Magellan Copper & Gold Corp. is an exploration stage company with no proven or probable mineral reserves. The company reported a net loss of $432,025 for the fiscal year ended December 31, 2025, an improvement from a net loss of $769,810 in 2024. Total operating expenses decreased to $281,548 in 2025 from $742,503 in 2024, primarily due to lower impairment expense. Accumulated losses reached $22,195,613 as of December 31, 2025. The working capital deficit increased to $2,093,260 at December 31, 2025, from $1,881,883 at December 31, 2024. Cash on hand was critically low at $547 as of December 31, 2025. The company relinquished its earn-in agreement for the Kris Project in February 2025, transferring its $100,000 deposit towards the Cable Project. An impairment expense of $100,000 was recorded for the Cable Project in 2025, resulting in a $0 balance for mineral rights and properties for this project. The Blue Jacket and Cuprum Project, acquired in January 2024 for 5,500,000 shares (fair value $422,565), was fully impaired by $422,565 in 2024. A Letter of Intent was signed on January 12, 2026, to acquire the Ophir Creek Placer Gold Mine in Alaska for a total purchase price of $2,500,000. Auditors have included explanatory paragraphs in their reports for 2025 and 2024, indicating substantial doubt about the company's ability to continue as a going concern. Management identified material weaknesses in internal control over financial reporting due to a lack of segregation of duties and a limited corporate governance structure.