Golden Star Resource Corp. (GLNS)

Golden Star Resource Corp. operates as an exploration stage mining company incorporated in Nevada on April 21, 2006, engaged in the acquisition and exploration of mining claims, with no revenues generated since inception and no operations, relying on the sale of securities and loans from officers and directors to fund operations. The company holds a 100% interest in four contiguous Federal BLM unpatented lode mining claims in Churchill County, Nevada, named GSR 1, 2, 3 and 4, totaling 82.64 acres, acquired on August 15, 2013 from Kee Nez Resources, LLC, with no underlying agreements or royalties. The property is located in the Basin and Range Province near the Walker Lane mineral belt, with gold and silver mineralization known in the area, but no exploration has been carried out on the property and it has not been examined by a professional geologist. The company has no full-time employees, with one officer and director devoting about 10% of her time or four hours per week to operations, and has engaged private companies to review and evaluate mineral claims in the USA and Mexico.

The company has no revenues, has achieved losses since inception, has no operations, and has been issued a going concern opinion, with a working capital deficit of $948,299 as of June 30, 2026, and has incurred losses of $1,055,359 since inception. The company's common stock trades over-the-counter on the Bulletin Board under the symbol GLNS, with a limited market and no assurance of a regular trading market developing. The company has no equity compensation plans, no stock option plan, warrants or other dilutive securities, and has not declared any cash dividends, intending to reinvest earnings, if any, in business operations. The company's securities are subject to Section 15(g) of the Securities Exchange Act of 1934, which imposes additional sales practice requirements on broker/dealers selling penny stocks, potentially affecting the ability to sell shares in the secondary market.

The company generates no revenue and relies on investments by others, specifically the sale of securities and loans from officers and directors, to fund operations, with an oral agreement from an officer and director to finance related operating expenditures, though the agreement is unenforceable as a matter of law because no consideration was given. The company's exploration target is to find mineralized material, specifically an ore body containing gold, and its success depends upon finding mineralized material, which includes a determination by a consultant that the property contains reserves, though no consultant has been selected. The company has no plans to change its business activities or to combine with another business, and is not aware of any events or circumstances that might cause it to change its plans.

The company's only asset is its mineral property interest in the GSR group of unpatented lode mining claims, which were acquired via Quitclaim Deed on August 15, 2013 for $10 and other valuable consideration, with the value of the mineral property written off in prior years. The company did not incur further expenditures on the properties during the year ended June 30, 2026 (2025: $nil) due to a lack of cash, and there are no buildings, equipment or other facilities on the claims. The company only has mineral rights by virtue of these claims and does not hold any surface rights, with sources of power and water not investigated to date.

The company completed its public offering on March 28, 2007, raising $107,000 by selling 1,070,000 shares of common stock at $0.10 per share, and has net proceeds of $107,060 since that time. The company has issued 7,070,000 shares of common stock since inception, including 3,000,000 shares issued in April 2006 to a former officer and director and 3,000,000 shares to one of its officers and directors, each for consideration of $30, and 1,070,000 shares pursuant to the public offering. As of June 30, 2026, the due to related parties balance is $489,974 (June 30, 2025: $452,659), comprising $461,974 payable to a principal shareholder's company and $28,000 owed to a director, both unsecured, non-interest bearing and due on demand, and loan payable to non-related parties is $284,058 (June 30, 2025: $284,058), also unsecured, non-interest bearing and due on demand.

For the year ended June 30, 2026, the company reported a net loss and comprehensive loss of $60,131, compared to a net loss of $69,127 for the year ended June 30, 2025, with basic and fully diluted loss per share of $0.01 for both years. Operating expenses for fiscal 2026 were $60,131, consisting of transfer and filing fees of $22,831, professional fees of $14,300, and office expenses of $23,000, compared to operating expenses of $69,127 in fiscal 2025, which included transfer and filing fees of $22,470, professional fees of $13,580, office expenses of $33,035, and bank fees of $43. Net cash used in operating activities was $37,315 in fiscal 2026, compared to $47,081 in fiscal 2025, with net cash provided by financing activities of $37,315 in fiscal 2026, compared to $47,113 in fiscal 2025, and cash remained at $45 at the end of both fiscal years.

The company does not anticipate generating any revenues until it begins removing and selling minerals, and there is no assurance it will ever achieve these goals. The company will attempt to raise additional money through a subsequent private placement, public offering or through loans, though no arrangements have been made to raise additional cash at the present time.

The company's primary growth vector is the exploration of its GSR mineral claims in Nevada, with a future exploration program likely to initially entail prospecting, geological mapping and rock-chip sampling, though no exploration has been carried out to date due to lack of cash. The company has engaged private companies to review and evaluate properties mineral claims located in USA and Mexico, indicating potential geographic expansion, but no specific opportunity size or expected revenue contribution is disclosed. The company has no plans to change its business activities or to combine with another business, and is not aware of any events or circumstances that might cause it to change its plans.

