Financial Highlights
- Total assets as at
January 31, 2023 of$42,290,356 - Total cash as at
January 31, 2023 of$6,871,401 - Working capital as at
January 31, 2023 of$11,684,677 - Shareholder's equity as at
January 31, 2023 of$38,864,372
During the fiscal year ended
- Closed the first tranche in the amount of
$10 million of a$15 million non-dilutive mineral royalty financing agreement effectiveDec. 16, 2022 , withTriple Flag Precious Metals Corp. The Triple Flag royalty agreement features a 2.5-per-cent net smelter returns (NSR) mining royalty for all mineral product produced on the ThunderBay North critical minerals (platinum, palladium, copper and nickel) project inNorthern Ontario, Canada , temporarily excepting the Escape claims. Subsequent toJanuary 31, 2023 , the Company received the second tranche of$5 million and added the Triple Flag royalty to the Escape claims. - Completed 2022 diamond drilling, including 17625 m on the Escape and 7068 m on the Current Critical Metal Deposits in November, 2022.
- Signed an Exploration Agreement with its
First Nation Partners , the FortWilliam First Nation , theRed Rock Indian Band and the Biinjitiwaabik Zaaging Anishinaabek for the Thunder Bay North Project in April, 2022. - Announced the closing of a
$12.5 million equity and flow through private placement on strong institutional support, includingMichael Gentile , CFA, in February, 2022.
Financial Summary
For the year ended | ||||
2023 | 2022 | |||
Operating Expenses | $ 5,565,889 | $ 3,405,191 | ||
Net Loss and Comprehensive | (4,816,873) | (2,170,832) | ||
Loss per share – | ||||
Basic and Diluted | $ (0.02) | $ (0.02) | ||
Total Assets | $ 42,290,356 | $ 35,059,465 | ||
Total Liabilities | 3,425,984 | 4,027,436 | ||
Total Shareholders' Equity | $ 38,864,372 | $ 31,032,029 |
Full details of the financial reports and operating results for the year ended
CEO Statement
Grant of Incentive Stock Options
The Company also announces that it has granted an aggregate of 2,032,728 incentive stock options (the "Stock Options"), subject to
Qualified Person
Dr. Geoff Heggie, Ph.D.,
Social Engagement
The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, traveled, and gathered on the lands since time immemorial.
About
Executive Chair Jim Gallagher,
ON BEHALF OF THE BOARD OF DIRECTORS
"
Neither
Cautionary Note
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections.
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