NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited interim financial statements of Equity Metals Corporation (formerly New Nadina Explorations Limited) (the "Company") have been prepared by and are the responsibility of the Company's management. The condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and reflect management's best estimates and judgments based on information currently available.
The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the results of the annual audit and reviews the condensed consolidated interim financial statements prior to their submission to the Board of Directors for approval.
The accompanying condensed consolidated interim financial statements have not been reviewed by the Company's independent auditor.
Equity Metals Corporation
(An Exploration Stage Company)
Condensed Interim Consolidated Statements of Financial Position
(Unaudited - Expressed in Canadian dollars)
November 30,
August 31,
Note
2020
2020
Assets
Current
Cash
1,379,389
1,790,432
Receivables and prepaids
139,617
188,849
1,519,006
1,979,281
Non-current assets
Reclamation deposits
5
147,480
182,074
Property and equipment
4
66,142
69,624
Exploration and evaluation assets
5
38,415
38,415
1,771,043
2,269,394
Liabilities
Current
Accounts payable and accrued liabilities
314,587
237,857
Amounts due to related parties
7
49,720
46,854
364,307
284,711
Equity
Share capital
6
17,767,369
17,501,220
Subscriptions receivable
6
-
(21,000)
Subscriptions received in advance
32,600
-
Reserves
6
3,239,394
3,220,771
Deficit
(19,528,827)
(18,612,508)
Accumulated other comprehensive loss
(103,800)
(103,800)
1,406,736
1,984,683
1,771,043
2,269,394
Nature of operations and Going concern (Note 1)
Subsequent events (Note 12)
Approved by the Board of Directors on January 27, 2021:
(signed) "Courtney Shearer"
(signed) "Joseph A. Kizis"
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Equity Metals Corporation
(An Exploration Stage Company)
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) For the three months ended November 2020 and 2019
(Unaudited - Expressed in Canadian dollars)
Three months ended
November 30,
November 30,
Note
2020
2019
$
$
Exploration Expenses
Exploration expenses, net of recoveries
5
735,575
33,282
Administration expenses
Consulting
-
51,900
Insurance
813
4,310
Legal, audit and accounting
43,323
71,769
Licences, fees and other
8,588
5,411
Management fees
7,100
13,677
Office rent and building expenses
15,000
15,000
Printing, stationery and office
9,015
17,572
Shared-based compensation
19,929
-
Telephone
1,085
2,861
Transfer agent fees
2,604
3,016
Travel and promotion
73,595
37,535
Interest income and miscellaneous
-
(3,481)
(181,052)
(219,570)
Foreign exchange gain/(loss)
308
(1,058)
Net loss and total comprehensive loss for the period
(916,319)
(253,910)
Basic and diluted net earnings per share
(0.02)
(0.01)
Weighted average number of shares outstanding
55,957,689
19,254,158
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Equity Metals Corporation published this content on 29 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 January 2021 08:03:01 UTC.
Equity Metals Corporation is a Canada-based mineral exploration company. The Company owns 100% interest, with no underlying royalties, in its flagship Silver Queen project, located along the Skeena Arch in the Omineca Mining Division, British Columbia. The property hosts high-grade, precious- and base-metal veins related to a buried porphyry system. The Company also has a controlling joint venture (JV) interest (57.49%) in the Monument Diamond project, Northwest Territories (NWT), strategically located in the Lac De Gras district within 40 kilometers (km) of both the Ekati and Diavik diamond mines. The Company also has royalties and working interests in other Canadian properties. Its WO Project is an advanced diamond exploration project. The WO Project is located in the Lac de Gras area, approximately 300 km north-northeast of the city of Yellowknife in NWT, Canada. Its La Ronge Silica Project is a silica Quarrying Mineral Lease that covers an area of approximately 54 acres.
EQUITY METALS CORPORATION 
