LARAMIDE RESOURCES LTD.
INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE THREE MONTHS ENDED
MARCH 31, 2022 AND 2021
(EXPRESSED IN CANADIAN DOLLARS)
MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
The accompanying interim condensed consolidated financial statements of Laramide Resources Ltd. were prepared by management in accordance with International Financial Reporting Standards. The most significant of these standards have been set out in the December 31, 2021 audited consolidated financial statements and in the Note 2 of these interim condensed consolidated financial statements. Any applicable changes in accounting policies have also been disclosed in these interim condensed consolidated financial statements. Management acknowledges responsibility for the preparation and presentation of the interim condensed consolidated financial statements, including responsibility for significant accounting judgments and estimates and the choice of accounting principles and methods that are appropriate to the Company's circumstances.
The Board of Directors is responsible for ensuring management fulfills its financial reporting responsibilities and for reviewing and approving the unaudited consolidated financial statements together with other financial information. The Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the internal controls over the financial reporting process and the consolidated financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the interim condensed consolidated financial statements together with other financial information of the Company for issuance to the shareholders.
Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.
MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management is responsible for establishing and maintaining adequate control over its financial reporting. Management conducted an evaluation of the effectiveness of internal control over financial reporting based on "Internal Control Over Financial Reporting Guidance for Smaller Public Companies" issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company's internal control over financial reporting was effective as at March 31, 2022.
CONCLUSION RELATING TO DISCLOSURE CONTROLS AND PROCEDURES
An evaluation was performed under the supervision and with the participation of management, including the Chief Executive and Chief Financial Officers, of the effectiveness of the Company's disclosure controls and procedures as defined in the National Instrument 52-109. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the design and operation of the Company's disclosure controls and procedures were effective as at March 31, 2022.
NOTICE TO READER
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim condensed financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying interim condensed consolidated financial statements of 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 interim condensed consolidated financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of financial statements by an entity's auditor.
LARAMIDE RESOURCES LTD.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)
Assets
Current Assets
Cash and cash equivalents (Note 5)
Accounts receivable and prepaid expenses (Note 6)
Investments (Note 7)
Long-term investments (Note 7)
Prepaid royalty (Note 9)
Property and equipment (Note 8)
Mineral properties and related deferred costs (Note 9)
Liabilities
Current Liabilities
Accounts payable and accrued liabilities (Note 10)
Short-term loans and current portion of long-term debt (Note 11)
Non-cash derivative liability (Note 11)
Long-term debt (Note 11) Deferred tax liabilities
Shareholders' Equity
Capital stock (Note 12) Warrants (Note 13) Contributed surplus (Note 13) Deficit
Accumulated other comprehensive income
Nature of Operations (Note 1) Commitments and Contingencies (Note 17) Subsequent Events (Note 19)
SIGNED ON BEHALF OF THE BOARD
(Signed) "Marc C. Henderson"
(Signed) "Scott Patterson"
March 31, 2022
December 31, 2021
$ 9,017,160
$ 7,659,753
379,069 284,725
683,323 819,902
10,079,552
8,764,380
476,145 548,000
456,937 463,593
141,218 164,721 87,569,741 86,632,068
$
98,723,593
$ 96,572,762
$ 322,032 $ 393,544 5,277,994 575,289
6,296,843 6,972,497
11,896,869 7,941,330
36,481 6,244,100
3,662,091 3,662,197
15,595,441 17,847,627
165,533,036 159,220,262
876,780 1,616,046
30,280,271 29,989,527
(116,468,136)
2,906,201 2,478,755 83,128,152 78,725,135
$
98,723,593
(114,579,455)
$ 96,572,762
Director
Director
- Page 1 -
The accompanying notes are an integral part of these interim condensed consolidated financial statements
LARAMIDE RESOURCES LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)
Three months ended March 31,
Expenses
Administrative and office (Note 15) Audit and legal
Consulting
Interest and financing costs (Note 11)
Accretion and discount amortization of long-term debt (Note 11)
Stock-based compensation (Note 14)
Amortization of property and equipment (Note 8) Foreign exchange gain
Fair value loss in non-cash derivative liability (Note 11)
Net loss for the period
Loss per share
Weighted average shares outstanding - basic and diluted Loss per share - basic and diluted
2022
2021
$
276,799 $ 189,607
36,706 24,947
6,450 6,544
127,352 176,601
258,136 137,717
253,743 23,503 (16,905) 922,897
- 23,672 (76,568) 1,273,609
$ (1,888,681) $ (1,756,129)
201,938,722
164,684,831
$
(0.01) $
- Page 2 -
The accompanying notes are an integral part of these interim condensed consolidated financial statements
(0.01)
LARAMIDE RESOURCES LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)
Three months ended March 31, | 2022 | 2021 |
Net loss for the period | $ (1,888,681) | $ (1,756,129) |
Other comprehensive income (loss) | ||
Unrealized gain (loss) on equity investments | (188,001) | (99,225) |
Realized gain (loss) on sale of investments | (6,650) | 538,848 |
Foreign currency translation adjustment | 622,097 | (1,661,795) |
427,446 | (1,222,172) | |
Comprehensive loss for the period | $ (1,461,235) | $ (2,978,301) |
- Page 3 -
The accompanying notes are an integral part of these interim condensed consolidated financial statements
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Laramide Resources Ltd. published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 01:31:10 UTC.