Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Canada
  4. Bourse de Toronto
  5. Ares Strategic Mining Inc.
  6. News
  7. Summary
    ARS   CA04017M1041

ARES STRATEGIC MINING INC.

(ARS)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensus 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Ares Strategic Mining : Condensed Interim Consolidated Financial Statements For the Nine Months Ended 30 June 2021

08/30/2021 | 01:22pm EDT

2021

Ares Strategic Mining Inc.

(formerly Lithium Energy Products Inc.)

Condensed Interim Consolidated Financial Statements

For the Nine Months Ended 30 June 2021

Stated in Canadian Dollars

Notice of No Auditor Review of Condensed Interim Consolidated Financial Statements

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

The Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

TABLE OF CONTENTS

MANAGEMENT'S RESPONSIBILITY………………………………………………………………………………………………………………..i

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ............................................................

1

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS ...........................................

2

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY .............................................................

3

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS .......................................................................

4

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ...................................................................

1)

Nature of operations and going concern .....................................................................................................

6

2)

Basis of preparation - Statement of Compliance ........................................................................................

7

3)

Summary of significant accounting policies .................................................................................................

7

4)

Critical accounting judgements and key sources of estimation uncertainty ..............................................

7

5)

Acquisition transaction ("Amalgamation") ..................................................................................................

8

6)

Financial instruments and risk management ...............................................................................................

9

7)

Amounts receivable ....................................................................................................................................

10

8)

Deposits .......................................................................................................................................................

11

9)

Property and equipment.............................................................................................................................

11

10)

Exploration and evaluation assets..............................................................................................................

12

11)

Short-term loans .........................................................................................................................................

15

12)

Share capital ................................................................................................................................................

16

13)

Related party transactions and obligations................................................................................................

21

14)

Segmented disclosure .................................................................................................................................

22

15)

Capital management...................................................................................................................................

22

16)

Commitment ...............................................................................................................................................

22

17)

Subsequent events......................................................................................................................................

23

ARES STRATEGIC MINING INC.

(Unaudited) Canadian Dollars

MANAGEMENT'S RESPONSIBILITY

To the Shareholders of Ares Strategic Mining Inc.:

Management is responsible for the preparation and presentation of the accompanying Condensed Interim Consolidated Financial Statements, including responsibility for significant accounting judgments and estimates in accordance with International Financial Reporting Standards. This responsibility includes selecting appropriate accounting principles and methods, and making decisions affecting the measurement of transactions in which objective judgment is required.

In discharging its responsibilities for the integrity and fairness of the Condensed Interim Consolidated Financial Statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded and financial records are properly maintained to provide reliable information for the preparation of financial statements.

The Board of Directors and the Audit Committee are composed primarily of Directors who are neither management nor employees of the Company. The Board is responsible for overseeing management in the performance of its financial reporting responsibilities, and for approving the financial information included in the annual report. The Board fulfils these responsibilities by reviewing the financial information prepared by management and discussing relevant matters with management and the external auditors. The Audit Committee has the responsibility of meeting with management, and the external auditors to discuss the internal controls over the financial reporting process, auditing matters and financial reporting issues. The Audit Committee is also responsible for recommending the appointment of Ares Strategic Mining Inc.'s external auditors.

The Company's independent auditor has not performed a review of these Condensed Interim Consolidated Financial Statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

We draw attention to Note 1 in the Condensed Interim Consolidated Financial Statements which indicates the existence of a material uncertainty that may cast substantial doubt on the Company's ability to continue as a going concern.

"James Walker"

"Viktoriya Griffin"

James Walker, CEO

Viktoriya Griffin, CFO

ARES STRATEGIC MINING INC.

(Unaudited) Canadian Dollars

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at

As at

30 June

30 September

Note

2021

2020

ASSETS

Current Assets

Cash

$

1,716,693

$

219,770

Restricted cash

90,000

-

Amounts receivable

(7)

59,598

12,831

Prepaid amounts and other assets

378,387

309,585

2,244,678

542,186

Non-current Assets

Deposits

(8)

77,561

72,181

Property and equipment

(9)

246,015

190,119

Exploration and evaluation assets

(10)

5,942,279

4,444,014

6,265,855

4,706,314

$

8,510,533

$

5,248,500

LIABILITIES

Current Liabilities

Accounts payable and accrued liabilities Short-term loans

(13)

$

251,662

$

617,699

(11)

680,923

63,355

932,585

681,054

EQUITY

Equity Attributable to Shareholders

Share capital

(12)

27,713,462

22,467,660

Shares to be issued (Subscriptions receivable)

800

-

Options - Contributed surplus

(12)

2,417,500

1,152,500

Warrants - Contributed surplus

(12)

1,946,125

2,269,584

Accumulated other comprehensive income ("OCI")

(42,198)

10,393

Deficit

(23,235,382)

(20,108,460)

8,800,307

5,791,677

Non-controlling interests

(12)

(1,222,359)

(1,224,231)

Total Equity

7,577,948

4,567,446

$

8,510,533

$

5,248,500

Nature of operations and going concern

(1)

Capital management

(15)

Basis of preparation - Statement of Compliance

(2)

Commitment

(16)

Related party transactions and obligations

(13)

Subsequent events

(0

The Condensed Interim Consolidated Financial Statements were approved by the Board of Directors on 27 August 2021 and were signed on its behalf by:

"Paul Sarjeant"

"Karl Marek"

Paul Sarjeant, Director

Karl Marek, Director

1 | P a g e

-- The accompanying notes form an integral part of the condensed interim consolidated financial statements --

ARES STRATEGIC MINING INC.

