Condensed Interim Consolidated Financial Statements For the Three months Ended March 31, 2022 and 2021
RESPONSIBILITY FOR CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
The accompanying condensed interim consolidated financial statements of Marathon Gold Corporation and all information in this financial report are the responsibility of the Board of Directors and Management. The condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), including International Accounting Standard ("IAS") 34 - Interim Financial Reporting and, where appropriate, include management's best estimates and judgments.
Management maintains a system of internal control designed to provide reasonable assurance that assets are safeguarded from loss or unauthorized use, and that financial information is timely and reliable. However, any system of internal control over financial reporting, no matter how well designed and implemented, has inherent limitations, and may not prevent or detect all misstatements.
The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting and is ultimately responsible for reviewing and approving the condensed interim consolidated financial statements.
The Board of Directors carries out this responsibility principally through its Audit Committee. The Board of Directors appoints the Audit Committee, and all of its members are independent directors. The Audit Committee meets at least quarterly with Management and the auditors to review internal controls, audit results, accounting principles and related matters. The Board of Directors approves the condensed interim consolidated financial statements on recommendation from the Audit Committee.
/s/ Matthew L. Manson | /s/ Julie L. Robertson | |
Matthew L. Manson | Julie Robertson | |
President and Chief Executive Officer | Chief Financial Officer |
Toronto, Canada
May 12, 2022
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TABLE OF CONTENTS
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ……………………………………………………………… | 3 |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS ……………………………. | 4 |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS …………..……………………………………………………………… | 5 |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ….…………………………………………………………… | 6 |
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | |
1. NATURE OF OPERATIONS ………………………………………………………………………………………………………………………………………….. | 7 |
2. BASIS OF PREPARATION …………………………………………………………………………………………………………………………………………… | 7 |
3. SUMMARY OF ACCOUNTING POLICIES ……………………………………………………………………………………………………………………… | 8 |
4. MINERAL EXPLORATION AND EVALUATION ASSETS …………………………………………………………………………………………………… | 8 |
5. PROPERTY, PLANT AND EQUIPMENT …………………………………………………………………………………………………………………………. | 10 |
6. LEASE LIABILITY ………………………………………………………………………………………………………………………………………………………… | 10 |
- CREDIT FACILITY ……………………………………………………………………………………………………………………………………………………….. 11
- SHARE CAPITAL …………………………………………………………………………………………………………………………………………………………. 12
9. SHARE-BASED COMPENSATION ………………………………………………………………………………………………………………………………… 13
- LOSS PER COMMON SHARE …………………………………………………………………………………………………………………………………….. 16
- GENERAL AND ADMINISTRATIVE EXPENSE ………………………………………………………………………………………………………………. 16
- SALARIES, WAGES AND BENEFITS …………………………………………………………………………………………………………………………….. 16
13. FINANCE INCOME, NET …………………………………………………………………………………………………………………………………………… 17
- OTHER INCOME ……………………………………………………………………………………………………………………………………………………….. 17
- SUPPLEMENTAL CASH FLOW INFORMATION ……………………………………………………………………………………………………………. 18
- RELATED PARTY TRANSACTIONS ………………………………………………………………………………………………………………………………. 18
17. SUBSEQUENT EVENTS ……………………………………………………………………………………………………………………………………………… 18
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MARATHON GOLD CORPORATION Condensed Interim Consolidated Balance Sheets (Unaudited - Stated in thousands of Canadian dollars)
As at | As at | ||||||||
Notes | March 31, | December 31, | |||||||
2022 | 2021 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and cash equivalents | $ | 72,453 | $ | 87,177 | |||||
Amounts receivable | 1,772 | 2,069 | |||||||
Prepaids and deposits | 1,568 | 1,382 | |||||||
Other current assets | 7 | 4,998 | - | ||||||
Total Current Assets | 80,791 | 90,628 | |||||||
MINERAL EXPLORATION AND EVALUATION ASSETS | 4 | 165,895 | 148,095 | ||||||
PROPERTY, PLANT AND EQUIPMENT | 5 | 2,364 | 2,050 | ||||||
Total Assets | $ | 249,050 | $ | 240,773 | |||||
LIABILITIES AND EQUITY | |||||||||
CURRENT LIABILITIES | |||||||||
Trade payable and accrued liabilities | 7 | $ | 8,383 | $ | 3,544 | ||||
Lease liability | 6 | 382 | 291 | ||||||
Flow-through share tax liability | 8 | 898 | 3,178 | ||||||
Total | Current Liabilities | 9,663 | 7,013 | ||||||
LONG TERM LEASE LIABILITY | 6 | 1,183 | 927 | ||||||
DEFERRED SHARE UNIT LIABILITY | 9 | 1,992 | 2,381 | ||||||
RESTRICTED SHARE UNIT LIABILITY | 9 | 598 | 713 | ||||||
DEFERRED TAX LIABILITY | 8,577 | 4,676 | |||||||
Total Liabilities | 22,013 | 15,710 | |||||||
SHAREHOLDERS' EQUITY | |||||||||
SHARE CAPITAL | 8 | 256,278 | 251,936 | ||||||
CONTRIBUTED SURPLUS | 17,022 | 15,574 | |||||||
DEFICIT | (46,290) | (42,486) | |||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | 27 | 39 | |||||||
Total Shareholders' Equity | 227,037 | 225,063 | |||||||
Total Liabilities and Shareholders' Equity | $ | 249,050 | $ | 240,773 |
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
Approved by the Board of Directors | |
/s/ George D. Faught | /s/ Matthew L. Manson |
George D. Faught | Matthew L. Manson |
Director | Director |
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MARATHON GOLD CORPORATION
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited - Stated in thousands of Canadian dollars, except per share data)
For the Three Months Ended | |||||||
March 31, | |||||||
Notes | 2022 | 2021 | |||||
EXPENSES | |||||||
General and administrative expense | 11 | $ | 2,325 | $ | 1,709 | ||
Finance income, net | 13 | (100) | (26) | ||||
Other income | 14 | (42) | (36) | ||||
Loss before tax | 2,183 | 1,647 | |||||
Deferred income tax expense | 1,622 | 995 | |||||
Net Loss | $ | 3,805 | $ | 2,642 | |||
Items that may be reclassified subsequently to net loss: | |||||||
Currency translation adjustment | 12 | 10 | |||||
Comprehensive Loss | $ | 3,817 | $ | 2,652 | |||
Net loss per share | |||||||
Basic and diluted | 10 | $ | 0.01 | $ | 0.01 | ||
Weighted average common shares outstanding - basic and diluted (000s) | 254,272 | 212,474 |
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
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Marathon Gold Corporation published this content on 12 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 May 2022 14:21:03 UTC.