29 unchanged sentences
The County replied on November 18, 2025, and oral arguments, which were initially scheduled for January 9, 2026, were held on March 9, 2026.
+Added: On May 7, 2026, the Court has denied the Company's Writ of Mandamus asking the Court to compel the Board to follow applicable law and grant Rise recognition of its vested right to operate the I-M Mine.
+Added: The Company plans to appeal the Court's ruling in Superior Court in California.
+Added: Should the Company's Writ fail on appeal, Rise's mineral estate will lose all value, which will allow Rise to bring a takings action against the County under the Fifth Amendment of the U.S.
+Added: Constitution.
+Added: The remedy for an unconstitutional taking is the payment of just compensation, which is the fair market value of the property taken.
+Added: Based on comparable mines and historic yield at the Idaho-Maryland Mine, Rise's mineral estate is conservatively estimated to be worth at least $400 million.
Other Business Development
−Removed: On March 3, 2026, subsequent to quarter end, the Company entered into a strategic development partnership (the "Agreement") with Morgan Hughes Energy ("Morgan Hughes") to advance the I-M Mine Property as a U.S.-based gold and critical-minerals project.
+Added: In September 2024, the Company received a notice from the Community Environmental Advocates Foundation ("CEA") of intent to file a citizen suit against the Company for alleged violations of the Clean Water Act.
+Added: The Company was not served with a summons and complaint filed in the citizen suit, and the Company was dismissed.
+Added: The citizen suit proceeds, however, against Rise Grass Valley Inc, the subsidiary of the Company.
+Added: On May 18, 2026, the District Court for the Eastern District of California entered an Order granting Summary Judgment as to liability against Rise Grass Valley, Inc.
+Added: Trial on remaining issues in the lawsuit is scheduled for July 12, 2027.
+Added: Litigation is ongoing.
+Added: Rise Grass Valley Inc denies all allegations made in the citizen suit.
+Added: Management has determined that no estimate of a loss event can be determined at this time in connection with the notice.
+Added: On April 1, 2026, the Company, pursuant to an employment agreement, granted 62,500 RSUs to its CEO.
+Added: The RSUs were exercised and converted to common stock of the Company.
+Added: On March 3, 2026, the Company entered into a strategic development partnership (the "Agreement") with Morgan Hughes Energy ("Morgan Hughes") to advance the I-M Mine Property as a U.S.-based gold and critical-minerals project.
Under the Agreement, Morgan Hughes will work alongside Rise Gold to advance development planning, support capital formation in connection with progressing the project toward operations and position the project within applicable domestic critical-minerals and industrial initiatives.
69 unchanged sentences
Plan of Operations
−Removed: As at January 31, 2026, the Company had a cash and cash equivalents balance of $8,028,205, compared to a cash balance of $2,783,348 as at July 31, 2025.
+Added: As at April 30, 2026, the Company had a cash and cash equivalents balance of $7,962,924, compared to a cash balance of $2,783,348 as at July 31, 2025.
Our plan of operations for the next 12 months is to continue the litigation in pursuit of protecting the Company's property rights under both California state and U.S.
1 unchanged sentence
With a larger cash balance available now, the Company will also aim to continue the work it already started to assess the potential supply of tungsten at the I-M Mine Property.
−Removed: On May 13, 2024, the Company reported that it had submitted a Writ of Mandamus to the Superior Court of California (the "Court") asking the Court to compel the Board of Supervisors of Nevada County (the "Board of Supervisors") to follow applicable law and grant recognition of the Company's vested right to operate our I-M Mine Property.
−Removed: The Company's position in this matter is that the Board of Supervisors' December 2023 decision to deny the Company's vested rights petition adversely infringed on our fundamental and constitutional property rights.
−Removed: The Company contends that the Court is compelled to use its independent judgement and consider the administrative record de novo (i.e., "afresh" or "from the beginning") and without deference to the Board of Supervisors arguments or conclusions.
Project Design
22 unchanged sentences
Results of Operations
−Removed: For the Periods Ended January 31, 2026 and 2025
+Added: For the Periods Ended April 30, 2026 and 2025
Three months ended
−Removed: January 31, 2026
Three months ended
−Removed: January 31, 2025
−Removed: Six months ended
−Removed: January 31, 2026
−Removed: Six months ended
−Removed: January 31, 2025
+Added: Nine months ended Nine months ended
+Added: April 30, 2026
+Added: April 30, 2025
+Added: April 30, 2026
+Added: April 30, 2025
Accretion expense (Note 10)
9 unchanged sentences
Impairment of deferred financing asset (Note 10)
+Added: Impairment of assets held for sale (Note 6)
Loss on note receivable (Note 6)
Net loss and comprehensive loss for the period
−Removed: The non cash share based compensation is higher during the six-month period ended January 31, 2026 ("H1 2026") because more stock options, RSUs, and DSUs grants were issued during H1 2026 compared to the six-month period ended January 31, 2025 ("H1 2025").
