FORAN MINING CORPORATION Condensed Consolidated Interim Financial Statements
For the three and nine months ended September 30, 2021 and 2020
Expressed in thousands of Canadian Dollars
NOTICE TO READER
The accompanying unaudited condensed consolidated interim financial statements of Foran Mining
Corporation for the three and nine months ended September 30, 2021, have been prepared by
management and are the responsibility of the Company's management and have not been reviewed by
the Company's auditor.
Condensed Consolidated Interim Statements of Comprehensive Loss
(unaudited - prepared by management) (Expressed in thousands of Canadian dollars)
Note | September 30, 2021 | December 31, 2020 | |||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ | 102,547 | $ | 1,050 | |
Accounts and other receivables | 983 | 24 | |||
Prepaid expenses and deposits | 188 | 42 | |||
Total current assets | 103,718 | 1,116 | |||
Deposits | 11 | 11 | |||
Investments | 154 | 175 | |||
Right-of-use asset | 4 | 1,098 | 49 | ||
Plant and equipment | 5 | 2,038 | 219 | ||
Exploration and evaluation assets | 6 | 63,615 | 40,605 | ||
Total assets | $ | 170,634 | $ | 42,175 | |
Liabilities and Shareholders' Equity | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | $ | 5,641 | $ | 276 | |
Deferred share units | 8 | 2,725 | 710 | ||
Flow-through share premium liability | 7 | 759 | - | ||
Lease liability | 4 | 838 | 54 | ||
Total current liabilities | 9,963 | 1,040 | |||
Lease liability | 4 | 181 | - | ||
Total liabilities | 10,144 | 1,040 | |||
Shareholders' Equity | |||||
Share capital | 9 | 204,578 | 84,786 | ||
Share-based payments reserve | 4,033 | 1,647 | |||
Accumulated other comprehensive income | 52 | 74 | |||
Deficit | (48,173) | (45,372) | |||
Total shareholders' equity | 160,490 | 41,135 | |||
Total liabilities and shareholders' equity | $ | 170,634 | $ | 42,175 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
Approved on behalf of the Board: | |||
/s/ David Petroff | /s/ Dan Myerson | ||
Director | CEO & Executive Chairman |
2
FORAN MINING CORPORATION | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS | PAGE 2 |
Condensed Consolidated Interim Statements of Comprehensive Loss
(unaudited - prepared by management) (Expressed in thousands of Canadian dollars)
Three months ended | Nine months ended | ||||||||
September 30, | September 30, | ||||||||
Note | 2021 | 2020 | 2021 | 2020 | |||||
General and Administration Expenses | |||||||||
Consulting | $ | 193 | $ | 10 | $ | 592 | $ | 61 | |
Depreciation - plant and equipment | 5 | 92 | 10 | 128 | 34 | ||||
Depreciation - right-of-use asset | 4 | 131 | 25 | 180 | 74 | ||||
Directors' fees | 12 | 15 | 10 | 40 | 38 | ||||
Investor relations | 127 | 5 | 299 | 39 | |||||
Office and administration | 132 | 9 | 254 | 60 | |||||
Professional fees | 340 | 8 | 769 | 50 | |||||
Salaries and benefits | 194 | 64 | 1,002 | 296 | |||||
Share-based payments expense | 1,006 | 25 | 1,953 | 126 | |||||
2,230 | 166 | 5,217 | 778 | ||||||
Other (income) expenses | |||||||||
Interest and miscellaneous | (19) | - | (47) | (12) | |||||
Flow-through share premium | 7 | (1,453) | - | (4,309) | - | ||||
Revaluation of deferred share units | 8 | (190) | 184 | 2,006 | (186) | ||||
(1,662) | 184 | (2,350) | (198) | ||||||
Net loss for the period | $ | 568 | $ | 350 | $ | 2,867 | $ | 580 | |
Other comprehensive loss: | |||||||||
Unrealized loss (gain) on investments | 41 | (10) | 22 | (3) | |||||
Total comprehensive loss for the | |||||||||
period | $ | 609 | $ | 340 | $ | 2,889 | $ | 577 | |
Net loss per share: | |||||||||
Basic | $ | 0.00 | $ | 0.00 | $ | 0.02 | $ | 0.00 | |
Diluted | $ | 0.00 | $ | 0.00 | $ | 0.02 | $ | 0.00 | |
Weighted average shares outstanding | 214,732,894 | 139,939,451 | 188,163,910 | 136,714,013 | |||||
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
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FORAN MINING CORPORATION | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS | PAGE 3 |
Condensed Consolidated Interim Statements of Changes in Equity
(unaudited - prepared by management)
(Expressed in thousands of Canadian dollars, except share information)
Share Capital | ||||||||||||
Shares | Amount | Reserves | Accumulated OCI | Deficit | Total | |||||||
Balance, December 31, 2019 | 130,724,451 | $ | 81,566 | $ | 1,628 | $ | 45 | $ | (43,445) | $ | 39,794 | |
Shares issued pursuant to private placements | 7,100,000 | 704 | - | - | - | 704 | ||||||
Shares issued pursuant to exercise of stock options | 2,115,000 | 458 | (173) | - | - | 285 | ||||||
Share-based payment expense | - | - | 171 | - | - | 171 | ||||||
