NUBIAN RESOURCES LTD. Consolidated Financial Statements
For the nine months ended April 30, 2022 and 2021
(Expressed in Canadian Dollars)
NUBIAN RESOURCES LTD. | As at | |||
(Expressed in Canadian dollars) | ||||
Consolidated Statements of Financial Position | ||||
April 30, | July 31, | |||
2022 | ||||
ASSETS | 2021 | |||
urrent | ||||
Cash | $ | 1,738,966 | $ | 3,055,833 |
4,500,000 | ||||
Marketable Securities (Note 4) | 37,163 | - | ||
Accounts receivable (Note 9) | 80,232 | |||
Taxes receivable | - | 43,683 | ||
Assets held for sale (Note 8) | 1,971 | 243,859 | ||
Other current assets | 6,358,332 | 11,907 | ||
Total Current Assets | 3,355,282 | |||
Non Curre t Assets | 2,533 | |||
Reclamation deposits | 75,366 | |||
Equipment (Note 5) | 84,468 | 3,703 | ||
8,775,846 | ||||
Exploration and evaluation assets (Notes 6 and 7) | $ | 15,221,179 | 8,221,745 | |
Total Assets | $ | 11,656,096 | ||
LIABILITIES | ||||
Curre | - | $ | 438,909 | |
Accounts payable and accrued liabilities | $ | |||
Deposits on assets held for sale (Note 8) | 308,263 | 12,800 | ||
734,100 | ||||
Promissory note (Note 10) | 1,042,363 | 683,524 | ||
Total Liabilities | 1,135,233 | |||
EQUITY | ||||
Share capital (Note 11) | 26,753,074 | 26,717,174 | ||
3,869,339 | ||||
Share-based compensation reserve | (16,193,597) | 3,869,339 | ||
Deficit | (250,000) | (20,065,650) | ||
Accumulated other comprehensive income | 14,178,816 | - | ||
Total Equity | $ | 10,520,863 | ||
Total Liabilities and Equity | $ | 15,221,179 | ||
11,656,096 |
Going Concern (Note 1)
Approved and authorized for issue on behalf of the Board of Directors on June 29, 2022 by:
"Martin Walter" | "Markus Janser" |
Director | Director |
The accompanying notes are an integral part of these consolidated financial statements.
2
NUBIAN RESOURCES LTD.
(ExpressedConsolidatedin CanadianStatementsdollars) of Operations and Comprehensive Loss
Three Months Ended April 30 | Nine months ended April 3 | |||||||
Expenses | 2022 | 2021 | 2022 | 2021 | ||||
Amortization | $ | 390 | $ | 1,336 | $ | 1,170 | $ | 2,835 |
16,244 | - | 50,576 | - | |||||
Accretion | 557 | 711 | 1,189 | 2,539 | ||||
Bank charges | 1,586 | 1,989 | 3,569 | 3,184 | ||||
Employee Benefits | 18,472 | 57,196 | 56,528 | 127,338 | ||||
Filing fees | 49,580 | (58,007) | 67,425 | (115,054) | ||||
Foreign exchange | 3,312 | 5,500 | 9,936 | 13,410 | ||||
Insurance | ||||||||
Investor relations and | 8,509 | 31,826 | 35,234 | 107,039 | ||||
promotion | 105,500 | 81,500 | 280,500 | 267,000 | ||||
Management and director fees | 10,042 | 9,000 | 28,290 | 39,552 | ||||
Office | 22,757 | 626 | 67,890 | 49,995 | ||||
Professional fees | - | - | - | 8,122 | ||||
Property investigation costs | 8,077 | 11,505 | 24,249 | 24,775 | ||||
Rent and utilities | ||||||||
Share-based compensation | - | - | - | 929,850 | ||||
(Note 8d) | 1,059 | - | 1,646 | 1,531 | ||||
Telecommunications | 9,525 | - | 9,525 | 2,752 | ||||
Travel and accommodation | - | - | 8,549 | 6,943 | ||||
Write-off of exploration and | ||||||||
evaluation assets | ||||||||
Total Expenses | (256,110) | (143,182) | (646,276) | (1,471,811) | ||||
Other Income | ||||||||
Gain on disposition of assets | (612) | - | 4,518,329 | - | ||||
held for sale | ||||||||
Net Income (loss) | (256,722) | (143,182) | (3,872,053 | (1,471,811) | ||||
Comprehensive Income | ||||||||
Unrealized loss on available for | (3,000,000) | - | (250,000) | - | ||||
sale securities | ||||||||
Net Income (Loss) And | $ | $ | ||||||
Comprehensive Income | $ | (3,276,722) | (143,182) | $ | 3,622,053 | (1,471,811) | ||
(Loss) For The Period | ||||||||
Net Income (Loss) Per Share, | $ | $ | ||||||
Basic and Diluted | $ | (0.00) | (0.00) | $ | 0.06 | (0.02) | ||
Comprehensive Income | ||||||||
(Loss), Per Share, Basic and | $ | (0.05) | $ | (0.00) | $ | (0.00) | $ | (0.00) |
Diluted | ||||||||
Net Income (Loss) and | $ | $ | ||||||
Comprehensive Income | $ | (0.05) | (0.00) | $ | 0.06 | (0.02) | ||
(Loss), Per Common Share, | ||||||||
Basic and Diluted | ||||||||
Weighted Average Number of | 64,571,105 | 64,032,637 | 64,520,626 | 59,762,642 |
Shares OutstandingThe accompanying notes are an integral part of these consolidated financial statements. 3
NUBIAN RESOURCES LTD. | Share-based | Accumulated | ||||||||
(Expressed in Canadian dollars) | ||||||||||
Consolidated Statements of Changes in Equity | ||||||||||
