Nations Royalty Cash Flow Statement

Financials in millions CAD. Fiscal year is April - March.

Millions CAD. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022	2017 - 2021
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	May '24 May 31, 2024	Mar '24 Mar 31, 2024	May '23 May 31, 2023	May '22 May 31, 2022	2017 - 2021
Net Income	-4.42	-28.55	-1.29	0.36	-0.25	-0.06	Upgrade
Stock-Based Compensation	2.09	3.28	0.06	-	-	-	Upgrade
Other Operating Activities	-	22.48	-	-	-	-	Upgrade
Change in Accounts Receivable	-0.36	-0.79	-	-	-	-	Upgrade
Change in Accounts Payable	-0.27	-1.01	0.42	-0.36	0.27	0.06	Upgrade
Change in Other Net Operating Assets	0.02	-0.03	-0.03	-	-0.01	-	Upgrade
Operating Cash Flow	-2.94	-4.62	-0.83	-	0.02	-	Upgrade
Cash Acquisitions	-	9.33	-	-	-	-	Upgrade
Investing Cash Flow	-	9.33	-	-	-	-	Upgrade
Issuance of Common Stock	0	-	-	-	0.89	-	Upgrade
Other Financing Activities	-	-	-0.01	-	-0.01	-	Upgrade
Financing Cash Flow	0	-	-0.01	-	0.88	-	Upgrade
Net Cash Flow	-2.94	4.71	-0.84	-	0.89	-	Upgrade
Free Cash Flow	-2.94	-4.62	-0.83	-	0.02	-	Upgrade
Free Cash Flow Margin	-265.62%	-546.98%	-	-	-	-	Upgrade
Free Cash Flow Per Share	-0.02	-0.04	-0.04	-	0.03	-	Upgrade
Levered Free Cash Flow	-1.35	-	-0.34	-	-	-	Upgrade
Unlevered Free Cash Flow	-1.35	-	-0.34	-	-	-	Upgrade
Change in Working Capital	-0.61	-1.82	0.4	-0.36	0.26	0.06	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.