HIGHGOLD MINING INC.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS AT SEPTEMBER 30, 2021
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
HIGHGOLD MINING INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2021 AND DECEMBER 31, 2020
(Expressed in Canadian dollars) (Unaudited)
September 30, | December 31, | |||
2021 | 2020 | |||
ASSETS | ||||
Current Assets | ||||
Cash and cash equivalents | $ | 11,503,090 | $ | 17,946,613 |
Amounts receivable | 39,107 | 255,556 | ||
Prepaid expenses and deposits | 384,877 | 324,194 | ||
Marketable securities (Note 3) | 350,100 | 378,000 | ||
12,277,174 | 18,904,363 | |||
Equipment (Note 4) | 119,284 | 46,275 | ||
Exploration and evaluation assets (Note 5) | 33,444,468 | 21,365,684 | ||
$ | 45,840,926 | $ | 40,316,322 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | ||||
Accounts payable and accrued liabilities (Note 7) | $ | 2,143,473 | $ | 762,318 |
Flow-through premium (Note 6) | - | 129,500 | ||
2,143,473 | 891,818 | |||
SHAREHOLDERS' EQUITY | ||||
Share capital (Note 6) | 45,144,103 | 40,421,489 | ||
Contributed surplus (Note 6) | 2,077,701 | 1,066,392 | ||
Deficit | (3,524,351) | (2,063,377) | ||
43,697,453 | 39,424,504 | |||
$ | 45,840,926 | $ | 40,316,322 |
Subsequent events (Note 11)
Approved on behalf of the Board of Directors of HighGold Mining Inc. on November 24, 2021
'Aris Morfopoulos' | 'Darwin Green' | |
Director | Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
1
HIGHGOLD MINING INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
(Expressed in Canadian dollars) (Unaudited)
Three months | Three months | Nine months | Nine months | |||||
ended | ended | ended | ended | |||||
September 30, | September 30, | September 30, | September 30, | |||||
2021 | 2020 | 2021 | 2020 | |||||
EXPENSES | ||||||||
Advertising and promotion | $ | 40,829 | $ | 42,310 | $ | 101,830 | $ | 92,272 |
Consulting fees (Note 7) | 3,000 | 150,531 | 26,763 | 254,531 | ||||
Filing and transfer agent | 20,136 | 12,478 | 77,667 | 59,379 | ||||
Foreign exchange loss (gain) | 7,051 | (14,246) | 104,891 | 59,614 | ||||
Insurance | 20,276 | 14,132 | 53,657 | 37,229 | ||||
Office and miscellaneous | 62,293 | 46,273 | 106,918 | 160,243 | ||||
Professional fees | 74,801 | 57,427 | 163,086 | 173,559 | ||||
Rent | 16,836 | 16,836 | 30,304 | 30,304 | ||||
Salaries, wages and benefits (Note 7) | 122,187 | 42,129 | 363,752 | 312,256 | ||||
Share-based compensation (Notes 6 | ||||||||
and 7) | 145,457 | 78,435 | 617,385 | 389,976 | ||||
Travel | 22,994 | - | 25,561 | 15,670 | ||||
Net loss before other items | (535,860) | (446,305) | (1,671,814) | (1,585,033) | ||||
OTHER ITEMS | ||||||||
Gain on sale of exploration and | ||||||||
evaluation assets (Note 5) | 145,489 | 348,229 | 145,489 | 348,229 | ||||
General exploration expenses | - | - | (14,540) | - | ||||
Interest income | 5,489 | 25,850 | 33,341 | 116,481 | ||||
Flow-through recovery (Note 6) | - | - | 129,500 | 704,000 | ||||
Realized loss on marketable | ||||||||
securities (Note 3) | (3,100) | - | (3,100) | - | ||||
Unrealized gain (loss) on marketable | ||||||||
securities (Note 3) | 42,650 | 62,750 | (79,850) | 62,750 | ||||
Net loss and comprehensive loss | $ | (345,332) | $ | (9,476) | $ | (1,460,974) | $ | (353,573) |
Basic and diluted loss per share | $ | (0.01) | $ | (0.00) | $ | (0.03) | $ | (0.01) |
Weighted average number of common | ||||||||
shares outstanding | ||||||||
Basic and diluted | 59,335,613 | 47,987,150 | 57,059,462 | 42,940,390 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
2
HIGHGOLD MINING INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
(Expressed in Canadian dollars) (Unaudited)
Share Capital | |||||||||
Number of | Contributed | ||||||||
shares | Amount | surplus | Deficit | Total | |||||
As at December 31, 2019 | 40,023,075 | $ | 18,743,032 | $ | 298,001 | $ | (1,324,578) | $ | 17,716,455 |
Private placement | 8,423,475 | 14,572,612 | - | - | 14,572,612 | ||||
Exercise of stock options | 317,909 | 385,132 | (28,350) | - | 356,782 | ||||
Exercise of share purchase warrants | 3,147,193 | 3,045,747 | (18,120) | - | 3,027,627 | ||||
Shares issued for exploration and evaluation assets | 215,000 | 410,250 | - | - | 410,250 | ||||
