SUPERIOR GOLD INC. Condensed Consolidated
Interim Financial Statements
September 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)
September 30, 2021 | December 31, 2020 | |||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 20,537 | $ | 17,294 |
Receivables and other assets | 1,445 | 4,275 | ||
Inventories (note 6) | 9,220 | 8,797 | ||
Total current assets | 31,202 | 30,366 | ||
Non-current assets | ||||
Mining interests; and property, | ||||
plant and equipment (note 7) | 72,260 | 78,800 | ||
TOTAL ASSETS | $ | 103,462 | $ | 109,166 |
LIABILITIES | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 15,205 | $ | 15,583 |
Current portion of deferred revenue (note 9) | - | 3,919 | ||
Current portion of derivative financial instruments (note 10) | 239 | 2,156 | ||
Short-term loan (note 8) | - | 1,194 | ||
Current portion of lease obligation (note 17) | 2,665 | 3,085 | ||
Current portion of provisions (note 11) | 5,631 | 5,818 | ||
Total current liabilities | 23,740 | 31,755 | ||
Non-current liabilities | ||||
Lease obligation (note 17) | 8,709 | 10,548 | ||
Provisions (note 11) | 27,578 | 29,216 | ||
Deferred share units liability (note 14 (d)) | 51 | - | ||
Deferred tax liability (note 16) | 2,282 | 515 | ||
Total non-current liabilities | 38,620 | 40,279 | ||
TOTAL LIABILITIES | $ | 62,360 | $ | 72,034 |
SHAREHOLDERS' EQUITY | ||||
Share capital (note 14(a and b)) | $ | 62,493 | $ | 62,008 |
Contributed Surplus | 6,605 | 6,484 | ||
Accumulated other comprehensive income (loss) | (3,383) | (931) | ||
Retained deficit | (24,613) | (30,429) | ||
TOTAL EQUITY | $ | 41,102 | $ | 37,132 |
TOTAL EQUITY AND LIABILITIES | $ | 103,462 | $ | 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 | Nine months ended | ||||||||
September 30 | September 30 | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||
REVENUES | |||||||||
Metal sales (note 5) | $ | 34,187 | 27,223 | $ | 99,825 | $ | 78,725 | ||
EXPENSES | |||||||||
Cost of sales | 28,300 | 25,600 | 84,751 | 73,456 | |||||
Exploration expense | 834 | 811 | 2,053 | 2,068 | |||||
General and administrative | 1,425 | 1,209 | 4,450 | 2,907 | |||||
OPERATING INCOME (LOSS) | 3,628 | (397) | 8,571 | 294 | |||||
OTHER EXPENSES (INCOME) | |||||||||
Net finance cost (note 15) | 283 | 515 | 974 | 1,849 | |||||
Restructuring expenses | 1,113 | 1,173 | 1,927 | 1,173 | |||||
Gain on sale of assets | (59) | - | (64) | - | |||||
Change in valuation of royalty payable (note 19) | - | - | - | 132 | |||||
Change in valuation of derivative financial | |||||||||
instruments (note 10) | (90) | (66) | (1,903) | 3,297 | |||||
INCOME (LOSS) BEFORE TAXES | 2,381 | (2,019) | 7,637 | (6,157) | |||||
Income and mining tax expense (note 16) | 1,290 | 32 | 1,821 | 94 | |||||
NET INCOME (LOSS) FOR THE PERIOD | $ | 1,091 | $ | (2,051) | $ | 5,816 | $ | (6,251) | |
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
Foreign currency translation difference on foreign | |||||||||
operations | (1,553) | 695 | (2,452) | 127 | |||||
TOTAL COMPREHENSIVE INCOME (LOSS) | |||||||||
FOR THE PERIOD | $ | (462) | $ | (1,356) | $ | 3,364 | $ | (6,124) | |
Net income (loss) per share (note 14(e)): | ||||||||
Basic income (loss) per share | $ | 0.01 | $ | (0.02) | $ | 0.05 | $ | (0.06) |
Diluted income (loss) per share | 0.01 | (0.02) | 0.05 | (0.06) | ||||
Weighted average number of Common Shares | ||||||||
outstanding (basic) | 122,309,562 | 97,134,473 | 121,983,420 | 97,111,728 | ||||
