MILLENNIAL PRECIOUS METALS CORP. (formerly 1246768 B.C. Ltd.)
Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in Canadian Dollars)
For the three and six-month periods ended June 30, 2022 and 2021
MILLENNIAL PRECIOUS METALS CORP.
(formerly 1246768 B.C. Ltd.)
Condensed Interim Consolidated Statements of Financial Position (Unaudited)
(Expressed in Canadian Dollars)
June 30, | December 31, | |||||||
2022 | 2021 | |||||||
Assets | ||||||||
Current | ||||||||
Cash and cash equivalents (Note 5) | $ | 13,202,423 | $ | 11,655,878 | ||||
HST and other receivables (Note 6) | 207,586 | 123,109 | ||||||
Prepaid expenses and deposits | 707,454 | 450,766 | ||||||
Total Current Assets | $ | 14,117,463 | $ | 12,229,753 | ||||
Reclamation deposits (Note 7) | 18,847 | 18,847 | ||||||
Property, plant and equipment (Note 8) | 1,039,002 | 1,021,618 | ||||||
Total Assets | $ | 15,175,312 | $ | 13,270,218 | ||||
Liabilities | ||||||||
Current | ||||||||
Accounts payable and accrued liabilities (Note 9 and 17) | $ | 2,300,855 | $ | 991,394 | ||||
RSU liability (Note 13) | 511,000 | 490,000 | ||||||
Current portion of lease obligation (Note 10) | 185,763 | 173,092 | ||||||
Total Current Liabilities | 2,997,618 | 1,654,486 | ||||||
Long term portion of lease obligation (Note 10) | 499,333 | 580,798 | ||||||
Provision for site reclamation and closure (Note 11) | 119,900 | 119,000 | ||||||
Total Liabilities | 3,616,851 | 2,354,284 | ||||||
Shareholders' Equity (Deficiency) | ||||||||
Share Capital (Note 12) | 59,652,269 | 48,535,715 | ||||||
Reserve for warrants (Note 12) | 4,639,000 | 715,000 | ||||||
Reserve for Share-based Payments (Note 13) | 3,108,000 | 1,300,000 | ||||||
Accumulated Deficit | (55,778,101) | (39,634,781) | ||||||
Reserve for foreign currency translation | (62,707) | - | ||||||
Total Shareholders' Equity (deficiency) | 11,558,461 | 10,915,934 | ||||||
Total Liabilities and Shareholders' Equity (deficiency) | $ | 15,175,312 | $ | 13,270,218 | ||||
Nature of Operations and Going concern (Note 1) | ||||||||
Commitments and Contingencies (Notes 18) | ||||||||
Approved on behalf of the Board: | ||||||||
"Jason Kosec" | Director | "Terry Harbort" | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
MILLENNIAL PRECIOUS METALS CORP.
(formerly 1246768 B.C. Ltd.)
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited)
(Expressed in Canadian Dollars)
Three months ended | Six months ended | |||||||
June 30, | June 30, | June 30, | June 30, | |||||
2022 | 2021 | 2022 | 2021 | |||||
Expenses | ||||||||
Exploration and evaluation expenditures (Note 16) | $ | 7,088,850 | $ | 23,019,920 | $ | 11,232,437 | $ | 23,477,653 |
Consulting and wages (Note 17) | 675,659 | 227,063 | 1,396,400 | 430,654 | ||||
Share-based payments (Note 13 and 17) | 397,000 | 431,000 | 2,207,000 | 1,231,000 | ||||
Professional fees | 148,370 | 168,724 | 206,114 | 215,290 | ||||
Shareholder information | 327,689 | 203,874 | 616,640 | 219,837 | ||||
Office and general expenses | 402,365 | 168,793 | 578,366 | 236,658 | ||||
Travel expenses | 87,185 | 97,593 | 152,546 | 135,816 | ||||
Depreciation (Note 8) | 60,256 | 16,896 | 117,091 | 22,227 | ||||
Total expenses | $ | (9,187,374) | $ | (24,333,863) | $ | (16,506,594) | $ (25,969,135) | |
Other income (loss) | ||||||||
Listing expense (Note 4) | - | (1,469,295) | - | (1,469,295) | ||||
Gain/loss on revaluation of RSU liability | 257,000 | (86,000) | 378,000 | (86,000) | ||||
Accretion on site reclamation and closure (Note 11) | (450) | - | (900) | - | ||||
Interest income | 2,330 | 11,171 | 15,212 | 11,171 | ||||
Interest on lease | (14,083) | (5,714) | (29,038) | (7,561) | ||||
Net loss | $ | (8,942,577) | $ | (25,883,701) | $ | (16,143,320) | $ (27,520,820) | |
Other comprehensive loss - items that will not subsequently | ||||||||
reclassify into income/loss | ||||||||
Exchange on translation of foreign subsidiaries | (62,707) | - | (62,707) | - | ||||
Net comprehensive loss | $ | (9,005,284) | $ | (25,883,701) | $ | (16,206,027) | $ (27,520,820) | |
Loss per share - basic and diluted | $ | (0.06) | $ | (0.24) | $ | (0.11) | $ | (0.34) |
Weighted average number of shares outstanding | 145,214,820 | 105,748,843 | 141,916,941 | 80,880,136 | ||||
The accompanying notes are an integral part of these condensed interim consolidated financial statements
MILLENNIAL PRECIOUS METALS CORP.