Number of | compen- | Accumulated | other | |||||||
common | sation | comprehen- | ||||||||
shares | Share capital | reserve | deficit | sive income | Total equity | |||||
Balance, July 31, 2020 | 42,918,466 | $ | 17,956,538 | $ 2,678,829 | $ (18,364,318) | - | $ | 2,271,049 | ||
Share-based compensation | - | - | 929,850 | - | - | 929,850 | ||||
Private placement (Note 11) | 10,000,000 | 4,200,000 | - | - | - | 4,200,000 | ||||
Shares issued on exercise of warrants | 1,124,049 | 226,812 | - | - | - | 226,812 | ||||
Shares issued on exercise of options | 235,000 | 50,840 | (22,340) | - | - | 28,500 | ||||
Issued on acquisition of 60% of BIPM | 4,361,760 | 671,440 | - | - | - | 671,440 | ||||
Issued on acquisition of Stavely Projects | 5,050,000 | 2,314,800 | - | - | - | 2,314,800 | ||||
Finders' fees on acquisitions | 460,165 | 121,026 | - | - | - | 121,026 | ||||
Share issuance costs related to private placement | - | (274,822) | - | - | $ | - | (274,822) | |||
Net loss for the period | - | - | - | (1,471,811) | - | (1,471,811) | ||||
Balance, April 30, 2021 | 64,149,440 | $ | 25,226,634 | 3,586,339 | (19,836,129) | $ | - | 9,016,844 | ||
Balance, July 31, 2021 | 64,291,6 | 26,717,174 | 3,869,339 | (20,065,650) | - | 10,52 ,863 | ||||
Shares issued on exercise of warrants | 54,500 | 10,900 | - | - | 10,900 | |||||
Shares issued on exercise of options | 225,000 | 25,000 | - | - | - | 25,000 | ||||
Net income (loss) for the period | - | - | - | 3,872,053 | - | 3,872,053 | ||||
Comprehensive income for the period | - | - | - | - | (250,000) | (250,000) | ||||
Balance, April 30, 2022 | The accompanying notes are an integral part of these consolidated financial statements. | $ | (250,000) | 14,178,816 | ||||||
64,571,105 | $ | 26,753,074 | 3,869,339 | (16,193,597) |
4
NUBIAN RESOURCES LTD. | Nine Months Ended | |||
(Expressed in Canadian dollars) | ||||
Consolidated Statements of Cash Flows | ||||
April 30, | ||||
2022 | 2021 | |||
Cash Provided By (Used In) | ||||
Opera ing Activities | $ | (1,471,811) | ||
Net income (loss) | $ | 3,872,053 | ||
Items not affecting cash: | 1,170 | 2,835 | ||
Amortization | 50,576 | |||
Accretion on promissory note | (4,518,329) | - | ||
Gain on disposition of assets held for sale | - | - | ||
Share-based compensation | 929,850 | |||
Changes in non-cash operating assets and liabilities: | (36,549) | (26,086) | ||
Taxes receivable | (27,227) | |||
Other current assets | (131,258) | (26,827) | ||
Cash Accounts payable and accrued liabilities | (789,564) | (76,674) | ||
Used In Operating Activities | (779,922) | |||
Investing Activities | - | |||
Net acquisiton of mineral properties | (1,130,828) | |||
(9,102) | ||||
Additions to reclamation deposits | - | - | ||
Additions to equipment | (554,101) | (5,932) | ||
Exploration and evaluation assets costs incurred | - | (415,414) | ||
Exploration asset advances | (563,203) | 139,357 | ||
Cash Used In Investing Activities | (1,412,817) | |||
Financing Activities | - | |||
Proceeds from assets held for sale | 28,800 | |||
Expenses incurred on assets held for sale | - | (1,210) | ||
25,000 | ||||
Proceeds from options exercised | 10,900 | 28,500 | ||
Proceeds from warrants exercised | - | 226,812 | ||
Proceeds from private placements, gross | - | 4,200,000 | ||
Share issuance costs related to private placements | 35,900 | (274,822) | ||
Cash Provided By Financing Activities | 4,208,080 | |||
Increase (Decrease) In Cash | (1,316,867) | |||
Cash, Beginning Of Year | 3,055,833 | 2,126,550 | ||
1,275,232 | ||||
Cash, End Of Period | $ | 1,738,966 | $ | 3,401,782 |
Disclosure Of Supplementary Cash Flow And Non-Cash Investing | ||||
and Financing In mation | $ | 4,750,000 | ||
Consideration fordisposition of assets for sale received as marketable | $ | - | ||
securities (Notes 4 and 8) | $ | - | ||
Advances applied to exploration and evaluation costs | $ | - | $ | 139,357 |
Shares issued for asset acquisitions, including finder' fees | $ | - | $ | 4,611,762 |
Shares issued as finders' fees | $ | - | $ | 198,136 |
The accompanying notes are an integral part of these consolidated financial statements. | 283,000 | |||
Finders warrants on private placement | $ | |||
5 |
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Nubian Resources Ltd. published this content on 30 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2022 02:01:05 UTC.