(Unaudited) Canadian Dollars

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

9 Months

9 Months

3 Months

3 Months

Ended

Ended

Ended

Ended

30 June

30 June

30 June

30 June

Note

2021

2020

2021

2020

General and Administrative

Stock-based compensation

$

1,468,000

$

271,000

$

1,468,000

$

-

Office and marketing

1,111,406

381,819

454,028

322,221

Professional fees

158,846

158,209

65,404

25,853

Management fees

(13)

152,250

195,828

51,250

113,750

Transfer agent and filing fees

95,427

64,270

14,507

38,204

Shareholder relations

27,048

9,846

26,798

7,859

Depreciation

(9)

19,438

5,281

6,764

5,281

Insurance

17,784

13,044

10,459

7,752

Bank charges and interest expense

4,067

9,105

1,905

2,602

Travel

975

15,435

731

10,061

Resource property (recoveries) expenses

(3,401)

2,057

5,693

(14,184)

3,051,840

1,125,894

2,105,539

519,399

Other Expenses

Foreign exchange loss

73,210

11,245

42,019

1,622

Net Loss for the period

(3,125,050)

(1,137,139)

(2,147,558)

(521,021)

Other Comprehensive (Loss) Income

Foreign operations - foreign exchange

(52,591)

47,897

(12,226)

(84,102)

Comprehensive Loss for the period

$

(3,177,641)

$

(1,089,242)

$

(2,159,784)

$

(605,123)

Net Loss Attributed to:

Shareholders

(3,126,922)

(1,133,965)

(2,147,469)

(521,452)

Non-controlling interest

1,872

(3,174)

(89)

431

$

(3,125,050)

$

(1,137,139)

$

(2,147,558)

$

(521,021)

Comprehensive Loss Attributed to:

Shareholders

(3,179,513)

(1,086,068)

(2,159,695)

(605,554)

Non-controlling interest

1,872

(3,174)

(89)

431

$

(3,177,641)

$

(1,089,242)

$

(2,159,784)

$

(605,123)

Basic and Diluted Loss per Share

$

(0.01)

$

(0.03)

$

(0.01)

$

(0.01)

Weighted Average Shares Outstanding

90,364,014

37,668,521

99,488,125

63,823,229

2 | P a g e

-- The accompanying notes form an integral part of the condensed interim consolidated financial statements --

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Ares Strategic Mining Inc. published this content on 30 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2021 17:21:05 UTC.


© Publicnow 2021
All news about ARES STRATEGIC MINING INC.
10/22ARES STRATEGIC MINING : IIROC Trade Resumption - ARS
AQ
10/22Ares Strategic Mining Completes Lidar Program At Its Canadian Fluorspar Project, Locate..
CI
10/22ARES STRATEGIC MINING : Completes LiDAR Program at its Canadian Fluorspar Project, located..
PU
10/22ARES STRATEGIC MINING : IIROC Trading Resumption - ARS
AQ
10/22ARES STRATEGIC MINING : Completes LiDAR Program at its Canadian Fluorspar Project, located..
AQ
10/22ARES STRATEGIC MINING : Mining To Commence Trading On the Canadian Securities Exchange on ..
AQ
10/21ARES STRATEGIC MINING : Mining To Commence Trading On The Canadian Securities Exchange (CS..
PU
10/21ARES STRATEGIC MINING : To Commence Trading On The Canadian Securities Exchange (CSE) On F..
AQ
10/21CSE BULLETIN : New Listing - Ares Strategic Mining Inc. (ARS)
NE
09/30ARES STRATEGIC MINING : Announces SEDAR Filing of Updated NI 43-101 Compliant Technical Re..
PU
More news
Financials
Sales 2020 - - -
Net income 2020 -2,22 M -1,80 M -1,80 M
Net cash 2020 0,16 M 0,13 M 0,13 M
P/E ratio 2020 -3,98x
Yield 2020 -
Capitalization 44,9 M 36,3 M 36,3 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 87,9%
Chart ARES STRATEGIC MINING INC.
Duration : Period :
Ares Strategic Mining Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 0,42 CAD
Average target price 2,17 CAD
Spread / Average Target 417%
Managers and Directors
James Walker President, Chief Executive Officer & Director
Viktoriya Griffin Chief Financial Officer
Dace Church Manager-Administration & Creative Arts
Paul Thomson Sarjeant Independent Director
Karl Marek Independent Director
Sector and Competitors