,631)
	(1,071,752)	(740,426)
Total	1,227,439	1,558,765


	Round Top	Honker	Illinois Creek	Others	Total
	($)	($)	($)	($)	($)
Total Costs:
Balance at December 31, 2023	479,592	96,644	5,334,664	11,978	5,922,878
Additions	72,600	19,800	81,881	743	175,024
ARO change in estimates	(13)	(181)	(7,338)	—	(7,532)
Balance at December 31, 2024	552,179	116,263	5,409,207	12,721	6,090,370
Additions	14,000	—	20,212	7,010	41,222
ARO change in estimates	(20)	(282)	(11,239)	—	(11,541)
Balance at September 30, 2025	566,159	115,981	5,418,180	19,731	6,120,051


	September 30, 2025		December 31, 2024
Accounts payable	$	1,739,927	$	73,255
Other payable		193,883		13,427
	$	1,933,810	$	86,682


	Total
Balance, December 31, 2023	$	224,835
Accretion expense		8,656
Change in estimates		(7,532)
Balance, December 31, 2024		225,959
Accretion expense		8,373
Change in estimates		(11,541)
Balance, September 30, 2025	$	222,791


	September 30, 2025		December 31, 2024
Promissory Notes – 2021	$	2,343,951	2,356,065
Promissory Notes – 2025		754,057	—
Total		3,098,008	2,356,065
Less: Current Portion		(1,050,000)	(120,000)
	$	2,048,008	2,236,065


	Weighted Average		Number of Shares
	Exercise Price		Issued or
	(CAD)		Issuable on Exercise*
Balance at December 31, 2023	$	1.69	3,817,500
Granted	$	0.54	2,545,000
Exercised	$	0.66	(490,000)
Expired	$	0.81	(20,000)
Cancelled	$	1.67	(225,000)
Balance at December 31, 2024	$	1.27	5,627,500
Granted	$	0.72	480,000
Exercised	$	0.54	(982,000)
Balance at September 30, 2025	$	1.35	5,125,500


	March 1, 2024		June 14, 2024		December 27, 2024		April 2, 2025		June 23, 2025
Risk-free interest rate	3.50	%	3.51	%	3.05	%	2.58	%	2.90	%
Expected stock price volatility	72.61	%	67.89	%	67.89	%	92.43	%	90.33	%
Expected option life in years	5 years		5 years		5 years		5 years		5 years
Dividend rate	Nil		Nil		Nil		Nil		Nil


	Outstanding		Exercisable
			Number of
	Number of		Subordinate
	Subordinate Voting	Weighted Average	Voting Shares	Weighted Average
	Shares Issuable on	Remaining Life	Issuable on	Remaining Life
Exercise Price (CAD)	Exercise	(Years)	Exercise	(Years)
$0.62	130,000	0.42	130,000	0.42
$0.62	630,000	0.71	630,000	0.71
$0.85	367,500	1.12	367,500	1.12
$0.96	25,000	1.33	25,000	1.33
$1.65	275,000	1.63	275,000	1.63
$2.75	175,000	2.11	175,000	2.11
$3.16	1,125,000	2.31	1,125,000	2.31
$2.70	100,000	2.52	100,000	2.52
$0.49	818,000	3.42	484,667	3.42
$0.85	450,000	3.71	383,333	3.71
$0.45	550,000	4.24	550,000	4.24
$0.64	80,000	4.51	20,000	4.51
$0.73	400,000	4.73	133,320	4.73
	5,125,500	2.67	4,398,820	2.44


	Weighted		Number of Shares
	Average Exercise		Issued or Issuable
	Price (CAD)		on Exercise
Balance at December 31, 2023	$	2.89	2,076,011
Granted	$	0.89	14,073,456
Exercised	$	0.88	(163,181)
Balance at December 31, 2024	$	1.15	15,986,286
Granted	$	0.64	2,697,600
Expired	$	2.35	(172,540)
Exercised	$	0.88	(968,384)
Balance at September 30, 2025	$	1.10	17,542,962


	September 30, 2025	September 30, 2024
Subordinate voting shares	42,456,877	35,831,874
Proportionate voting shares	22,480,100	22,480,100
Weighted averages shares outstanding – basic and diluted	64,936,977	58,311,974


			Exercise			Number of Warrants
	Date Issued	Expiry Date	Price (CAD)			Outstanding
Private placement warrants	May 4, 2023	May 4, 2026	$	3.15		1,491,024
Private placement warrants	September 1, 2023	September 1, 2026	$	3.15		378,191
Agents warrants	September 1, 2023	September 1, 2026	$	3.15		1,170
Private placement warrants	September 14, 2023	September 14, 2026	$	3.15		33,086
Private placement warrants	April 26, 2024	April 26, 2027	$	0.90		8,533,852
Agents warrants	April 26, 2024	April 26, 2027	$	0.65		545,964
Private placement warrants	May 8, 2024	May 8, 2027	$	0.90		3,625,352
Finders warrants	May 8, 2024	May 8, 2027	$	0.90		92,923
Private placement warrants	May 14, 2024	May 14, 2027	$	0.90		200,000
Promissory note warrants	March 21, 2025	March 21, 2028	$	0.64		2,641,400
			$	1.10	*	17,542,962


