Apex Critical Metals (APXC) Q4 2026 earnings summary

Executive summary

• Exploration-stage portfolio advanced primarily through Rift drilling; no revenue or profitable operations in FY2026. Audited statements report a $13.99M net loss and flag material uncertainty related to going concern.

• Working capital rose to $11.94M at July 31, 2026, supported by equity financings; management expects current resources and subsequent financing proceeds to fund planned activity over the next 12 months.

Financial highlights

• FY2026 revenue nil; net and comprehensive loss was $13.99M versus $4.09M in FY2025; basic and diluted loss per share was $0.18 versus $0.09.

• Cash and cash equivalents increased to $14.99M from $5.54M; total assets reached $37.71M from $9.60M at July 31, 2026.

• Advertising and investor-awareness costs rose by ~ $1.7M YoY; stock-based compensation rose by ~ $6.6M, primarily non-cash.

• Operating cash use was $4.94M, investing cash use $15.45M, and financing cash provided $29.83M in FY2026.

Outlook and guidance

• Rift drilling was planned to continue with one rig into Q4 2026; an inaugural mineral resource estimate is targeted by the end of Q1 2027.

• Rift Phase II work outlined in the technical report includes ~10,000–12,000 m of infill and step-out drilling and preliminary metallurgical characterization, with an estimated budget of US$5.845M.

• CAP plans include interpretation of 2026 assays, geophysical data reprocessing, and a follow-up drill program of ~1,000–1,500 m; additional spending is subject to results, market conditions and financing availability.

• Management expects existing working capital, proceeds from the October 2026 US offering and exercises of outstanding warrants and options to support planned programs and overhead for the next 12 months.