KORE MINING LTD. KORE MINING LTD.
Condensed Interim Consolidated Financial Statements
For the six months ended June 30, 2021
(Unaudited)
KORE MINING LTD.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited)
(Expressed in Canadian dollars unless otherwise noted)
As at | June 30, 2021 | December 31, 2020 | ||
Note | ||||
Current assets | ||||
Cash and cash equivalents | $ | 7,566,041 | $ | 4,906,361 |
Amounts receivable | 138,147 | 94,069 | ||
Prepaid expenses | 281,726 | 272,096 | ||
Total current assets | 7,985,914 | 5,272,526 | ||
Non-current assets | ||||
Deposits | 95,534 | 110,534 | ||
Equipment | 171,072 | 166,340 | ||
Mineral properties | 5 | 1,721,498 | 2,835,444 | |
Total assets | $ | 9,974,018 | $ | 8,384,844 |
Current liabilities | ||||
Accounts payable | $ | 900,596 | $ | 1,334,352 |
Lease liability | 6 | 86,209 | 106,147 | |
Total liabilities | 986,805 | 1,440,499 | ||
Shareholders' equity | ||||
Share capital | 7 | 18,809,304 | 22,220,248 | |
Warrants | 1,361,604 | 1,053,620 | ||
Reserves | 1,929,896 | 1,281,542 | ||
Deficit | (12,798,340) | (17,520,808) | ||
Accumulated other comprehensive loss | (315,251) | (90,257) | ||
Total shareholders' equity | 8,987,213 | 6,944,345 | ||
Total shareholders' equity and liabilities | $ | 9,974,018 | $ | 8,384,844 |
Going concern | 2 | |||
Spin out of Karus Gold | 4 | |||
Subsequent events | 13 |
The accompanying notes are an integral part of these consolidated financial statements
2
KORE MINING LTD.
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(Unaudited)
(Expressed in Canadian dollars unless otherwise noted)
For the three | For the three | |||||||
months ended | months ended | For the six months | For the six months | |||||
June 30, 2021 | June 30, 2020 | ended June 30, 2021 | ended June 30, 2020 | |||||
Note | ||||||||
Expenses | ||||||||
Depreciation | $ | 18,858 | $ | - | $ | 30,820 | $ | - |
Exploration and evaluation expenses | 6 | 759,437 | 455,348 | 1,779,451 | 1,275,326 | |||
General and administration | 171,931 | 85,484 | 365,992 | 163,539 | ||||
Management fees and wages | 4, 9 | 497,084 | 213,810 | 763,577 | 404,040 | |||
Marketing, advisory and investor relations | 179,295 | 327,405 | 820,698 | 491,327 | ||||
Professional fees | 4 | 320,151 | 88,263 | 253,893 | 188,913 | |||
Share-based payments | 8 | 223,587 | 131,821 | 564,412 | 197,851 | |||
(2,170,343) | (1,302,131) | (4,578,843) | (2,720,996) | |||||
Other income (expense) | ||||||||
Foreign exchange loss | (43,204) | (12,368) | (55,516) | (7,158) | ||||
Interest and finance income | 1,337 | 26,246 | 8,913 | 29,681 | ||||
Interest expense | (3,395) | - | (7,192) | - | ||||
Gain on distribution of Karus Gold | 4 | - | - | 9,355,106 | - | |||
Net income (loss) for the period | $ | (2,215,605) | $ | (1,288,253) | $ | 4,722,468 | $ | (2,698,473) |
Item that may be subsequently reclassified to net income (loss) | ||||||||
Cumulative translation adjustment | (255,924) | (25,117) | (224,994) | 36,214 | ||||
Comprehensive income (loss) for the period | $ | (2,471,529) | $ | (1,313,370) | $ | 4,497,474 | $ | (2,662,259) |
Basic and diluted income (loss) per common share | $ | (0.02) | $ | (0.01) | $ | 0.04 | $ | (0.03) |
Weighted average number of common shares outstanding - basic | 107,347,845 | 92,938,125 | 106,771,379 | 90,878,704 | ||||
Weighted average number of common shares outstanding - diluted | 110,100,449 | 92,938,125 | 109,892,259 | 90,878,704 |
The accompanying notes are an integral part of these consolidated financial statements
3
KORE MINING LTD.
