SILVER STORM MINING LTD. GOLDEN TAG RESOURCES LTD. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
THREE AND SIX MONTHS ENDED
JUNE 30, 2022
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
Notice To Reader
The accompanying unaudited condensed interim consolidated financial statements of Golden Tag Resources Ltd. (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditors.
Golden Tag Resources Ltd.
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
As at | As at | |||
June 30, | December 31, | |||
2022 | 2021 | |||
ASSETS | ||||
Current assets | $ | 7,381,844 | ||
Cash and cash equivalents | $ | 6,317,563 | ||
Marketable securities (note 5) | 42,000 | 49,000 | ||
Sales taxes receivable (note 6) | 142,093 | 109,494 | ||
Prepaid expenses | 127,546 | 75,001 | ||
Total assets | $ | 7,693,483 | $ | 6,551,058 |
EQUITY AND LIABILITIES | ||||
Current liabilities | $ | 118,685 | ||
Trade payables | $ | 760,137 | ||
Total liabilities | 118,685 | 760,137 | ||
Equity | 28,786,826 | |||
Share capital (note 8) | 25,431,648 | |||
Options reserves (note 9) | 3,017,631 | 3,017,631 | ||
Warrant reserves (note 8) | 2,817,440 | 2,318,071 | ||
Accumulated other comprehensive income | 398,831 | 432,767 | ||
Deficit | (27,445,930) | (25,409,196) | ||
Total equity | 7,574,798 | 5,790,921 | ||
Total equity and liabilities | $ | 7,693,483 | $ | 6,551,058 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
Related party transactions (note 12)
Contingencies and commitments (note 13)
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Golden Tag Resources Ltd.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
Three Months | Three Months | Six Months | Six Months | |||||
Ended | Ended | Ended | Ended | |||||
June 30, | June 30, | June 30, | June 30, | |||||
2022 | 2021 | 2022 | 2021 | |||||
Operating expenses | $ | 7,807 | $ | 33,502 | ||||
Administrative costs | $ | 8,361 | $ | 16,514 | ||||
Foreign exchange | (68,532) | 13,093 | (18,549) | 41,126 | ||||
Listing, filing and transfer agency fees (note 12) | 28,903 | 12,344 | 50,957 | 38,013 | ||||
Management, consulting fees and directors' | 186,487 | 351,295 | ||||||
fees (note 12) | 241,818 | 558,907 | ||||||
Mineral property expenses | 122,551 | 599,984 | 1,078,892 | 1,353,251 | ||||
Promotion costs | 55,137 | 66,147 | 105,052 | 142,658 | ||||
Professional fees (note 12) | 39,494 | 80,878 | 198,083 | 176,925 | ||||
Rent | 44,450 | 34,515 | 78,965 | 69,030 | ||||
Salaries | 73,963 | 35,466 | 149,340 | 88,455 | ||||
Shareholder information | 3,925 | 11,746 | 13,640 | 18,172 | ||||
Total operating expenses | 494,185 | 1,104,352 | 2,041,177 | 2,503,051 | ||||
Finance income | (8,878) | (3,244) | (11,443) | (7,741) | ||||
Realized gain on sale of marketable securities | - | (44,226) | - | (44,226) | ||||
Unrealized loss on change in fair value of marketable | ||||||||
securities (note 5) | 17,500 | 59,971 | 7,000 | 66,219 | ||||
Net loss for the period | $ | (502,807) | $ | (1,116,853) | $ | (2,036,734) | $ | (2,517,303) |
Other comprehensive loss | ||||||||
Items that will be reclassified subsequently to loss | ||||||||
Exchange differences on translating foreign | $ | (63,812) | $ | (33,936) | ||||
operations | $ | (2,844) | $ | (503) | ||||
Other comprehensive loss for the period | (63,812) | (2,844) | (33,936) | (503) | ||||
Total comprehensive loss for the period | $ | (566,619) | $ | (1,119,697) | $ | (2,070,670) | $ | (2,517,806) |
Basic and diluted net loss per share (note 10) | $ | (0.00) | $ | (0.01) | $ | (0.01) | $ | (0.01) |
Weighted average number of common shares | ||||||||
outstanding - basic and diluted | 210,245,712 | 169,872,783 | 205,260,353 | 168,858,127 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Golden Tag Resources Ltd.
Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars)
(Unaudited)
Six Months | Six Months | |||
Ended | Ended | |||
June 30, | June 30, | |||
2022 | 2021 | |||
Operating activities | $ | (2,036,734) | ||
Net loss for the period | $ | (2,517,303) | ||
Non-cash items: | (726,596) | |||
Changes in working capital items (note 11) | (835,557) | |||
Realized gain on sale of marketable securities | - | (44,226) | ||
Unrealized loss on change in fair value of marketable securities (note 5) | 7,000 | 66,219 | ||
Foreign exchange | (29,103) | 16,874 | ||
Net cash used in operating activities | (2,785,433) | (3,313,993) | ||
Investing activities | - | |||
Proceeds on sale of marketable securities | 93,015 | |||
Net cash provided by investing activities | - | 93,015 | ||
Financing activities | 3,250,000 | |||
Proceeds from private placements (note 8) | - | |||
Share issue costs | (70,409) | - | ||
Proceeds from warrants exercised | 674,956 | 739,645 | ||
Net cash provided by financing activities | 3,854,547 | 739,645 | ||
Net change in cash and cash equivalents | 1,069,114 | (2,481,333) | ||
Effect of exchange rate | (4,833) | (17,377) | ||
Cash and cash equivalents, beginning of period | 6,317,563 | 8,401,157 | ||
Cash and cash equivalents, end of period | $ | 7,381,844 | $ | 5,902,447 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Golden Tag Resources Ltd.
Condensed Interim Consolidated Statements of Changes in Equity (Expressed in Canadian Dollars)
(Unaudited)
Accumulated | ||||||||||||
other | ||||||||||||
Number of | Share | Options | Warrants | comprehensive | ||||||||
shares | capital | reserves | reserves | income | Deficit | Total | ||||||
Balance, December 31, 2020 | 166,196,558 | $ | 21,896,373 | $ | 3,017,631 | $ | 3,387,453 | $ | 448,505 | $ (20,627,668) | $ | 8,122,294 |
Warrants exercised | 6,758,599 | 914,482 | - | (174,837) | - | - | 739,645 | |||||
Net loss and comprehensive loss for the period | - | - | - | - | (503) | (2,517,303) | (2,517,806) | |||||
Balance, June 30, 2021 | 172,955,157 | $ | 22,810,855 | $ | 3,017,631 | $ | 3,212,616 | $ | 448,002 | $ (23,144,971) | $ | 6,344,133 |
Balance, December 31, 2021 | 194,325,157 | $ | 25,431,648 | $ | 3,017,631 | $ | 2,318,071 | $ | 432,767 | $ (25,409,196) | $ | 5,790,921 |
Private placement (note 8(a)) | 13,000,000 | 3,250,000 | - | - | - | - | 3,250,000 | |||||
Warrants (note 8(a)) | - | (762,151) | - | 762,151 | - | - | - | |||||
Share issue costs (note8(a)) | - | (70,409) | - | - | - | - | (70,409) | |||||
Warrants exercised | 8,999,409 | 937,738 | - | (262,782) | - | - | 674,956 | |||||
Net loss and comprehensive loss for the period | - | - | - | - | (33,936) | (2,036,734) | (2,070,670) | |||||
Balance, June 30, 2022 | 216,324,566 | $ | 28,786,826 | $ | 3,017,631 | $ | 2,817,440 | $ | 398,831 | $ (27,445,930) | $ | 7,574,798 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Golden Tag Resources Ltd. published this content on 29 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 07:53:20 UTC.