The company's margin and cost outlook is characterized by minimal operating expenses, with fiscal 2026 operating expenses of $60,131, and no expectation of significant cost structure evolution until exploration begins. The company has no plans for an exploration program until it has the ability to raise sufficient funds, and such a program would likely initially entail prospecting, geological mapping and rock-chip sampling, with quality assurance and quality control protocols to be developed as funding allows. The company does not anticipate paying any salaries in 2027 and will not begin paying salaries until it has adequate funds to do so.

The company's operational outlook is constrained by a lack of cash, with no exploration carried out on the property and no further expenditures incurred during fiscal 2026 due to lack of cash. The company intends to use the services of subcontractors for manual labor exploration work on its properties, and its officer and director will hire qualified persons to perform surveying, exploration, and excavating of the property. The company has no full-time employees, with one officer and director devoting about 10% of her time or four hours per week to operations, and no pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans.

The company's capital allocation is limited to funding operating expenses through related party advances, with $37,315 advanced by Dimac Capital Corp. during fiscal 2026 to cover operating expenses. The company has no research and development activities as an exploration stage company in the mining industry, and has not declared any cash dividends, intending to reinvest earnings, if any, in business operations. The company has no equity compensation plans and no shares authorized for issuance under an equity compensation plan, and has not issued any shares during the period ended June 30, 2026 and year ended June 30, 2025.

The company faces significant headwinds including a going concern opinion, with substantial doubt about its ability to continue as an on-going business for the next twelve months unless it obtains additional capital to pay its bills. The company has not generated any revenues and does not anticipate generating any revenues until it begins removing and selling minerals, and there is no assurance it will ever achieve these goals. The company's only other source for cash at this time is investments by others, and if it needs additional money and cannot raise it, it will have to suspend or cease operations.

The company faces regulatory and compliance constraints, including being subject to numerous environmental laws and regulations, with compliance potentially requiring capital expenditures that cannot be accurately predicted. The company's securities are subject to Section 15(g) of the Securities Exchange Act of 1934, which imposes additional sales practice requirements on broker/dealers who sell penny stocks, potentially affecting the ability of broker/dealers to sell its securities and the ability of shareholders to sell shares in the secondary market. The company's shares are covered by penny stock rules that require a one page summary of essential items, including the risk of investing in penny stocks, which may affect the ability to sell shares.

Management's message emphasizes the company's exploration stage status, with no revenues generated and substantial doubt about its ability to continue as a going concern, requiring additional capital to pay bills and implement its project. The company's plan is to raise equity financing as required, and it will attempt to raise additional money through a subsequent private placement, public offering or through loans, though no arrangements have been made to raise additional cash at the present time. The strategic priorities are to find mineralized material, specifically an ore body containing gold, and to obtain necessary financing to complete the development of its properties, with the company's success depending upon finding mineralized material and the determination by a consultant that the property contains reserves.

For the year ended June 30, 2026, the company reported total operating expenses of $60,131, compared to $69,127 for the year ended June 30, 2025, with no revenue generated in either year. Net loss and comprehensive loss for fiscal 2026 was $60,131, compared to $69,127 in fiscal 2025, and basic and fully diluted loss per share was $0.01 for both years, with weighted average common shares outstanding of 7,070,000 for both years. The company's cash position remained at $45 at June 30, 2026 and June 30, 2025, with net cash used in operating activities of $37,315 in fiscal 2026, compared to $47,081 in fiscal 2025, and net cash provided by financing activities of $37,315 in fiscal 2026, compared to $47,113 in fiscal 2025. The company's working capital deficit was $948,299 as of June 30, 2026, compared to $888,168 as of June 30, 2025, and accumulated deficit during the exploration stage was $1,055,359 as of June 30, 2026, compared to $995,228 as of June 30, 2025. Total liabilities were $951,343 as of June 30, 2026, compared to $891,112 as of June 30, 2025, with accounts payables and accrued liabilities of $177,311, loan payable of $284,058, and due to related parties of $489,974 as of June 30, 2026. The company's total stockholders' deficiency was $948,299 as of June 30, 2026, compared to $888,168 as of June 30, 2025, with common stock value of $70 and additional paid in capital of $106,990 as of both dates. The company's mineral property value was written off in prior years, and no further expenditures were incurred on the properties during fiscal 2026 due to lack of cash.

The company faces a material risk of ceasing operations due to a going concern opinion, with substantial doubt about its ability to continue as an on-going business for the next twelve months unless it obtains additional capital, as it has not generated any revenues and has a working capital deficit of $948,299 ¹ and accumulated losses of $1,055,359 ² since inception. The company's ability to continue depends on raising equity financing, but there is no assurance that future financing will be available on acceptable terms, and if financing is not available, the company may be unable to continue, develop or expand its operations. The company's exploration success is uncertain, as it has not yet selected a consultant to determine if the property contains reserves, and if mineralized material is not found or is not economically feasible to remove, the company will cease operations and investors will lose their investment. The company's securities are subject to penny stock rules under Section 15(g) of the Securities Exchange Act of 1934, which impose additional sales practice requirements on broker/dealers, potentially affecting the ability to sell shares in the secondary market. The company's operations are subject to numerous environmental laws and regulations that are evolving and frequently modified, and compliance may require capital expenditures that cannot be accurately predicted, which could adversely affect the company's financial condition.