MANITOU GOLD INC. MANITOU GOLD INC.
CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2022
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
Notice To Reader
The accompanying unaudited condensed consolidated interim financial statements of Manitou Gold Inc. (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed consolidated interim financial statements have not been reviewed by the Company's auditors.
Manitou Gold Inc.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in Canadian Dollars)
Unaudited
September 30, | December 31, | |||
2022 | 2021 | |||
Assets | ||||
Current assets | $ | 696,329 | ||
Cash | $ | 2,239,736 | ||
Amounts receivable and other assets (note 3) | 86,740 | 388,225 | ||
Marketable securities (note 4) | 1,000,000 | - | ||
Total current assets | 1,783,069 | 2,627,961 | ||
Non-current assets | 42,369 | |||
Equipment (note 5) | 27,861 | |||
Total assets | $ | 1,825,438 | $ | 2,655,822 |
Liabilities and Shareholders' Equity | ||||
Current liabilities | $ | 56,918 | ||
Accounts payable and accrued liabilities (notes 6 and 14) | $ | 165,627 | ||
Flow-through share liability (note 8(b)) | - | 257,495 | ||
Total current liabilities | 56,918 | 423,122 | ||
Non-current liabilities | 60,000 | |||
Loan payable (note 7) | 60,000 | |||
Total liabilities | 116,918 | 483,122 | ||
Shareholders' equity | 27,460,713 | |||
Share capital (note 8) | 27,460,713 | |||
Warrants (note 9) | 1,460,211 | 2,142,750 | ||
Contributed surplus (note 10) | 1,599,772 | 1,652,239 | ||
Deficit | (28,812,176) | (29,083,002) | ||
Total shareholders' equity | 1,708,520 | 2,172,700 | ||
Total shareholders' equity and liabilities | $ | 1,825,438 | $ | 2,655,822 |
The accompanying notes to the unaudited condensed consolidated interim financial statements are an integral part of these statements.
Nature of Operations and Going Concern (note 1)
Commitments and Contingencies (note 15)
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Manitou Gold Inc.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(Expressed in Canadian Dollars)
Unaudited
Three Months | Three Months | Nine Months | Nine Months | |||||
Ended | Ended | Ended | Ended | |||||
September 30, | September 30, | September 30, September 30, | ||||||
2022 | 2021 | 2022 | 2021 | |||||
Operating expenses | ||||||||
Exploration and evaluation expenditures (note 12)$ | 467,872 | $ | 1,127,463 | $ | 118,485 | $ | 4,569,358 | |
Option-based payments (note 10) | 27,400 | 1,143,400 | 27,400 | 1,556,700 | ||||
Office and general (notes 13 and 14) | 160,145 | 216,314 | 542,302 | 1,060,637 | ||||
Professional fees (note 14) | 20,477 | 9,766 | 60,888 | 30,678 | ||||
Total operating expenses | 675,894 | 2,496,943 | 749,075 | 7,217,373 | ||||
Loss before interest and other income | (675,894) | (2,496,943) | (749,075) | (7,217,373) | ||||
Flow-through premium income | - | 306,526 | 257,495 | 1,022,501 | ||||
Net loss and comprehensive | ||||||||
loss for the period | $ | (675,894) | $ | (2,190,417) | $ | (491,580) | $ | (6,194,872) |
Net loss and comprehensive loss per share - | ||||||||
basic and diluted | $ | (0.00) | $ | (0.01) | $ | (0.00) | $ | (0.02) |
Weighted average number of shares outstanding | ||||||||
- basic and diluted (note 11) | 344,567,782 | 319,784,068 | 344,567,782 | 296,959,586 |
The accompanying notes to the unaudited condensed consolidated interim financial statements are an integral part of these statements.
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Manitou Gold Inc.
