CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2023 AND 2022
(Expressed in thousands of Canadian Dollars)
(Unaudited)
Northern Dynasty Minerals Ltd.
Condensed Consolidated Interim Statements of Financial Position
(Unaudited - Expressed in thousands of Canadian Dollars)
June 30 | December 31 | ||||
Notes | 2023 | 2022 | |||
ASSETS | |||||
Non-current assets | |||||
Restricted Cash | 5(b) | $ | 851 | $ | 852 |
Mineral property, plant and equipment | 3 | 124,579 | 127,531 | ||
Total non-current assets | 125,430 | 128,383 | |||
Current assets | |||||
Amounts receivable and prepaid expenses | 4 | 9,845 | 2,662 | ||
Cash and cash equivalents | 5(a) | 3,424 | 14,173 | ||
Total current assets | 13,269 | 16,835 | |||
Total Assets | $ | 138,699 | $ | 145,218 | |
EQUITY | |||||
Capital and reserves | |||||
Share capital | 6 | $ | 700,278 | $ | 700,278 |
Reserves | 6 | 116,263 | 118,369 | ||
Deficit | (689,230) | (675,962) | |||
Total equity | 127,311 | 142,685 | |||
LIABILITIES | |||||
Non-current liabilities | |||||
Lease liabilities | 8 | 385 | 463 | ||
Total non-current liabilities | 385 | 463 | |||
Current liabilities | |||||
Payables to related parties | 7 | 286 | 237 | ||
Trade and other payables | 8 | 10,717 | 1,833 | ||
Total current liabilities | 11,003 | 2,070 | |||
Total liabilities | 11,388 | 2,533 | |||
Total Equity and Liabilities | $ | 138,699 | $ | 145,218 | |
Nature and continuance of operations (note 1) | |||||
Commitments and contingencies (note 13) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
These condensed consolidated interim financial statements are signed on the Company's behalf by:
/s/ Ronald W. Thiessen | /s/ Christian Milau |
Ronald W. Thiessen | Christian Milau |
Director | Director |
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Northern Dynasty Minerals Ltd.
Condensed Consolidated Interim Statements of Comprehensive Loss
(Unaudited - Expressed in thousands of Canadian Dollars, except for share information)
Three months ended June 30 | Six months ended June 30 | ||||||||
Notes | 2023 | 2022 | 2023 | 2022 | |||||
Expenses | |||||||||
Exploration and evaluation expenses | 9, 10 | $ | 1,813 | $ | 2,182 | $ | 4,087 | $ | 4,483 |
General and administrative expenses | 9, 10 | 2,626 | 2,517 | 5,071 | 4,610 | ||||
Legal, accounting and audit | 1,449 | 1,521 | 3,474 | 1,605 | |||||
Share-based compensation | 6(c),(d) | 403 | 6 | 816 | 12 | ||||
Loss from operating activities | 6,291 | 6,226 | 13,448 | 10,710 | |||||
Foreign exchange income | (9) | - | (23) | (3) | |||||
Interest income | (75) | (55) | (172) | (91) | |||||
Finance expense | 14 | 17 | 29 | 34 | |||||
Other income | (13) | - | (14) | - | |||||
Net loss | $ | 6,208 | $ | 6,188 | $ | 13,268 | $ | 10,650 | |
Other comprehensive loss (income) | |||||||||
Items that may be subsequently reclassified to net loss | |||||||||
Foreign exchange translation difference | 6(e) | 2,581 | (3,860) | 2,922 | (2,435) | ||||
Other comprehensive loss (income) | $ | 2,581 | $ | (3,860) | $ | 2,922 | $ | (2,435) | |
Total comprehensive loss | $ | 8,789 | $ | 2,328 | $ | 16,190 | $ | 8,215 | |
Basic and diluted loss per share | 11 | $ | 0.01 | $ | 0.01 | $ | 0.03 | $ | 0.02 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Northern Dynasty Minerals Ltd.
