DOLLY VARDEN SILVER CORPORATION CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021
(Expressed in Canadian Dollars)
(Unaudited)
DOLLY VARDEN SILVER CORPORATION
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)
June 30, | December 31, | ||||
As at | Notes | 2022 | 2021 | ||
(unaudited) | (audited) | ||||
ASSETS | |||||
Current | |||||
Cash | $ | 21,823,991 | $ | 15,480,067 | |
Prepaid expenses | 5 | 789,007 | 250,351 | ||
Amounts receivable | 6 | 253,296 | 96,520 | ||
22,866,294 | 15,826,938 | ||||
Non-current | |||||
Equipment | 7 | 283,066 | 246,144 | ||
Deposits | 8 | 159,000 | 91,000 | ||
Exploration and evaluation assets | 4, 8 | 70,906,785 | 4,029,234 | ||
$ | 94,215,145 | $ | 20,193,316 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current Liabilities | |||||
Accounts payable | 11 | $ | 1,847,539 | $ | 121,415 |
Accrued liabilities | 11 | 187,574 | 87,585 | ||
Liability on flow-through share issuances | 9 | 1,653,312 | 134,673 | ||
3,688,425 | 343,673 | ||||
Shareholders' Equity | |||||
Share capital | 9 | 156,340,032 | 79,996,264 | ||
Reserves | 9 | 9,336,193 | 8,306,033 | ||
Deficit | (75,149,505) | (68,452,654) | |||
90,526,720 | 19,849,643 | ||||
$ | 94,215,145 | $ | 20,193,316 |
Nature of Operations (Note 1)
These condensed interim consolidated financial statements were approved for issue by the Board of Directors on August 19,
2022 and signed on its behalf by:
"Shawn Khunkhun" | "James Sabala" | |
Director | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
2
DOLLY VARDEN SILVER CORPORATION
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
Three months | Three months | Six months | Six months | |||||||
Notes | ended June 30, | ended June 30, | Ended June 30, | Ended June 30, | ||||||
2022 | 2021 | 2022 | 2021 | |||||||
EXPENSES | ||||||||||
Consulting fees | 11 | $ | 34,500 | $ | 64,037 | $ | 105,959 | $ | 131,564 | |
Directors' fees | 9, 11 | 33,604 | 22,902 | 68,820 | 28,333 | |||||
Exploration and evaluation | 8, 11 | 4,058,526 | 1,163,837 | 4,499,165 | 1,576,785 | |||||
Management fees | 11 | 127,500 | 108,000 | 635,500 | 228,000 | |||||
Marketing and communications | 272,252 | 154,373 | 638,744 | 236,000 | ||||||
Office and administration | 11 | 59,870 | 54,137 | 134,401 | 106,204 | |||||
Professional fees | 52,615 | 58,337 | 70,269 | 67,056 | ||||||
Rent and maintenance | 11 | 28,557 | 14,100 | 78,876 | 30,200 | |||||
Share-based payments | 9, 11 | 257,828 | 336,743 | 1,177,651 | 780,175 | |||||
Transfer agent and filing fees | 28,518 | 7,472 | 47,815 | 23,373 | ||||||
Travel and accommodation | 28,216 | 3,064 | 34,018 | 3,064 | ||||||
Operating loss | (4,981,986) | (1,987,002) | (7,491,218) | (3,210,754) | ||||||
Recovery on flow-through share | 282,541 | |||||||||
premium | 9 | 693,726 | 224,380 | 736,241 | ||||||
Part XII.6 tax expense | (5,100) | 11,800 | (11,900) | - | ||||||
Interest and other income | 58,312 | 26,484 | 70,026 | 47,763 | ||||||
Loss and comprehensive loss for the period | $ | (4,235,048) | $ | (1,724,338) | $ | (6,696,851) | $ | (2,880,450) | ||
Basic and diluted loss per common share | $ | (0.02) | $ | (0.01) | $ | (0.03) | $ | (0.02) | ||
Weighted average number of common | ||||||||||
shares outstanding | 230,595,646 | 130,613,685 | 197,810,817 | 130,598,413 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
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DOLLY VARDEN SILVER CORPORATION
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in Canadian Dollars)
(Unaudited)
Common | Share | Total | |||||||
Reserves | Deficit | Shareholders' | |||||||
Shares | Capital | ||||||||
Equity | |||||||||
Balance, December 31, 2020 | 130,547,861 | $ | 79,833,699 | $ | 7,072,193 | $ | (60,248,994) | $ | 26,656,898 |
