MURCHISON MINERALS LTD. MURCHISON MINERALS LTD.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(Expressed in Canadian Dollars)
(Unaudited)
NOTICE TO READER
The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditor.
MURCHISON MINERALS LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in Canadian Dollars) (Unaudited)
As at
September 30, | December 31, | ||||
2020 | 2019 | ||||
ASSETS | |||||
Current Assets | |||||
Cash | $ | 681,562 | $ | 1,434,347 | |
Amounts receivable and prepaid expenses (Note 6) | 109,954 | 164,187 | |||
Total current assets | 791,516 | 1,598,534 | |||
Investment (Note 7) | 4,177 | 2,196 | |||
Property and equipment (Note 8) | 75,693 | 11,056 | |||
Total assets | $ | 871,386 | $ | 1,611,786 | |
LIABILITIES | |||||
Current Liabilities | |||||
Accounts payable and accrued liabilities (Note 13(a)) | $ | 270,314 | $ | 35,769 | |
Flow-through share premium liability | 77,529 | 330,349 | |||
Total liabilities | 347,843 | 366,118 | |||
EQUITY | |||||
Share capital (Note 10) | 30,605,350 | 29,934,685 | |||
Reserves (Notes 11 and 12) | 918,155 | 745,135 | |||
Deficit | (30,999,962) | (29,434,152) | |||
Total equity | 523,543 | 1,245,668 | |||
Total equity and liabilities | $ | 871,386 | $ | 1,611,786 |
Nature and Continuance of Operations (Note 1)
Commitments and Contingencies (Note 14)
Approved on Behalf of the Board: | |||
"signed" | "signed" | ||
Jean-Charles Potvin | Denis Arsenault | ||
Director | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
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MURCHISON MINERALS LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed in Canadian Dollars) | ||||||||
(Unaudited) | ||||||||
Three Months ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2020 | 2019 | 2020 | 2019 | |||||
EXPENSES | ||||||||
Exploration expenses | $ | 340,175 | $ | 278,709 | $ | 1,611,429 | $ | 809,623 |
Professional fees | 7,000 | 8,313 | 33,329 | 27,859 | ||||
Management fees and salaries (Note 13) | 46,512 | 26,228 | 165,500 | 143,733 | ||||
Office and general | 18,289 | 13,032 | 50,042 | 42,572 | ||||
Regulatory and transfer agent | 581 | 1,460 | 9,759 | 14,696 | ||||
Investor relations | 27,739 | 5,234 | 98,806 | 133,714 | ||||
Share-based payments (Notes 12 and 13) | - | - | - | 61,180 | ||||
Loss before the under noted | 440,296 | 332,976 | 1,968,865 | 1,233,377 | ||||
Interest income | (320) | (1,761) | (2,941) | (6,362) | ||||
Foreign exchange gain | - | - | - | (2) | ||||
Flow-through shares premium | (67,784) | (87,694) | (398,133) | (144,108) | ||||
Unrealized loss (gain) on marketable securities (Note 7) | (517) | (215) | (1,981) | - | ||||
Loss for the period | $ | 371,675 | $ | 243,306 | $ | 1,565,810 | $ | 1,082,905 |
Loss per share - basic and diluted | $ | 0.00 | $ | 0.00 | $ | 0.02 | $ | 0.02 |
Weighted average number of common shares | ||||||||
outstanding - basic and diluted | 75,586,472 | 48,424,426 | 68,397,691 | 45,980,803 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
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MURCHISON MINERALS LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EQUITY
(Expressed in Canadian Dollars) (Unaudited)
Reserves | ||||||||||
Equity settled | ||||||||||
share-based | ||||||||||
Share | payments | Warrants | ||||||||
Capital | reserve | reserve | Deficit | Total | ||||||
Balance, December 31, 2018 | $ 28,895,886 | $ | 808,011 | $ | 458,456 | $ | (29,002,753) | $ | 1,159,600 | |
Loss for the period | - | - | - | (1,082,905) | (1,082,905) | |||||
Issuance of common shares (net of issue costs) | 330,892 | - | - | - | 330,392 | |||||
Issuance of stock options | - | 61,180 | - | - | 61,180 | |||||
Expiry of stock options | - | (513,663) | - | 513,663 | - | |||||
Balance, September 30, 2019 | $ 29,226,778 | $ | 355,528 | $ | 458,456 | $ | (29,571,995) | $ | 468,267 | |
Balance, December 31, 2019 | $ 29,934,685 | $ | 532,660 | $ | 212,475 | $ | (29,434,152) | $ | 1,245,668 | |
Loss for the period | - | - | - | (1,565,810) | (1,565,810) | |||||
Issuance of common shares (net of issue costs) | 670,665 | - | - | - | 670,665 | |||||
Issuance of warrants | - | - | 173,020 | - | 173,020 | |||||
Balance, September 30, 2020 | $ 30,605,350 | $ | 532,660 | $ | 385,495 | $ | (30,999,962) | $ | 523,543 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
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MURCHISON MINERALS LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in Canadian Dollars) | ||||||||
(Unaudited) | ||||||||
Three Months ended | Nine Months ended | |||||||
September 30, | September 30, | |||||||
2020 | 2019 | 2020 | 2019 | |||||
CASH (USED IN) PROVIDED BY: | ||||||||
OPERATING ACTIVITIES | ||||||||
Loss for the period | $ | (371,675) | $ | (243,306) | $ | (1,565,810) | $ (1,082,905) | |
Share-based payments | - | - | - | 61,180 | ||||
Flow-through shares premium | (67,784) | (87,694) | (398,133) | (144,108) | ||||
Unrealized loss (gain) on marketable securities | (517) | (215) | (1,981) | - | ||||
Amortization | 4,113 | 1,975 | 12,050 | 1,975 | ||||
Common shares issued for mineral property | - | - | - | 65,000 | ||||
Net change in non-cash working capital items: | (435,863) | (329,240) | (1,953,874) | (1,098,858) | ||||
Amounts receivable and prepaid expenses | 112,575 | 8,853 | 54,233 | 124,024 | ||||
Accounts payable and accrued liabilities | 111,334 | (48,882) | 234,545 | (70,093) | ||||
Net cash flows used by operating activities | (211,954) | (369,269) | (1,665,096) | (1,044,927) | ||||
INVESTING ACTIVITIES | ||||||||
Acquisition of property and equipment | - | - | (76,687) | (14,216) | ||||
Net cash flows used by investing activities | - | - | (76,687) | (14,216) | ||||
FINANCING ACTIVITIES | ||||||||
Issuance of common shares | 859,092 | - | 1,041,949 | 408,600 | ||||
Issue costs | (40,101) | (500) | (52,951) | (13,199) | ||||
Issuance of promissory note | - | - | 200,000 | - | ||||
Repayment of promissory note | (200,000) | - | (200,000) | - | ||||
Net cash flows provided by financing activities | 618,991 | (500) | 988,998 | 395,401 | ||||
NET CHANGE IN CASH | 407,037 | (369,769) | (752,785) | (663,742) | ||||
CASH, BEGINNING OF THE PERIOD | 274,525 | 882,724 | 1,434,347 | 1,176,697 | ||||
CASH, END OF THE PERIOD | $ | 681,562 | $ | 512,955 | $ | 681,562 | $ | 512,955 |
Supplemental Information | ||||||||
Shares issued for mineral property | $ | - | $ | - | $ | - | $ | 65,000 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
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Murchison Minerals Ltd. published this content on 24 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2022 16:03:01 UTC.
