Magellan Copper & Gold Corp. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC, disclosing a nine-month net loss of $430,953 and total assets of $7,222 against total liabilities of $2,522,141.

Key Highlights

  • Nine-month net loss: The company reported a net loss of $430,953 for the nine months ended September 30, 2026, compared to a net loss of $335,026 for the same period in 2025.
  • Third-quarter net loss: Net loss for the three months ended September 30, 2026 was $23,414, versus $153,277 in the prior-year quarter.
  • Cash position: Cash at the end of the period was $1,192, up from $547 at December 31, 2025.
  • Shareholders' deficit: Total shareholders' deficit stood at $(2,514,919) as of September 30, 2026, compared to $(2,093,260) at December 31, 2025.
  • Share count reduced: Common shares outstanding decreased to 25,964,295 from 27,379,295 at December 31, 2025, following a related-party repurchase of 1,415,000 shares for $14,150.
  • Derivative liability increase: The derivative liability rose to $213,794 at September 30, 2026, from $99,751 at December 31, 2025, contributing a loss on change in derivative liability of $114,043 for the nine-month period.
  • Impairment expense: The company recorded an impairment expense of $25,000 in the nine months ended September 30, 2026, with no comparable charge in the prior-year period.

Magellan Copper & Gold's Financial Position for the Nine Months Ended September 30, 2026

According to the filing, Magellan Copper & Gold Corp. reported total assets of $7,222 as of September 30, 2026, consisting almost entirely of $1,192 in cash and $6,030 in prepaid expenses and other current assets. Total current liabilities reached $2,522,141, driven by accounts payable of $227,683, accounts payable to related parties of $286,250, convertible notes payable of $380,978, a related-party convertible note of $285,000, and a derivative liability of $213,794, among other obligations.

The company disclosed general and administrative expenses of $223,864 for the nine months ended September 30, 2026, compared to $136,953 in the same period of 2025. Interest expense for the nine-month period was $68,046, and the loss on change in derivative liability was $114,043. Net cash used in operating activities was $(15,205) for the nine months ended September 30, 2026, partially offset by $15,850 provided by financing activities, which included $30,000 in proceeds from advances from third parties, reduced by the $14,150 related-party common stock repurchase.

The shareholders' deficit section reflects accumulated deficit of $(22,626,566) as of September 30, 2026. During the nine-month period, the company recorded total stock-based compensation of $23,444. The registrant noted 25,964,295 shares of common stock with a $0.001 par value issued and outstanding as of November 3, 2026. The company is incorporated in Nevada and classified as a non-accelerated filer and smaller reporting company. Its securities are not registered under Section 12(b) of the Act, with "N/A" listed for trading symbol and exchange on the cover page.

What Was Disclosed

Magellan Copper & Gold Corp. filed its quarterly report covering the period ended September 30, 2026, revealing a nine-month net loss of $430,953, total assets of $7,222, and a shareholders' deficit of $(2,514,919), alongside a reduction in shares outstanding due to a related-party stock repurchase.