Exercise of stock options | 90,000 | 42,647 | (20,147) | - | 22,500 | ||||
Share-based payments | - | - | 780,175 | - | 780,175 | ||||
Loss and comprehensive loss for the period | - | - | - | (2,880,450) | (2,880,450) | ||||
Balance, June 30, 2021 | 130,637,861 | 79,876,346 | 7,832,221 | (63,129,444) | 24,579,123 | ||||
Exercise of stock options | 250,000 | 119,918 | (23,668) | - | 96,250 | ||||
Share-based payments | - | - | 497,480 | - | 497,480 | ||||
Loss and comprehensive loss for the period | - | - | - | (5,323,210) | (5,323,210) | ||||
Balance, December 31, 2021 | 130,887,861 | 79,996,264 | 8,306,033 | (68,452,654) | 19,849,643 | ||||
Issuance of common shares for acquisition of | 76,504,591 | 60,438,626 | - | - | 60,438,626 | ||||
mineral properties | |||||||||
Property acquisition cost | 402,815 | 338,365 | - | - | 338,365 | ||||
Issuance of flow-through common shares | 11,274,400 | 11,499,888 | - | - | 11,499,888 | ||||
Flow-through share premium | - | (2,254,880) | - | - | (2,254,880) | ||||
Issuance of common shares | 10,837,037 | 6,848,015 | - | - | 6,848,015 | ||||
Share issuance costs - cash | - | (927,799) | - | - | (927,799) | ||||
Exercise of stock options | 706,250 | 401,553 | (147,491) | - | 254,062 | ||||
Share-based payments | - | - | 1,177,651 | - | 1,177,651 | ||||
Loss and comprehensive loss for the period | - | - | - | (6,696,851) | (6,696,851) | ||||
Balance, June 30, 2022 | 230,612,954 | $ | 156,340,032 | $ | 9,336,193 | $ | (75,149,505) | $ | 90,526,720 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
4
DOLLY VARDEN SILVER CORPORATION
Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars)
(Unaudited)
For the six months ended | June 30, | June 30, | ||
2022 | 2021 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Loss for the period | $ | (6,696,851) | $ | (2,880,450) |
Items not affecting cash: | ||||
Share-based payments | 1,177,651 | 780,175 | ||
Revaluation of deferred share units | 1,402 | (15,392) | ||
Recovery on flow-through premium | (736,241) | (282,541) | ||
Depreciation of equipment | 29,142 | 11,429 | ||
Changes in non-cash working capital items: | ||||
Prepaid expenses | (538,656) | (215,704) | ||
Amounts receivable | (156,776) | 246 | ||
Accounts payable and accrued liabilities | 1,824,711 | 541,289 | ||
Cash used in operating activities | (5,095,618) | (2,060,948) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Acquisition of equipment | (66,064) | (167,619) | ||
Acquisition of exploration and evaluation assets | (6,168,560) | - | ||
Cash used in investing activities | (6,234,624) | (167,619) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Private placement, net of share issuance costs | 17,420,104 | - | ||
Exercise of stock options | 254,062 | 22,500 | ||
Cash provided by financing activities | 17,674,166 | 22,500 | ||
Change in cash during the period | 6,343,924 | (2,206,067) | ||
Cash, beginning of period | 15,480,067 | 23,645,088 | ||
Cash, end of period | $ | 21,823,991 | $ | 21,439,021 |
Supplemental disclosure with respect to cash flows: | ||||
Interest income received in cash | $ | 70,027 | $ | 37,113 |
Non-cash transactions: | ||||
Fair value of shares issued for acquisition of exploration and | $ | 60,438,626 | $ | - |
evaluation assets | ||||
Shares issued for property acquisition costs | $ | 338,364 | $ | - |
Premium liability on flow-through shares | $ | 2,254,880 | $ | - |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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Dolly Varden Silver Corp. published this content on 20 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2022 00:35:08 UTC.