Weighted average number of Common Shares | ||||||||
outstanding (diluted) | 122,429,913 | 97,134,473 | 122,244,390 | 97,111,728 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
Page 2 of 20
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 | - | - | 383 | - | - | 383 | ||||
Total comprehensive loss | - | - | - | (6,251) | 127 | (6,124) | |||||
Balance as at September 30, 2020 | 97,134,473 | $ | 50,107 | $ | 6,409 | $ (31,907) | $ | (2,801) | $ | 21,808 | |
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 | ||||
Issuance of RSUs | 14 | 906,085 | 456 | (57) | - | - | 399 | ||||
Share-based payments, excluding | |||||||||||
cash settled awards | 14 | - | - | 186 | - | - | 186 | ||||
Total comprehensive income (loss) | - | - | - | 5,816 | (2,452) | 3,364 | |||||
Balance as at September 30, 2021 | 122,735,058 | $ | 62,493 | $ | 6,605 | $ (24,613) | $ | (3,383) | $ | 41,102 |
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 | Nine months ended | |||||||
September 30 | September 30 | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Cash flows provided from (used by): | ||||||||
OPERATING ACTIVITIES | ||||||||
Net Income (loss) for the period | $ | 1,091 | $ | (2,051) | $ | 5,816 | $ | (6,251) |
Adjustments: | ||||||||
Depreciation and amortization | 2,569 | 2,486 | 7,581 | 6,449 | ||||
Change in valuation of royalty payable | - | - | - | 132 | ||||
Share-based payments | (19) | 65 | 237 | 383 | ||||
Employee provisions expense | 776 | 739 | 2,851 | 2,126 | ||||
Net finance (income) cost | 283 | 515 | 974 | 1,849 | ||||
Change in valuation of derivative financial | ||||||||
instruments | (90) | (66) | (1,903) | 3,297 | ||||
Gain on sale of assets | (59) | - | (64) | - | ||||
Income tax expense | 1,290 | 32 | 1,821 | 94 | ||||
Gold loan repayments | - | (2,045) | (4,413) | (5,806) | ||||
Employee provisions paid | (776) | (659) | (2,616) | (1,514) | ||||
5,065 | (984) | 10,284 | 759 | |||||
Net changes in non-cash working capital items: | ||||||||
Receivables and other assets | 1,069 | 200 | 2,713 | 2,206 | ||||
Inventories | (959) | (204) | (1,014) | 37 | ||||
Accounts payable and accrued liabilities | 1,119 | 1,365 | 1,016 | (2,909) | ||||
6,294 | 377 | 12,999 | 93 | |||||
INVESTING ACTIVITIES | ||||||||
Interest received | 3 | 7 | 10 | 44 | ||||
Expenditures on mineral interests; and | ||||||||
property, plant and equipment | (1,608) | (1,270) | (4,868) | (4,290) | ||||
Proceeds on sale of assets | 59 | - | 97 | - | ||||
(1,546) | (1,263) | (4,761) | (4,246) | |||||
FINANCING ACTIVITIES | ||||||||
Issuance of Common Shares | - | - | 21 | - | ||||
Repayment of short-term loan | (66) | (122) | (1,200) | (810) | ||||
Repayment of lease obligation | (696) | (858) | (2,524) | (2,786) | ||||
Interest paid | (174) | (156) | (586) | (327) | ||||
(936) | (1,136) | (4,289) | (3,923) | |||||
Effect of exchange rates on cash & cash | ||||||||
equivalents | (687) | 484 | (706) | (79) | ||||
Increase (decrease) in cash and cash equivalents | 3,125 | (1,538) | 3,243 | (8,155) | ||||
Cash and cash equivalents, beginning of period | 17,412 | 15,615 | 17,294 | 22,232 | ||||
Cash and cash equivalents, end of period | 20,537 | 14,077 | 20,537 | 14,077 |
The accompanying notes are an integral part of these consolidated financial statements.
Page 4 of 20
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
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 20:03:04 UTC.
