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Northern Minerals & Exploration Ltd. is asking stockholders to elect two directors at its 2026 annual meeting on August 17, 2026, in Salt Lake City. The Board unanimously recommends voting for nominees Noel Schaefer, the President and CEO, and director Jose Berhane Tewolde Serrano.
The proxy describes a highly concentrated ownership base, with 120,829,425 shares outstanding as of June 18, 2026 and one stockholder holding about 25% of the common stock. It highlights a new Bitcoin Treasury Reserve Policy under which the company acquired 0.5 Bitcoin as a strategic reserve asset, and outlines a non-operated working interest strategy targeting small oil and gas interests with a stated internal rate of return target of 20% to 33%.
Governance disclosures note no board committees, no formal code of ethics, and that the company’s bylaws now allow holders of at least 25% of outstanding shares to call a special meeting. Executive compensation remains modest and largely cash-based, with limited formal plans or director compensation.
Northern Minerals & Exploration Ltd. filed its quarterly report for the period ended April 30, 2026, showing it remains a pre-profit natural resources company with growing activity in oil and gas.
For the three months, the company generated $8,382 of revenue from Oklahoma oil and gas interests and recorded a net loss of $58,993. For the nine months, revenue was $22,901 with a net loss of $232,258, expanding the accumulated deficit to $4,154,053.
Liquidity remains tight, with $16,684 in cash and total liabilities of $645,542 against a stockholders’ deficit of $412,106. Management states that recurring losses, negative cash flow and funding needs "raise substantial doubt" about the company’s ability to continue as a going concern.
The company invested in 0.50096 Bitcoin, carried at $38,220, and relies heavily on related-party financing, including a $377,000 line-of-credit balance. Subsequent events include conversion of $414,942 of related-party debt into 8,298,833 shares and a memorandum of understanding to acquire additional mineral leasehold for cash and stock.
Northern Minerals & Exploration Ltd. entered into a material agreement to acquire a 5.4165 net mineral acre leasehold interest in Garvin County, Oklahoma tied to the proposed Bosworth 0203 1H-27X well. The total consideration is $21,666, split between $10,833 in cash and $10,833 in 216,660 shares of common stock. The interest is expected to be delivered at a 77% net revenue interest. The company must also participate in a future Oklahoma Corporation Commission force pooling order, including electing to participate and funding its share of drilling and completion costs. The equity portion will be issued in a private, unregistered transaction under Section 4(a)(2) of the Securities Act.
Northern Minerals & Exploration Ltd. reported its first meaningful oil and gas revenue but remained deeply unprofitable for the quarter ended January 31, 2026. Revenue reached $9,454 for the quarter and $14,519 for the six months, all from working interests in 14 Oklahoma wells, yet gross margin was only $2,000 for the six‑month period.
The company posted a quarterly net loss of $110,057 and a six‑month net loss of $173,265, widening year over year, and used $135,340 of cash in operating activities. At January 31, 2026 it had cash of just $8,580, total assets of $219,712, total liabilities of $572,825, and a stockholders’ deficit of $353,113. Management disclosed substantial doubt about its ability to continue as a going concern and expects to rely on equity financing and related‑party debt.
During the period the company purchased 0.50096 Bitcoin for $42,560, recorded at a fair value of $38,982 with an unrealized loss of $3,157. Debt remains significant, including a $15,000 promissory note in default, an $85,000 note at 6% interest, and $317,000 outstanding on a line of credit from a former director. Common shares outstanding increased to 111,488,932 as of March 16, 2026, partly due to stock issued for oil and gas rights and for services.
Northern Minerals & Exploration Ltd. reported that its board has approved a Treasury Reserve Policy making Bitcoin a primary strategic reserve asset. To launch this strategy, the company used existing working capital to acquire 0.5 Bitcoin, without incurring any debt.
The company plans to use its Bitcoin holdings as a flexible reserve that may support acquisitions of revenue-generating businesses, real estate, intellectual property, equipment, and other strategic investments. It may also use Bitcoin as collateral for financing, selectively liquidate holdings, buy additional Bitcoin, or pursue yield-generating strategies, subject to risk controls.
The company highlights significant risks tied to this approach, including Bitcoin’s extreme price volatility, regulatory uncertainty, cybersecurity threats, concentration and liquidity risk, and accounting treatment that could cause impairment charges or fluctuations in reported financial results.
Northern Minerals & Exploration Ltd. updated its corporate bylaws to give significant shareholders a clearer path to request special meetings. On January 9, 2026, the board approved Amended and Restated Bylaws, effective immediately, allowing one or more shareholders holding at least 25% of the company’s issued and outstanding voting shares to call a special meeting of shareholders, as long as they follow the notice and procedural requirements in the bylaws.
The restated bylaws keep the prior bylaws in all material respects, meaning the main change centers on how special meetings can be initiated by larger shareholders. The full Amended and Restated Bylaws are included as an exhibit to this report for reference.
Northern Minerals & Exploration Ltd. reports results for the quarter ended October 31, 2025. The company generated its first oil and gas revenue of $5,065 from its interest in 14 wells, producing a small gross margin of $109. Operating expenses of $59,536 and interest expense of $3,781 led to a net loss of $63,208, an improvement from a $77,462 loss a year earlier.
Total assets were $170,966, including $151,456 of oil and gas properties, while total liabilities reached $457,522, resulting in a stockholders’ deficit of $286,556. Cash was $8,270, and operations used $57,789 of cash, largely offset by $62,000 of new related-party borrowing.
The company discloses an accumulated deficit of $3,985,003, outstanding loans to third parties and a related party, including a $15,000 note in default and $197,000 drawn on a related-party line of credit. Management states that these conditions raise “substantial doubt” about its ability to continue as a going concern and plans to rely on equity financing and credit facilities. As of December 15, 2025, there were 111,238,932 common shares outstanding.
Northern Minerals & Exploration Ltd. (NMEX) filed Amendment No. 1 to its annual report for the year ended July 31, 2025, primarily to update signatures and officer certifications without other material changes. The company reported first-time oil and gas revenue of $8,634 from its working interests in 14 Oklahoma wells, generating a small gross margin of $264. Operating expenses of $235,578 and an impairment charge of $140,744 on oil and gas properties drove a net loss of $383,612, widening from $170,340 in 2024.
Total assets were $162,265, including $151,456 of capitalized oil and gas properties, against total liabilities of $385,613, resulting in a stockholders’ deficit of $223,348. The auditor highlighted substantial doubt about the company’s ability to continue as a going concern due to recurring losses, negative working capital and cash flow use. NMEX financed operations through equity sales and debt, including a related-party line of credit with up to $500,000 available, of which $135,000 was drawn as of July 31, 2025.
Northern Minerals & Exploration Ltd. (NMEX) is a junior natural resources company focused on oil and gas production in Texas and Oklahoma and gold and silver exploration in Nevada. In the year ended July 31, 2025, it recorded its first oil and gas revenue of $8,634, generating a modest gross margin of $264, but expenses and a non-cash impairment drove a larger loss. The company reported a net loss of $383,612, more than double the prior year’s loss of $170,340, including $140,744 of impairment on oil and gas properties.
Total assets were $162,265, mostly oil and gas properties, against $385,613 of liabilities, resulting in a stockholders’ deficit of $223,348 and only $4,059 of cash. Operations were funded primarily through related-party and third-party loans and small equity issuances, including stock issued to acquire interests in Lost Creek Acquisitions LLC. The auditor and management highlight recurring losses, negative working capital, and accumulated deficit as raising substantial doubt about the company’s ability to continue as a going concern, and management concludes internal controls over financial reporting are ineffective.