INTREPID METALS CORP. INTREPID METALS CORP.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
JUNE 30, 2023
(Expressed in Canadian Dollars)
(Unaudited)
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED CONSOLIDATED 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 an auditor has not reviewed the financial statements.
The accompanying unaudited condensed interim consolidated financial statements of Intrepid Metals Corp. (the "Company") have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
INTREPID METALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited)
(Expressed in Canadian dollars)
AS AT | AS AT | |||
JUNE 30, | DECEMBER 31, | |||
2023 | 2022 | |||
ASSETS | ||||
Current assets | ||||
Cash | $ | 1,196,274 | $ | 2,151,249 |
Amounts receivable | 9,876 | 14,589 | ||
Prepaid expenses (notes 3 and 9) | 135,564 | 115,693 | ||
Investment (note 4) | 1 | 1 | ||
1,341,715 | 2,281,532 | |||
Deposits | 5,739 | 5,871 | ||
Exploration and evaluation assets (note 5) | 670,149 | 268,444 | ||
$ | 2,017,603 | $ | 2,555,847 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | ||||
(notes 6 and 8) | $ | 144,000 | $ | 145,235 |
Promissory notes payable (note 7) | 99,039 | 50,000 | ||
243,039 | 195,235 | |||
Long-term liabilities | ||||
Promissory notes payable (note 7) | - | 44,950 | ||
243,039 | 240,185 | |||
Equity | ||||
Share capital (note 9) | 16,882,981 | 16,584,982 | ||
Obligation to issue shares (note 7) | 85,000 | 85,000 | ||
Equity reserves | 2,731,975 | 2,645,528 | ||
Accumulated other comprehensive income | 1,077 | 1,456 | ||
Deficit | (17,926,469) | (17,001,304) | ||
1,774,564 | 2,315,662 | |||
$ | 2,017,603 | $ | 2,555,847 |
Nature of operations and going concern (note 1)
Subsequent events (note 13)
Approved on August 28, 2023 on behalf of the Board of Directors:
"Mark Lotz" | Director | "Kenneth Brophy" | Director |
Mark Lotz | Kenneth Brophy |
1
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
INTREPID METALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited)
(Expressed in Canadian dollars)
THREE MONTH PERIODS | SIX MONTH PERIODS | |||||||
ENDED JUNE 30, | ENDED JUNE 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
EXPENSES (note 13) | ||||||||
Exploration and evaluation (note 5) | 97,992 | 338,535 | 187,674 | 380,144 | ||||
General and administration (note 10) | 199,430 | 405,837 | 522,645 | 549,847 | ||||
Marketing and investor relations | 43,967 | 2,813 | 158,569 | 22,261 | ||||
Share-based payments (note 9) | 17,820 | 36,358 | 86,447 | 56,259 | ||||
(359,209) | (783,543) | (955,335) | (1,008,511) | |||||
OTHER ITEMS | ||||||||
Interest expense (note 7) | (1,780) | - | (4,089) | - | ||||
Interest income | 16,587 | 8,986 | 38,197 | 10,009 | ||||
Foreign exchange gain (loss) | (562) | 2,858 | (4,078) | (1,692) | ||||
14,245 | 11,844 | 30,030 | 8,317 | |||||
LOSS FOR THE PERIOD | (344,964) | (771,699) | (925,305) | (1,000,194) | ||||
Cumulative translation adjustment | 240 | (61) | 140 | 82 | ||||
COMPREHENSIVE LOSS FOR THE | ||||||||
PERIOD | $ | (344,964) | $ | (771,760) | $ | (925,165) | $ | (1,000,112) |
Basic and diluted loss per | ||||||||
common share | $ | (0.01) | $ | (0.02) | $ | (0.02) | $ | (0.02) |
Weighted average number of | ||||||||
common shares outstanding | 48,932,902 | 42,889,472 | 48,434,118 | 36,992,808 |
2
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
INTREPID METALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in Canadian dollars)
SIX MONTH PERIOD | SIX MONTH PERIOD | |||
ENDED JUNE 30, | ENDED JUNE 30, | |||
2023 | 2022 | |||
OPERATING ACTIVITIES | ||||
Loss | $ | (925,305) | $ | (1,000,194) |
Items not affecting cash: | ||||
Share-based payments | 86,447 | 56,259 | ||
Depreciation | - | 1,265 | ||
Interest accretion | 4,089 | - | ||
Net change in non-cash working capital items: | ||||
Amounts receivable | 4,713 | (23,832) | ||
Prepaid expenses | (19,871) | 7,579 | ||
Deposits | - | 116 | ||
Accounts payable and accrued liabilities | (1,235) | 12,832 | ||
Cash used in operating activities | (851,162) | (945,975) | ||
INVESTING ACTIVITIES | ||||
Acquisition of exploration and evaluation assets | (103,706) | - | ||
Cash used in investing activities | (103,706) | - | ||
FINANCING ACTIVITIES | ||||
Private placement | - | 3,070,500 | ||
Share issuance costs | - | (63,000) | ||
Cash provided by financing activities | - | 3,007,500 | ||
Net change in cash | (954,868) | 2,061,525 | ||
Effect of foreign exchange on cash | (107) | (174) | ||
Cash, beginning | 2,151,249 | 884,179 | ||
Cash, ending | $ | 1,196,274 | $ | 2,945,530 |
Cash received for | ||||
Interest | $ | 38,197 | $ | 10,009 |
Supplementary cash flow information | ||||
Shares issued for exploration and evaluation assets | $ | 297,999 | - |
3
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Intrepid Metals Corp. published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 18:10:02 UTC.
