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    EU   CA29259W1068

ENCORE ENERGY CORP.

(EU)
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Delayed Bourse de Toronto  -  03:59 2022-06-29 pm EDT
1.140 CAD   -10.24%
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enCore Energy : December 31, 2021 Year End Financial Statements

04/30/2022 | 04:27pm EDT

enCore Energy Corp.

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020 (Expressed in Canadian dollars)

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of enCore Energy Corp.

Opinion

We have audited the accompanying consolidated financial statements of enCore Energy Corp. (the "Company"), which comprise the consolidated statements of financial position as at December 31, 2021 and 2020, and the consolidated statements of loss and comprehensive loss, cash flows, and changes in shareholders' equity for the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2021 and 2020, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards ("IFRS").

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the consolidated Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our opinion.

Other Information

Management is responsible for the other information. The other information obtained at the date of this auditor's report includes Management's Discussion and Analysis.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We obtained Management's Discussion and Analysis prior to the date of this auditor's report. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

  • Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

  • Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

  • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

The engagement partner on the audit resulting in this independent auditor's report is Glenn Parchomchuk.

Vancouver, Canada

Chartered Professional Accountants

April 29, 2022

ENCORE ENERGY CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars)

As at December 31, 2021 and December 31, 2020

2021

ASSETS

Current

Cash

Receivables and prepaid expenses Assets held for sale

N

10

$

11,649,157 795,141 2,207,321 14,651,619

$

Intangible assets

Property, plant and equipment Investment in associate Investment in uranium Mineral properties Reclamation deposit Right of use asset Restricted cash

6

7

4

5

10

10

8

2

Total assets

LIABILITIES AND SHAREHOLDERS' EQUITY

Current

Accounts payable and accrued liabilities Note payable

Due to related parties Lease liability - current

15 14 8

Non - current

Asset retirement obligations Lease liability - non-current

11 8

Total liabilities

Shareholders' Equity

Share capital Contributed surplus

Accumulated other comprehensive income Deficit

13 13

Total shareholders' equity

Total liabilities and shareholders' equity

649,233 2,032,909 746,487 5,337,438

  • 172,521,685 8,413,379

112,200 108,859

307,260 11,289

5,726,828 $ 202,085,659

$

7,397,760

- 421,346

8,739 2,955

104,107 7,316

7,510,606

5,294,958 212,220 13,017,784

  • 206,480,756 36,093,475

  • 16,059,307 2,718,737

705,604 (34,177,792)

189,067,875 $ 202,085,659

Nature of operations and going concern (Note 1)

Subsequent Events (Note 21)

Approved by the Board of Directors:

"William M. Sheriff"

"William B. Harris"

$

$ 468,683

Director

Director

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

2020

6,603,281 323,563 - 6,926,844

653,336 1,890,494 604,692 -

4,834,070

23,442,963

900,300

6,670,432 3,973 7,574,705

499,522 (23,443,476)

15,868,258

$

23,442,963

5

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Disclaimer

enCore Energy Corp. published this content on 30 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2022 20:26:06 UTC.


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Financials
Sales 2021 - - -
Net income 2021 -10,7 M -8,33 M -8,33 M
Net cash 2021 11,3 M 8,79 M 8,79 M
P/E ratio 2021 -29,2x
Yield 2021 -
Capitalization 366 M 284 M 284 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 94,6%
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Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 1
Last Close Price 1,14 CAD
Average target price 2,75 CAD
Spread / Average Target 141%
Managers and Directors
William Paul Goranson Chief Executive Officer & Director
Carrie Mierkey Chief Financial Officer
William Morris Sheriff Executive Chairman
Dennis E. Stover Chief Technology Officer & Director
Peter Luthiger Chief Operating Officer
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