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PureBase Corporation reports another challenging year, with 2025 revenue of $285,435 and a net loss of $2,279,704, widening from 2024. The company focuses on mineral-based agricultural products such as PureBase Shade Advantage WP and Humic Advantage, distributed through major ag retailers.
The auditor raised substantial doubt about PureBase’s ability to continue as a going concern, citing an accumulated deficit of $66,488,227, a working capital deficit of $1,104,359, and negative operating cash flow of $1,111,833. As of November 30, 2025, cash stood at $5,304 against current liabilities of $1,153,690.
Historic funding from related party US Mine Corporation has ended, and PureBase is now relying on bridge loans and a $1,000,000 convertible line of credit from related-party CoreTer LLC, of which $532,756 has been drawn. The company has exited its low-CO2 cement additives initiative, cancelling rights to 100,000,000 tons of SCM feedstock and a 116,000,000-share option, to concentrate on higher-margin agriculture.
Purebase Corporation entered into a related-party financing arrangement with CorTer, LLC, an entity owned and managed by its CEO, A. Scott Dockter. CorTer agreed to provide an unsecured line of credit of up to $1,000,000 through February 27, 2027.
Purebase issued an unsecured 8% convertible promissory note to CorTer, with a principal amount up to the aggregate unpaid loans under the line of credit, maturing on February 27, 2027. Any outstanding principal and interest may be converted into Purebase common stock at a price based on the 20-day volume-weighted average closing price before conversion, with standard anti-dilution adjustments for stock splits and similar actions.
The company states that shares issuable upon conversion will be issued as an unregistered private offering under Section 4(a)(2) of the Securities Act.
Purebase Corporation notified the SEC that it will not file its Annual Report on Form 10-K for the fiscal year ended November 30, 2025 by the prescribed due date of February 28, 2026 because it requires additional resources to provide auditors with information and therefore cannot file without "unreasonable effort or expense."
The company estimates a net loss increase of approximately $800,000, with operating expenses up about $87,000 and other expenses up about $700,000, including an estimated $315,000 increase in interest expense from debt discount expense and an estimated $390,000 increase in loss on disposal of assets. The notification was signed by Chief Financial Officer Stephen Gillings on March 2, 2026.
Purebase Corp (PUBC) filed a Form 4 showing a director’s option repricing and extension effective 02/06/2025. Previously granted stock options with exercise prices of $0.15, $0.24, and $0.36 were canceled and replaced with new options at $0.06 per share, now expiring on 02/06/2030.
The replacement covered multiple tranches, including 200,000 and 242,424-share options. This is a non-cash compensation adjustment that lowers strike prices and extends terms, as noted in the filing’s explanation of responses.
Purebase Corporation (PUBC) filed its Q3 2025 report for the quarter ended August 31, 2025. Revenue was $86,814 versus $204,314 a year ago, and the company recorded a net loss of $480,699 for the quarter and $1,308,958 year‑to‑date. Cash was $97,921 at quarter‑end.
The balance sheet shows a working capital deficit of $749,973 and an accumulated deficit of $65,517,481. Shares outstanding were 278,718,151 as of October 14, 2025. Stockholders’ deficit narrowed to $5,991, largely from debt converting into equity.
Management disclosed substantial doubt about the company’s ability to continue as a going concern. Funding shifted from related‑party support to third‑party debt: a $650,000 J.J. Astor bridge loan secured by a first lien and 750,000 shares issued, with an additional 750,000 shares issuable if the stock price is not above $0.50 after 90 days; and a $123,050 Vanquish Funding Group loan at 12% interest. Earlier, US Mine Corporation conversions eliminated $1,000,000 and $618,000 obligations into common stock. Strategically, Purebase ceased pursuing the SCM market and is focusing on agricultural products; a June 18, 2025 master agreement canceled prior SCM‑related mining rights and an option held by US Mine LLC.
Purebase Corporation (PUBC) entered a securities purchase agreement and issued a $123,050 promissory note to Vanquish Funding Group on September 24, 2025. The note includes a $16,050 original issue discount, and the company received $100,000 in cash after a $2,500 legal fee and a $4,500 due diligence fee.
The note bears 12% interest, increasing to 22% if not timely paid, and matures on July 30, 2026. Upon an event of default, it becomes convertible into common stock at a 35% discount, subject to a 4.99% beneficial ownership limit. Scheduled payments include $68,908 due March 30, 2026 and $17,227 due on each of March 30, 2026; April 30, 2026; May 30, 2026; June 30, 2026; and July 30, 2026.
The conversion shares, if issued, are intended to be exempt from registration under Section 4(a)(2) as transactions by an issuer not involving a public offering.
Purebase Corporation describes a material agreement for mining rights in Nevada. On June 18, 2025, U.S. Mine Corporation assigned to Purebase all of its rights and interests in a U.S. Bureau of Land Management preference right lease covering about 2,500 acres in the Weepah Hills area of Esmeralda County, Nevada.
The transfer of this lease is not yet complete. The agreement will only become effective once U.S. Mine Corporation obtains required consents from the U.S. Bureau of Land Management and Rulco LLC and the transfer is approved, so the mining rights remain contingent on those approvals.
Stephen Craig Gillings, who is listed as Chief Financial Officer and a director of Purebase Corp (PUBC), filed an amended Form 4 reporting option acquisitions. The filing shows two separate stock option grants totaling 400,000 options with a $0.06 strike price, each reported as directly owned. One option line references a grant dated 12/13/2023 for 200,000 options exercisable beginning 12/11/2024 and expiring 02/06/2030. The second line reports an acquisition dated 02/06/2025 for 200,000 options exercisable beginning 02/06/2026 and expiring 02/06/2031. The form is an amendment and is signed by Mr. Gillings on 08/26/2025. All reported holdings are direct and the filing does not state any cash or other consideration beyond the $0.06 exercise price per share.