Condensed Interim Consolidated Statements of Cash Flows (Unaudited)
(Expressed in Canadian dollars unless otherwise noted)
For the six months | For the six months | |||
ended | ended | |||
June 30, 2021 | June 30, 2020 | |||
CASH USED IN OPERATING ACTIVITIES | $ | 4,722,468 | ||
Income (loss) for the period | $ | (2,698,473.00) | ||
Items not involving cash: | $ | 30,820 | ||
Depreciation | $ | - | ||
Gain on distribution of Karus Gold | $ | (9,355,106) | $ | - |
Interest expense | $ | 7,192 | $ | - |
Share-based payments | $ | 564,412 | $ | 197,851.00 |
Changes in non-cash working capital items: | ||||
Amounts receivable | $ | (44,078) | $ | 158,720.00 |
Prepaid expenses and advances | $ | (9,630) | $ | 65,758.00 |
Deposits | $ | - | $ | (5,000.00) |
Accounts payable | $ | (433,756) | $ | (25,615.00) |
$ | (4,517,678) | $ | (2,306,759.00) | |
FINANCING ACTIVITIES | ||||
Payment of lease liabilities | $ | (23,226) | $ | - |
Proceeds from equity financing | $ | 8,028,098 | $ | 2,899,213.00 |
Proceeds from the exercise of options | $ | 65,250 | $ | 266,666.00 |
Proceeds from the exercise of warrants | $ | - | $ | 163,974.00 |
Issuance costs | $ | (677,366) | $ | - |
Repayment of Karus Gold loan | $ | 500,000 | $ | - |
Loan to Karus Gold | $ | (500,000) | $ | - |
$ | 7,392,756 | $ | 3,329,853.00 | |
INVESTING ACTIVITIES | $ | (58,528) | ||
Equipment additions | $ | - | ||
$ | (58,528) | $ | - | |
Impact of changes in foreign exchange | $ | (156,870) | $ | 15,480.00 |
Change in cash | $ | 2,659,680 | $ | 1,038,574.00 |
Cash at beginning of period | $ | 4,906,361 | $ | 3,133,623.00 |
Cash at end of period | $ | 7,566,041 | $ | 4,172,197.00 |
Supplemental cash flow information: | ||||
Distribution of assets to Karus Gold | $ | 10,435,000 | $ | - |
Issuance of warrants as issuance costs | $ | 121,547 | $ | - |
Acquisition of mineral property rights included in payables | $ | - | $ | 1,357,488.00 |
Cash paid for interest | $ | 7,192 | $ | - |
Cash paid for income taxes | $ | - | $ | - |
The accompanying notes are an integral part of these consolidated financial statements
4
KORE MINING LTD.
Condensed Interim Consolidated Statements of Changes in Equity
(Unaudited)
(Expressed in Canadian dollars unless otherwise noted)
Common Shares
Accumulated other | |||||||
Amount | Warrants | Reserves | Deficit | comprehensive income (loss) | Total Equity | ||
Number | $ | $ | $ | $ | $ | $ | |
December 31, 2019 | 88,841,914 | 11,085,678 | 573,516 | 878,946 | (8,325,325) | (47,300) | 4,165,515 |
Shares & warrants issued pursuant to private placement | 6,666,666 | 3,000,000 | - | - | - | - | 3,000,000 |
Issuance costs | - | (100,787) | - | - | - | - | (100,787) |
Exercise of options | 1,133,332 | 370,450 | - | (103,784) | - | - | 266,666 |
Exercise of warrants | 265,448 | 212,023 | (32,586) | (15,463) | - | - | 163,974 |
Share-based payments | - | - | - | 197,851 | - | - | 197,851 |
Net loss for the period | - | - | - | - | (2,698,473) | - | (2,698,473) |
Other comprehensive income (loss) | - | - | - | - | - | 36,214 | 36,214 |
June 30, 2020 | 96,907,360 | 14,567,364 | 540,930 | 957,550 | (11,023,798) | (11,086) | 5,030,960 |
Shares issued on private placement | 7,000,000 | 5,889,984 | 1,110,016 | - | - | - | 7,000,000 |
Issuance costs | 16,632 | (350,554) | (75,948) | - | - | - | (426,502) |
Exercise of options | - | - | - | 210,237 | - | - | 210,237 |
Exercise of warrants | 2,150,920 | 2,113,454 | (521,378) | (16,616) | - | - | 1,575,460 |
Share-based payments | - | - | - | 130,371 | - | - | 130,371 |
Net income (loss) for the period | - | - | - | - | (6,497,010) | - | (6,497,010) |
Other comprehensive income (loss) | - | - | - | - | - | (79,171) | (79,171) |
December 31, 2020 | 106,074,912 | 22,220,248 | 1,053,620 | 1,281,542 | (17,520,808) | (90,257) | 6,944,345 |
Units issued for cash | 8,422,000 | 7,664,020 | 364,078 | - | - | - | 8,028,098 |
Issuance costs | - | (742,819) | (56,094) | 121,547 | - | - | (677,366) |
Exercise of options | 150,000 | 102,855 | - | (37,605) | - | - | 65,250 |
Distribution of Karus Gold Corp. | - | (10,435,000) | - | - | - | - | (10,435,000) |
Share-based payments | - | - | - | 564,412 | - | - | 564,412 |
Net income (loss) for the period | - | - | - | - | 4,722,468 | - | 4,722,468 |
Other comprehensive income (loss) | - | - | - | - | - | (224,994) | (224,994) |
June 30, 2021 | 114,646,912 | 18,809,304 | 1,361,604 | 1,929,896 | (12,798,340) | (315,251) | 8,987,213 |
The accompanying notes are an integral part of these consolidated financial statements
5
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KORE Mining Ltd. published this content on 19 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2021 22:03:03 UTC.
