TSX: NCP | OTCQB: NCPCF
NICKEL CREEK PLATINUM CORP.
CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
For the three months ended March 31, 2022
(Unaudited)
(Expressed in Canadian Dollars)
NOTICE OF NO AUDITOR REVIEW OF 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 unaudited interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated interim financial statements of Nickel Creek Platinum 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 financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants for a review of interim financial statements by an entity's auditor.
Nickel Creek Platinum Corp.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in Canadian dollars) (Unaudited)
March 31, | December 31, | ||||
Note | 2022 | 2021 | |||
ASSETS | |||||
Current Assets | |||||
Cash and cash equivalents | 4 | $ | 1,795,135 | $ | 2,200,919 |
Amounts receivable | 5 | 20,529 | 31,330 | ||
Prepaid expenses | 162,292 | 146,760 | |||
Marketable securities | 6 | 504,900 | 466,900 | ||
2,482,856 | 2,845,909 | ||||
Non-Current Assets | |||||
Equipment, net | 7 | 137,328 | 144,556 | ||
Right-of-use assets, net | 8 | 181,865 | 204,765 | ||
Exploration and evaluation assets | 9 | 29,087,695 | 29,029,713 | ||
29,406,888 | 29,379,034 | ||||
TOTAL ASSETS | $ | 31,889,744 | $ | 32,224,943 | |
LIABILITIES | |||||
Current Liabilities | |||||
Accounts payable and other liabilities | 10 | $ | 143,938 | $ | 237,392 |
Flow-through share premium liability | 10 | 22,273 | 24,273 | ||
Lease obligations | 11 | 93,968 | 93,750 | ||
260,179 | 355,415 | ||||
Non-Current Liabilities | |||||
Lease obligations | 11 | 85,110 | 109,445 | ||
Reclamation provision | 621,000 | 621,000 | |||
966,289 | 1,085,860 | ||||
SHAREHOLDERS' EQUITY | |||||
Share capital | 12 | 141,017,943 | 140,774,249 | ||
Equity reserves | 16,631,096 | 16,565,289 | |||
Deficit | (126,725,584) | (126,200,455) | |||
30,923,455 | 31,139,083 | ||||
TOTAL LIABILITIES AND EQUITY | $ | 31,889,744 | $ | 32,224,943 |
Going Concern (Note 1)
Commitments and Contingencies (Note 17)
Subsequent Event (Note 18)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Nickel Creek Platinum Corp.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(Expressed in Canadian dollars, except share amounts) (Unaudited)
Three Months Ended March 31, | ||||||
Note | 2022 | 2021 | ||||
OPERATING EXPENSES | ||||||
Consulting and professional fees | $ | 53,892 | $ | 73,390 | ||
Depreciation | 7,8 | 22,630 | 48,584 | |||
Foreign exchange loss | 450 | 2,577 | ||||
Insurance | 16,840 | 14,428 | ||||
Office, regulatory and other | 78,256 | 57,488 | ||||
Investor relations and business development | 46,993 | 7,529 | ||||
Salaries and wages | 13 | 169,841 | 166,083 | |||
Share-based compensation | 12 | 115,085 | 89,640 | |||
General and administrative expenses | 503,987 | 459,719 | ||||
Exploration and evaluation expenses | 14 | 62,422 | 40,879 | |||
Loss before non-operating items | (566,409) | (500,598) | ||||
OTHER INCOME (EXPENSE) | ||||||
Flow-through share premium | 2,000 | - | ||||
Gain on marketable securities | 38,000 | - | ||||
Interest expense on right-of-use assets | (888) | (1,057) | ||||
Interest income | 2,168 | 1,298 | ||||
NET LOSS AND COMPREHENSIVE LOSS | $ | (525,129) | $ | (500,357) | ||
NET LOSS PER COMMON SHARE, | ||||||
BASIC AND DILUTED | $ | (0.00) | $ | (0.00) | ||
WEIGHTED AVERAGE NUMBER OF | ||||||
COMMON SHARES OUTSTANDING | 389,549,287 | 346,706,828 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Nickel Creek Platinum Corp.
Condensed Consolidated Interim Statements of Cash Flows
(Expressed in Canadian dollars) (Unaudited)
Three Months Ended March 31,
Note | 2022 | 2021 | |||
OPERATING ACTIVITIES | |||||
Net loss for the period | $ | (525,129) | $ | (500,357) | |
Add (deduct) items not affecting cash | |||||
Depreciation | 7,8 | 30,128 | 57,995 | ||
Share-based compensation | 123,406 | 90,483 | |||
Unrealized gain on marketable securities | (38,000) | - | |||
Unrealized foreign exchange loss | 373 | 594 | |||
(409,222) | (351,285) | ||||
Changes in non-cash working capital balances | 16 | (4,428) | (17,316) | ||
Cash used in operating activities | (413,650) | (368,601) | |||
INVESTING ACTIVITIES | |||||
Exploration and evaluation expenditures | (151,067) | (37,193) | |||
Cash used in investing activities | (151,067) | (37,193) | |||
FINANCING ACTIVITIES | |||||
Exercise of stock options | 96,696 | 349,123 | |||
Exercise of warrants | 89,399 | - | |||
Principal elements of lease payments | (26,789) | (47,653) | |||
Cash provided from financing activities | 159,306 | 301,470 | |||
Effect of foreign exchange rate changes on cash and cash equivalents | (373) | (594) | |||
Decrease in cash and cash equivalents, net | (405,784) | (104,918) | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD | 2,200,919 | 1,459,141 | |||
CASH AND CASH EQUIVALENTS, END OF THE PERIOD | $ | 1,795,135 | $ | 1,354,223 | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Nickel Creek Platinum Corp. published this content on 13 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2022 02:16:04 UTC.