AMERICAN MANGANESE INC.

Condensed Consolidated Interim Financial Statements

Period ended April 30, 2022

(Unaudited - expressed in Canadian dollars)

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

In accordance with National Instrument 51-102 Part 4, subsections 4.3(3)(a), if an auditor has not performed a review of these condensed consolidated interim financial statements, they must be accompanied by a notice indicating that these condensed consolidated interim financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

2

AMERICAN MANGANESE INC.

Condensed Consolidated Interim Statements of Financial Position As at April 30, 2022 and July 31, 2021

(Unaudited - expressed in Canadian dollars unless specifically indicated otherwise)

April 30, 2022

July 31, 2021

Assets

Current

Cash (Note 4)

$

22,837,087

$

5,905,644

Restricted cash equivalents (Note 4)

23,000

23,000

Amounts receivable (Note 5)

129,979

119,219

Prepaid expenses and advances

111,375

792,449

23,101,441

6,840,312

Non-current

Reclamation deposits

46,842

41,416

Exploration and evaluation assets (Note 7)

713,943

561,964

Total assets

$

23,862,226

$

7,443,692

Liabilities

Current

Accounts payable and accrued liabilities (Note 5)

$

116,971

$

545,271

Equity

Share capital (Note 8)

59,575,716

39,202,150

Share-based payments reserve (Note 8)

25,543,558

17,153,390

Warrants reserve (Note 8)

4,818,778

4,422,363

Deficit

(66,192,796)

(53,879,482)

Total equity

23,745,255

6,898,421

Total liabilities and equity

$

23,862,226

$

7,443,692

Nature and Continuance of Operations (Note 1)

Subsequent events (Note 14)

Approved on behalf of the Board of Directors and authorized for issue on June 29, 2022

Larry W. Reaugh

Director

Norman L. Tribe

Director

The accompanying notes are an integral part of these consolidated financial statements

1

AMERICAN MANGANESE INC.

Condensed Consolidated Interim Statements of Comprehensive Loss For the three and nine-month period ended April 30, 2022 and 2021 (Unaudited-expressed in Canadian dollars unless specifically indicated otherwise)

Nine months ended

Three months ended

April 30

April 30

2022

2021

2022

2021

Expenses

Administration (Note 9)

$

12,643,645

$

3,690,849

$

4,120,984

$

2,375,995

Loss from operations

12,643,645

3,690,849

4,120,984

2,375,995

Finance income

(39,280)

(98)

(23,632)

(40)

Foreign exchange loss

(35,591)

24,878

(3,736)

25,088

Government grants received

(255,460)

(257,727)

(50,657)

(183,592)

Net loss for the period

12,313,314

3,457,902

4,042,959

2,217,451

Other comprehensive income

Foreign currency gain on translation of

subsidiary

$

-

$

-

$

-

$

-

Other comprehensive income for the period

-

-

-

-

Total comprehensive loss for the period

12,313,314

3,457,902

4,042,959

2,217,451

Basic and diluted loss per share

$

(0.051)

$

(0.02)

$

(0.017)

$

(0.01)

Weighted average shares outstanding

(basic and diluted)

237,464,591

194,199,537

237,464,591

194,199,537

The accompanying notes are an integral part of these consolidated financial statements

2

AMERICAN MANGANESE INC.

Condensed Consolidated Interim Statements of Changes in Equity For the nine-month period ended April 30, 2022 and 2021 (Unaudited-expressed in Canadian dollars unless specifically indicated otherwise)

Share-based

Accumulated

Warrants

other

Number of shares

Share capital

payments

Deficit

comprehensive

Prepaid share

reserve

reserve

income (loss)

(Note 8)

(Note 8)

subscriptions

(Note 8)

(Note 8)

(Note 9)

(Note 7(c))

Total equity

Balance, July 31, 2020

180,736,228

$

29,060,554

$

-

$

6,641,619

$

5,830,493

$

(40,815,326)

$

-

$

717,340

Share-based payments

2,330,373

2,330,373

Issued pursuant to private placements

8,235,770

1,667,994

1,667,994

Cost of share issuance

(68,399)

(68,399)

Warrants issued with private placement

(465,632)

465,632

-

Issued pursuant to options exercised

8,414,400

1,771,366

(770,542)

1,000,824

Issued pursuant to warrants exercised

17,707,957

7,604,919

(2,967,757)

4,637,162

Prepaid share subscriptions

27,475

27,475

Net loss for the period

(3,457,902)

-

(3,457,902)

Balance, April 30, 2021

215,094,355

-

39,570,802

-

27,475

-

8,201,450

-

3,328,368

-

(44,273,228)

-

-

-

6,854,867

Share-based payments

-

-

-

9,052,949

-

-

-

9,052,949

Issued pursuant to private placements

-

-

-

-

-

-

-

-

Cost of share issuance

-

-

-

-

-

-

-

-

Warrants issued with private placement

-

42,818

-

-

(42,818)

-

-

-

Issued pursuant to options exercised

460,000

205,109

-

(101,009)

-

-

-

104,100

Issued pursuant to warrants exercised

2,364,088

(349,516)

-

-

869,750

-

-

520,234

Prepaid share subscriptions

(27,475)

(27,475)

Reclassification pursuant to extension of warrant expiry date

-

(267,063)

-

-

267,063

-

-

-

Net loss for the period

-

-

-

-

-

(9,606,254)

-

(9,606,254)

Balance, July 31, 2021

217,918,443

-

39,202,150

-

-

-

17,153,390

-

4,422,363

-

(53,879,482)

-

-

-

6,898,421

Share-based payments

-

-

-

8,947,853

-

-

-

8,947,853

Issued pursuant to private placements

20,000,000

20,000,000

-

-

-

-

-

20,000,000

Cost of share issuance

-

(1,972,819)

-

-

128,968

-

-

(1,843,851)

Warrants issued with private placement

-

(1,039,026)

-

-

1,039,026

-

-

-

Issued pursuant to options exercised

3,135,300

1,156,692

-

(557,685)

-

-

-

599,007

Issued pursuant to warrants exercised

6,752,604

2,228,718

-

-

(771,579)

-

-

1,457,139

Net loss for the period

-

-

-

-

-

(12,313,314)

-

(12,313,314)

Balance April 30, 2022

247,806,347

$

59,575,716

$

-

$

25,543,558

$

4,818,778

$

(66,192,796)

$

-

$

23,745,255

The accompanying notes are an integral part of these consolidated financial statements

3

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American Manganese Inc. published this content on 29 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2022 23:21:09 UTC.