Condensed Consolidated
Interim Financial Statements
September 30, 2021
(Unaudited - Expressed in thousands of United States dollars)
SUPERIOR GOLD INC.
Condensed Consolidated Interim Statements of Financial Position (Unaudited)
(Expressed in thousands of United States Dollars)
September 30, 2021 | December 31, 2020 | |||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 20,537 | $ | 17,294 |
Receivables and other assets | 1,445 | 4,275 | ||
Inventories (note 6) | 9,220 | 8,797 | ||
Total current assets | 31,202 | 30,366 | ||
Non-current assets | ||||
Mining interests; and property, | ||||
plant and equipment (note 7) | 72,260 | 78,800 | ||
TOTAL ASSETS | $ | 103,462 | $ | 109,166 |
LIABILITIES | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 15,205 | $ | 15,583 |
Current portion of deferred revenue (note 9) | - | 3,919 | ||
Current portion of derivative financial instruments (note 10) | 239 | 2,156 | ||
Short-term loan (note 8) | - | 1,194 | ||
Current portion of lease obligation (note 17) | 2,665 | 3,085 | ||
Current portion of provisions (note 11) | 5,631 | 5,818 | ||
Total current liabilities | 23,740 | 31,755 | ||
Non-current liabilities | ||||
Lease obligation (note 17) | 8,709 | 10,548 | ||
Provisions (note 11) | 27,578 | 29,216 | ||
Deferred share units liability (note 14 (d)) | 51 | - | ||
Deferred tax liability (note 16) | 2,282 | 515 | ||
Total non-current liabilities | 38,620 | 40,279 | ||
TOTAL LIABILITIES | $ | 62,360 | $ | 72,034 |
SHAREHOLDERS' EQUITY | ||||
Share capital (note 14(a and b)) | $ | 62,493 | $ | 62,008 |
Contributed Surplus | 6,605 | 6,484 | ||
Accumulated other comprehensive income (loss) | (3,383) | (931) | ||
Retained deficit | (24,613) | (30,429) | ||
TOTAL EQUITY | $ | 41,102 | $ | 37,132 |
TOTAL EQUITY AND LIABILITIES | $ | 103,462 | $ | 109,166 |
Commitments and contingencies note 12
The accompanying notes are an integral part of these consolidated financial statements.
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SUPERIOR GOLD INC.
Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)
(Unaudited)
(Expressed in thousands of United States Dollars, except per share amounts)
Three months ended | Nine months ended | ||||||||
September 30 | September 30 | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||
REVENUES | |||||||||
Metal sales (note 5) | $ | 34,187 | 27,223 | $ | 99,825 | $ | 78,725 | ||
EXPENSES | |||||||||
Cost of sales | 28,300 | 25,600 | 84,751 | 73,456 | |||||
Exploration expense | 834 | 811 | 2,053 | 2,068 | |||||
General and administrative | 1,425 | 1,209 | 4,450 | 2,907 | |||||
OPERATING INCOME (LOSS) | 3,628 | (397) | 8,571 | 294 | |||||
OTHER EXPENSES (INCOME) | |||||||||
Net finance cost (note 15) | 283 | 515 | 974 | 1,849 | |||||
Restructuring expenses | 1,113 | 1,173 | 1,927 | 1,173 | |||||
Gain on sale of assets | (59) | - | (64) | - | |||||
Change in valuation of royalty payable (note 19) | - | - | - | 132 | |||||
Change in valuation of derivative financial | |||||||||
instruments (note 10) | (90) | (66) | (1,903) | 3,297 | |||||
INCOME (LOSS) BEFORE TAXES | 2,381 | (2,019) | 7,637 | (6,157) | |||||
Income and mining tax expense (note 16) | 1,290 | 32 | 1,821 | 94 | |||||
NET INCOME (LOSS) FOR THE PERIOD | $ | 1,091 | $ | (2,051) | $ | 5,816 | $ | (6,251) | |
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
Foreign currency translation difference on foreign | |||||||||
operations | (1,553) | 695 | (2,452) | 127 | |||||
TOTAL COMPREHENSIVE INCOME (LOSS) | |||||||||
FOR THE PERIOD | $ | (462) | $ | (1,356) | $ | 3,364 | $ | (6,124) | |
Net income (loss) per share (note 14(e)): | ||||||||
Basic income (loss) per share | $ | 0.01 | $ | (0.02) | $ | 0.05 | $ | (0.06) |
Diluted income (loss) per share | 0.01 | (0.02) | 0.05 | (0.06) | ||||
Weighted average number of Common Shares | ||||||||
outstanding (basic) | 122,309,562 | 97,134,473 | 121,983,420 | 97,111,728 | ||||
Weighted average number of Common Shares | ||||||||
outstanding (diluted) | 122,429,913 | 97,134,473 | 122,244,390 | 97,111,728 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
Page 2 of 20
SUPERIOR GOLD INC.
