REGISTERED NUMBER: 12838482 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

TUNDRA-X GOLD CORPORATION LTD

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

Reconciliation of Equity

20

Reconciliation of Profit or Loss

22

DIRECTORS:

J Anderson

S T D Walsh

REGISTERED OFFICE:

38 Craven Street

London

WC2N 5NG

REGISTERED NUMBER:

12838482 (England and Wales)

AUDITORS:

Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

The directors present their report with the financial statements of the company for the year ended 31 August 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a holding company.

EVENTS SINCE THE END OF THE YEAR

Tundra-X Gold Corporation Ltd was re-registered from Public Limited Company to Private Limited Company on 10th January 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

J Anderson

S T D Walsh

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Belluzzo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S T D Walsh - Director

2 June 2026

Opinion

We have audited the financial statements of Tundra-X Gold Corporation Ltd (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatements in respect of

irregularities, including fraud and non-compliance with laws was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors

other management, and from our commercial knowledge and experience of the sector;

-focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK tax legislation.

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

-enquiring of management as to actual and potential litigation and claims;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Tony Castagnetti (Senior Statutory Auditor)

for and on behalf of Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

2 June 2026

TURNOVER

-

-

Administrative expenses

(55,300

)

(68,971

)

OPERATING LOSS

3

(55,300

)

(68,971

)

Interest payable and similar expenses

4

(111,840

)

(209,321

)

LOSS BEFORE TAXATION

(167,140

)

(278,292

)

Tax on loss

5

-

-

LOSS FOR THE FINANCIAL YEAR

(167,140

)

(278,292

)

LOSS FOR THE YEAR

(167,140

)

(278,292

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(167,140

)

(278,292

)

Note

Prior year adjustment

6

(278,292

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(445,432

)

FIXED ASSETS

Investments

7

1,323,328

1,322,004

CURRENT ASSETS

Debtors

8

8,570

8,570

CREDITORS

Amounts falling due within one year

9

(1,727,330

)

(1,558,866

)

NET CURRENT LIABILITIES

(1,718,760

)

(1,550,296

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(395,432

)

(228,292

)

CAPITAL AND RESERVES

Called up share capital

11

50,000

50,000

Retained earnings

12

(445,432

)

(278,292

)

SHAREHOLDERS' FUNDS

(395,432

)

(228,292

)

The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2026 and were signed on its behalf by:

S T D Walsh - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2022

50,000

-

50,000

Changes in equity

Balance at 31 August 2023

50,000

-

50,000

Prior year adjustment

-

(278,292

)

(278,292

)

As restated

50,000

(278,292

)

(228,292

)

Changes in equity

Total comprehensive income

-

(167,140

)

(167,140

)

Balance at 31 August 2024

50,000

(445,432

)

(395,432

)

Cash flows from operating activities

Cash generated from operations

1

30,790

(77,540

)

Interest paid

(111,840

)

(209,321

)

Net cash from operating activities

(81,050

)

(286,861

)

Cash flows from investing activities

Purchase of fixed asset investments

(1,324

)

(1,322,004

)

Net cash from investing activities

(1,324

)

(1,322,004

)

Cash flows from financing activities

Amount introduced by directors

82,374

1,558,865

Share issue

-

37,500

Net cash from financing activities

82,374

1,596,365

Decrease in cash and cash equivalents

-

(12,500

)

Cash and cash equivalents at beginning of year

2

-

12,500

Cash and cash equivalents at end of year

2

-

-

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

as restated

£

£

Loss before taxation

(167,140

)

(278,292

)

Finance costs

111,840

209,321

(55,300

)

(68,971

)

Increase in trade and other debtors

-

(8,570

)

Increase in trade and other creditors

86,090

1

Cash generated from operations

30,790

(77,540

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Year ended 31 August 2023

31.8.23

1.9.22

as restated

£

£

Cash and cash equivalents

-

12,500

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.9.23

Cash flow

At 31.8.24

£

£

£

Debt

Debts falling due within 1 year

-

(26,976

)

(26,976

)

-

(26,976

)

(26,976

)

Total

-

(26,976

)

(26,976

)

1.	STATUTORY INFORMATION

Tundra-Gold Corporation Ltd is a public company registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company is a parent company as defined by the Companies Act 2006. Under normal circumstances, the Company would be required to prepare consolidated financial statements including its subsidiaries.

However, the Company has not prepared consolidated financial statements for the year ended 31 August 2024, as it has taken advantage of the exemption available under Section 402 of the Companies Act 2006 on the grounds that the subsidiaries are not material for the purpose of giving a true and fair view.

