SABRE GOLD MINES CORP. SABRE GOLD MINES CORP. (FORMERLY "ARIZONA GOLD CORP.") CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2022 AND 2021
(EXPRESSED IN CANADIAN DOLLARS)
Notice To Reader
The accompanying unaudited condensed interim consolidated financial statements of Sabre Gold Mines Corp. (formerly "Arizona Gold Corp.") (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditors.
Sabre Gold Mines Corp. (formerly "Arizona Gold Corp.")
Condensed Interim Consolidated Statements of Financial Position | |||||
(Expressed in Canadian Dollars) - Unaudited | |||||
As at | As at | ||||
September 30, | December 31, | ||||
2022 | 2021 | ||||
ASSETS | |||||
Current assets | |||||
Cash | $ | 174,079 | $ | 3,111,475 | |
Accounts receivable and prepaid expenses (note 4) | 325,128 | 496,550 | |||
Marketable securities (note 5) | 1,245,875 | 8,126,670 | |||
Total current assets | 1,745,082 | 11,734,695 | |||
Non-current assets | |||||
Restricted investments (note 3) | 1,496,915 | 1,078,595 | |||
Long term receivable | 279,018 | 279,018 | |||
Investments | 144,093 | 144,093 | |||
Property, plant and equipment (note 7) | 8,740,782 | 8,383,615 | |||
Right-of-use assets (note 6) | 200,250 | 62,218 | |||
Mineral properties (note 8) | 44,875,020 | 39,711,211 | |||
Total assets | $ | 57,481,160 | $ | 61,393,445 | |
LIABILITIES AND EQUITY | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | $ | 2,122,894 | $ | 4,877,991 | |
Other loans payable | - | 198,030 | |||
Lease liability (note 9) | 101,039 | 17,913 | |||
Total current liabilities | 2,223,933 | 5,093,934 | |||
Non-current liabilities | |||||
Deferred revenue (note 10) | 19,542,941 | 16,778,370 | |||
Promissory notes payable (note 11) | 5,621,036 | 5,217,565 | |||
Convertible promissory notes payable (note 12) | 9,495,424 | 8,264,078 | |||
Derivative financial liabilities (note 13) | 14,503 | 50,698 | |||
Lease liability (note 9) | 82,713 | 17,833 | |||
Deferred tax liabilities | 30,264 | 30,264 | |||
Decommissioning liabilities (note 14) | 2,123,694 | 2,221,965 | |||
Total liabilities | 39,134,508 | 37,674,707 | |||
Equity | |||||
Share capital (note 15) | 176,664,167 | 176,664,167 | |||
Other reserve | 18,460,123 | 15,835,793 | |||
Share-based payments reserve (note 16) | 2,673,584 | 3,447,557 | |||
Warrant reserve (note 17) | 267,595 | 2,060,153 | |||
Accumulated other comprehensive income | 1,531,003 | (656,650) | |||
Deficit | (181,249,820) | (173,632,282) | |||
Total equity | 18,346,652 | 23,718,738 | |||
Total liabilities and equity | $ | 57,481,160 | $ | 61,393,445 |
The accompanying notes to the consolidated financial statements are an integral part of these statements.
Nature of operations and going concern (note 1) Commitments and contingencies (note 20) Subsequent events (note 22)
Approved on behalf of the Board:
(Signed) | "William Sheriff" | Director | (Signed) | "Claudio Ciavarella " | Director |
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Sabre Gold Mines Corp. (formerly "Arizona Gold Corp.")
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss | ||||||
(Expressed in Canadian Dollars) - Unaudited | ||||||
Three | Three | Nine | Nine | |||
Months | Months | Months | Months | |||
Ended | Ended | Ended | Ended | |||
September 30, | September 30, | September 30, | September 30, | |||
2022 | 2021 | 2022 | 2021 | |||
Operating expenses | ||||||
Exploration and evaluation expenditures | $ 188,221 | $ | 416,408 | $ 594,726 | $ | 416,408 |
General and administrative | 36,445 | 60,858 | 116,311 | 90,522 | ||
Depreciation (notes 6 and 7) | 103,436 | 15,067 | 276,839 | 15,067 | ||
Consulting fees and salaries (note 19) | 41,500 | 62,500 | 200,820 | 202,441 | ||
Professional fees | 12,265 | 4,837 | 369,821 | 327,194 | ||
Business development | 57,081 | 88,586 | 193,658 | 59,107 | ||
(438,948) | (648,256) | (1,752,175) | (1,110,739) | |||
Finance charges | (378,736) | (331,659) | (1,078,924) | (997,266) | ||
Accretion expense | (28,761) | (28,761) | (85,346) | (98,013) | ||
Fair value adjustment of derivative financial liabilities | 15,769 | 6,693 | 36,195 | 83,800 | ||
Gain on disposal of subsidiary | - | - | 20,250 | - | ||
Realized (loss) gain on sale of marketable securities | (463) | - | 166,293 | - | ||
Change in fair value of marketable securities | (1,163,300) | (1,458,690) | (2,714,776) | (1,458,690) | ||
Share-based payments | - | - | - | (471,645) | ||
(Loss) gain on foreign exchange | (1,469,516) | (441,545) | (2,209,055) | 542,270 | ||
Loss before income taxes | $ (3,463,955) | $ | (2,902,218) | $(7,617,538) | $ | (3,510,183) |
Income tax recovery - deferred | - | - | - | 44,471 | ||
Net loss for the period | $ (3,463,955) | $ | (2,902,218) | $(7,617,538) | $ | (3,465,812) |
Other comprehensive income (loss) | ||||||
Foreign currency translation | (1,980,771) | 24,073 | (2,187,653) | (363,931) | ||
Total comprehensive loss for the period | $ (5,444,727) | $ | (2,878,145) | $(9,805,192) | $(3,805,670) | |
Basic and diluted net loss per share (note 18) | $(0.01) | $(0.01) | $(0.01) | $(0.01) | ||
Weighted average number common shares outstanding | 632,916,250 | 413,010,061 | 632,916,250 | 375,689,111 |
The accompanying notes to the consolidated financial statements are an integral part of these statements
2
Sabre Gold Mines Corp. (formerly "Arizona Gold Corp.")
