BLACKROCK SILVER CORP.
Condensed Consolidated Interim Financial Statements
For the Six Months Ended April 30, 2022 and 2021
(Unaudited - Expressed in Canadian Dollars)
BLACKROCK SILVER CORP.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in Canadian Dollars)
April 30, | October 31, | ||||||
2022 | 2021 | ||||||
(unaudited) | (audited) | ||||||
Assets | |||||||
Current assets | $ | 7,587,800 | |||||
Cash | $ | 8,535,438 | |||||
Amounts receivable | 144,787 | 80,379 | |||||
Prepaid expenses and deposits | 237,079 | 139,293 | |||||
7,969,666 | 8,755,110 | ||||||
Non-current assets | 33,000 | ||||||
Guaranteed investment certificate (Note 9) | 33,000 | ||||||
Equipment | 211,102 | 136,895 | |||||
Exploration and evaluation assets (Note 4) | 3,404,448 | 2,515,193 | |||||
$ | 11,618,216 | $ | 11,440,198 | ||||
Liabilities and Shareholders' Equity | |||||||
Current liabilities | $ | 718,579 | |||||
Accounts payable and accrued liabilities | $ | 829,292 | |||||
Due to related parties (Note 6) | 105,915 | 260,090 | |||||
Share compensation liability (Note 5) | 387,774 | 231,680 | |||||
1,212,268 | 1,321,062 | ||||||
Long-term liabilities | 284,334 | ||||||
Share compensation liability (Note 5) | 180,447 | ||||||
1,496,602 | 1,501,509 | ||||||
Shareholders' Equity | 54,906,424 | ||||||
Share capital (Note 5) | 41,665,824 | ||||||
Reserves (Note 5) | 9,371,669 | 9,315,760 | |||||
Deposit for share issuance | - | 5,045,611 | |||||
Accumulated other comprehensive income (loss) | 200,615 | 56,282 | |||||
Deficit | (54,357,094) | (46,144,788) | |||||
10,121,614 | 9,938,689 | ||||||
$ | 11,618,216 | $ | 11,440,198 | ||||
Nature of Operations and Going Concern (Note 1) | |||||||
Commitments and Contingencies (Note 9) | |||||||
Subsequent Events (Note 10) | |||||||
Approved by the Directors: | |||||||
"David Laing" | "Tony Wood" | ||||||
David Laing, Director | Tony Wood, Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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BLACKROCK SILVER CORP.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(Unaudited - Expressed in Canadian Dollars)
Three Months Ended | Six Months Ended | |||||||
April 30, | April 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Exploration expenditures (Note 6) | $ | 2,867,583 | $ | 5,431,030 | ||||
Drilling | $ | 5,737,904 | $ | 9,111,885 | ||||
Geology and consulting | 281,820 | 293,410 | 585,332 | 563,609 | ||||
Geophysics | - | 14,975 | 39,529 | 32,898 | ||||
Legal fees | - | 10,293 | - | 16,487 | ||||
Property investigation costs | - | 23,455 | - | 46,042 | ||||
(3,149,403) | (6,080,037) | (6,055,891) | (9,770,921) | |||||
Operating expenses | 40,126 | 71,616 | ||||||
Accounting and audit | 39,250 | 41,044 | ||||||
Bank charges | 3,806 | 3,263 | 7,877 | 6,144 | ||||
Consulting fees (Note 6) | 10,165 | 27,325 | 13,025 | 57,577 | ||||
Insurance | 21,539 | 14,481 | 45,588 | 26,706 | ||||
Legal fees | 30,745 | 32,979 | 65,149 | 79,237 | ||||
Management fees (Note 6) | 219,347 | 163,369 | 434,259 | 294,504 | ||||
Marketing and communications | 438,675 | 418,337 | 825,710 | 768,545 | ||||
Office | 56,305 | 24,218 | 90,188 | 45,946 | ||||
Regulatory and filing fees | 44,527 | 22,210 | 69,236 | 43,504 | ||||
Rent | 3,870 | 4,347 | 7,740 | 10,490 | ||||
Share-based compensation (Notes 5, 6) | 179,372 | 2,147,959 | 379,927 | 2,366,463 | ||||
Travel | 13,454 | 9,203 | 15,359 | 16,102 | ||||
Wages (Note 6) | 34,184 | 39,020 | 69,736 | 68,793 | ||||
(1,096,115) | (2,945,961) | (2,095,410) | (3,825,055) | |||||
Other income (expense) | ||||||||
Foreign exchange loss | (33,913) | (107,969) | 25,957 | (167,015) | ||||
Change in fair value of share compensation | (139,092) | (86,962) | ||||||
liability (Note 5) | (9,932) | 70,034 | ||||||
(173,005) | (117,901) | (61,005) | (96,981) | |||||
Net Loss for the Period | (4,418,523) | (9,143,899) | (8,212,306) | (13,692,957) | ||||
Other comprehensive income (loss) | 34,255 | 144,333 | ||||||
Foreign currency translation adjustment | 60,629 | (19,430) | ||||||
Total Comprehensive Loss for the Period | $ | (4,384,268) | $ | (9,083,270) | $ | (8,067,973) | $ | (13,712,387) |
Basic and diluted loss per share | $ | (0.03) | $ | (0.08) | $ | (0.05) | $ | (0.12) |
Weighted average number of shares
outstanding, basic and diluted160,233,686 108,221,638 156,320,717 113,255,831The accompanying notes are an integral part of these condensed consolidated interim financial statements
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BLACKROCK SILVER CORP. (Formerly Blackrock Gold Corp.)
