(An exploration stage business)
TIER ONE SILVER INC.
Condensed Consolidated Interim Financial Statements
For the three and six months ended June 30, 2022 and 2021
(Unaudited)
Tier One Silver Inc.
Condensed Consolidated Interim Statements of Financial Position
Unaudited (Expressed in Canadian dollars)
As at June 30, | As at December 31, | |||
2022 | 2021 | |||
Assets | ||||
Current assets: | ||||
Cash | $ | 5,082,766 | $ | 2,589,858 |
Accounts receivable | 46,620 | 22,911 | ||
Prepaid expenses and deposits (Note 3) | 852,686 | 764,328 | ||
5,982,072 | 3,377,097 | |||
Non-current assets: | ||||
Prepaid expenses and deposits (Note 3) | 49,138 | 100,282 | ||
Equipment | 51,680 | 57,346 | ||
Mineral property interests (Note 4) | 2,501,697 | 2,546,431 | ||
Equity investments (Note 5) | 116,166 | - | ||
Total assets | $ | 8,700,753 | $ | 6,081,156 |
Liabilities and Equity | ||||
Current liabilities: | ||||
Accounts payable and accrued liabilities | $ | 703,729 | $ | 798,753 |
Provision for site reclamation and closure | 287,547 | 282,905 | ||
991,276 | 1,081,658 | |||
Non-current liabilities: | ||||
Provision for equity investment (Note 5) | 710 | - | ||
Provision for site reclamation and closure | 200,731 | 197,490 | ||
Total liabilities | $ | 1,192,717 | $ | 1,279,148 |
Equity: | ||||
Share capital (Note 6) | $ | 27,030,374 | $ | 21,103,601 |
Share option and warrant reserves | 3,758,322 | 3,020,459 | ||
Accumulated other comprehensive loss | (180,745) | (193,647) | ||
Deficit | (23,099,915) | (19,128,405) | ||
Total equity | 7,508,036 | 4,802,008 | ||
Total liabilities and equity | $ | 8,700,753 | $ | 6,081,156 |
Going concern (Note 1(c)); Commitment (Note 5); Subsequent event (Note 11)
Approved on behalf of the Board of Directors:
"Peter Dembicki" | "Steve Cook" |
President, CEO & Director | Director |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
2
Tier One Silver Inc.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
Unaudited (Expressed in Canadian dollars)
Three months ended June 30, | Six months ended June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Operating expenses: | $ | 641,466 | $ | 1,452,998 | ||||
Exploration and evaluation | $ | 1,704,426 | $ | 2,230,372 | ||||
Fees, salaries and other employee | 569,053 | 1,216,541 | 1,232,433 | 1,495,206 | ||||
benefits | ||||||||
164,536 | 222,442 | |||||||
Legal and professional | 222,411 | 362,588 | ||||||
Marketing and investor relations | 204,166 | 330,773 | 616,711 | 486,593 | ||||
Office and administration | 135,978 | 78,590 | 235,422 | 170,305 | ||||
Project investigation | 14,488 | 33,184 | 26,239 | 38,131 | ||||
Regulatory and transfer agent | 42,659 | 20,475 | 59,042 | 86,652 | ||||
Mineral property impairment | 102,352 | - | 102,352 | 1,689,719 | ||||
(Note 4(iii)) | ||||||||
- | - | |||||||
Costs related to Huilacollo Option | 205,273 | 205,273 | ||||||
termination (Note 4(iii)) | ||||||||
1,874,698 | 3,811,673 | 3,947,639 | 6,764,839 | |||||
Other expenses: | (18,455) | (11,841) | ||||||
Foreign exchange (gain) loss, net | 18,541 | 29,349 | ||||||
Net loss from equity investments | 35,712 | - | 35,712 | - | ||||
(Note 5) | ||||||||
Loss for the period | $ | 1,891,955 | $ | 3,830,214 | $ | 3,971,510 | $ | 6,794,188 |
Other comprehensive loss | ||||||||
Unrealized currency (gain) loss on | (32,165) | 36,128 | (12,902) | 79,887 | ||||
translation | ||||||||
Comprehensive loss for the | $ | 1,859,790 | $ | 3,866,342 | $ | 3,958,608 | $ | 6,874,075 |
period | ||||||||
Basic and diluted loss per share | $ | 0.01 | $ | 0.03 | $ | 0.03 | $ | 0.06 |
Basic and diluted weighted average | 129,258,662 | 125,794,897 | 127,517,210 | 121,310,076 | ||||
number of shares outstanding | ||||||||
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
3
Tier One Silver Inc.
