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PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT

6. PROPERTY, PLANT AND EQUIPMENT

 

The tables below set out costs and accumulated depreciation and amortization as at September 30, 2025, and December 31, 2024:

 

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT

Cost 

Land and Buildings(1)

$

  

Equipment(1)

$

  

Furniture & Fixtures

$

  

Vehicles

$

  

Computer & Software

$

  

Total

$

 
Balance – December 31, 2023   2,909,637    5,476,434    191,899    398,032    567,407    9,543,409 
Additions   73,049    1,129,567    30,121    111,629    6,543    1,350,909 
Foreign currency translation   86,264    (22,306)   3,857    11,561    35,317    114,693 
Balance – December 31, 2024   3,068,950    6,583,695    225,877    521,222    609,267    11,009,011 
Additions   -    1,803,272    2,826    207,774    3,698    2,017,570 
Foreign currency translation   45,220    28,995    2,581    8,283    9,007    94,086 
Balance – September 30, 2025   3,114,170    8,415,962    231,284    737,279    621,972    13,120,667 

 

Accumulated Depreciation and Amortization  Land and Buildings(1)   Equipment(1)    Furniture & Fixtures   Vehicles   Computer & Software   Total 
Balance – December 31, 2023   170,256    401,409    19,079    106,083    145,948    842,775 
Depreciation during the year   110,535    1,229,847    14,750    113,688    162,644    1,631,464 
Foreign currency translation   2,609    13,358    750    4,581    25,069    46,367 
Balance – December 31, 2024   283,400    1,644,614    34,579    224,352    333,661    2,520,606 
Depreciation during the period   72,265    1,073,719    22,406    116,934    276,147    1,561,471 
Foreign currency translation   4,740    (40,084)   613    4,219    7,071    (23,441)
Balance – September 30, 2025   360,405    2,678,249    57,598    345,505    616,879    4,058,636 

 

Carrying Value  Land and Buildings(1)   Equipment(1)    Furniture & Fixtures   Vehicles   Computer & Software   Total 
Balance – December 31, 2024   2,785,550    4,939,081    191,298    296,870    275,606    8,488,405 
Balance – September 30, 2025   2,753,765    5,737,713    173,686    391,774    5,093    9,062,031 

 

Note:

 

(1) Land and Buildings contains the Syringa Lodge right-of-use (“ROU”) asset and Equipment contains the drilling equipment supply agreement ROU asset. The Company obtained full title to these assets during the year ended December 31, 2024.

 

 

 

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(Expressed in Canadian dollars)