Condensed Consolidated Interim Statements of Cash Flows (Unaudited - Expressed in Canadian dollars)
Six Months Ended April 30 | ||||
2022 | 2021 | |||
Cash provided by (used for): | ||||
Operating activities | $ | (8,212,306) | ||
Net loss for the period | $ | (13,692,957) | ||
Adjustment for items not involving cash: | ||||
Depreciation included in exploration expenditures | 17,769 | 2,121 | ||
Foreign exchange | 126,018 | (81,994) | ||
Share-based payments | 379,927 | 2,366,463 | ||
Change in fair value of share compensation liability | 86,962 | (70,034) | ||
(7,601,630) | (11,476,401) | |||
Changes in non-cash operating capital: | ||||
Amounts receivable | (64,408) | (52,127) | ||
Prepaid expenses and deposits | (99,886) | (90,027) | ||
Accounts payable and accrued liabilities | (88,783) | (138,009) | ||
Due to related parties | (153,516) | (331,044) | ||
(8,008,223) | (12,087,608) | |||
Investing activity | (813,416) | |||
Exploration and evaluation additions | (409,695) | |||
Fixed asset purchase | (88,199) | (84,954) | ||
(901,615) | (494,649) | |||
Financing activities | 8,560,921 | |||
Issuance of common shares | 10,744,810 | |||
Share issuance costs | (369,111) | (830,102) | ||
Settlement of restricted share units | (147,820) | - | ||
8,043,990 | 9,914,708 | |||
Decrease in cash | (947,638) | (2,667,549) | ||
Effect of exchange rate changes on cash | (81,790) | 242,276 | ||
Cash, beginning of the period | 8,535,438 | 6,589,531 | ||
Cash, end of the period | $ | 7,587,800 | $ | 4,164,258 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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BLACKROCK SILVER CORP. (Formerly Blackrock Gold Corp.)
Condensed Consolidated Interim Statements of Changes in Equity (Unaudited - Expressed in Canadian dollars)
Deposit for | Accumulated | ||||||||||||
other | |||||||||||||
Number of | Share | share | comprehensive | ||||||||||
shares | capital | issuance | Reserves | income (loss) | Deficit | Total equity | |||||||
Balance at October 31, 2020 | 106,719,549 | $ | 19,704,677 | $ | - | $ | 5,345,673 | $ | 28,289 | $ | (18,123,651) | $ | 6,954,988 |
Private placements | 14,375,000 | 10,350,000 | - | - | - | - | 10,350,000 | ||||||
Share issue costs | - | (1,079,185) | - | 249,083 | - | - | (830,102) | ||||||
Warrants and finder's warrants | |||||||||||||
exercised | 1,271,190 | 376,368 | - | (16,558) | - | - | 359,810 | ||||||
Share options exercised | 300,000 | 58,490 | - | (23,490) | - | - | 35,000 | ||||||
Share-based payments | - | - | - | 2,145,180 | - | - | 2,145,180 | ||||||
Net loss for the period | - | - | - | - | - | (13,692,957) | (13,692,957) | ||||||
Foreign currency translation | |||||||||||||
adjustment | - | - | - | - | (19,430) | - | (19,430) | ||||||
Balance at April 30, 2021 | 122,665,739 | 29,410,350 | - | 7,699,888 | 8,859 | (31,816,608) | 5,302,489 | ||||||
Private placements | 16,000,001 | 12,000,001 | - | - | - | - | 12,000,001 | ||||||
Share issue costs | - | (1,253,216) | - | 380,707 | - | - | (872,509) | ||||||
Shares issued in settlement of RSUs | 120,664 | 108,597 | - | - | - | - | 108,597 | ||||||
Warrants and finder's warrants | |||||||||||||
exercised | 4,507,425 | 1,343,892 | - | (3,414) | - | - | 1,340,478 | ||||||
Share options exercised | 500,000 | 56,200 | - | (31,200) | - | - | 25,000 | ||||||
Share-based payments | - | - | - | 1,629,779 | - | - | 1,629,779 | ||||||
Deposits for future share issuance | 5,045,611 | - | - | - | 5,045,611 | ||||||||
Net loss for the period | - | - | - | - | - | (14,328,180) | (14,328,180) | ||||||
Foreign currency translation | |||||||||||||
adjustment | - | - | - | - | 47,423 | - | 47,423 | ||||||
Balance at October 31, 2021 | 143,793,829 | 41,665,824 | 5,045,611 | 9,315,760 | 56,282 | (46,144,788) | 9,938,689 | ||||||
Private placements | 14,431,819 | 12,000,001 | (5,045,611) | - | - | - | 6,954,390 | ||||||
Issuance of finders' shares | 227,272 | 218,181 | - | - | - | - | 218,181 | ||||||
Share issue costs | - | (701,032) | - | 113,740 | - | - | (587,292) | ||||||
Shares issued in settlement of RSUs | 155,600 | 147,820 | - | - | - | - | 147,820 | ||||||
Warrants exercised | 4,899,378 | 1,575,630 | - | (116,919) | - | - | 1,458,711 | ||||||
Share-based payments | - | - | - | 59,088 | - | - | 59,088 | ||||||
Net loss for the period | - | - | - | - | - | (8,212,306) | (8,212,306) | ||||||
Foreign currency translation | |||||||||||||
adjustment | - | - | - | - | 144,333 | - | 144,333 | ||||||
Balance at April 30, 2022 | 163,507,898 | $ | 54,906,424 | $ | - | $ | 9,371,669 | $ | 200,615 | $ | (54,357,094) | $ | 10,121,614 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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Blackrock Gold Corp. 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 21:31:05 UTC.