Platinum Group Metals Ltd.
Interim Condensed Consolidated Financial Statements
(all amounts in thousands of United States Dollars unless otherwise noted) For the period ended May 31, 2021
Filed: July 15, 2021
PLATINUM GROUP METALS LTD.
Condensed Consolidated Interim Statements of Financial Position (in thousands of United States Dollars)
May 31, | August 31, | |||
2021 | 2020 | |||
ASSETS | ||||
Current | ||||
Cash | $ | 8,989 | $ | 1,308 |
Amounts receivable | 251 | 218 | ||
Prepaid expenses | 240 | 385 | ||
Total current assets | 9,480 | 1,911 | ||
Performance bonds and other assets | 167 | 108 | ||
Mineral Properties and Exploration Assets (Note 3) | 44,414 | 34,939 | ||
Property, plant and equipment | 436 | 457 | ||
Total assets | $ | 54,497 | $ | 37,415 |
LIABILITIES | ||||
Current | ||||
Accounts payable and other liabilities | $ | 1,449 | $ | 1,412 |
Loan payable (Note 5) | 1,300 | - | ||
Bank advisory fees payable (Note 9) | - | 2,890 | ||
Total current liabilities | 2,749 | 4,302 | ||
Loan payable (Note 5) | 9,791 | 19,337 | ||
Convertible notes (Note 6) | 18,909 | 17,212 | ||
Share based liabilities | 1,655 | 509 | ||
Lease liability | 167 | 198 | ||
Total liabilities | $ | 33,271 | $ | 41,558 |
SHAREHOLDERS' EQUITY | ||||
Share capital (Note 7) | $ | 888,123 | $ | 861,890 |
Contributed surplus | 29,663 | 28,278 | ||
Accumulated other comprehensive loss | (157,994) | (164,124) | ||
Deficit | (755,335) | (746,313) | ||
Total shareholders' equity (deficit) attributable to | ||||
shareholders of Platinum Group Metals Ltd. | 4,457 | (20,269) | ||
Non-controlling interest | 16,769 | 16,126 | ||
Total shareholders' equity (deficit) | 21,226 | (4,143) | ||
Total liabilities and shareholders' equity | $ | 54,497 | $ | 37,415 |
Going Concern (Note 1)
Contingencies and Commitments (Note 9)
Approved by the Board of Directors and authorized for issue on July 15, 2021
/s/ Stuart Harshaw | /s/ Diana Walters | |
Stuart Harshaw, Director | Diana Walters, Director |
The accompanying notes are an integral part of the consolidated financial statements. 2
PLATINUM GROUP METALS LTD.
Condensed Consolidated Interim Statements of Loss and Comprehensive (Income) Loss (in thousands of United States Dollars except share and per share data)
Three months ended | Nine months ended | |||||||||||
May 31, | May 31, | |||||||||||
2021 | 2020 | May 31, 2021 May 31, 2020 | ||||||||||
Expenses | ||||||||||||
General and administrative | $ | 967 | $ | 803 | $ | 2,909 | $ | 2,712 | ||||
Interest | 1,105 | 1,376 | 3,629 | 4,084 | ||||||||
Foreign exchange (gain) loss | (981) | 842 | (1,654) | 1,204 | ||||||||
Share of joint venture expenditures - Lion Battery (Note 4) | - | - | 343 | - | ||||||||
Stock compensation expense (Note 7) | 1,167 | 408 | 2,774 | 1,144 | ||||||||
$ | 2,258 | $ | 3,429 | $ | 8,001 | $ | 9,144 | |||||
Other Income | ||||||||||||
Loss (Gain) on fair value derivatives & other instruments (Note | $ | 49 | $ | (49) | $ | 607 | $ | (3,112) | ||||
7) | ||||||||||||
Loss on the partial settlement of the Sprott Facility | - | - | 300 | - | ||||||||
Net finance income | (25) | (28) | (73) | (134) | ||||||||
