Gold Reserve Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	2020 - 2016
Net Income	-34.28	-15.19	-23.12	-8.6	-10.6	Upgrade
Depreciation & Amortization	0.13	0.01	0.06	0.1	0.11	Upgrade
Loss (Gain) From Sale of Assets	0	0	0.19	0.01	-0.06	Upgrade
Asset Writedown & Restructuring Costs	-	-	-	0.62	-	Upgrade
Loss (Gain) From Sale of Investments	-0.27	-0.25	-1.08	0.01	-0.02	Upgrade
Stock-Based Compensation	0.49	1.87	0.1	0.16	1.99	Upgrade
Other Operating Activities	-0.68	-1.32	6.43	-0.12	-	Upgrade
Change in Accounts Payable	4.65	1.61	0.07	0.17	-0.1	Upgrade
Change in Income Taxes	1	0.91	9.71	0.59	-	Upgrade
Change in Other Net Operating Assets	-0.98	0.29	0.21	0.69	0.07	Upgrade
Operating Cash Flow	-29.95	-12.05	-7.43	-6.36	-8.61	Upgrade
Capital Expenditures	-0.11	-	-	-	-0	Upgrade
Sale of Property, Plant & Equipment	0	-	0.78	0	0.32	Upgrade
Investment in Securities	27.47	-3.5	-0.2	-27.38	-	Upgrade
Investing Cash Flow	27.36	-3.5	0.58	-27.37	0.31	Upgrade
Long-Term Debt Repaid	-0.06	-	-	-	-	Upgrade
Net Debt Issued (Repaid)	-0.06	-	-	-	-	Upgrade
Issuance of Common Stock	30	51.92	0	-	-	Upgrade
Other Financing Activities	-1.26	-2.08	-	-	-	Upgrade
Financing Cash Flow	28.69	49.84	0	-	-	Upgrade
Net Cash Flow	26.1	34.29	-6.85	-33.74	-8.3	Upgrade
Free Cash Flow	-30.05	-12.05	-7.43	-6.36	-8.61	Upgrade
Free Cash Flow Per Share	-0.26	-0.11	-0.07	-0.06	-0.09	Upgrade
Levered Free Cash Flow	-1.25	-2.17	14.31	-2.53	-3.2	Upgrade
Unlevered Free Cash Flow	-1.23	-2.17	14.31	-2.53	-3.2	Upgrade
Change in Working Capital	4.66	2.81	9.98	1.45	-0.03	Upgrade

Source: S&P Capital IQ. Standard template. Financial Sources.