FREEGOLD VENTURES LIMITED FREEGOLD VENTURES LIMITED
(An Exploration Stage Company)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED)
(Expressed in U.S. Dollars)
September 30, 2021 and 2020
MANAGEMENT'S COMMENTS ON
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), 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 condensed consolidated interim financial statements of Freegold Ventures Limited (the "Company") have been prepared by and are the responsibility of the Company's management. The unaudited condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards and reflect management's best estimates and judgements based on information currently available.
The Company's independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor.
Freegold Ventures Limited
(An Exploration Stage Company)
Condensed Consolidated Interim Statements of Financial Position
(unaudited)
(Expressed in U.S. Dollars)
ASSETS | September 30, | December 31, | ||
2021 | 2020 | |||
Current | ||||
Cash and cash equivalents | $ | 18,875,998 | $ | 29,652,808 |
Restricted cash ((Note 4) | - | 158,435 | ||
Amounts receivable | 22,954 | 41,259 | ||
Project cost receivable | 579,410 | - | ||
Prepaid expenses and deposits | 261,945 | 207,870 | ||
19,740,307 | 30,060,372 | |||
Exploration and Evaluation Properties (Note 5) | 54,557,200 | 43,525,670 | ||
Property, Plant and Equipment (Note 6 (a)) | 401,283 | 346,389 | ||
Right-of-Use Asset (Note 6 (b)) | - | 34,164 | ||
$ | 74,698,790 | $ | 73,966,595 | |
LIABILITIES | ||||
Current | ||||
Trade payables | $ | 1,087,619 | $ | 207,688 |
Accrued liabilities | - | 138,719 | ||
Current portion of lease liability (Note 6 (b)) | - | 37,499 | ||
Project cost advance received (Note 4) | - | 158,435 | ||
1,087,619 | 542,341 | |||
Non-Current | ||||
Restoration and environmental obligations (Note 8) | 250,000 | 250,000 | ||
1,337,619 | 792,341 | |||
EQUITY | ||||
Share Capital (Note 9) | 108,579,847 | 107,488,759 | ||
Reserves | 34,119,072 | 32,794,806 | ||
Deficit | (69,337,748) | (67,109,311) | ||
73,361,171 | 73,174,254 | |||
$ | 74,698,790 | $ | 73,966,595 |
Nature and Continuance of Operations (Note 1), Commitments (Note 10) and Subsequent Events (Note 14)
APPROVED AND AUTHORIZED FOR ISSUE ON BEHALF OF THE BOARD OF DIRECTORS:
"Gary Moore" | , Director | "David Knight" | , Director |
- See Accompanying Notes - | 1 |
Freegold Ventures Limited
(An Exploration Stage Company)
Condensed Consolidated Interim Statements of Changes in Equity
(unaudited) (Expressed in U.S. Dollars)
Foreign | |||||||||||||
Stock | Currency | ||||||||||||
Common | Options | Warrants | Translation | ||||||||||
Shares | Amount | Reserve | Reserve | Reserve | Deficit | Total | |||||||
Balance - December 31, 2019 | 220,446,210 | $ | 86,714,664 | $ | 7,743,180 | $ | 10,365,657 | $ | (796,629) | $ | (65,805,487) | $ | 38,221,385 |
Issuance and allotment of shares for: | |||||||||||||
- Private placements (Note 9a) | 79,942,700 | 33,392,525 | - | - | - | - | 33,392,525 | ||||||
- Value assigned to warrants (Note 9b) | - | (14,265,158) | - | 14,265,158 | - | - | - | ||||||
- Exercise of warrants (Note 9b) | 27,657,430 | 3,972,596 | - | (1,321,831) | - | - | 2,650,765 | ||||||
- Exercise of options (Note 9c) | 1,000,000 | 226,698 | (98,591) | - | - | - | 128,107 | ||||||
- Share issue costs (Note 9a) | - | (2,439,105) | - | - | - | - | (2,439,105) | ||||||
- Share issue costs - agents warrants (Note 9b) | - | (1,525,307) | - | 1,525,307 | - | - | - | ||||||
