INZINC MINING LTD. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022
(Unaudited - Expressed in Canadian Dollars)
InZinc Mining Ltd.
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.
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.
The accompanying unaudited condensed interim consolidated financial statements for InZinc Mining Ltd. for the nine months ended September 30, 2022 have been prepared by and are the responsibility of the Company's management.
InZinc Mining Ltd.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited - Expressed in Canadian Dollars)
As at
September | December | ||||||
30, 2022 | 31, 2021 | ||||||
ASSETS | |||||||
Current | |||||||
Cash (Note 4) | $ | 1,552,577 | $ | 3,165,251 | |||
Receivables (Note 5) | 78,201 | 36,976 | |||||
Prepaids and advances | 7,416 | 19,142 | |||||
Marketable securities (Note 6) | 1,472,445 | 1,110,646 | |||||
3,110,639 | 4,332,015 | ||||||
Reclamation deposits (Note 7) | 40,000 | 40,000 | |||||
Exploration and evaluation assets (Note 7) | 358,660 | 273,345 | |||||
$ | 3,509,299 | $ | 4,645,360 | ||||
LIABILITIES | |||||||
Current | |||||||
Accounts payable and accrued liabilities (Notes 8 and 10) | $ | 124,508 | $ | 74,155 | |||
SHAREHOLDERS' EQUITY | |||||||
Share capital (Note 9) | 17,996,995 | 17,954,024 | |||||
Reserves - share-based (Note 9) | 334,827 | 245,344 | |||||
Share agreement (Note 9) | 5,000 | - | |||||
Deficit | (14,952,031) | (13,628,163) | |||||
3,384,791 | 4,571,205 | ||||||
$ | 3,509,299 | $ | 4,645,360 | ||||
Nature of operations and going concern (Note 1) | |||||||
Subsequent event (Note 15) | |||||||
Approved on behalf of the Board: | |||||||
"Wayne Hubert" | "John Murphy" | ||||||
Wayne Hubert, Director | John Murphy, Director |
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
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InZinc Mining Ltd.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Unaudited - Expressed in Canadian Dollars)
For the three months ended | For the nine months ended | |||||||
September | September | September | September | |||||
30, 2022 | 30, 2021 | 30, 2022 | 30, 2021 | |||||
EXPENSES | ||||||||
Communication and investor relations | $ | 3,238 | $ | 8,035 | $ | 25,949 | $ | 17,736 |
Exploration and evaluation expenditures (Note 7) | 1,113,581 | 217,686 | 1,424,865 | 234,339 | ||||
Filing and regulatory | 2,453 | 2,766 | 13,045 | 13,592 | ||||
Foreign exchange loss (gain) | (654) | (4,248) | (827) | 3,454 | ||||
Office and miscellaneous | 21,077 | 15,017 | 53,712 | 43,735 | ||||
Professional fees (Note 10) | 26,250 | 11,119 | 62,243 | 140,139 | ||||
Property investigation | - | - | - | 2,151 | ||||
Share-based compensation (Notes 9 and 10) | 7,437 | 6,092 | 146,360 | 81,032 | ||||
Travel | 8,726 | - | 8,726 | - | ||||
(1,182,108) | (256,467) | (1,734,073) | (536,178) | |||||
Gain on exploration and evaluation assets (Note 7) | - | 157,747 | - | 366,688 | ||||
Unrealized gain (loss) on marketable securities | ||||||||
(Note 6) | 98,279 | - | 361,799 | - | ||||
Loss for the period | (1,083,829) | (98,720) | (1,372,274) | (169,490) | ||||
Unrealized loss on marketable securities (Note 6) | - | 62 | - | 270 | ||||
Loss and comprehensive loss for the period | $ | (1,083,829) | $ | (98,658) | $ | (1,372,274) | $ | (169,220) |
Loss per common share - basic and diluted | $ | (0.01) | $ | (0.00) | $ | (0.01) | $ | (0.00) |
Weighted average number of common shares | ||||||||
outstanding - basic and diluted | 122,802,084 | 122,152,084 | 122,630,472 | 120,878,824 |
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
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InZinc Mining Ltd.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited - Expressed in Canadian Dollars)
Share capital | |||||||||||
Reserves - | |||||||||||
accumulated | |||||||||||
Reserves - | other | ||||||||||
share- | comprehensive | Share | |||||||||
Issued | Amount | based | loss | agreement | Deficit | Total | |||||
Balance at December 31, 2020 | 115,085,419 | $ 17,713,150 | $ | 477,262 | $ | (1,998) | $ | - | $(17,171,397) | $ | 1,017,017 |
Shares issued for cash | 6,666,665 | 200,000 | - | - | - | - | 200,000 | ||||
Shares issued for exploration and | |||||||||||
evaluation assets | 400,000 | 18,000 | - | - | - | - | 18,000 | ||||
Share issue costs | - | (23,861) | - | - | - | - | (23,861) | ||||
Share-based compensation | - | - | 81,032 | - | - | - | 81,032 | ||||
Allocation of expired options | - | - | (272,057) | - | - | 272,057 | - | ||||
Allocation of expired warrants | - | 46,735 | (46,735) | - | - | - | - | ||||
Unrealized gain on marketable | |||||||||||
securities | - | - | - | 270 | - | - | 270 | ||||
Loss for the period | - | - | - | - | - | (169,490) | (169,490) | ||||
Balance at September 30, 2021 | 122,152,084 | $ 17,954,024 | $ | 239,502 | $ | (1,728) | $ | - | $(17,068,830) | $ | 1,122,968 |
Balance at December 31, 2021 | 122,152,084 | $ 17,954,024 | $ | 245,344 | $ | - | $ | - | $(13,628,163) | $ | 4,571,205 |
Shares issued for exploration and | |||||||||||
evaluation assets | 400,000 | 22,000 | - | - | - | - | 22,000 | ||||
Shares issued for option exercise | 250,000 | 20,971 | (8,471) | - | - | - | 12,500 | ||||
Share agreement | - | - | - | - | 5,000 | - | 5,000 | ||||
Share-based compensation | - | - | 146,360 | - | - | - | 146,360 | ||||
Allocation of expired options | - | - | (48,406) | - | - | 48,406 | - | ||||
Loss for the period | - | - | - | - | - | (1,372,274) | (1,372,274) | ||||
Balance at September 30, 2022 | 122,802,084 | $ 17,996,995 | $ | 334,827 | $ | - | $ | 5,000 | $(14,952,031) | $ | 3,384,791 |
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
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InZinc Mining Ltd. published this content on 29 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2022 03:00:26 UTC.
