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    EU   CA29259W1068

ENCORE ENERGY CORP.

(EU)
  Report
Delayed Bourse de Toronto  -  04:00 2022-08-12 pm EDT
1.390 CAD   -2.80%
08/10Encore energy confirms u.s. court of appeal decision affirming the dewey burdock license to extract uranium
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08/02EnCore Energy Corp. Announces Continuing Positive Results from Its Uranium Delineation Drilling Programs At Its 100% Owned Rosita Project in South Texas
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07/18EnCore Energy Corp. Appoints Gregory Zerzan as Chief Administrative Officer and General Counsel
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enCore Energy : March 31, 2022 Financial Statements

05/27/2022 EDT

enCore Energy Corp.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021 (Expressed in Canadian dollars)

Notice of No Auditor Review of Unaudited Condensed Interim Consolidated Financial Statements

The accompanying unaudited condensed interim consolidated financial statements of enCore Energy Corp. (the "Company") as at March 31, 2022 and for the period then ended have been prepared by and are the responsibility of the Company's management. The Company's Audit Committee has reviewed and approved these unaudited condensed interim consolidated financial statements. In accordance with National Instrument 51 - 102, the Company discloses that its auditors have not reviewed the accompanying unaudited condensed interim consolidated financial statements for the periods ended March 31, 2022 and 2021

ENCORE ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited - Prepared by Management)

(Expressed in Canadian dollars) As at March 31, 2022 and 2021

March 31,

December 31,

Notes

2022

2021

ASSETS

Current

Cash

$

32,913,052

$

11,649,157

Receivables and prepaid expenses

1,208,576

795,141

Deposits

13

2,499,200

-

Assets held for sale

10

2,175,634

2,207,231

47,231,262

14,651,619

Intangible assets

6

642,805

649,233

Property, plant and equipment

7

2,088,118

2,032,909

Investment in associate

4

641,060

746,487

Investment in uranium

5

-

5,337,438

Mineral properties

10

172,010,162

172,521,685

Reclamation deposit

10

110,590

112,200

Right of use asset

8

278,079

307,260

Restricted cash

2

5,644,704

5,726,828

Total assets

$

220,211,980

$

202,085,659

LIABILITIES AND SHAREHOLDERS' EQUITY

Current

Accounts payable and accrued liabilities

$

2,314,640

$

7,397,760

Due to related parties

15

9,334

8,739

Lease liability - current

8

102,893

104,107

2,426,867

7,510,606

Non - current

Asset retirement obligations

11

5,356,771

5,294,958

Lease liability - non-current

8

184,690

212,220

Total liabilities

7,968,328

13,017,784

Shareholders' Equity

Share capital

14

234,972,789

206,480,756

Contributed surplus

14

18,481,411

16,059,307

Accumulated other comprehensive income

(1,940,942)

705,604

Deficit

(39,269,606)

(34,177,792)

Total shareholders' equity

212,243,652

189,067,875

$

220,211,980

$

202,085,659

Nature of operations and going concern (Note 1)

Subsequent Events (Note 20)

Approved by the Board of Directors:

"William M. Sheriff"

"William B. Harris"

Director

Director

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

3

ENCORE ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS For the three months ended March 31, 2022 and 2021

(Expressed in Canadian dollars)

March 31,

March 31,

Notes

2022

2021

Expenses

Amortization and depreciation

6,7,8

$

105,394

$

426,496

Accretion

11

140,272

(5,517)

Consulting

92,864

26,324

General administrative costs

15

1,641,510

1,335,810

Interest expense

5,352

-

Professional fees

258,101

284,557

Promotion and shareholder communications

47,484

38,057

Travel

94,342

2,489

Transfer agent and filing fees

106,434

84,117

Staff costs

15

1,039,377

381,231

Stock option expense

14,15

1,555,127

519,667

(5,086,257)

(3,093,231)

Interest income

7,198

9,508

Foreign exchange gain (loss)

(16,183)

4.709

Gain (loss) on divestment of mineral interests

10

61,385

(134,088)

Gain on sale of uranium investment

5

44,317

-

Loss on investment in associate

4

(102,274)

(18,897)

Loss for the year

(5,091,814)

(3,231,999)

Other comprehensive income (loss)

Exchange differences on translating foreign

operations

(2,646,780)

(113,912)

Comprehensive loss for the year

$

(7,738,594)

$

(3,345,911)

Basic and diluted loss per share

$

(0.03)

$

(0.02)

Weighted average number of common

shares outstanding, basic and diluted

298,885,004

166,552,891

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial

statements.

4

ENCORE ENERGY CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS For the three months ended March 31, 2022 and 2021

(Unaudited - Prepared by Management) (Expressed in Canadian dollars)

March 31,

March 31,

2022

2021

CASH FLOWS FROM OPERATING ACTIVITIES

Loss for the period

$

(5,091,814)

$

(3,231,999)

Items not affecting cash:

Accretion

140,272

21,667

Amortization and depreciation

105,394

426,496

Gain on change in ARO

-

(27,184)

Gain on sale of uranium

(44,317)

-

Unrealized loss in associate

102,274

18,897

Interest expense

5,352

-

(Gain) Loss on divestment of mineral interests

(61,385)

247,521

Stock option expense

1,555,127

519,667

Changes in non-cash working capital items:

Accounts payable and accrued liabilities

(1,646,720)

(356,071)

Deposit for future uranium purchase

(2,499,200)

-

Contracts Payable

(3,436,400)

-

Due to related parties

595

78,844

Receivables and prepaids

(413,435)

(411,124)

Net cash used in operating activities

(11,284,257)

(2,713,286)

CASH FLOWS FROM INVESTING ACTIVITIES

Deferred exploration costs

(1,964,687)

(260,091)

Expenditures on property, plant and equipment

(155,519)

-

Proceeds received from sale of uranium investment

5,310,800

-

Proceeds received from divestment of mineral interests

61,385

-

Interest on restricted cash

7,198

180

Settlement of retirement obligation

(609)

(520,526)

Net cash used in investing activities

3,258,568

(780,437)

CASH FLOWS FROM FINANCING ACTIVITIES

Payment of lease liability

(27,785)

-

Cash payment of interest on leases

(5,338)

-

Financings

29,999,998

15,000,000

Share issuance costs

(1,914,657)

(947,855)

Shares issued for services

795,117

-

Exercise of warrants

463,088

1,165,313

Exercise of stock options

18,851

118,850

Net cash provided by financing activities

29,329,274

15,336,308

Effect of exchange rate changes on cash

(39,690)

(16,225)

Change in cash

21,263,895

11,826,360

Cash, beginning

11,649,157

6,603,281

Cash, ending

$32,913,052

$18,429,641

Supplemental disclosure with respect to cash flows - Note 19

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

5

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Disclaimer

enCore Energy Corp. published this content on 27 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 09:36:57 UTC.


© Publicnow 2022
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Financials
Sales 2021 - - -
Net income 2021 -10,7 M - -
Net cash 2021 11,3 M - -
P/E ratio 2021 -29,2x
Yield 2021 -
Capitalization 447 M 349 M -
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 94,5%
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 1,39 CAD
Average target price 2,75 CAD
Spread / Average Target 97,8%
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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