Condensed Consolidated Interim Statements of Cash Flows
(Expressed in Canadian Dollars)
Unaudited
Nine Months | Nine Months | |||
Ended | Ended | |||
September 30, September 30, | ||||
2022 | 2021 | |||
Operating activities | $ | (491,580) | ||
Net loss for the period | $ | (6,194,872) | ||
Adjustments for: | 9,603 | |||
Depreciation (note 5) | 5,223 | |||
Option-based payments (note 10) | 27,400 | 1,556,700 | ||
Shares issued on acquisition of property rights (note 12) | - | 716,667 | ||
Flow-through premium income | (257,495) | (1,022,501) | ||
Option payments received | (1,000,000) | - | ||
Changes in non-cash working capital items: | 301,485 | |||
Amounts receivable and other assets | (722,935) | |||
Accounts payable and accrued liabilities | (108,709) | (31,676) | ||
Net cash used in operating activities | (1,519,296) | (5,693,394) | ||
Investing activities | (24,111) | |||
Purchase of equipment | - | |||
Net cash used in investing activity | (24,111) | - | ||
Financing activities | - | |||
Issuance of units and shares | 5,031,500 | |||
Cost of issue | - | (186,243) | ||
Warrants exercised | - | 86,035 | ||
Net cash provided by financing activities | - | 4,931,292 | ||
Net change in cash | (1,543,407) | (762,102) | ||
Cash, beginning of period | 2,239,736 | 3,525,086 | ||
Cash, end of period | $ | 696,329 | $ | 2,762,984 |
Supplemental cash flow information | $ | - | ||
Broker warrants issued | $ | 76,500 |
The accompanying notes to the unaudited condensed consolidated interim financial statements are an integral part of these statements.
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Manitou Gold Inc.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian Dollars)
Unaudited
Equity attributable to shareholders | Number | Share | Contributed | ||||||
of Shares | Capital | Warrants | Surplus | Deficit | Total | ||||
Balance, December 31, 2020 | 263,036,444 | $ 21,880,675 | $ | 2,465,398 | $ | 452,310 | $ (21,773,662) | $ | 3,024,721 |
Issue of units (note 8(b)) | 45,740,909 | 5,031,500 | - | - | - | 5,031,500 | |||
Cost of issue (note 8(b)) | - | (265,743) | 79,500 | - | - | (186,243) | |||
Flow-through share liability (note 8(b)) | - | (1,372,227) | - | - | - | (1,372,227) | |||
Warrants exercised (note 9) | 1,451,160 | 101,179 | (15,144) | - | - | 86,035 | |||
Warrants expired (note 9) | - | - | (418,404) | - | 418,404 | - | |||
Stock options expired (note 10) | - | - | - | (356,771) | 356,771 | - | |||
Shares issued for property acquisition (note 12) | 9,555,555 | 716,667 | - | - | - | 716,667 | |||
Option-based payments (note 10) | - | - | - | 1,556,700 | - | 1,556,700 | |||
Net loss for the period | - | - | - | - | (6,194,872) | (6,194,872) | |||
Balance, September 30, 2021 | 319,784,068 | $ 26,092,051 | $ | 2,111,350 | $ | 1,652,239 | $ (27,193,359) | $ | 2,662,281 |
Balance, December 31, 2021 | 344,567,782 | $ 27,460,713 | $ | 2,142,750 | $ | 1,652,239 | $ (29,083,002) | $ | 2,172,700 |
Warrants expired (note 9) | - | - | (682,539) | - | 682,539 | - | |||
Stock options expired (note 10) | - | - | - | (79,867) | 79,867 | - | |||
Option-based payments (note 10) | - | - | - | 27,400 | - | 27,400 | |||
Net loss for the period | - | - | - | - | (491,580) | (491,580) | |||
Balance, September 30, 2022 | 344,567,782 | $ 27,460,713 | $ | 1,460,211 | $ | 1,599,772 | $ (28,812,176) | $ | 1,708,520 |
The accompanying notes to the unaudited condensed consolidated interim financial statements are an integral part of these statements.
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Manitou Gold Inc. published this content on 18 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2022 18:08:03 UTC.
