Adventus Mining : 2021Q3 Interim Financial Statements

ADVENTUS MINING CORPORATION

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

TABLE OF CONTENTS
Condensed Consolidated Statements of Financial Position ..........................................................................	1
Condensed Consolidated Statements of Earnings (Loss)..............................................................................	2
Condensed Consolidated Statements of Comprehensive Earnings (Loss)....................................................	3
Condensed Consolidated Statements of Cash Flows ....................................................................................	4
Condensed Consolidated Statements of Changes in Equity..........................................................................	5
Notes to the Condensed Consolidated Financial Statements ...................................................................	6-17

ADVENTUS MINING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(UNAUDITED) AS AT

(Expressed in thousands of United States dollars)	Notes		September 30,		December 31, 2020
	2021
ASSETS
Current assets
Cash and cash equivalents		$	9,043	$	21,618
Advances made on options to acquire mineral interests	8		27		21
Other receivables and prepaid expenses	8		199		745
Total current assets		$	9,269	$	22,384
Non-current assets
Exploration and evaluation assets	7	$	15,355	$	12,866
Options to acquire mineral interests	7		44,221		28,844
Property, plant and equipment	6		281		337
Investment in associate	4		-		1,094
Total non-current assets		$	59,857	$	43,141
TOTAL ASSETS		$	69,126	$	65,525
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities		$	3,377	$	1,236
Total current liabilities		$	3,377	$	1,236
Equity
Shareholders' equity		$	64,301	$	62,831
Non-controlling interest			1,448		1,458
Total equity		$	65,749	$	64,289
TOTAL LIABILITIES AND EQUITY		$	69,126	$	65,525
Commitments (Note 13)
Subsequent event (Note 14)
On behalf of the Board (Approved on November 23, 2021)
/s/ "Christian Kargl-Simard"			/s/ "Paul Sweeney"
Christian Kargl-Simard, Director		Paul Sweeney, Director

The accompanying notes form an integral part of these condensed consolidated financial statements.

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ADVENTUS MINING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(UNAUDITED)

		For the three months ended		For the nine months ended
(Expressed in thousands of United States dollars,		September 30,		September 30,
except per share amounts)	Notes	2021		2020		2021		2020
Expenses and other income
Employee benefits	$	239	$	248	$	1,003	$	704
Professional and consulting fees		400		379		676		599
Other expenses		208		117		630		352
Share-based compensation	9(b) 9(c)	155		253		528		823
Impairment loss on investment	5	-		-		-		162
Reversal of impairment loss in associate	4	-		-		(1,253)		-
Depreciation		5		8		29		10
Foreign exchange loss (gain)		150		(98)		28		220
Interest income		(7)		(17)		(37)		(48)
Loss (gain) on dilution of investment in	4	-		7		(18)		-
associate
Share of loss in associate	4	-		13		118		42
Gain on disposal of investment in associate	4	(2,985)		-		(2,985)		-
	$	(1,835)	$	910	$	(1,281)	$	2,864
Earnings (loss) before income tax expense		1,835		(910)		1,281		(2,864)
Income tax expense		-		-		-		-
Net earnings (loss)	$	1,835	$	(910)	$	1,281	$	(2,864)
Net earnings (loss) attributable to:
Common shareholders		1,839		(907)		1,291		(2,857)
Non-controlling interest		(4)		(3)		(10)		(7)
	$	1,835	$	(910)	$	1,281	$	(2,864)
Net earnings (loss) per common share						`
attributable to common shareholders
Basic and diluted	$	0.01	$	(0.01)	$	0.01	$	(0.03)
Weighted average number of shares outstanding
Basic	9(d)	131,141,382		116,233,483		131,137,902		105,845,460
Diluted	9(d)	132,522,382		116,233,483		132,518,902		105,845,460

The accompanying notes form an integral part of these condensed consolidated financial statements.

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ADVENTUS MINING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

(UNAUDITED)

		For the three months ended		For the nine months ended
		September 30,			September 30,
(Expressed in thousands of United States dollars)		2021		2020		2021		2020
Net earnings (loss)	$	1,835	$	(910)	$	1,281	$	(2,864)
Other comprehensive earnings (loss)
To be reclassified subsequently to profit or loss:

Foreign currency translation adjustment on foreign operations

Other comprehensive earnings

Reclassified to profit and loss:

Foreign currency translation adjustment on investment disposed of in the period

3

2

6

(26)

(94)

-

(66)

-

Total comprehensive earnings (loss)	$	1,744	$	(908)	$	1,221	$	(2,890)
Total comprehensive earnings (loss) attributable to:
Common shareholders		1,748		(905)		1,231		(2,883)
Non-controlling interest		(4)		(3)		(10)		(7)
	$	1,744	$	(908)	$	1,221	$	(2,890)

The accompanying notes form an integral part of these condensed consolidated financial statements.

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