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Magellan Copper & Gold Corp., an exploration-stage mining company, reports wider losses and a strained balance sheet for the quarter ended June 30, 2026. The company remains pre-revenue and funds operations through equity, related-party debt and third-party advances.
For the quarter, Magellan recorded a net loss of $238,586, compared with net income of $2,391 a year earlier. For the first six months of 2026, the net loss was $407,539, versus $181,749 in 2025. Operating expenses rose due to higher general and administrative costs and a $25,000 impairment of Ophir Creek Placer Gold mineral rights, which were fully written down. A non‑cash loss on change in derivative liability of $164,915 further increased year‑to‑date other expense.
Financial position is weak: at June 30, 2026, cash was $1,205, total assets were $9,245, current liabilities were $2,505,546, and shareholders’ deficit was $2,496,301. Several convertible notes and other obligations are past due and in default, and a derivative liability tied to a convertible note increased to $264,666. Management discloses accumulated deficits of $22,603,152 and states that these conditions, along with limited access to capital, raise substantial doubt about the company’s ability to continue as a going concern. Disclosure controls and procedures are also deemed ineffective due to material weaknesses in internal control.
Magellan Copper & Gold Corp. reported a Q1 2026 net loss of $168,953, slightly improved from $184,140 a year earlier, as lower derivative losses offset higher general and administrative expenses of $113,041.
Cash was only $504 at March 31, 2026 against a working capital deficit of $2,264,897 and an accumulated deficit of $22,364,566, and management states there is substantial doubt about the company’s ability to continue as a going concern.
During the quarter Magellan paid $25,000 under a letter of intent to acquire the Ophir Creek Placer Gold Mine as part of a total $2,500,000 purchase price, recorded in mineral rights and properties. The company also repurchased 1,415,000 shares from a related party, leaving 25,964,295 common shares outstanding.
Magellan Copper & Gold Corp. reports full-year 2025 results as an exploration-stage miner with no revenue and a continued focus on U.S. gold and copper projects. The company recorded a net loss of $432,025 in 2025, compared with a $769,810 loss in 2024, mainly because 2024 included a large impairment on acquired mineral assets.
Management highlights the Center Star Mine and the Cable Project as key properties, but both remain at the exploration stage with no proven or probable reserves. In 2025 Magellan relinquished its Kris Project earn-in and redirected the related $100,000 deposit to the Cable Project, which was then fully impaired, leaving that asset at a zero balance. The company also signed a letter of intent to acquire the Ophir Creek Placer Gold Mine in Alaska.
Liquidity remains tight. At December 31, 2025 Magellan had $547 in cash and a working capital deficit of $2,093,260, against an accumulated deficit of $22,195,613. During 2025 it raised $140,000 through issuing 1,000,000 common shares at $0.14 per share, but its auditors continue to express substantial doubt about its ability to continue as a going concern.
Magellan Copper & Gold Corp. filed a current report describing a new corporate development. On January 30, 2026, the company issued a press release about a potential acquisition of mining claims in Alaska, indicating it is exploring an opportunity to expand its mining asset base in that region.
The filing itself mainly serves to formally notify investors of the press release and attaches it as Exhibit 99, without providing additional terms, financial details, or timelines about the contemplated acquisition.
Magellan Copper & Gold Corp. has changed its independent auditor. On January 6, 2026, the company dismissed Malone Bailey, LLP and engaged M&K CPAs, PLLC as its new independent registered accounting firm, with the change approved by the Board of Directors.
The company states there were no disagreements with Malone Bailey on accounting principles, financial disclosures, or audit procedures, and no reportable events as defined under SEC rules. Malone Bailey’s prior audit reports on financial statements for the years 2010 through 2024 each included an explanatory paragraph about the company’s ability to continue as a going concern. Magellan also obtained a letter from Malone Bailey to the SEC agreeing or disagreeing with the disclosed statements, which is filed as an exhibit. The company reports it has not previously consulted M&K on accounting or auditing matters during the past two years and interim period.
Magellan Copper & Gold Corp. reported a third‑quarter net loss of $153,277 and a nine‑month net loss of $335,026. As of September 30, 2025, the company had cash of $388 and a working capital deficit of $2,105,675, and disclosed that these conditions raise substantial doubt about its ability to continue as a going concern. Shares outstanding were 27,379,295 as of November 14, 2025.
Operating expenses fell sharply: general and administrative costs were $31,603 in Q3 (versus $107,170 a year ago) and $136,953 for the nine months (versus $279,351). Other expense rose due to a higher fair value of a derivative liability, producing a $118,452 loss year‑to‑date; the derivative liability was $165,610 at quarter‑end (up from $47,158 at December 31, 2024). Financing included $140,000 of common stock proceeds in March. The company shifted its exploration focus, canceling the Kris earn‑in and entering a new earn‑in on the Cable Mine Project requiring $500,000 of spending over 24 months, with a $100,000 credit applied, leaving $400,000 in remaining allowable expenditures. Management reported material weaknesses in internal controls remained unremediated.
Gold Express Mines, Inc. reported on Form 4 that it executed three separate sales of Common Stock of Magellan Copper & Gold Corp (MAGE) on 08/26/2025. Each transaction is coded as a sale of 1,000,000 shares at a price of $0.01 per share, for a total of 3,000,000 shares sold that day. The filing lists the reported beneficial ownership amounts following the transactions as 10,750,000, 9,750,000, and 8,750,000, respectively.
The reporting entity is the corporate Gold Express Mines, Inc., and the form notes the reporting person’s relationship to the issuer as a Director. The form includes an explanatory statement about the board’s voting structure (a "rule of three") limiting individual director beneficial ownership attribution. The filing was signed by John P. Ryan on 10/03/2025.
Magellan Copper & Gold Corp. filed a current report describing a governance-related event dated September 19, 2025. The company notes that Mr. Crosby and Mr. Ryan did not resign as a result of any disagreement relating to the company’s operations, policies or practices. This type of statement is typically meant to reassure investors that there is no underlying dispute driving the change that is being reported.