SUPERIOR GOLD INC. Condensed Consolidated
Interim Financial Statements
June 30, 2021
(Unaudited - Expressed in thousands of United States dollars)
SUPERIOR GOLD INC.
Condensed Consolidated Interim Statements of Financial Position (Unaudited)
(Expressed in thousands of United States Dollars)
June 30, 2021 | December 31, 2020 | |||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 17,412 | $ | 17,294 |
Receivables and other assets | 2,596 | 4,275 | ||
Inventories (note 6) | 8,639 | 8,797 | ||
Total current assets | 28,647 | 30,366 | ||
Non-current assets | ||||
Mining interests; and property, | ||||
plant and equipment (note 7) | 75,956 | 78,800 | ||
TOTAL ASSETS | $ | 104,603 | $ | 109,166 |
LIABILITIES | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 14,771 | $ | 15,583 |
Current portion of deferred revenue (note 9) | - | 3,919 | ||
Current portion of derivative financial instruments (note 10) | 341 | 2,156 | ||
Short-term loan (note 8) | 65 | 1,194 | ||
Current portion of lease obligation (note 17) | 2,811 | 3,085 | ||
Current portion of provisions (note 11) | 5,875 | 5,818 | ||
Total current liabilities | 23,863 | 31,755 | ||
Non-current liabilities | ||||
Lease obligation (note 17) | 9,766 | 10,548 | ||
Provisions (note 11) | 28,690 | 29,216 | ||
Deferred share units liability (note 14 (d)) | 58 | - | ||
Deferred tax liability (note 16) | 1,050 | 515 | ||
Total non-current liabilities | 39,564 | 40,279 | ||
TOTAL LIABILITIES | $ | 63,427 | $ | 72,034 |
SHAREHOLDERS' EQUITY | ||||
Share capital (note 14(a and b)) | $ | 62,037 | $ | 62,008 |
Contributed Surplus | 6,673 | 6,484 | ||
Accumulated other comprehensive income (loss) | (1,830) | (931) | ||
Retained deficit | (25,704) | (30,429) | ||
TOTAL EQUITY | $ | 41,176 | $ | 37,132 |
TOTAL EQUITY AND LIABILITIES | $ | 104,603 | $ | 109,166 |
Commitments and contingencies note 12
The accompanying notes are an integral part of these consolidated financial statements.
Page 1 of 20
SUPERIOR GOLD INC.
Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)
(Unaudited)
(Expressed in thousands of United States Dollars, except per share amounts)
Three months ended | Six months ended | |||||||
June 30 | June 30 | |||||||
2021 | 2020 | 2021 | 2020 | |||||
REVENUES | ||||||||
Metal sales (note 5) | $ | 34,418 | $ | 25,026 | $ | 65,638 | $ | 51,502 |
EXPENSES | ||||||||
Cost of sales | 29,531 | 24,155 | 56,451 | 47,856 | ||||
Exploration expense | 597 | 613 | 1,219 | 1,257 | ||||
General and administrative | 1,561 | 681 | 3,025 | 1,698 | ||||
OPERATING INCOME (LOSS) | 2,729 | (423) | 4,943 | 691 | ||||
OTHER EXPENSES (INCOME) | ||||||||
Net finance cost (note 15) | 289 | 157 | 691 | 1,334 | ||||
Restructuring expenses | 814 | - | 814 | - | ||||
Gain on sale of assets | - | - | (5) | - | ||||
Change in valuation of royalty payable (note 19) | - | 66 | - | 132 | ||||
Change in valuation of derivative financial | ||||||||
instruments (note 10) | (70) | (312) | (1,813) | 3,363 | ||||
INCOME (LOSS) BEFORE TAXES | 1,696 | (334) | 5,256 | (4,138) | ||||
Income and mining tax expense (note 16) | 498 | 30 | 531 | 62 | ||||
NET INCOME (LOSS) FOR THE PERIOD | $ | 1,198 | $ | (364) | $ | 4,725 | $ | (4,200) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Foreign currency translation difference on foreign | ||||||||
operations | (446) | 1,952 | (899) | (568) | ||||
TOTAL COMPREHENSIVE INCOME (LOSS) | ||||||||
FOR THE PERIOD | $ | 752 | $ | 1,588 | $ | 3,826 | $ | (4,768) |
Net loss per share (note 14(e)): | ||||||||
Basic income (loss) per share | $ | 0.01 | $ | (0.00) | $ | 0.04 | $ | (0.04) |
Diluted income (loss) per share | 0.01 | (0.00) | 0.04 | (0.04) | ||||
Weighted average number of common shares | ||||||||
outstanding (basic) | 121,828,973 | 97,134,473 | 121,817,647 | 97,100,231 | ||||
Weighted average number of common shares | ||||||||
outstanding (diluted) | 122,659,922 | 97,134,473 | 122,586,260 | 97,100,231 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
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SUPERIOR GOLD INC.
