Jaguar Uranium Corp. (JAGU) is a pre-revenue uranium exploration company incorporated in British Columbia, holding mineral properties in Colombia (Berlin Project) and Argentina (Laguna Salada, Huemul). The 10-K covers fiscal year ended December 31, 2025, its first annual report following a subsequent-event IPO that closed after period-end. Under a liquidation lens as of December 31, 2025, recovery to equity is deeply negative on a standalone basis. Total assets of $8.37M are dominated by mineral properties carried at $8.15M (97% of total assets). Applying a 0% recovery haircut to mineral properties — appropriate for exploration-stage assets with no NI 43-101 or S-K 1300 compliant resource estimate that is cash-generative — liquidation proceeds are effectively limited to: cash of $82K (100%), prepaid/other current assets of $98K (partial recovery, ~50%) = ~$131K gross recoverable. Against total liabilities of $2.50M at face value ($954K current AP/accruals, $150K convertible debenture, $1.40M net deferred tax liability), the liquidation deficit to equity is approximately negative $2.37M. The MFFAIS-computed liquidation value of negative $871K appears to apply a partial recovery to mineral properties; under a strict zero-recovery intangible/exploration-asset approach, the deficit is wider. The $1.40M deferred tax liability — arising from a temporary difference on mineral properties — is carried at face value on windup and is non-extinguishing in a liquidation context without a buyer willing to assume the tax burden. Key structural features: zero revenue; accumulated deficit of $10.51M; the IPO closed subsequent to year-end (January 2026) raising $22.73M net, converting the $150K convertible debenture into 50,000 shares, and issuing acquisition-linked shares to Green Shift (Colombia) and IsoEnergy (Argentina). The post-period cash injection materially changes the solvency posture but does not affect the December 31, 2025 balance sheet. The filing discusses a net smelter return royalty obligation on multiple mineral properties (Berlin, Laguna Salada, Huemul II) in MD&A and exhibit references but does not separately tag these royalty obligations in XBRL; they represent contingent future obligations that, depending on structure, could further impair recovery. The filing does not separately disclose face-value quantum of royalty obligations in the XBRL tagging.
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