(formerly 1246768 B.C. Ltd.)
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency) (Unaudited)
(Expressed in Canadian Dollars)
Share Capital | |||||||||||
Reserve for | Reserve for | Reserve | |||||||||
share- | warrants | for foreign | |||||||||
Number of | based | Accumulated | currency | ||||||||
Shares | Amount | payments | Deficit | translation | Total | ||||||
Balance at December 31, 2020 | 55,735,108 | $ 10,080,208 | $ | 661,000 | $ | - | $ (1,986,491) | $ | - | $ | 8,754,717 |
Shares issued for cash (Note 12) | 48,000,000 | 24,000,000 | - | - | - | - | 24,000,000 | ||||
Share issue costs (Note 12) | - | (2,799,993) | - | 715,000 | - | - | (2,084,993) | ||||
Shares issued to shareholders of 1246768 B.C. Ltd. | |||||||||||
(Note 4) | 1,999,999 | 1,000,000 | - | - | - | - | 1,000,000 | ||||
Shares issued for property acquisitions (Note 4 & 16) | - | - | - | ||||||||
29,650,000 | 14,825,000 | - | 14,825,000 | ||||||||
Shares issued on exercise of RSU's | 1,600,000 | 880,000 | - | - | - | - | 880,000 | ||||
Share-based payments (Note 13) | - | - | 376,000 | - | - | - | 376,000 | ||||
Loss and comprehensive loss for the period | - | - | - | - | (27,520,820) | - | (27,520,820) | ||||
Balance at June 30, 2021 | 136,985,107 | $ 47,985,215 | $ | 1,037,000 | $ | 715,000 | $ (29,507,311) | $ | - | $ | 20,229,904 |
Shares issued for settlement of debt (Note 12) | 350,000 | 115,500 | - | - | - | - | 115,500 | ||||
Shares issued for property acquisitions (Note 4 & 16) | 1,000,000 | 435,000 | - | - | - | - | 435,000 | ||||
Share-based payments (Note 13) | - | - | 263,000 | - | - | - | 263,000 | ||||
Loss and comprehensive loss for the period | - | - | - | - | (10,127,470) | - | (10,127,470) | ||||
Balance at December 31, 2021 | 138,335,107 | $ 48,535,715 | $ | 1,300,000 | $ | 715,000 | $ (39,634,781) | $ | - | $ | 10,915,934 |
Units issued for cash (Note 12) | 40,184,830 | 12,523,932 | - | 3,550,000 | - | - | 16,073,932 | ||||
Share issue costs (Note 12) | - | (1,576,232) | - | 374,000 | - | - | (1,202,232) | ||||
Shares issued for property acquisitions (Note 4 & 16) | 255,840 | 168,854 | - | - | - | - | 168,854 | ||||
Share-based payments (Note 13) | - | - | 1,808,000 | - | - | - | 1,808,000 | ||||
Loss and comprehensive loss for the period | - | - | - | - | (16,143,320) | (16,143,320) | |||||
Other comprehensive loss | - | - | - | - | - | (62,707) | (62,707) | ||||
Balance at June 30, 2022 | 178,775,777 | $ 59,652,269 | $ | 3,108,000 | $ | 4,639,000 | $ (55,778,101) | $ | (62,707) | $ | 11,558,461 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
MILLENNIAL PRECIOUS METALS CORP.
(formerly 1246768 B.C. Ltd.)
Condensed Interim Consolidated Statements of Cash Flows (Unaudited)
(Expressed in Canadian Dollars)
Six-month period ended June 30, | 2022 | 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | $ | (16,143,320) | ||
Net Loss | $ | (27,520,820) | ||
Adjustments for non-cash items | ||||
Share-based payments | 2,207,000 | 1,231,000 | ||
Amortization | 117,091 | 22,227 | ||
Loss (gain) on revaluation of RSU liability | (378,000) | 86,000 | ||
Accretion on site reclamation and closure | 900 | - | ||
Foreign exchange | (62,707) | - | ||
Shares issued for property acquisition | 168,854 | 14,825,000 | ||
Shares issued for listing costs | - | 1,000,000 | ||
Net change in non-cash working capital: | (84,477) | |||
HST and other receivables | 7,530 | |||
Prepaid expenses | (256,688) | (132,409) | ||
Accounts payable and accrued liabilities | 1,309,461 | 1,200,550 | ||
Net cash used in operating activities | (13,121,886) | (9,280,922) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment | (134,475) | (35,518) | ||
Reclamation deposits | - | (28,550) | ||
Net cash used in investing activities | (134,475) | (64,068) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuance of subscription receipts | 16,073,932 | 24,000,000 | ||
Share issue costs advances | (1,202,232) | (2,084,993) | ||
Repayment of lease obligation | (68,794) | (22,360) | ||
Net cash provided by financing activities | 14,802,906 | 21,892,647 | ||
Net (decrease) increase in cash | $ | 1,546,545 | $ | 12,547,657 |
Cash and cash equivalents at beginning of period | 11,655,878 | 8,686,883 | ||
Cash and cash equivalents at end of period | $ | 13,202,423 | $ | 21,234,540 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
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Millennial Precious Metals Corp. published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 15:39:11 UTC.