Net Loss for the period | $ | 2,282 | $ | 3,352 | $ | 8,835 | $ | 5,898 | ||||
Items that may be subsequently reclassified to net loss: | ||||||||||||
Currency translation adjustment | (2,805) | 3,140 | (6,130) | 4,034 | ||||||||
Comprehensive (income) loss for the period | $ | (523) | $ | 6,492 | $ | 2,705 | $ | 9,932 | ||||
Net Loss attributable to: | ||||||||||||
Shareholders of Platinum Group Metals Ltd. | $ | 2,282 | $ | 3,352 | $ | 8,835 | $ | 5,898 | ||||
Non-controlling interests | - | - | - | - | ||||||||
$ | 2,282 | $ | 3,352 | $ | 8,835 | $ | 5,898 | |||||
Comprehensive (income) loss attributable to: | ||||||||||||
Shareholders of Platinum Group Metals Ltd. | $ | (523) | $ | 6,492 | $ | 2,705 | $ | 9,932 | ||||
Non-controlling interests | - | - | - | - | ||||||||
$ | (523) | $ | 6,492 | $ | 2,705 | $ | 9,932 | |||||
Basic and diluted loss per common share | $ | 0.03 | $ | 0.05 | $ | 0.12 | $ | 0.10 | ||||
Weighted average number of common shares outstanding: | ||||||||||||
Basic and diluted | $ | 74,013,641 | $ | 62,347,102 | $ | 71,003,263 | $ | 60,815,363 |
The accompanying notes are an integral part of the consolidated financial statements. | 3 |
PLATINUM GROUP METALS LTD.
Consolidated Interim Statements of Changes in Equity
(in thousands of United States Dollars, except # of Common Shares)
# of Common | Share | Contributed | Accumulated | Deficit | Attributable to | Non- | Total | ||||||||
Shares | Capital | Surplus | Other | Shareholders | Controlling | ||||||||||
Comprehensive | of the Parent | Interest | |||||||||||||
Income (loss) | Company | ||||||||||||||
Balance August 31, 2019 | 58,575,787 | $ | 855,270 | $ | 26,777 | $ | (159,637) | $ | (739,018) | $ | (16,608) | $ | 15,451 | $ | (1,157) |
Stock based compensation | - | 1,143 | - | - | 1,143 | - | 1,143 | ||||||||
Shares issued for interest on Convertible Notes | 517,468 | 687 | - | - | - | 687 | - | 687 | |||||||
Share issuance - financing | 3,225,807 | 4,000 | - | - | - | 4,000 | - | 4,000 | |||||||
Share issuance costs | - | (284) | - | - | - | (284) | - | (284) | |||||||
Warrants exercised | 28,040 | 55 | - | - | - | 55 | - | 55 | |||||||
Contributions of Waterberg JV Co. | - | - | - | - | (214) | (214) | 1,447 | 1,233 | |||||||
Foreign currency translation adjustment | - | - | - | (4,034) | - | (4,034) | - | (4,034) | |||||||
Net loss for the period | - | - | - | - | (5,898) | (5,898) | - | (5,898) | |||||||
Balance May 31, 2020 | 62,347,102 | 859,728 | 27,920 | (163,671) | (745,130) | (21,153) | 16,898 | (4,255) | |||||||
Stock based compensation | - | 358 | - | - | 358 | - | 358 | ||||||||
Shares issued for interest on Convertible Notes | 526,471 | 687 | - | - | - | 687 | - | 687 | |||||||
Share issuance - financing | 1,221,500 | 1,705 | - | - | - | 1,705 | - | 1,705 | |||||||
Share issuance costs | - | (230) | - | - | - | (230) | - | (230) | |||||||
Contributions of Waterberg JV Co. | - | - | - | - | 47 | 47 | (772) | (725) | |||||||
Foreign currency translation adjustment | - | - | - | (453) | - | (453) | - | (453) | |||||||
Net loss for the period | - | - | - | - | (1,230) | (1,230) | - | (1,230) | |||||||
