New Risk • Apr 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$945k free cash flow). Negative equity (-CA$2.7m). Earnings have declined by 56% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$1.66m market cap, or US$1.22m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Board Change • Apr 01
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Director Ajit Bhatti is the most experienced director on the board, commencing their role in 2024. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 25
Black Spruce Exploration Inc. Announces Executive and Board Changes Black Spruce Exploration Inc. announce that Kenneth Ralfs has been appointed to the Board of Directors and Omar Gonzalez has been appointed as Secretary of the Company, both effective immediately. Mr. Ralfs graduated with a B.Sc. (Geology) from the University of British Columbia in 1972. Mr. Ralfs has extensive experience working with publicly listed companies, holding roles of Chief Executive Officer and director of various resource companies on the CEO and TSX Venture Exchange, many companies of which have graduated to Senior Board listings. Mr. Gonzalez has over 20 years' experience in audit &assurance in South America, included 5 years of public and private audit practice, financial analysis, and corporate development in Canada. He is bilingual in English and Spanish and has led many assurance &non-assurance engagements for companies in the energy, mining &natural resources, real estate, manufacturing, and consumer business sector. He is a Chartered Professional Accountant in Ontario and Venezuela and holds a bachelor degree with major in Accounting from the Santa Maria University. The Company also announces that Drew Zimmerman has resigned as a director of the Company, Nav Dhaliwal has resigned as Interim President and as director of the Company, and Joseph Meagher has Corporate Secretary of the Company. 
