Condensed Interim Consolidated Financial Statements of
CONSTANTINE METAL RESOURCES LTD.
(Expressed in Canadian Dollars)
For the six months ended April 30, 2022 and 2021
S u i t e 3 2 0 - 800 W e s t Pe n d e r St . , Van c ouv er, B . C . Ca n a da V6 C 2V6
Phone (604) 629 - 2348 Fax (604) 608 - 3 8 7 8
Notice to Reader:
These condensed consolidated interim financial statements of Constantine Metal Resources Ltd. (the "Company") have been prepared by management and approved by the Audit Committee on behalf of the Board of Directors of the Company. In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its external auditors have not reviewed these condensed consolidated interim financial statements, notes to financial statements and the related quarterly Management Discussion and Analysis.
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Condensed Interim Consolidated Statements of Financial Position
As at April 30, 2022 and October 31, 2021
(Expressed in Canadian dollars)
April 30, | October 31, | |||
2022 | 2021 | |||
Assets | ||||
Current assets: | ||||
Cash | $ | 1,090,492 | $ | 1,168,348 |
Amounts receivable | 209,725 | 322,053 | ||
Advances and prepaid expenses | 10,835 | 28,175 | ||
1,311,052 | 1,518,576 | |||
Exploration and evaluation properties (Note 4) | 21,547,523 | 21,401,202 | ||
Land (Note 5) | 28,506 | 28,506 | ||
Performance bonds | 31,980 | 30,960 | ||
Right-of-use asset (Note 6) | 122,660 | 137,680 | ||
$ | 23,041,721 | $ | 23,116,924 | |
Liabilities | ||||
Current liabilities: | ||||
Trade payables and accrued liabilities | $ | 257,688 | $ | 458,776 |
Current portion of lease liability (Note 6) | 30,039 | 30,039 | ||
Amounts due to related parties (Note 9) | 361,200 | 465,185 | ||
648,927 | 954,000 | |||
Long-term liabilities: | ||||
Long-term portion of lease liability (Note 6) | 110,277 | 121,778 | ||
Loan facility (Note 7) | 1,057,008 | 995,339 | ||
1,167,285 | 1,117,117 | |||
1,816,212 | 2,071,117 | |||
Equity | ||||
Share capital (Note 8) | 30,294,844 | 29,665,310 | ||
Subscription receipts | - | (105,214) | ||
Stock options reserve | 3,250,543 | 3,250,543 | ||
Warrants reserve | 530,054 | 530,054 | ||
Accumulated deficit | (12,849,932) | (12,294,886) | ||
21,225,509 | 21,045,807 | |||
$ | 23,041,721 | $ | 23,116,924 | |
Nature of Operations (Note 1) | ||||
Event Subsequent to the end of the Period (Note 13) | ||||
On Behalf of the Board of Directors: | ||||
"J. Garfield MacVeigh" | "G. Ross McDonald" | |||
___________________________ | ___________________________ | |||
Director | Director |
See accompanying notes to the condensed interim consolidated financial statements.
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Condensed Interim Consolidated Statements of Loss and Comprehensive Loss For the three and six months ended April 30, 2022 and 2021
(Expressed in Canadian dollars)
Three months ended April 30 | Six months ended April 30 | ||||||||
2022 | 2021 | 2022 | 2021 | ||||||
Expenses: | |||||||||
Amortization (Note 6) | $ | 7,510 | $ | 7,510 | $ | 15,020 | $ | 15,020 | |
Consulting | 10,136 | 15,000 | 15,630 | 28,143 | |||||
Finance expense (Note 7) | 3,640 | 3,617 | 7,932 | 6,809 | |||||
General and administrative | 61,476 | 16,589 | 134,971 | 59,613 | |||||
Insurance | 5,875 | 50 | 11,750 | 50 | |||||
Interest | - | 5,005 | - | 10,184 | |||||
Legal | 88,737 | 2,064 | 186,296 | 79,761 | |||||
Loan accretion (Note 7) | 5,093 | 4,920 | 11,099 | 9,266 | |||||
Loan interest (Note 7) | 23,286 | 23,135 | 42,639 | 49,067 | |||||
Professional fees - audit | 10,187 | 3,900 | 21,542 | 11,900 | |||||
Salaries, wages and benefits | 56,769 | 59,264 | 96,296 | 93,515 | |||||
Shareholder communications | 2,236 | 955 | 4,939 | 2,418 | |||||
Share-based payments (Note 8(b)) | - | 4,020 | - | 11,485 | |||||
Loss from operations | (274,945) | (146,029) | (548,114) | (377,231) | |||||
Other Items: | |||||||||
Interest income | $ | - | $ | - | $ | 79 | $ | 125 | |
Foreign exchange | 969 | (71,764) | (7,011) | (54,594) | |||||
Net and comprehensive loss for the period | $ | (273,976) | $ | (217,793) | $ | (555,046) | $ | (431,700) | |
Basic and diluted loss per share | $ | (0.00) | $ | (0.00) | $ | (0.01) | $ | (0.01) | |
Weighted average number of common shares outstanding | 60,317,867 | 48,699,528 | 60,317,867 | 48,699,528 | |||||
See accompanying notes to the condensed interim consolidated financial statements.
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Condensed Interim Consolidated Statements of Cash Flows
For the six months ended April 30, 2022 and 2021
(Expressed in Canadian dollars)
2022 | 2021 | |||
Cash provided by (used in): | ||||
Operations: | (555,046) | $ | (431,700) | |
Net loss for the period | $ | |||
Items not affecting cash: | ||||
Amortization (Note 6) | 15,020 | 15,020 | ||
Foreign exchange | (1,020) | 4,793 | ||
Share-based payments (Note 8(b)) | - | 11,485 | ||
Loan facility interest, finance expense and accretion (Note 7) | 61,669 | 70,321 | ||
Changes in non-cash working capital accounts: | ||||
Amounts receivable | 112,328 | 82,015 | ||
Trade payables and accrued liabilities | 7,962 | (433,277) | ||
Exploration costs recoverable from partner | - | 1,720 | ||
Amounts due to related parties (Note 9) | (103,985) | 572,703 | ||
Advances and prepaid expenses | 17,340 | - | ||
(445,732) | (106,920) | |||
Investing activities: | ||||
Cost recoveries adjustment- Palmer project management fees | $ | (19,448) | $ | - |
Exploration and evalution properties (Note 4) | 59,627 | (94,144) | ||
Purchase of equipment | - | (19,817) | ||
40,179 | (113,961) | |||
Financing activities: | ||||
Exercise of stock options (Note 8(a)) | 33,750 | - | ||
Exercise of warrants (Note 8(a)) | 63,000 | - | ||
Exercise of finders' warrants (Notes 8(a) and (c)) | 137,234 | 65,333 | ||
Subscriptions received | 105,214 | - | ||
Principal repayments on lease liability (Note 6) | (11,501) | (11,629) | ||
327,697 | 53,704 | |||
Net change in cash | (77,856) | (167,177) | ||
Cash, beginning of year | 1,168,348 | 268,101 | ||
Cash, end of period | $ | 1,090,492 | $ | 100,924 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||||
Interest income | $ | 72 | $ | 125 |
Shares issued for mineral property (Notes 4(b)(ii)) and 8(c)) | 69,000 | - | ||
Trade payables (consulting fees paid in shares) (Note 8(a)) | 209,050 | - | ||
Accounts payable related to exploration and evaluation properties | - | 74,268 | ||
See accompanying notes to the condensed interim consolidated financial statements.
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Constantine Metal Resources Ltd. published this content on 30 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2022 19:22:04 UTC.