Audited Annual Financial Statements — Year ended December 31, 2024
A.Consolidated Statement of Financial Position
| Assets | |
| Cash and cash equivalents | $7,000,578 |
| Trade and other receivables | $4,091,903 |
| Inventories | $2,277,724 |
| Property, plant and equipment | $16,420,083 |
| Intangible assets and goodwill | $8,421,518 |
| Total assets | $38,211,806 |
| Liabilities | |
| Trade and other payables | $3,504,935 |
| Long-term debt | $6,693,068 |
| Other liabilities | $1,727,722 |
| Total liabilities | $11,925,725 |
| Shareholders' equity | $26,286,081 |
| Total liabilities and equity | $38,211,806 |
B.Consolidated Statement of Operations
| Revenue | $18,036,157 |
| Cost of sales | $(10,666,504) |
| Gross profit | $7,369,653 |
| General and administrative | $(3,356,884) |
| Research and development | $(1,788,363) |
| Operating income | $2,224,406 |
| Finance costs, net | $(480,000) |
| Net income (loss) for the period | $1,188,304 |
C.Notes to the Financial Statements
Meridian Royalty Trust is a company domiciled in Alberta. The address of the Company's registered office is 888 3rd Street SW, Suite 2400, Calgary, AB T2P 5C5. The Company's common shares trade on the TSX under the symbol "MRT.UN".
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. They have been prepared on the historical cost basis except for financial instruments measured at fair value through profit or loss. The functional and presentation currency is the Canadian dollar.
The accounting policies applied in these financial statements are consistent with those applied by the Company in the most recent audited annual financial statements, except for the adoption of new or amended standards effective in the current period, which did not have a material impact on the amounts reported.
Unqualified audit opinion from Pellier Grandeau dated March 1, 2025.