The consolidated financial statements comprise the accounts of the Company and its controlled subsidiaries. All intercompany transactions, balances, and unrealized gains and losses from intercompany transactions are eliminated on consolidation.
FINANCIAL RESULTS OVERVIEW
Summary of the Results of Operation
For the year ended
For the year ended
The Company incurred a net income and comprehensive income for the year of
The primary reason for the difference is that the Company had a gain on debt settlements of
Exploration
Exploration and mining involve a high degree of risk. Few exploration properties end up going into production. Other risks related to exploration and mining activities include unusual or unforeseen formations, fire, power failures, labour disputes, flooding, explosions, cave-ins, landslides and shortages of adequate or appropriate manpower, machinery or equipment.
The development of a resource property is subject to many factors, including the cost of mining, variations in the quality of the material mined, fluctuations in the commodity and currency markets, the cost of processing equipment and others, such as First Nations claims and government regulations, including regulations regarding royalties, authorized production, import and export of natural resources and environmental protection.
There can be no assurance that the expenses incurred by the Company to explore its properties will result in the discovery of a commercial quantity of ore.
Environmental and other regulations
Current and future environmental laws, regulations and measures could entail unforeseeable additional costs, capital expenditures, restrictions or delays in the Company's activities. Environmental regulations and standards are subject to constant revision and could be substantially tightened, which could have a serious impact on the Company and its ability to develop its properties economically. Before it commences mining a property, the Company must obtain environmental permits and the approval of the regulatory authorities. There is no assurance that these permits and approvals will be obtained or that they will be obtained in a timely manner.
Financing and development
The Company does not presently have sufficient financial resources to undertake its planned exploration and development programs. Development of the Company's properties, therefore, depends on its ability to raise the additional funds required. There can be no assurance that the Company will succeed in obtaining the funding required. The Company also has limited experience in developing resource properties, and its ability to do so depends on the use of appropriately skilled personnel or signature of agreements with other large resource companies that can provide the required expertise.
Commodity prices
The factors that influence the market value of platinum, palladium, rhodium, copper, cobalt, nickel, carbon graphite, and any other mineral discovered are outside the Company's control. The impact of these factors cannot be accurately predicted. Resource prices can fluctuate widely and have done so in recent years.
Risks not covered by insurance
The Company may become subject to claims arising from cave-ins, pollution or other risks against which it cannot insure itself due to the high cost of premiums or other reasons. Payment of such claims would decrease and could eliminate the funds available for exploration and mining activities.
Key Audit Matters
The valuation of the mineral exploration rights and licenses is based on qualitative data and comparable analysis related to the Company's management judgement.
An important aspect of the current financial results comes from the carryover of one significant and non-recurring extinguishment of debt from
The Company also reviewed the recognition of certain expenditures that were previously expensed and capitalized an additional
The Company reviewed in depth the potential impacts of new emerging accounting standards that will be in force in the new financial period that will end
About
St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full-circle battery recycling. The Company explores for nickel & PGEs on the Manicouagan and Julie Projects on
Contact:
Email: public@stgeorgesecomining.com
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