Condensed Consolidated Interim Statements of Changes in Equity (Unaudited)
(Expressed in thousands of United States Dollars)
Accumulated | |||||||||||
Number of | other | ||||||||||
shares | Share | Contributed | Retained | comprehensive | |||||||
Note | issued | capital | Surplus | earnings | income/(loss) | Total | |||||
Balance as at January 1, 2020 | 96,982,473 | $ | 50,025 | $ | 6,026 | $ (25,656) | $ | (2,928) | $ | 27,467 | |
Shares for services | 14 | 152,000 | 82 | - | - | - | 82 | ||||
Share-based payments | 14 | - | - | 383 | - | - | 383 | ||||
Total comprehensive loss | - | - | - | (6,251) | 127 | (6,124) | |||||
Balance as at September 30, 2020 | 97,134,473 | $ | 50,107 | $ | 6,409 | $ (31,907) | $ | (2,801) | $ | 21,808 | |
Balance as at January 1, 2021 | 121,778,973 | $ | 62,008 | $ | 6,484 | $ (30,429) | $ | (931) | $ | 37,132 | |
Exercise of stock options | 14 | 50,000 | 29 | (8) | - | - | 21 | ||||
Issuance of RSUs | 14 | 906,085 | 456 | (57) | - | - | 399 | ||||
Share-based payments, excluding | |||||||||||
cash settled awards | 14 | - | - | 186 | - | - | 186 | ||||
Total comprehensive income (loss) | - | - | - | 5,816 | (2,452) | 3,364 | |||||
Balance as at September 30, 2021 | 122,735,058 | $ | 62,493 | $ | 6,605 | $ (24,613) | $ | (3,383) | $ | 41,102 |
The accompanying notes are an integral part of these consolidated financial statements.
Page 3 of 20
SUPERIOR GOLD INC.
Condensed Consolidated Interim Statements of Cash Flows (Unaudited)
(Expressed in thousands of United States Dollars)
Three months ended | Nine months ended | |||||||
September 30 | September 30 | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Cash flows provided from (used by): | ||||||||
OPERATING ACTIVITIES | ||||||||
Net Income (loss) for the period | $ | 1,091 | $ | (2,051) | $ | 5,816 | $ | (6,251) |
Adjustments: | ||||||||
Depreciation and amortization | 2,569 | 2,486 | 7,581 | 6,449 | ||||
Change in valuation of royalty payable | - | - | - | 132 | ||||
Share-based payments | (19) | 65 | 237 | 383 | ||||
Employee provisions expense | 776 | 739 | 2,851 | 2,126 | ||||
Net finance (income) cost | 283 | 515 | 974 | 1,849 | ||||
Change in valuation of derivative financial | ||||||||
instruments | (90) | (66) | (1,903) | 3,297 | ||||
Gain on sale of assets | (59) | - | (64) | - | ||||
Income tax expense | 1,290 | 32 | 1,821 | 94 | ||||
Gold loan repayments | - | (2,045) | (4,413) | (5,806) | ||||
Employee provisions paid | (776) | (659) | (2,616) | (1,514) | ||||
5,065 | (984) | 10,284 | 759 | |||||
Net changes in non-cash working capital items: | ||||||||
Receivables and other assets | 1,069 | 200 | 2,713 | 2,206 | ||||
Inventories | (959) | (204) | (1,014) | 37 | ||||
Accounts payable and accrued liabilities | 1,119 | 1,365 | 1,016 | (2,909) | ||||
6,294 | 377 | 12,999 | 93 | |||||
INVESTING ACTIVITIES | ||||||||
Interest received | 3 | 7 | 10 | 44 | ||||
Expenditures on mineral interests; and | ||||||||
property, plant and equipment | (1,608) | (1,270) | (4,868) | (4,290) | ||||
Proceeds on sale of assets | 59 | - | 97 | - | ||||
(1,546) | (1,263) | (4,761) | (4,246) | |||||
FINANCING ACTIVITIES | ||||||||
Issuance of Common Shares | - | - | 21 | - | ||||
Repayment of short-term loan | (66) | (122) | (1,200) | (810) | ||||
Repayment of lease obligation | (696) | (858) | (2,524) | (2,786) | ||||
Interest paid | (174) | (156) | (586) | (327) | ||||
(936) | (1,136) | (4,289) | (3,923) | |||||
Effect of exchange rates on cash & cash | ||||||||
equivalents | (687) | 484 | (706) | (79) | ||||
Increase (decrease) in cash and cash equivalents | 3,125 | (1,538) | 3,243 | (8,155) | ||||
Cash and cash equivalents, beginning of period | 17,412 | 15,615 | 17,294 | 22,232 | ||||
Cash and cash equivalents, end of period | 20,537 | 14,077 | 20,537 | 14,077 |
The accompanying notes are an integral part of these consolidated financial statements.
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Superior Gold Inc. published this content on 14 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 July 2022 20:03:04 UTC.