Condensed Consolidated Interim Statements of Cash Flows (Unaudited - Expressed in thousands of Canadian Dollars)
Six months ended June 30 | |||||
Notes | 2023 | 2022 | |||
Operating activities | |||||
Net loss | $ | (13,268) | $ | (10,650) | |
Non-cash or non operating items | |||||
Depreciation | 3 | 82 | 121 | ||
Interest income | (172) | (91) | |||
Share-based compensation | 816 | 12 | |||
Unrealized foreign exchange gain | (7) | (14) | |||
Changes in working capital items | |||||
Amounts receivable and prepaid expenses | (7,151) | 1,402 | |||
Trade and other payables | 8,857 | (109) | |||
Payables to related parties | 49 | (55) | |||
Net cash used in operating activities | (10,794) | (9,384) | |||
Investing activities | |||||
Acquisition of plant and equipment | - | (21) | |||
Disposal of plant and equipment | 1 | - | |||
Interest received on cash and cash equivalents | 140 | 71 | |||
Net cash from investing activities | 141 | 50 | |||
Financing activities | |||||
Payments of principal portion of lease liabilities | (73) | (61) | |||
Net cash used in financing activities | (73) | (61) | |||
Net decrease in cash and cash equivalents | (10,726) | (9,395) | |||
Effect of exchange rate fluctuations on cash and cash equivalents | (23) | 25 | |||
Cash and cash equivalents - beginning balance | 14,173 | 22,291 | |||
Cash and cash equivalents - ending balance | 5(a) | $ | 3,424 | $ | 12,921 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Northern Dynasty Minerals Ltd.
Condensed Consolidated Interim Statements of Changes in Equity
(Unaudited - Expressed in thousands of Canadian Dollars, except for share information)
Notes | Share capital | Reserves | ||||||||||||||||
Equity - | Foreign | |||||||||||||||||
settled | currency | Share | ||||||||||||||||
Number of | share-based | translation | Investment | Purchase | ||||||||||||||
shares | compensation | reserve | revaluation | Warrants | ||||||||||||||
(note 6(a)) | Amount | reserve | (note 6(e)) | reserve | (note 6(b)) | Deficit | Total equity | |||||||||||
Balance at January 1, 2022 | 529,779,388 | $ | 700,278 | $ | 77,723 | $ | 28,758 | $ | (17) | $ | 271 | $ | (651,520) | $ | 155,493 | |||
Share-based compensation | 6(d) | - | - | 12 | - | - | - | - | 12 | |||||||||
Net loss | - | - | - | - | - | - | (10,650) | (10,650) | ||||||||||
Other comprehensive income net of tax | - | - | - | 2,435 | - | - | - | 2,435 | ||||||||||
Total comprehensive loss | (8,215) | |||||||||||||||||
Balance at June 30, 2022 | 529,779,388 | $ | 700,278 | $ | 77,735 | $ | 31,193 | $ | (17) | $ | 271 | $ | (662,170) | $ | 147,290 | |||
Balance at January 1, 2023 | 529,779,388 | $ | 700,278 | $ | 80,024 | $ | 38,091 | $ | (17) | $ | 271 | $ | (675,962) | $ | 142,685 | |||
Share-based compensation | 6(c),(d) | - | - | 816 | - | - | - | - | 816 | |||||||||
Net loss | - | - | - | - | - | - | (13,268) | (13,268) | ||||||||||
Other comprehensive loss net of tax | - | - | - | (2,922) | - | - | - | (2,922) | ||||||||||
Total comprehensive loss | (16,190) | |||||||||||||||||
Balance at June 30, 2023 | 529,779,388 | $ | 700,278 | $ | 80,840 | $ | 35,169 | $ | (17) | $ | 271 | $ | (689,230) | $ | 127,311 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Northern Dynasty Minerals Ltd. published this content on 15 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2023 16:22:06 UTC.