Condensed Consolidated Interim Statements of Changes in Equity
Unaudited (Expressed in Canadian dollars, except share amounts)
Number of | Share | Accumulated | |||
Share | option and | other | |||
common | Deficit | Total | |||
capital | warrant | comprehensive | |||
shares | |||||
reserve | loss | ||||
Balance at December 31, 2020
Shares issued pursuant to offering, net of share issue costs
Share-based compensation (Note 7(a)) Other comprehensive loss
Loss for the period
112,340,434 | $ | 7,980,154 | $ | - $ | (124,416) | $ | (1,643,203) | $ | 6,212,535 |
13,454,463 | 13,123,447 | - | - | - | 13,123,447 | ||||
- | - | 1,301,020 | - | - | 1,301,020 | ||||
- | - | - | (79,887) | - | (79,887) | ||||
- | - | - | - | (6,794,188) | (6,794,188) |
Balance at June 30, 2021 | 125,794,897 | $ | 21,103,601 | $ | 1,301,020 | $ | (204,303) | $ | (8,437,391) | $ | 13,762,927 |
Balance at December 31, 2021 | 125,794,897 | $ | 21,103,601 | $ | 3,020,459 | $ | (193,647) | $ | (19,128,405) | $ | 4,802,008 |
Share-based compensation (Note 7(a)) | - | - | 631,859 | - | - | 631,859 | |||||
Units issued pursuant to offering, net of | 13,736,026 | 5,926,773 | 106,004 | - | - | 6,032,777 | |||||
share issue costs (Note 6) | |||||||||||
Other comprehensive loss | - | - | - | 12,902 | - | 12,902 | |||||
Loss for the period | - | - | - | - | (3,971,510) | (3,971,510) | |||||
Balance at June 30, 2022 | 139,530,923 | $ | 27,030,374 | $ | 3,758,322 | $ | (180,745) | $ | (23,099,915) | $ | 7,508,036 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
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Tier One Silver Inc.
Condensed Consolidated Interim Statements of Cash Flows
Unaudited (Expressed in Canadian dollars)
Three months ended June 30, | Six months ended June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Operating activities: | ||||||||
Loss for the period | $ | (1,891,955) | $ | (3,830,214) | $ | (3,971,510) | $ | (6,794,188) |
Non-cash transactions: | ||||||||
Impairment of mineral property (Note 4(iii)) | 102,352 | - | 102,352 | 1,689,719 | ||||
Share-based compensation (Note 7(a)) | 329,428 | 1,301,020 | 631,859 | 1,301,020 | ||||
Depreciation | 2,486 | 4,732 | 6,512 | 4,860 | ||||
Net loss from equity investments (Note 5) | 35,712 | - | 35,712 | - | ||||
Unrealized foreign exchange loss (gain) | 3,122 | (11,505) | (12,462) | (3,342) | ||||
Changes in non-cash working capital: | ||||||||
Accounts receivable | (2,353) | (9,893) | (23,709) | (15,661) | ||||
Prepaid expenses and deposits | (264,997) | (645,408) | (191,204) | (771,900) | ||||
Accounts payable and accrued liabilities | (243,687) | 640,335 | (99,860) | 603,806 | ||||
Cash used in operating activities | (1,929,892) | (2,550,933) | (3,522,310) | (3,985,686) | ||||
Investing activities: | ||||||||
Mineral property additions (Note 4) | (26,703) | (296,972) | (27,297) | (612,746) | ||||
Equity investment (Note 5) | (1,000) | - | (1,000) | - | ||||
Cash used in investing activities | (27,703) | (296,972) | (28,297) | (612,746) | ||||
Financing activities: | ||||||||
Proceeds from issuance of securities, | 6,032,777 | - | 6,032,777 | 13,141,813 | ||||
net of share issue costs (Note 6) | ||||||||
Cash provided by financing activities | 6,032,777 | - | 6,032,777 | 13,141,813 | ||||
Effect of foreign exchange rate changes | 13,339 | (10,419) | 10,738 | (17,263) | ||||
on cash | ||||||||
Increase (decrease) in cash | 4,088,521 | (2,858,324) | 2,492,908 | 8,526,118 | ||||
Cash, beginning of the period | 994,245 | 14,113,780 | 2,589,858 | 2,729,338 | ||||
Cash, end of the period | $ | 5,082,766 | $ | 11,255,456 | $ | 5,082,766 | $ | 11,255,456 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
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Tier One Silver Inc. published this content on 26 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2022 15:41:30 UTC.