During the financial year, the subsidiaries were dormant or had no material transactions, and their inclusion would not have had a significant impact on the financial position or performance of the Group.

Accordingly, these financial statements present information about the Company as an individual entity only.

Financial instruments

An entity recognizes a financial asset or a financial liability only when the entity becomes a party to the contractual provisions of the instrument.

Financial assets

The company's financial assets comprise basic financial instruments, being trade and other receivables, amounts owed by group undertakings, cash and bank balances.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade, other receivable and amounts owed by group undertakings are measured at transaction price less any impairment. Any impairment loss is recognised in the Profit and Loss.

Basic debt instruments and commitments to receive a loan and to make a loan to another entity that meet the conditions in FRS 102:11.8(c) can, after initial recognition, be measured at fair value through profit or loss, provided that this results in more relevant information.

Financial assets are deerhounds when contractual rights to the cash flows from the financial asset expires or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Financial liabilities

The company's financial liabilities comprise of basic financial liabilities, including trade and other payables. These are initially recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate. Transactions in foreign currencies are translated at the exchange rate on the transaction date. Translation differences are recognised in profit or loss.

Investments in subsidiaries

Investments are measured at cost less impairment. The carrying value is reviewed annually for indicators of impairment.

Interest

Interest on loans is accrued using the effective interest method unless immaterial, in which case the contractual rate is applied.

Taxation

The tax charge for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current Tax

Current tax is the expected tax payable on the taxable profit for the year, using tax rates and laws that have been enacted or substantively enacted by the reporting date, and adjusted for any tax payable in respect of previous periods.

Deferred Tax

Deferred tax is recognised in respect of all timing differences between the carrying amount of assets and liabilities in the financial statements and their corresponding tax bases. Deferred tax liabilities are generally recognised for all taxable timing differences, and deferred tax assets are recognised only to the extent that it is probable they will be recovered against future taxable profits.

Deferred tax balances are measured at the tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are not discounted.

Charitable Donations

Charitable donations are recognised as an expense in the Statement of Comprehensive Income when they are approved and become payable. Where charitable donations are committed to third-party charitable organisations during the year but remain unpaid at the year end, an accrual is recognised. Charitable donations are presented within administrative expenses.

Going concern

The Shareholder has confirmed that he will continue to provide the financial resources necessary for the Company to meet its financial commitments as they fall due for at least twelve months from the date of approval of these financial statements. Therefore the directors consider it appropriate that the financial statements are prepared on a going concern basis.

3.	OPERATING LOSS

The operating loss is stated after charging/(crediting):

2024

2023

as restated

£

£

Auditors' remuneration

6,000

-

Foreign exchange differences

(52,090

)

61,605

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

as restated

£

£

Interest on Loan

111,840

209,321

5.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 August 2024 nor for the year ended 31 August 2023.

6.	PRIOR YEAR ADJUSTMENT

During the reporting period the Company's Directors disclosed new material transactions related to the previous Financial Years that were not accounted in the years in which they incurred.

These transactions mainly concern the loan and the related interests between the Company and its shareholder started in October 2020 and additional professional services provided to the Company by third parties.

The restated Trial Balance for the Financial Year ending on 31st August 2023 reflects the effect of the above transactions on the Statement of Financial Position and the Statement of Profit and Loss.

Account

Account Type

2023-Original

2023-Restated

Unpaid Share capital

Current Asset

£37,500

Nil

Cash in hand

Current asset

£12,500

Nil

Investment in JV

Fixed asset

Nil

£1,322,003

Tundra -X Mining Loan

Current asset

Nil

£8,570

Shareholder Loan (other)

Current Liabillity

Nil

(£3,437

)

Shareholder loan Interest

Current Liability

Nil

(£209,321

)

loan facility agreement

Current Liability

Nil

(£1,346,107

)

Capital ordinary shares

Equity

(£50,000

)

(£50,000

)

Investment Subsidiary

Fixed Asset

Nil

£1

Professional fees

Overhead

Nil

£7,366

Exchange rate difference

Overhead

Nil

£61,605

Interest on Loan

Overhead

Nil

£209,321

7.	FIXED ASSET INVESTMENTS

Investment

Interest

in

in joint

subsidiary

venture

company

Totals

£

£

£

COST

At 1 September 2023

1,322,003

1

1,322,004

Additions

-

1,324

1,324

At 31 August 2024

1,322,003

1,325

1,323,328

NET BOOK VALUE

At 31 August 2024

1,322,003

1,325

1,323,328

At 31 August 2023

1,322,003

1

1,322,004

The Company owns 100% of the issued ordinary share capital of Tundra-X Mining Corporation and holds 100% of the voting rights.