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in Canadian Dollars) - Unaudited
Nine Months | Nine Months | |
Ended | Ended | |
September 30, | September 30, | |
2022 | 2021 | |
Operating activities | ||
Net loss for the period | (7,617,538) | (2,265,416) |
Adjustments for: | ||
Depreciation | 276,840 | 15,067 |
Accretion expense | 85,346 | 66,329 |
Accrued interest | 1,068,705 | 497,731 |
Gain on disposal of other assets | (20,250) | (8,177) |
Share-based payments | - | 471,645 |
Fair value adjustment on derivative liability | (36,195) | (63,863) |
Realised gain on sale of marketable securities | (166,293) | - |
Change in fair value of marketable securities | 2,714,776 | - |
Unrealised foreign exchange differences | 1,755,958 | 1,080,449 |
Deferred tax recovery | - | (44,471) |
Changes in non-cash working capital items: | ||
Accounts receivables | 43,155 | (47,519) |
Prepaid expenses and other receivables | 128,267 | 105,727 |
Accounts payable and accrued liabilities | (2,755,097) | (686,461) |
Net cash provided by (used) in operating activities | (4,522,326) | (878,959) |
Investing activities | ||
Addition to mineral properties | (2,448,888) | (7,459,783) |
Proceeds from sale of marketable securities | 4,332,312 | - |
Net cash used in investing activities | $1,883,424 | ($7,459,783) |
Financing activities | ||
Payment of surety bond | (331,709) | - |
Deferred revenue | - | 7,663,331 |
Cash acquired due to Golden Predator acquisition | - | 29,202 |
Right of use lease payments | (49,173) | (22,802) |
Net cash provided by financing activities | ($380,882) | $7,669,731 |
Effect of exchange rate changes on cash | 82,388 | (756,368) |
Net increase/(decrease) in cash | (2,937,396) | (1,425,379) |
Cash, beginning of period | 3,111,475 | 6,232,448 |
Cash, end of period | $174,079 | $4,807,069 |
The accompanying notes to the consolidated financial statements are an integral part of these statements.
3
Sabre Gold Mines Corp. (formerly "Arizona Gold Corp.")
Condensed Interim Consolidated Statements of Changes in Equity
(Expressed in Canadian Dollars) - Unaudited
Reserves | |||||||||||||||
Contributed | Shared based | Accumulated | |||||||||||||
Number of | Share | surplus and | Warrant | other | |||||||||||
payments | Deficit | Total | |||||||||||||
Shares | Capital | other | reserves | comprehensive | |||||||||||
reserve | |||||||||||||||
reserves | income (loss) | ||||||||||||||
Balance, June 30, 2021 | 346,062,553 | $ | 149,125,159 | $ | 14,965,156 | $ | 2,529,610 | $ | 2,225,360 | $ | 671,474 | $ | (169,273,813) | $ | $242,9476 |
Acquisition of Golden Predator Mining Corp | 286,853,697 | 27,297,019 | - | 87,545 | 204,831 | - | - | 27,589,395 | |||||||
Share issue costs | - | 241,989 | - | - | - | - | - | 241,989 | |||||||
Expiration of warrants | - | - | 370,039 | - | (370,039) | - | - | - | |||||||
Expiration of stock options | - | - | 500,598 | (500,598) | - | - | - | - | |||||||
Share based payments | - | - | - | 1,331,000 | - | - | - | 1,331,000 | |||||||
Net loss and comprehensive loss for the year | - | - | - | - | - | (1,328,124) | (4,358,469) | (5,686,593) | |||||||
Balance, December 31, 2021 | 632,916,250 | $ | 176,664,167 | $ | 15,835,793 | $ | 3,447,557 | $ | 2,060,152 | $ | (656,650) | $ | (173,632,282) | $ | $23,718,737 |
Expiration of warrants | - | - | 1,792,557 | - | (1,792,557) | - | - | - | |||||||
Expiration of stock options | - | - | 831,773 | (831,773) | - | - | - | - | |||||||
Share based payments | - | - | - | 57,800 | - | - | - | 57,800 | |||||||
Net loss and comprehensive income for the period | - | - | - | - | - | 2,187,653 | (7,617,538) | (5,429,885) | |||||||
Balance, September 30, 2022 | 632,916,250 | $ | 176,664,167 | $ | 18,460,123 | $ | 2,673,584 | $ | $267,595 | $ | $1,531,003 | $ | (181,249,820) | $ | $18,346,652 |
The accompanying notes to the condensed interim consolidated financial statements are an integral part of these statements.
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Sabre Gold Mines Corp. published this content on 09 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2022 17:58:04 UTC.