Balance August 31, 2020 | 64,095,073 | 861,890 | 28,278 | (164,124) | (746,313) | (20,269) | 16,126 | (4,143) | |||||||
Stock based compensation | - | - | 2,439 | - | - | 2,439 | - | 2,439 | |||||||
Restricted Share Units redeemed | 121,668 | 189 | (281) | - | - | (92) | - | (92) | |||||||
Share options exercised | 793,344 | 2,155 | (773) | 1,382 | 1,382 | ||||||||||
Share issuance - financing | 9,339,276 | 25,325 | - | - | - | 25,325 | - | 25,325 | |||||||
Share issuance costs | - | (1,436) | - | - | - | (1,436) | - | (1,436) | |||||||
Contributions of Waterberg JV Co. | - | - | - | - | (187) | (187) | 643 | 456 | |||||||
Foreign currency translation adjustment | - | - | - | 6,130 | - | 6,130 | - | 6,130 | |||||||
Net loss for the period | - | - | - | - | (8,835) | (8,835) | - | (8,835) | |||||||
Balance May 31, 2021 | 74,349,361 | $ | 888,123 | $ | 29,663 | $ | (157,994) | $ | (755,335) | $ | 4,457 | $ | 16,769 | $ | 21,226 |
The accompanying notes are an integral part of the consolidated financial statements. | 4 |
PLATINUM GROUP METALS LTD.
Condensed Consolidated Interim Statements of Cash Flows
(in thousands of United States Dollars)
For the nine months ended | ||||||
May 31, | May 31, | |||||
2021 | 2020 | |||||
OPERATING ACTIVITIES | ||||||
Loss for the period | $ | (8,835) | $ | (5,898) | ||
Add items not affecting cash / adjustments: | ||||||
Depreciation | 98 | 146 | ||||
Interest expense | 3,629 | 4,091 | ||||
Unrealized foreign exchange (loss) | (107) | 419 | ||||
Loss (Gain) on fair value of derivatives and other instruments | 607 | (3,112) | ||||
Loss on partial settlement of Sprott Facility | 300 | - | ||||
Stock compensation expense | 2,774 | 1,144 | ||||
Share of joint venture expenditures | 343 | - | ||||
Directors' fees paid in deferred share units | 120 | 97 | ||||
Net change in non-cash working capital (Note 10) | (2,753) | (256) | ||||
$ | (3,824) | $ | (3,369) | |||
FINANCING ACTIVITIES | ||||||
Share issuance - warrant exercise | $ | - | $ | 48 | ||
Proceeds from issuance of equity | 25,325 | 4,000 | ||||
Equity issuance costs | (1,437) | (284) | ||||
Cash received from option exercises | 1,382 | - | ||||
Sprott Facility principal repayments | (8,670) | - | ||||
Sprott Facility interest paid | (1,301) | (1,680) | ||||
Convertible note interest paid | (687) | - | ||||
Lease payments made | (78) | (62) | ||||
Share unit cash settlement | (191) | - | ||||
Cash received from Waterberg partners | 1,321 | 945 | ||||
15,664 | 2,967 | |||||
INVESTING ACTIVITIES | ||||||
Performance bonds | $ | (36) | $ | (52) | ||
Investment in Lion | (350) | - | ||||
Expenditures incurred on Waterberg Project | (2,916) | (4,492) | ||||
(3,302) | (4,544) | |||||
Net increase (decrease) in cash | 8,538 | (4,946) | ||||
Effect of foreign exchange on cash | (857) | 726 | ||||
Cash, beginning of period | 1,308 | 5,550 | ||||
Cash end of period | $ | 8,989 | $ | 1,330 | ||
The accompanying notes are an integral part of the consolidated financial statements. | 5 |
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Platinum Group Metals Ltd. published this content on 16 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2021 07:30:03 UTC.