Canadian North Resources Inc. reported a net loss of $165,134, or $0.00 per share, for the six months ended June 30, 2026, alongside a comprehensive loss of $190,316, or $0.00 per share. The company ended the period with cash and cash equivalents of $3,277.

The reporting period follows the company's decision on April 15, 2026, to adopt semi-annual financial reporting under Coordinated Blanket Order 51-933. Subsequent to the period close, Canadian North authorized a private placement of up to $2,000,000 through Series 1 Convertible Promissory Notes. The notes carry a 10% annual interest rate, mature on July 31, 2027, and are convertible into common shares at $0.25 each. A company director subscribed for a $1,000,000 note under the financing, which remains subject to final acceptance by the TSX Venture Exchange.

The proceeds are earmarked as working capital to support exploration, geotechnical, metallurgical, and environmental programs, as well as a prefeasibility evaluation for the Ferguson Lake project in Nunavut. The site hosts an established mineral resource estimate announced on March 19, 2024, comprising 66.1 million tonnes of indicated resources and 25.9 million tonnes of inferred resources.

The planned evaluation builds on bio-metallurgical testing completed during 2025. Canadian North intends to collect large bulk surface mineralized samples from the property to advance those bio-metallurgical programs alongside definition drilling and environmental studies.

"The plan is based on the results from the expanded bioleaching programs completed in 2025. The new tests confirmed high metal extraction of copper (87.7-90.6%), nickel (96.8-99.0%) and cobalt (96.9-99.3%) and PGEs (>80%) at low temperatures that would not require external heat energy and addition of acid (refer to Canadian North's News Release on October 7, 2025). Such a self-sustaining bioleaching system, when optimized, can significantly simplify the previously proposed poly-metallurgical processes for the Ferguson Lake Project."

— Dr. Kaihui Yang, President and CEO

Read the full announcement: Canadian North Resources Inc. Reports Operational and Financial Results for the Six Months Ended June 30, 2026