Condensed Consolidated Interim Statements of Changes in Equity (Unaudited)
(Expressed in thousands of United States Dollars)
Accumulated | |||||||||||
Number of | other | ||||||||||
shares | Share | Contributed | Retained | comprehensive | |||||||
Note | issued | capital | Surplus | earnings | income/(loss) | Total | |||||
Balance as at January 1, 2020 | 96,982,473 | $ | 50,025 | $ | 6,026 | $ (25,656) | $ | (2,928) | $ | 27,467 | |
Shares for services | 14 | 152,000 | 82 | - | - | - | 82 | ||||
Share-based payments | 14 | - | - | 318 | - | - | 318 | ||||
Total comprehensive loss | - | - | - | (4,200) | (568) | (4,768) | |||||
Balance as at June 30, 2020 | 97,134,473 | $ | 50,107 | $ | 6,344 | $ (29,856) | $ | (3,496) | $ | 23,099 | |
Balance as at January 1, 2021 | 121,778,973 | $ | 62,008 | $ | 6,484 | $ (30,429) | $ | (931) | $ | 37,132 | |
Exercise of stock options | 14 | 50,000 | 29 | (8) | - | - | 21 | ||||
Share-based payments | 14 | - | - | 197 | - | - | 197 | ||||
Total comprehensive income (loss) | - | - | - | 4,725 | (899) | 3,826 | |||||
Balance as at June 30, 2021 | 121,828,973 | $ | 62,037 | $ | 6,673 | $ (25,704) | $ | (1,830) | $ | 41,176 |
The accompanying notes are an integral part of these consolidated financial statements.
Page 3 of 20
SUPERIOR GOLD INC.
Condensed Consolidated Interim Statements of Cash Flows (Unaudited)
(Expressed in thousands of United States Dollars)
Three months ended | Six months ended | |||||||
June 30 | June 30 | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Cash flows provided from (used by): | ||||||||
OPERATING ACTIVITIES | ||||||||
Net Income (loss) for the period | $ | 1,198 | $ | (364) | $ | 4,725 | $ | (4,200) |
Adjustments: | ||||||||
Depreciation and amortization | 2,485 | 2,138 | 5,012 | 3,963 | ||||
Change in valuation of royalty payable | - | 66 | - | 132 | ||||
Share-based payments | 183 | 264 | 256 | 318 | ||||
Employee provisions expense | 1,088 | 615 | 2,075 | 1,387 | ||||
Net finance (income) cost | 289 | 157 | 691 | 1,334 | ||||
Change in valuation of derivative financial | ||||||||
instruments | (70) | (312) | (1,813) | 3,363 | ||||
Gain on sale of assets | - | - | (5) | - | ||||
Income tax expense | 498 | 30 | 531 | 62 | ||||
Gold loan repayments | (2,203) | (1,879) | (4,413) | (3,761) | ||||
Employee provisions paid | (910) | (163) | (1,840) | (855) | ||||
2,558 | 552 | 5,219 | 1,743 | |||||
Net changes in non-cash working capital items: | ||||||||
Receivables and other assets | (304) | 843 | 1,644 | 2,006 | ||||
Inventories | 301 | (380) | (55) | 241 | ||||
Accounts payable and accrued liabilities | 191 | (436) | (103) | (4,274) | ||||
2,746 | 579 | 6,705 | (284) | |||||
INVESTING ACTIVITIES | ||||||||
Interest received | 6 | 11 | 7 | 37 | ||||
Expenditures on mineral interests; and | ||||||||
property, plant and equipment | (1,676) | (1,197) | (3,261) | (3,020) | ||||
Proceeds on sale of assets | - | - | 39 | - | ||||
(1,670) | (1,186) | (3,215) | (2,983) | |||||
FINANCING ACTIVITIES | ||||||||
Issuance of common shares | - | - | 21 | - | ||||
Repayment of short-term loan | (568) | (340) | (1,134) | (688) | ||||
Repayment of lease obligation | (801) | (1,011) | (1,828) | (1,928) | ||||
Interest paid | (204) | (77) | (412) | (171) | ||||
(1,573) | (1,428) | (3,353) | (2,787) | |||||
Effect of exchange rates on cash & cash | ||||||||
equivalents | 1 | 1,371 | (19) | (563) | ||||
Increase (decrease) in cash and cash equivalents | (496) | (664) | 118 | (6,617) | ||||
Cash and cash equivalents, beginning of period | 17,908 | 16,279 | 17,294 | 22,232 | ||||
Cash and cash equivalents, end of period | 17,412 | 15,615 | 17,412 | 15,615 |
The accompanying notes are an integral part of these consolidated financial statements.
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Superior Gold Inc. published this content on 14 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 July 2022 20:03:03 UTC.
