CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the three months ended February 28, 2022
(Unaudited - Expressed in Canadian Dollars)
NOTICE TO READER
These condensed interim consolidated financial statements of Forum Energy Metals Corp. have been prepared by management and approved by 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 interim consolidated financial statements, notes to the financial statements or the related quarterly Management's Discussion and Analysis.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited - Expressed in Canadian Dollars)
Note
February 28, 2022
November 30, 2021
ASSETS
Current assets
Cash
Marketable securities
Receivables
Due from joint venture partner
Prepaid expenses
4 $ 5
5,279,404
$ 4,651,020
128,756 17,829
53,763 95,885
7
279,317
-
227,894
160,731
Equipment
Exploration and evaluation assets
5,969,134
4,925,465
6 7
6,463
7,288
944,599
1,037,428
$
6,920,196
$
5,970,181
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade and other payables
Due to joint venture partner
Flow-through share premium liability
8 $
681,811
$ 243,028
- 1,123
9
674,536 390,761
1,356,347
634,912
Shareholders' equity
Capital stock
Contributed surplus - warrants
Contributed surplus - options
10 10 10
53,824,058 53,208,983
2,476,225 2,486,879
6,362,763 5,739,560
Deficit
(57,099,197)
(56,100,153)
5,563,849
5,335,269
$
6,920,196
$
5,970,181
Nature of operations and going concern
1
Approved and authorized by the Board of Directors on April 25, 2022.
"Richard Mazur" | "Larry Okada" |
Richard Mazur | Larry Okada |
Director | Director |
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
(Unaudited - Expressed in Canadian Dollars)
Note
Three months ended February 28, 2022 2021
EXPENSES
Amortization Consulting fees Director fees
Exploration and evaluation expenditures Exploration and evaluation recoveries Investor relations and shareholder information Management fees earned
Office and administration Professional fees Share-based compensation Transfer agent and regulatory fees Travel and promotion
6 $
825 $ 826
11
96,000 68,500
11
7,500 7,500
7
304,660 25,150
7
(155,896)
83,146
- 62,049
7
- (29,651)
31,060 10,943
23,667 17,605
10
623,203 29,280
42,544 58,063
3,019
(1,059,728) $
- (250,265)
Flow-through share premium recovery Foreign exchange loss
Interest Income
Unrealized gain (loss) on marketable securities
9
5
62,383
(2,173)
(2,823)
3,297
2,238 - - 3,306
LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD
$
(999,044) $
(244,721)
Basic and diluted loss per common share
$
(0.01) $
(0.00)
Weighted average number of common shares outstanding
169,360,740
137,264,071
Condensed Interim Consolidated Statements of Cash Flows
(Unaudited - Expressed in Canadian Dollars)
Three months ended February 28, 2022 2021
CASH PROVIDED BY (USED FOR): OPERATING ACTIVITIES:
Loss for the period Items not affecting cash:
Amortization
Share-based compensation Flow-through share premium recovery Shares received from JV partner
Unrealized loss (gain) on marketable securities
Change in non-cash working capital items:
$
(999,044) $
(244,721)
825 623,203 (62,383) (113,750)
826 29,280 (2,238)
-2,823 (3,306)
Receivables
42,122 (21,490)Due from joint venture partner (1,123) (226,163)Prepaid expenses
Trade and other payables Due to joint venture partner
(67,163) (47,812) 438,783 (93,790) (279,317) (100,000) (415,024) (709,414)
INVESTING ACTIVITIES:
Acquisition of exploration and evaluation assets
Option payments received on exploration and evaluation assets
(65,025) (6,318)
157,854 92,829
60,000 53,682
FINANCING ACTIVITIES:
Proceeds from private placements Share issuance costs
Proceeds from exercise of warrants
1,000,012
1,500,000
(60,000)
(46,816)
10,567 350,590
Proceeds from exercise of stock options - 117,500
Repayment of promissory notes Obligation to issue shares
- - 950,579
(20,325)
5,000 1,905,949
INCREASE IN CASH FOR THE PERIOD
CASH, BEGINNING OF THE PERIOD
628,384 1,250,217
4,651,020 1,308,527
CASH, END OF THE PERIOD
$
5,279,404
$
2,558,744
Non-cash investing and financing activities
Fair value of broker warrants issued Supplemental information
Interest paid
Income taxes paid
$ $
- - -
$ 34,854
$
- -
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Forum Energy Metals Corp. published this content on 25 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2022 22:39:03 UTC.