Expiry and forfeiture of stock options | - | - | (126) | - | 126 | - | ||||||
Other comprehensive income | - | - | - | 3 | - | 3 | ||||||
Net loss for the period | - | - | - | - | (580) | (580) | ||||||
Balance, September 30, 2020 | 139,939,451 | $ | 82,728 | $ | 1,500 | $ | 48 | $ | (43,899) | $ | 40,377 | |
Shares issued pursuant to private placements | 5,714,285 | 994 | - | - | - | 994 | ||||||
Shares issued pursuant to exercise of stock options | 10,000 | 2 | (1) | - | - | 1 | ||||||
Shares issued pursuant to exercise of DSUs | 2,514,474 | 1,047 | - | - | - | 1,047 | ||||||
Shares issued pursuant to exercise of warrants | 100,000 | 15 | - | - | - | 15 | ||||||
Share-based payment expense | - | - | 148 | - | - | 148 | ||||||
Other comprehensive income | - | - | - | 26 | - | 26 | ||||||
Net loss for the period | - | - | - | - | (1,473) | (1,473) | ||||||
Balance, December 31, 2020 | 148,278,210 | $ | 84,786 | $ | 1,647 | $ | 74 | $ | (45,372) | $ | 41,135 | |
Shares issued pursuant to private placements | 9 | 30,665,000 | 23,417 | - | - | - | 23,417 | |||||
Shares issued pursuant to Fairfax placement | 9 | 55,555,556 | 99,767 | - | - | - | 99,767 | |||||
Flow-through share premium liability | 7 | - | (5,068) | - | - | - | (5,068) | |||||
Shares issued pursuant to exercise of stock options | 9 | 1,723,368 | 1,034 | (420) | - | - | 614 | |||||
Shares issued pursuant to exercise of DSUs | 8 | 603,564 | 639 | - | - | - | 639 | |||||
Shares issued pursuant to exercise of warrants | 20,000 | 3 | - | - | - | 3 | ||||||
Share-based payment expense | - | - | 2,872 | - | - | 2,872 | ||||||
Reclass of forfeited stock options | - | - | (66) | - | 66 | - | ||||||
Other comprehensive loss | - | - | - | (22) | - | (22) | ||||||
Net loss for the period | - | - | - | - | (2,867) | (2,867) | ||||||
Balance, September 30, 2021 | 236,845,698 | $ | 204,578 | $ | 4,033 | $ | 52 | $ | (48,173) | $ | 160,490 |
FORAN MINING CORPORATION | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS | PAGE 4 |
Condensed Consolidated Interim Statements of Cash Flows
(unaudited - prepared by management) (Expressed in thousands of Canadian dollars)
Three months ended | Nine months ended | ||||||||
September 30, | September 30, | ||||||||
Note | 2021 | 2020 | 2021 | 2020 | |||||
Cash provided by (used in) | |||||||||
Operations | |||||||||
Net loss for the period | $ | (568) | $ | (350) | $ | (2,867) | $ | (580) | |
Adjustments for: | |||||||||
Consulting | 63 | - | 187 | - | |||||
Depreciation - plant and equipment | 5 | 92 | 10 | 128 | 34 | ||||
Depreciation - right-of-use asset | 4 | 131 | 25 | 180 | 74 | ||||
Directors' fees | 12 | 15 | 10 | 40 | 38 | ||||
Flow-through share premium recovery | 7 | (1,453) | - | (4,309) | - | ||||
Lease interest | 4 | - | - | 1 | 3 | ||||
Revaluation of deferred share units | 8 | (190) | 184 | 2,006 | (186) | ||||
Salaries and benefits | - | 22 | 42 | 84 | |||||
Share-based payment expense | 1,006 | 25 | 1,953 | 126 | |||||
Changes in non-cash working capital: | |||||||||
Accounts receivable | (522) | 4 | (959) | 30 | |||||
Prepaid expenses and deposits | (23) | 4 | (146) | 45 | |||||
Accounts payable and accrued liabilities | 6 | 1,589 | (14) | 2,217 | 37 | ||||
140 | (80) | (1,149) | (295) | ||||||
Investing | |||||||||
Exploration and evaluation expenditures | (11,873) | (53) | (19,402) | (660) | |||||
Purchase of plant and equipment | (1,202) | - | (1,488) | - | |||||
(13,075) | (53) | (20,890) | (660) | ||||||
Financing | |||||||||
Issuance of shares | 9 | 100,000 | - | 125,001 | 710 | ||||
Share issue costs paid | 9 | (233) | - | (1,817) | (6) | ||||
Exercise of stock options | 223 | - | 614 | 285 | |||||
Exercise of warrants | - | - | 3 | - | |||||
Lease liability payments | 4 | (65) | (30) | (265) | (72) | ||||
99,925 | (30) | 123,536 | 917 | ||||||
Increase (decrease) in cash and cash | |||||||||
equivalents | 86,990 | (163) | 101,497 | (38) | |||||
Cash and cash equivalents, beginning of | |||||||||
period | 15,557 | 517 | 1,050 | 392 | |||||
Cash and cash equivalents, end of period | $ | 102,547 | $ | 354 | $ | 102,547 | $ | 354 | |
Cash and cash equivalents is comprised of: | |||||||||
Guaranteed investment certificates | $ | - | $ | 330 | $ | - | $ | 330 | |
Cash | 102,547 | 24 | 102,547 | 24 | |||||
$ | 102,547 | $ | 354 | $ | 102,547 | $ | 354 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
FORAN MINING CORPORATION | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS | PAGE 5 |
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Foran Mining Corporation published this content on 12 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2022 23:50:08 UTC.
