TITAN MINING CORPORATION TITAN MINING CORPORATION
CONDENSED CONSOLIDATED INTRERIM FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2021
Notice of No Auditor Review of Condensed Interim Consolidated Financial Statements
The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Canadian Institute of Professional Chartered Accountants for a review of interim financial statements by an entity's auditor.
TITAN MINING CORPORATION
Condensed Consolidated Interim Statement of Financial Position (Expressed in thousands of US dollars - Unaudited)
March 31, | December 31, | ||||
Notes | 2021 | 2020 | |||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ | 5,882 | $ | 7,502 | |
Trade and other receivables | 6 | 2,626 | 1,313 | ||
Inventories | 7 | 3,452 | 3,127 | ||
Other current assets | 1,135 | 1,039 | |||
13,095 | 12,981 | ||||
Non-current assets | |||||
Mineral properties, plant and equipment | 8 | 60,189 | 63,378 | ||
Right-of-use assets | 9a | 647 | 786 | ||
Restricted cash | 1,752 | 1,751 | |||
Total assets | $ | 75,683 | $ | 78,896 | |
Liabilities | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | $ | 3,720 | $ | 4,444 | |
Lease liabilities | 9b | 432 | 508 | ||
Debt | 10 | 71 | 10,172 | ||
Acquisition obligations | 12b | 1,025 | 1,025 | ||
5,249 | 16,149 | ||||
Non-current liabilities | |||||
Loan from related party | 11a | 24,836 | 24,282 | ||
Lease liabilities | 9b | 229 | 292 | ||
Debt | 10 | 12,423 | 2,442 | ||
Other payables | 11c | 149 | 171 | ||
Reclamation and remediation provision | 17,312 | 17,919 | |||
Total liabilities | 60,198 | 61,255 | |||
Shareholders' equity | |||||
Equity attributable to shareholders of the Company | |||||
Share capital | 61,076 | 61,076 | |||
Reserves | 5,702 | 6,722 | |||
Deficit | (51,293) | (50,157) | |||
Total equity | 15,485 | 17,641 | |||
Total liabilities and shareholders' equity | $ | 75,683 | $ | 78,896 | |
Nature of operations and going concern (Note 1) |
The notes form an integral part of these unaudited condensed consolidated interim financial statements.
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TITAN MINING CORPORATION
Condensed Consolidated Interim Statement of Loss and Other Comprehensive Loss
(Expressed in thousands of US dollars - Unaudited)
Three Months ended March 31, | ||||||
Notes | 2021 | 2020 | ||||
Revenue | 4 | $ | 10,945 | $ | 5,780 | |
Cost of Sales | ||||||
Operating expenses | 7,903 | 7,078 | ||||
Depreciation and depletion | 2,679 | 2,239 | ||||
10,582 | 9,317 | |||||
Earnings (loss) from mine operations | 363 | (3,537) | ||||
Exploration and evaluation expenses | 5b | 1,475 | 625 | |||
General and administration expenses | 5a | 669 | 665 | |||
Interest and other finance expenses | 10a, 11a | 636 | 754 | |||
Accretion expense | (17) | 6 | ||||
Interest income | (7) | (6) | ||||
Foreign exchange loss (income) | (1,245) | 2,861 | ||||
Other income | (12) | (77) | ||||
1,499 | 4,828 | |||||
Net loss for the period | 1,136 | 8,365 | ||||
Other comprehensive (gain) loss | ||||||
Items that may be reclassified to profit or loss | ||||||
Unrealized (gain) loss on translation to reporting | ||||||
currency | 1,131 | (2,828) | ||||
Total comprehensive loss for the period | $ | 2,267 | $ | 5,537 | ||
Basic and diluted loss per share (in US $) | $ | 0.01 | $ | 0.07 | ||
Weighted average shares outstanding | ||||||
(in '000) | 138,978 | 122,971 |
The notes form an integral part of these unaudited condensed consolidated interim financial statements.
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TITAN MINING CORPORATION
Condensed Consolidated Interim Statement of Changes in Equity (Expressed in thousands of US dollars - Unaudited)
Share capital | Reserves | ||||||||||||
Share | Currency | ||||||||||||
Number | options and | translation | Total | ||||||||||
Notes | ('000s) | Amount | warrants | adjustment | Total | Deficit | equity | ||||||
Balances, January 1, 2020, as | |||||||||||||
previously reported | 122,971 | $ | 56,704 | $ | 5,878 | $ | (903) | $ | 4,975 | $ | (36,489) | $ | 25,190 |
Shares and share purchase | |||||||||||||
warrants issued in private | |||||||||||||
placements | 16,008 | 4,372 | 1,616 | - | 1,616 | - | 5988 | ||||||
Share based compensation | - | - | 520 | - | 520 | - | 520 | ||||||
Issue of share purchase | |||||||||||||
warrants | - | - | 291 | - | 291 | - | 291 | ||||||
Total comprehensive loss for | |||||||||||||
the period | - | - | - | (680) | (680) | (13,668) | (14,348) | ||||||
Balance, December 31, 2020 | 138,979 | $ | 61,076 | $ | 8,305 | $ | (1,583) | $ | 6,722 | $ | (50,157) | $ | 17,641 |
Share based compensation | - | - | 111 | - | 111 | - | 111 | ||||||
Total comprehensive loss for | |||||||||||||
the period | - | - | - | (1,131) | (1,131) | (1,136) | (2,267) | ||||||
Balance, March 31, 2021 | 138,979 | $ | 61,076 | $ | 8.416 | $ | (2,714) | $ | 5,702 | $ | (51,293) | $ | 15,485 |
The notes form an integral part of these unaudited condensed consolidated interim financial statements.
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Titan Mining Corp. published this content on 26 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2022 15:56:01 UTC.