Share issue costs | - | (984,421) | - | - | (984,421) | ||||
Share-based compensation | - | - | 697,751 | - | 697,751 | ||||
Net loss for the period | - | - | - | (353,573) | (353,573) | ||||
As at September 30, 2020 | 52,126,652 | $ | 36,172,352 | $ | 949,282 | $ | (1,678,151) | $ | 35,443,483 |
Private placement | 1,850,000 | 3,700,000 | - | - | 3700,000 | ||||
Exercise of stock options | 12,500 | 9,205 | 1,546 | - | 10,751 | ||||
Exercise of share purchase warrants | 172,000 | 120,400 | - | - | 120,400 | ||||
Shares issued for exploration and evaluation assets | 439,976 | 766,084 | - | - | 766,084 | ||||
Share issue costs | - | (217,052) | - | - | (217,052) | ||||
Flow-through premium | - | (129,500) | - | - | (129,500) | ||||
Share-based compensation | - | - | 115,564 | - | 115,564 | ||||
Net loss for the period | - | - | - | (385,226) | (385,226) | ||||
As at December 31, 2020 | 54,601,128 | $ | 40,421,489 | $ | 1,066,392 | $ | (2,063,377) | $ | 39,424,504 |
Exercise of stock options | 412,498 | 296,543 | (54,462) | - | 242,081 | ||||
Exercise of share purchase warrants | 5,809,352 | 4,045,608 | - | - | 4,045,608 | ||||
Shares issued for exploration and evaluation assets | 288,472 | 380,463 | - | - | 380,463 | ||||
Share-based compensation | - | - | 1,065,771 | - | 1,065,771 | ||||
Net loss for the period | - | - | - | (1,460,974) | (1,460,974) | ||||
As at September 30, 2021 | 61,111,450 | $ | 45,144,103 | $ | 2,077,701 | $ | (3,524,351) | $ | 43,697,453 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
3
HIGHGOLD MINING INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
(Expressed in Canadian dollars) (Unaudited)
Nine months ended | Nine months ended | |||
September 30, 2021 | September 30, 2020 | |||
OPERATING ACTIVITIES | ||||
Net loss | $ | (1,460,974) | $ | (353,573) |
Adjustments for non-cash items: | ||||
Gain on the sale of exploration and evaluation assets | (145,489) | (348,229) | ||
Flow-through recovery | (129,500) | (704,000) | ||
Share-based compensation | 617,385 | 389,976 | ||
Realized loss on marketable securities | 3,100 | - | ||
Unrealized loss (gain) on marketable securities | 79,850 | (62,750) | ||
Change in non-cash working capital: | ||||
Amounts receivable | 216,449 | (11,526) | ||
Prepaid expenses and deposits | (60,683) | (7,765) | ||
Accounts payable and accrued liabilities | 34,442 | (54,238) | ||
Cash used in operating activities | (845,420) | (1,152,105) | ||
INVESTING ACTIVITIES | ||||
Proceeds from sale of marketable securities | 69,950 | - | ||
Proceeds from sale of Yukon mining claims | 25,000 | - | ||
Purchase of equipment | (86,433) | (51,417) | ||
Exploration and evaluation costs | (9,894,309) | (8,861,216) | ||
Cash used in investing activities | (9,885,792) | (8,912,633) | ||
FINANCING ACTIVITIES | ||||
Proceeds from private placements | - | 14,572,612 | ||
Proceeds from exercise of stock options | 242,081 | 325,699 | ||
Proceeds from exercise of share purchase warrants | 4,045,608 | 3,027,627 | ||
Share issue costs | - | (984,421) | ||
Cash provided by financing activities | 4,287,689 | 16,941,517 | ||
Increase (Decrease) in cash and cash equivalents | (6,443,523) | 6,876,779 | ||
Cash and cash equivalents, beginning of period | 17,946,613 | 12,601,200 | ||
Cash and cash equivalents, end of period | $ | 11,503,090 | $ | 19,477,979 |
Supplemental information with respect to cash flows: | ||||
Exploration and evaluation expenses included in accounts payable | $ | 1,346,713 | $ | 1,091,736 |
Exploration and evaluation expenses repaid to Constantine Metal | ||||
Resources Ltd. | $ | - | $ | 155,858 |
Common shares issued for exploration and evaluation assets | $ | 380,463 | $ | 410,250 |
Common shares of Snowline Gold Corp. received from sale of | ||||
Yukon mining claims | $ | 125,000 | $ | - |
Depreciation capitalized to exploration and evaluation assets | $ | 13,424 | $ | 3,857 |
Share-based compensation capitalized to exploration and | ||||
evaluation assets | $ | 448,386 | $ | 307,775 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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Highgold Mining Inc. published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 17:10:04 UTC.