TROILUS GOLD CORP. TROILUS GOLD CORP.
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
For the three and nine months ended April 30, 2022 and 2021
(expressed in Canadian dollars)
TROILUS GOLD CORP.
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the interim financial statements have not been reviewed by an auditor.
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 condensed interim consolidated financial statements in accordance with standards established by CPA Canada for a review of interim financial statements by an entity's auditor.
2
TROILUS GOLD CORP.
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian dollars)
As at | April 30, | July 31, | ||
Notes | 2022 | 2021 | ||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 20,281,705 | $ | 53,460,390 |
Tax credit receivable | 14 | 7,542,000 | 4,217,478 | |
Amounts receivable | 5 | 998,749 | 1,159,276 | |
Investments | 6 | 215,685 | 133,538 | |
Prepaid expenses | 872,886 | 514,910 | ||
Total current assets | 29,911,025 | 59,485,592 | ||
Reclamation deposits | 7 | 844,595 | 844,595 | |
Property and equipment | 8 | 5,819,094 | 5,819,313 | |
TOTAL ASSETS | $ | 36,574,714 | $ | 66,149,500 |
LIABILITIES AND EQUITY | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 6,390,441 | $ | 6,455,751 |
Current portion of lease liabilities | 9 | 641,130 | 518,726 | |
Current portion of reclamation provision | 7 | 154,065 | 115,228 | |
Flow-through share premium liability | 10 | 1,345,169 | - | |
Total current liabilities | 8,530,805 | 7,089,705 | ||
Long-term portion of lease liabilities | 9 | 541,411 | 711,998 | |
Flow-through share premium liability | 10 | - | 7,932,619 | |
Reclamation provision | 7 | 3,170,152 | 3,480,239 | |
Total liabilities | 12,242,368 | 19,214,561 | ||
SHAREHOLDERS' EQUITY | ||||
Share capital | 10 | 169,479,704 | 166,112,552 | |
Share purchase warrant reserve | 11 | 9,596,808 | 9,892,169 | |
Share-based payment reserve | 12 | 6,558,771 | 4,834,969 | |
Accumulated deficit | (161,302,937) | (133,904,751) | ||
Total shareholders' equity | 24,332,346 | 46,934,939 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 36,574,714 | $ | 66,149,500 |
Nature of operations | 1 | |||
Commitments and contingencies | 19 | |||
Subsequent events | 20 |
Approved on behalf of the Board of Directors:
"Tom Olesinski" | "Justin Reid" | |||
Director | Director | |||
3 | ||||
-- See accompanying notes to the consolidated financial statements -- |
TROILUS GOLD CORP.
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Expressed in Canadian dollars)
Three months ended | Nine months ended | ||||||||
April 30, | April 30, | ||||||||
2022 | 2021 | 2022 | 2021 | ||||||
Expenses | Notes | ||||||||
Exploration and evaluation expenses | 14 | $ | 8,143,675 | $ | 5,659,522 | $ | 24,652,365 | $ | 15,744,990 |
Royalty buyout | 14 | - | - | - | 20,000,000 | ||||
Reclamation estimate | 7 | (168,677) | (303,325) | (265,704) | (302,055) | ||||
General and administrative expenses | 15 | 1,336,663 | 1,053,262 | 4,795,779 | 4,348,714 | ||||
Share-based payments | 12 | 1,166,319 | 1,214,900 | 4,643,818 | 4,171,617 | ||||
Total expenses before other items | 10,477,980 | 7,624,359 | 33,826,258 | 43,963,266 | |||||
Other (income)/expenses | |||||||||
Interest income | (41,969) | (16,896) | (149,893) | (20,904) | |||||
Interest on lease liabilities | 9 | 33,865 | 35,870 | 98,563 | 122,426 | ||||
Flow-through share premium | 10 | (2,591,220) | (2,157,064) | (6,587,450) | (4,145,193) | ||||
Accretion of reclamation provision | 7 | 38,920 | 31,980 | 75,774 | 60,471 | ||||
Other (gains) and losses | 16 | 12,478 | (197,352) | 146,401 | (903,471) | ||||
Net loss and comprehensive loss for the period | $ | 7,930,054 | $ | 5,320,897 | $ | 27,409,653 | $ | 39,076,595 | |
Net loss per share | |||||||||
Basic and diluted | $ | 0.04 | $ | 0.04 | $ | 0.14 | $ | 0.31 | |
Weighted average common shares outstanding | |||||||||
Basic and diluted | 199,962,117 | 128,917,142 | 197,747,849 | 124,189,778 |
4
-- See accompanying notes to the consolidated financial statements --
TROILUS GOLD CORP.
Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian dollars)
Nine months ended | |||||||||
April 30, | |||||||||
CASH FLOWS FROM: | Notes | 2022 | 2021 | ||||||
Operating activities | |||||||||
Net loss for the period | $ | (27,409,653) | $ | (39,076,595) | |||||
Items not involving cash | |||||||||
Share-based payments | 12 | 4,643,818 | 4,171,617 | ||||||
Depreciation | 8 | 1,027,464 | 802,365 | ||||||
Flow-through share premium | 10 | (6,587,450) | (4,145,193) | ||||||
Reclamation estimate adjustment | 7 | (265,704) | (302,055) | ||||||
Reclamation costs incurred | 7 | (81,320) | (110,301) | ||||||
Shares received for option agreements | (102,500) | - | |||||||
Other (gains) and losses | 16 | 24,455 | (974,671) | ||||||
Accretion of reclamation estimate | 7 | 75,774 | 60,471 | ||||||
(28,675,116) | (39,574,362) | ||||||||
Net change in non-cash working capital items: | |||||||||
Amounts receivable and prepaid expenses | (197,449) | (353,968) | |||||||
Tax credit receivable | (3,324,522) | (814,287) | |||||||
Accounts payable and accrued liabilities | (65,310) | 2,394,200 | |||||||
(3,587,281) | 1,225,945 | ||||||||
Cash flows used in operating activities | (32,262,397) | (38,348,417) | |||||||
Financing activities | |||||||||
Financing proceeds | - | 22,087,760 | |||||||
Share issue costs | 10 | (111,500) | (1,914,949) | ||||||
Exercise of warrants | 11 | 274,742 | - | ||||||
Lease payments | 9 | (426,076) | (545,673) | ||||||
Cash flows (used in)/provided by financing activities | (262,834) | 19,627,138 | |||||||
Investing activities | |||||||||
Property and equipment | 8 | (653,454) | (478,972) | ||||||
Investment in securities | - | (1,504,904) | |||||||
Refund of reclamation deposit | 7 | - | 794,595 | ||||||
Cash flows used in investing activities | (653,454) | (1,189,281) | |||||||
Net change in cash and cash equivalents | (33,178,685) | (19,910,560) | |||||||
Cash and cash equivalents, beginning of the period | 53,460,390 | 29,883,416 | |||||||
Cash and cash equivalents, end of the period | $ | 20,281,705 | $ | 9,972,856 | |||||
CASH AND CASH EQUIVALENTS CONSIST OF: | |||||||||
Cash | $ | 5,180,068 | $ | 15,206,478 | |||||
Cash equivalents | 15,101,637 | 55,000 | |||||||
$ | 20,281,705 | $ | 15,261,478 | ||||||
SUPPLEMENTARY INFORMATION | |||||||||
Equipment purchased through leases | 8,9 | $ | 377,893 | $ | 665,352 | ||||
-- See accompanying notes to the consolidated financial statements -- | 5 | ||||||||
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Troilus Gold Corporation published this content on 09 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2022 22:21:03 UTC.
