Gold Springs Resource Corp. Files Q2 2026 Financial Statements, MD&A and Provides Operations Update

Rhea-AI Summary

Gold Springs Resource Corp. (OTCQB: GRCAF, TSX: GRC) released its unaudited financial statements and MD&A for the three and six months ended June 30, 2026. Six‑month general and administrative expenses, excluding non-cash share-based payments, were $0.26 million versus $0.27 million a year earlier, while exploration spending declined to $0.018 million from $0.025 million. The company reported a six‑month net loss of $0.28 million (nil per share), slightly improved from $0.30 million, and a quarterly net loss of $0.15 million versus $0.13 million. As of June 30, 2026, cash stood at $0.01 million.

Operationally, Gold Springs Resource Corp. engaged Anderson Psomas of Utah to advance engineering and permitting for a proposed starter pit on Utah State land and a heap-leach facility on private land, which the company expects will streamline permitting for the initial operation.

Positive

• Six‑month net loss decreased to $0.28 million from $0.30 million
• Six‑month G&A expenses (ex‑share-based) edged down to $0.26 million from $0.27 million
• Exploration spending for six months reduced to $0.018 million from $0.025 million
• Engaged Anderson Psomas to advance engineering and permitting for starter pit and heap‑leach facility

Negative

• Quarterly net loss increased to $0.15 million from $0.13 million
• Quarterly G&A expenses (ex‑share-based) rose to $0.14 million from $0.13 million
• Cash balance was only $0.01 million as of June 30, 2026

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Vancouver, British Columbia--(Newsfile Corp. - August 11, 2026) - Gold Springs Resource Corp. (TSX: GRC) (OTCQB: GRCAF) (the "Company"), reports the release of its unaudited consolidated financial statements for the three and six months ended June 30, 2026 and the related management's discussion and analysis of financial position and results of operations ("MD&A"). In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.

During the six months ended June 30, 2026, general and administrative expenses, excluding non-cash share-based payments, decreased to $0.26 million compared with $0.27 million during the six months ended June 30, 2025. During the three months ended June 30, 2026, general and administrative expenses, excluding non-cash share-based payments, increased to $0.14 million compared with $0.13 million during the three months ended June 30, 2025. Exploration spending during the six months ended June 30, 2026, decreased to $0.018 million, from $0.025 million incurred during the same period of 2025. During the six months ended June 30, 2026, the Company reported a net loss of $0.28 million ($nil loss per share) compared with net loss of $0.30 million ($nil loss per share) for the six months ended June 30, 2025, primarily resulting from a reduction in foreign exchange loss. During the three months ended June 30, 2026, the Company reported a net loss of $0.15 million ($nil loss per share) compared with net loss of $0.13 million ($nil loss per share) for the three months ended June 30, 2025, primarily resulting from share-based payment expense being recorded during the three months ended June 30, 2026 compared with share-based payment recoveries recorded for the three months ended June 30, 2025. As of June 30, 2026, the Company had cash of $0.01 million.

Operations Update

The Company has engaged Anderson Psomas of Utah to advance the engineering and permitting for the proposed starter pit located on Utah State land and the associated heap-leach processing facilities to be constructed on private land. The scope of work includes the detailed engineering and permitting of the heap-leach facility that will process ore from the starter pit. Locating the processing facilities on private land and the starter pit on Utah State land is expected to significantly streamline the permitting process for the initial operation compared to a conventional federal permitting pathway.

About Gold Springs Resource Corp.

Gold Springs Resource Corp. (TSX: GRC) (OTCQB: GRCAF) is focused on the exploration and expansion of the gold and silver resources of its large Gold Springs project located on the border of Nevada and Utah, USA. The project is situated in the prolific Great Basin of Western USA, one of the best mining jurisdictions in the world.

Gold Springs Resource Corp. Contact:

Antonio Canton, President and CEO
acanton@goldspringsresource.com

Forward-Looking Statements

Certain statements contained herein constitute "forward-looking information" under applicable Canadian securities laws ("forward-looking statements"). Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements herein may include words such as "creating", "believe", "would", "continue", "will", "promising", "should", and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company's Annual Information Form and continuous disclosure documents, which are available on SEDAR+ at www.sedarplus.ca. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company's existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Unless otherwise indicated, forward-looking statements in this press release describe the Company's expectations as of the date hereof.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309269

FAQ

What were Gold Springs Resource Corp. (GRCAF) Q2 2026 net losses for the quarter and year-to-date?

Gold Springs Resource Corp. reported a Q2 2026 net loss of $0.15 million and a six‑month net loss of $0.28 million. According to Gold Springs Resource Corp., both periods reflected nil loss per share and changes mainly from foreign exchange and share-based payment effects.

How did Gold Springs Resource Corp. (GRCAF) operating expenses change in the six months ended June 30, 2026?

General and administrative expenses, excluding non-cash share-based payments, were $0.26 million for the six months, slightly below $0.27 million in 2025. According to Gold Springs Resource Corp., exploration spending also declined to $0.018 million from $0.025 million over the same comparative period.

What is Gold Springs Resource Corp.’s cash position as of June 30, 2026?

As of June 30, 2026, Gold Springs Resource Corp. held $0.01 million in cash. According to Gold Springs Resource Corp., this reported cash balance accompanies a six‑month net loss of $0.28 million and reduced exploration spending during the period.

What operational steps did Gold Springs Resource Corp. (GRCAF) take for its starter pit and heap-leach facilities in 2026?

Gold Springs Resource Corp. engaged Anderson Psomas of Utah to advance engineering and permitting for a starter pit and heap-leach facility. According to Gold Springs Resource Corp., the pit is planned on Utah State land and processing on private land to streamline permitting.

How does Gold Springs Resource Corp. plan to streamline permitting for its initial operation at Gold Springs?

Gold Springs Resource Corp. plans to locate the starter pit on Utah State land and heap-leach facilities on private land. According to Gold Springs Resource Corp., this configuration is expected to significantly streamline permitting versus a conventional federal permitting pathway for the initial operation.

Did Gold Springs Resource Corp. (GRCAF) change its exploration spending in the first half of 2026?

Yes. Exploration spending for the six months ended June 30, 2026 fell to $0.018 million from $0.025 million in 2025. According to Gold Springs Resource Corp., this reduced outlay accompanied modest changes in general and administrative expenses and net loss.