Foreign currency translation adjustment | - | - | - | - | 553,055 | - | 553,055 | ||||||
Loss for the period | - | - | - | - | - | (495,805) | (495,805) | ||||||
Balance - September 30, 2020 | 329,046,340 | 106,076,913 | 7,644,589 | 24,834,291 | (243,574) | (66,301,292) | 72,010,927 | ||||||
Balance - December 31, 2020 | 333,139,366 | 107,488,759 | 7,632,988 | 24,396,251 | $ | 765,567 | (67,109,311) | 73,174,254 | |||||
Issuance and allotment of shares for: | |||||||||||||
- Exercise of options (Note 9c) | 3,960,000 | 1,055,916 | (459,790) | - | - | - | 596,126 | ||||||
- Exercise of warrants (Note 9b) | 300,000 | 35,173 | - | (7,488) | - | - | 27,685 | ||||||
Share-based payments | - | - | 1,573,915 | - | - | - | 1,573,915 | ||||||
Foreign currency translation adjustment | - | - | - | - | 217,629 | - | 217,629 | ||||||
Loss for the period | - | - | - | - | - | (2,228,437) | (2,228,437) | ||||||
Balance - September 30, 2021 | 337,399,366 | $ | 108,579,847 | $ | 8,747,113 | $ | 24,388,763 | $ | 983,196 | $ | (69,337,748) | $ | 73,361,171 |
- See Accompanying Notes - | 2 |
Freegold Ventures Limited
(An Exploration Stage Company)
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(unaudited) (Expressed in U.S. Dollars)
3 Months | 3 Months | 9 Months | 9 Months | |||
Ended | Ended | Ended | Ended | |||
September | September | September | September | |||
30, 2021 | 30, 2020 | 30, 2021 | 30, 2020 | |||
General and Administrative Expenses | ||||||
Accretion (Notes 6(b) & 8) | $ | 1,452 | 3,286 | 3,981 | $ | 9,435 |
Consulting fees (Note 7) | 5,934 | 8,176 | 22,069 | 13,652 | ||
Depreciation (Notes 6(a) & 6(b)) | 17,125 | 14,111 | 51,239 | 41,293 | ||
Office and miscellaneous | 8,104 | 11,912 | 43,296 | 33,313 | ||
Professional fees (Note 7) | 21,853 | 38,984 | 85,261 | 69,530 | ||
Promotion and shareholder relations | 2,927 | 304 | 11,229 | 16,313 | ||
Rent and utilities | - | 616 | - | 1,714 | ||
Transfer, filing and other fees | 38,623 | 33,742 | 155,188 | 69,587 | ||
Travel and transportation | - | 81 | - | 7,620 | ||
Share-based payments (Notes 7 & 9(c)) | 1,537,440 | - | 1,537,440 | - | ||
Wages, salaries and benefits (Note 7) | 176,858 | 87,356 | 375,421 | 252,322 | ||
Total General and Administrative Expenses | (1,810,316) | (198,568) | (2,285,124) | (514,779) | ||
Foreign exchange gain (loss), net | 247,807 | 1,662 | (215,409) | 5,268 | ||
Interest and bank charges | (1,899) | (1,210) | (4,542) | (2,650) | ||
Overhead recovery fee | 176,478 | 1,462 | 203,440 | 6,065 | ||
Interest income | 18,585 | 3,970 | 73,198 | 10,291 | ||
440,971 | 5,884 | 56,687 | 18,974 | |||
Net Loss for the Period | $ | (1,369,345) | (192,684) | (2,228,437) | $ | (495,805) |
Loss per Share - Basic and Diluted | $ | (0.00) | (0.00) | (0.01) | $ | (0.00) |
Weighted Average Number of Shares Outstanding - | ||||||
Basic and Diluted | 337,001,589 | 273,840,141 | 334,770,052 | 242,596,327 | ||
Comprehensive Loss | ||||||
Net loss for the period | $ | (1,369,345) | (192,684) | (2,228,437) | $ | (495,805) |
Foreign currency translation adjustment | (543,631) | 509,639 | 217,629 | 553,055 | ||
Total Comprehensive Gain (Loss) for the Period | $ | (1,912,976) | 316,955 | (2,010,808) | $ | 57,250 |
- See Accompanying Notes - | 3 |
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Freegold Ventures Limited published this content on 14 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2021 19:39:05 UTC.