The aggregate capital and reserves of the subsidiary undertakings at 31 August 2024 were: share capital of $1(£0.77), comprising ordinary shares of $0.01each and accumulated reserves of $143 (£109).

Tundra-X Mining Corporation is incorporated in Canada and its registered office is at 750 Pender St W Suite 1200, Vancouver BC V6C 2T8.

The Company owns 95% of the issued ordinary share capital of Tundra-X Ethiopia Mining Plc and holds 95% of the voting rights.

The aggregate capital and reserves of the subsidiary undertakings at 31 August 2024 were: share capital of ETB 95,000 (£1,324)), comprising ordinary shares of ETB 1,000 each.

Tundra-X Ethiopia Mining Plc is incorporated in Ethiopia and its registered office is at Bole Sub-City, Woreda 02, House No: 1154, Addis Ababa.

The Company owns 95% interest and voting rights in the Joint Venture Tundra-X Ethiopia Mining Plc; the Joint Venture is incorporated in Ethiopia and its registered office is at Bole Sub-City, Woreda 02, House No: 1154, Addis Ababa.

The interest in the above Joint Venture is accounted using the cost as no accounts are available as yet to allow the equity method to be applied.

The directors consider that the carrying value of the investments is supported by the underlying net assets and future prospects of the subsidiaries and, accordingly, no impairment charge has been recognised in the year.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Amounts owed by group undertakings

8,570

8,570

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Other loans (see note 10)

26,976

-

Trade creditors

51,789

-

Other creditors

1,326

1

Directors' loan accounts

1,641,239

1,558,865

Accruals and deferred income

6,000

-

1,727,330

1,558,866

On 10th October 2020 the Company initiated a short term loan with its director and shareholder. This loan amounts to $1,750,000 and carries an annual interest rate of 4% above the Barclays Bank plc rate, as varied from time to time. The loan is repayable on demand.

The Director loan account includes also small amounts paid by the shareholder on behalf of the Company for professional services provided to the Company by third parties; these amounts are short term and repayable on demand.

Other Loans (see note 10) includes small amounts paid by the partnership Glynn Abbey International C.V. on behalf of the Company for professional services provided to the Company by third parties; these amounts are short term and repayable on demand.

The partnership is registered in Holland and is controlled by the same Company's shareholder.

Other Creditors includes the amount due to Tigray Holdings Corp., a Canadian company that holds 5% of shares in the subsidiary Tundra-X Ethiopia Mining plc. The Loan is repayable on demand and it corresponds to the value of the remaining 95% of shares that Tundra-X Gold Corporation Ltd owns in the above subsidiary.

10.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

as restated

£

£

Amounts falling due within one year or on demand:

Other loans

26,976

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

as restated

£

£

50,000,000

Ordinary GBP

0.001

50,000

50,000

12.

RESERVES

Retained

earnings

£

Prior year adjustment

(278,292

)

(278,292

)

Deficit for the year

(167,140

)

At 31 August 2024

(445,432

)

13.	RELATED PARTY DISCLOSURES

As at year end the balance owed to its shareholder Sean Walsh was £1,641,240 (2023: £1,558,865).

During the reporting period the interest payable on the loan with the shareholder Sean Walsh (see note 9) was £111,840 (2023: £209,321).

As at year end the balance owed to its related party Glynn Abbey International C.V. was £26,976 (2023: £Nil).The balance is repayable on demand.

14.	POST BALANCE SHEET EVENTS

Tundra-X Gold Corporation Ltd was re-registered from Public Limited Company to Private Limited Company on 10th January 2025.

15.	ULTIMATE CONTROLLING PARTY

The controlling party is S T D Walsh.

FIXED ASSETS

Investments

-

1,325

1,325

CURRENT ASSETS

Debtors

-

1,354,570

1,354,570

CREDITORS

Amounts falling due within one year

-

(1,736,533

)

(1,736,533

)

NET CURRENT LIABILITIES

-

(381,963

)

(381,963

)

TOTAL ASSETS LESS CURRENT LIABILITIES

-

(380,638

)

(380,638

)

NET LIABILITIES

-

(380,638

)

(380,638

)

CAPITAL AND RESERVES

Called up share capital

-

50,000

50,000

Capital redemption reserve

-

(430,638

)

(430,638

)

SHAREHOLDERS' FUNDS

-

(380,638

)

(380,638

)