NORTHERN DYNASTY MINERALS LTD. CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2022 AND 2021
(Expressed in thousands of Canadian Dollars)
(Unaudited)
Northern Dynasty Minerals Ltd.
Condensed Consolidated Interim Statements of Financial Position (Unaudited - Expressed in thousands of Canadian Dollars)
Notes | June 30 | December 31 | |||
2022 | 2021 | ||||
ASSETS | |||||
Non-current assets | |||||
Restricted Cash | 5(b) | $ | 800 | $ | 785 |
Mineral property, plant and equipment | 3 | 136,700 | 134,339 | ||
Total non-current assets | 137,500 | 135,124 | |||
Current assets | |||||
Amounts receivable and prepaid expenses | 4 | 485 | 1,867 | ||
Cash and cash equivalents | 5(a) | 12,921 | 22,291 | ||
Total current assets | 13,406 | 24,158 | |||
Total Assets | $ | 150,906 | $ | 159,282 | |
EQUITY | |||||
Capital and reserves | |||||
Share capital | 6 | $ | 700,278 | $ | 700,278 |
Reserves | 6 | 109,182 | 106,735 | ||
Deficit | (662,170) | (651,520) | |||
Total equity | 147,290 | 155,493 | |||
LIABILITIES | |||||
Non-current liabilities | |||||
Trade and other payables | 8 | 1,325 | 1,365 | ||
Total non-current liabilities | 1,325 | 1,365 | |||
Current liabilities | |||||
Payables to related parties | 7 | 322 | 376 | ||
Trade and other payables | 8 | 1,969 | 2,048 | ||
Total current liabilities | 2,291 | 2,424 | |||
Total liabilities | 3,616 | 3,789 | |||
Total Equity and Liabilities | $ | 150,906 | $ | 159,282 | |
Nature and continuance of operations (note 1) | |||||
Commitments and contingencies (note 13) | |||||
Events after the reporting period (note 14) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
These condensed consolidated interim financial statements are signed on the Company's behalf by:
/s/ Ronald W. Thiessen | /s/ Christian Milau |
Ronald W. Thiessen | Christian Milau |
Director | Director |
Page | 2
Northern Dynasty Minerals Ltd.
Condensed Consolidated Interim Statements of Comprehensive Loss (Unaudited - Expressed in thousands of Canadian Dollars, except for share information)
Three months ended June 30 | Six months ended June 30 | ||||||||
Notes | 2022 | 2021 | 2022 | 2021 | |||||
Expenses | |||||||||
Exploration and evaluation expenses | 9, 10 | $ | 2,182 | $ | 3,345 | $ | 4,483 | $ | 6,631 |
General and administrative expenses | 9, 10 | 2,517 | 2,480 | 4,610 | 4,942 | ||||
Legal, accounting and audit | 1,521 | 1,916 | 1,605 | 4,203 | |||||
Share-based compensation | 6(c)-(d) | 6 | 1,286 | 12 | 2,608 | ||||
Loss from operating activities | 6,226 | 9,027 | 10,710 | 18,384 | |||||
Foreign exchange loss (income) | - | 247 | (3) | 444 | |||||
Interest income | (55) | (43) | (91) | (85) | |||||
Finance expense | 17 | 10 | 34 | 32 | |||||
Other income | - | (1) | - | (16) | |||||
Gain on modification of lease | - | (16) | - | (16) | |||||
Net Loss | $ | 6,188 | $ | 9,224 | $ | 10,650 | $ | 18,743 | |
Other comprehensive loss | |||||||||
Items that may be subsequently reclassified to net loss | |||||||||
Foreign exchange translation difference | 6(e) | (3,860) | 1,803 | (2,435) | 3,617 | ||||
Other comprehensive (income) loss | $ | (3,860) | $ | 1,803 | $ | (2,435) | $ | 3,617 | |
Total comprehensive loss | $ | 2,328 | $ | 11,027 | $ | 8,215 | $ | 22,360 | |
Basic and diluted loss per share | 11 | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.04 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Northern Dynasty Minerals Ltd.