	Date Issued	Vesting Date	No. of RSUs
Grant	March 1, 2024	March 1, 2025	88,538
Grant	October 17, 2024	October 17, 2025	114,588
Grant	December 27, 2024	December 27, 2025	75,000
Outstanding at December 31, 2024			278,126
Grant	March 31, 2025	March 31, 2026	60,414
Grant	June 26, 2025	June 26, 2026	46,950
Exercised	March 1, 2024		(27,682)
Outstanding at September 30, 2025			357,808


	Three Months	Three Months
	Ended September 30,	Ended September 30,
	2025	2024
Summary of components of Consolidated Statements of Operations and Comprehensive Loss	$	$
Operating expenses	(2,496,510)	(2,844,014)
Other items	(89,617)	(14,434)
Net loss	(2,586,127)	(2,858,448)
Unrealized foreign exchange on translation of foreign operations	17,803	20,145
Comprehensive loss	(2,568,324)	(2,838,303)


	September 30, 2025		December 31, 2024
Cash, cash equivalents and restricted cash	$	569,342	$	849,572
Total current assets	$	1,305,833	$	988,308
Less: total current liabilities	$	4,078,836	$	929,671
Working capital (deficiency)	$	(2,773,003)	$	58,637


	For the Nine Months Ended,
(in thousands)	September 30, 2025		September 30, 2024
Net cash (used in) provided by:
Operating activities	$	(2,359,965)	$	(4,725,917)
Investing activities		(41,222)		(167,492)
Financing activities		2,110,298		5,626,373
Effect of exchange rates on cash and cash equivalents		10,659		12,758
Increase (decrease) in cash and cash equivalents	$	(280,230)	$	745,722


	Fully diluted	Fully diluted
	subordinate voting	subordinate voting
	shares as at Sep 30,	shares as at Nov 12,
	2025	2025
Subordinate voting shares	44,167,986	65,658,486
Proportionate voting shares (224,801 undiluted)	22,480,100	22,480,100
Total Subordinate voting shares	66,648,086	88,138,586
Options	5,125,500	5,075,500
Restricted share units	357,808	357,808
Warrants	17,542,962	38,560,462
Fully Diluted Subordinate voting shares	89,674,356	132,132,356

Exhibit No.		Description
10.1*		Underwriting Agreement, by and between the Company and Cantor Fitzgerald & Co., dated September 30, 2025
31.1*		Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS⁽¹⁾		XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH⁽¹⁾		XBRL Taxonomy Extension Schema Document
101.CAL⁽¹⁾		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF⁽¹⁾		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB⁽¹⁾		XBRL Taxonomy Extension Label Linkbase Document
101.PRE⁽¹⁾		XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

	Alaska Silver Corp.

Date: November 13, 2025	By:	/s/ Christopher “Kit” Marrs
		Christopher “Kit” Marrs
		Chief Executive Officer and Director (Principal Executive Officer)

Date: November 13, 2025		/s/ Darren Morgans
		Darren Morgans
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

If to the Representative:	Cantor Fitzgerald & Co.
	110 East 59th Street
	New York, New York 10022
	Attention: General Counsel Email: Legal-IBD@cantor.com

with a copy to:	Katten Muchin Rosenman LLP
	525 W. Monroe Street
	Chicago, Illinois 60661
	Attention: Mark D. Wood and Alyse A. Sagalchik Email: mark.wood@katten.com and alyse.sagalchik@katten.com

	and to

	Bennett Jones LLP
	3400 One First Canadian Place, P.O. Box 130
	Toronto, Ontario, Canada M5X 1A4
	Attention: James Clare Email: clarej@bennettjones.com

If to the Company:	Alaska Silver Corp.
	3573 East Sunrise Drive, Suite 233
	Tucson, Arizona 85718
	Attention: Kit Marrs, Chief Executive Officer & Director Email: kit@alaskasilver.com

with a copy to:	Dorsey & Whitney LLP
	Suite 855 – 1095 West Pender Street
	Vancouver, British Columbia V6E 2M6 Canada
	Attention: Dan Miller Email: miller.dan@dorsey.com

	and to

	DuMoulin Black LLP
	1111 West Hastings Street, Suite 1500
	Vancouver, British Columbia V6E 2J3 Canada
	Attention: David Gunasekera Email: dgunasekera@dumoulinblack.com

By:	/s/ Christopher (“Kit”) Marrs
	Name: Christopher (“Kit”) Marrs
	Title: Chief Executive Officer and President

ACCEPTED as of the date first-above written:

CANTOR FITZGERALD & CO.

By:
	Name:
	Title:



		Number of
		Firm Units
Underwriters		to be Purchased
Cantor Fitzgerald & Co.		14,768,000
Canaccord Genuity		2,769,000
ATB Capital Markets		461,500
First Nations Financial Markets LP		461,000

Total		18,460,000


Name of Securityholder/Director/Officer (Print exact name)

By:
Signature

If not signing in an individual capacity:


Name of Authorized Signatory (Print)


Title of Authorized Signatory (Print)
(indicate capacity of person signing if signing as custodian, trustee or on behalf of an entity)

Date: November 13, 2025
	/s/ Christopher “Kit” Marrs
	Name: Christopher “Kit” Marrs
	Title: CEO

Date: November 13, 2025
	/s/ Darren Morgans
	Name: Darren Morgans
	Title: CFO