−Removed: With a larger budget available in H1 2026, professional fees were higher mainly because of legal fees incurred in connection with the I-M Mine Property litigation pursuit.
−Removed: Consulting fees were higher in H1 2026, as they include a departure bonus paid to the previous CEO.
−Removed: Having more cash available in H1 2026, the Company was able to generate more interest from cash and cash equivalents (interest income is recorded as other income).
−Removed: Interest and accretion expenses were higher in H1 2025 as the Company had loans and a line of credit outstanding.
−Removed: A loss on early settlement of o note receivable was recognized in H1 2025
−Removed: The Company's operating results for the periods ended January 31, 2026 and 2025 are summarized as follows:
+Added: With a larger budget available in the nine months ended April 30, 2026, professional fees were higher mainly because of legal fees incurred in connection with the I-M Mine Property litigation pursuit and CEA citizen suit.
+Added: Consulting fees were higher in current period, as they include a departure bonus paid to the previous CEO.
+Added: Having more cash available in 2026, the Company was able to generate more interest from cash and cash equivalents (interest income is recorded as other income).
+Added: Interest and accretion expenses were higher in previous period as the Company had loans and an outstanding line of credit.
+Added: There were no salaries paid during the nine months ended April 30, 2025, as the current CEO of the Company is the sole employee of the Company and began receiving salaries in November 2025.
+Added: The non cash share based compensation is higher during the nine month period ended April 30, 2026 because more stock options, RSUs, and DSUs grants were issued than during previous period.
+Added: Other non-cash expenses include impairment of deferred financing assets recognized in connection with the repayment and cancellation of the line of credit facility in Q2 2026, a loss on early settlement of o note receivable in Q2 2025, and impairment of asset held for sale (drilling equipment) recognized in Q3 2025.
+Added: The Company's operating results for the periods ended April 30, 2026 and 2025 are summarized as follows:
Liquidity and Capital Resources
4 unchanged sentences
Working Capital
−Removed: For the six-month
−Removed: January 31, 2026
−Removed: For the six-month
−Removed: January 31, 2025
+Added: For the nine-month
+Added: period ended April
+Added: For the nine-month
+Added: period ended April
Net Cash used in Operating Activities
−Removed: Net Cash from in Investing Activities
−Removed: Net Cash provided by (used in) Financing Activities
−Removed: Net increase/(decrease) in Cash During the Period
−Removed: As of January 31, 2026, the Company had $8,028,205 in cash and cash equivalents, $8,214,818 in current assets, $9,617,736 in total assets, $735,570 in current liabilities and $NIL in non-current liabilities, a working capital of $7,479,248 and an accumulated deficit of $36,078,583.
−Removed: During H1 2026, the Company used $1,684,686 (H1 2025 - $729,599) in net cash on operating activities.
−Removed: The Company had $Nil received from investing activities during H1 2026, (H1 2025 - $1,589,349 was generated mainly from proceeds from land contracted for sale).
−Removed: The Company received net cash of $ 6,992,641 in H1 2026 from financing activities related to a $7,000,000 private placement secured in October 2025.
−Removed: Stock options exercises added $165,000 to treasury in H1 2026.
+Added: Net Cash provided by Investing Activities
+Added: Net Cash provided by Financing Activities
+Added: Net Increase in Cash During the Period
+Added: As of April 30, 2026, the Company had $7,962,924 in cash and cash equivalents, $8,076,262 in current assets, $9,487,539 in total assets, $670,071 in current liabilities and $NIL in non-current liabilities, a working capital of $7,406,191 and an accumulated deficit of $36,693,385.
+Added: During the nine-month period ended April 30, 2026, the Company used $2,281,684 (April 30, 2025 - $849,659) in net cash on operating activities.
+Added: The Company had $Nil received from investing activities during the nine-month period ended April 30, 2026, (April 30, 2025 - $1,614,349 was generated mainly from proceeds from land contracted for sale).
+Added: The Company received net cash of $6,976,922 during the nine months period ended April 30, 2026 from financing activities related to a $7,000,000 private placement secured in October 2025.
+Added: Stock options and warrant exercises added $663,614, respectively $48,822 to treasury.
In December 2025, the Company paid $228,098 to close a line of credit facility.
−Removed: During H1 2025, the Company had a net negative cash used from financing of $359,873 (a $500,000 cash intake from a loan and repayments of loans ($816,951) and line of credit facility ($42,932).
+Added: During the nine-month period ended April 30, 2025, the Company received $1,636,006 from a private placement financing, had a $500,000 cash intake from a loan and cash outflow of $816,951 related to repayments of outstanding loans.
The Company expects to operate at a loss for at least the next 12 months.
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.