Condensed Consolidated Interim Statements of Cash Flows (Unaudited - Expressed in thousands of Canadian Dollars)
Six months ended June 30 | |||||
Notes | 2022 | 2021 | |||
Operating activities | |||||
Net loss | $ | (10,650) | $ | (18,743) | |
Non-cash or non operating items | |||||
Depreciation | 3 | 121 | 181 | ||
Gain on modification of lease | - | (16) | |||
Interest income | (91) | (85) | |||
Share-based compensation | 12 | 2,608 | |||
Unrealized exchange (gain) loss | (14) | 210 | |||
Changes in working capital items | |||||
Amounts receivable and prepaid expenses | 1,402 | 887 | |||
Trade and other payables | (109) | (661) | |||
Payables to related parties | (55) | (406) | |||
Net cash used in operating activities | (9,384) | (16,025) | |||
Investing activities | |||||
Acquisition of plant and equipment | (21) | - | |||
Interest received on cash and cash equivalents | 71 | 70 | |||
Net cash from investing activities | 50 | 70 | |||
Financing activities | |||||
Proceeds from the exercise of share purchase options and warrants | 6(b)-(c) | - | 11,008 | ||
Early lease termination payment | - | (31) | |||
Payments of principal portion of lease liabilities | (61) | (132) | |||
Net cash (used in) from financing activities | (61) | 10,845 | |||
Net decrease in cash and cash equivalents | (9,395) | (5,110) | |||
Effect of exchange rate fluctuations on cash and cash equivalents | 25 | (274) | |||
Cash and cash equivalents - beginning balance | 22,291 | 42,460 | |||
Cash and cash equivalents - ending balance | 5(a) | $ | 12,921 | $ | 37,076 |
Supplementary cash flow information (note 5(a)) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page | 4
Northern Dynasty Minerals Ltd.
Condensed Consolidated Interim Statements of Changes in Equity (Unaudited - Expressed in thousands of Canadian Dollars, except for share information)
Notes | Share capital | Reserves | ||||||||||||||||
Equity - | Foreign | |||||||||||||||||
settled | currency | Share | ||||||||||||||||
Number of | share-based | translation | Investment | Purchase | ||||||||||||||
shares | compensation | reserve | revaluation | Warrants | ||||||||||||||
(note 6(a)) | Amount | reserve | (note 6(e)) | reserve | (note 6(b)) | Deficit | Total equity | |||||||||||
Balance at January 1, 2021 | 509,046,631 | $ | 683,039 | $ | 77,018 | $ | 29,661 | $ | (17) | $ | 2,583 | $ | (619,978) | $ | 172,306 | |||
Shares issued upon exercise of options per option plan | 6(c) | 3,639,000 | 1,884 | - | - | - | - | - | 1,884 | |||||||||
Shares issued upon exercise of warrants and options not issued per option plan | 6(b) | 14,398,352 | 9,345 | - | - | - | - | - | 9,345 | |||||||||
Fair value allocated to shares issued on exercise of options and warrants | - | 3,754 | (1,451) | - | - | (2,303) | - | - | ||||||||||
Share-based compensation | 6(c) | - | - | 2,608 | - | - | - | - | 2,608 | |||||||||
Net loss | - | - | - | - | - | - | (18,743) | (18,743) | ||||||||||
Other comprehensive loss net of tax | - | - | - | (3,617) | - | - | - | (3,617) | ||||||||||
Total comprehensive loss | (22,360) | |||||||||||||||||
Balance at June 30, 2021 | 527,083,983 | $ | 698,022 | $ | 78,175 | $ | 26,044 | $ | (17) | $ | 280 | $ | (638,721) | $ | 163,783 | |||
Balance at January 1, 2022 | 529,779,388 | $ | 700,278 | $ | 77,723 | $ | 28,758 | $ | (17) | $ | 271 | $ | (651,520) | $ | 155,493 | |||
Share-based compensation | 6(d) | - | - | 12 | - | - | - | - | 12 | |||||||||
Net loss | - | - | - | - | - | - | (10,650) | (10,650) | ||||||||||
Other comprehensive income net of tax | - | - | - | 2,435 | - | - | - | 2,435 | ||||||||||
Total comprehensive loss | (8,215) | |||||||||||||||||
Balance at June 30, 2022 | 529,779,388 | $ | 700,278 | $ | 77,735 | $ | 31,193 | $ | (17) | $ | 271 | $ | (662,170) | $ | 147,290 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Northern Dynasty Minerals Ltd. published this content on 16 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 17:03:00 UTC.
