CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE PERIODS ENDED MAY 31, 2022 AND 2021
(Expressed in Canadian Dollars) (Unaudited - Prepared by Management)
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
In accordance with National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.
The accompanying unaudited condensed consolidated interim 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 standards established by the by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
VISCOUNT MINING CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited - Prepared by Management)
(Expressed in Canadian dollars) As at
May 31, 2022 | August 31, 2021 | ||
Note | ($) | ($) | |
ASSETS | |||
Current | |||
Cash | 3 | 1,028,360 | 2,571,328 |
Amounts receivable and prepaid expenses | 4 | 144,807 | 97,286 |
Recoverable from Joint Venture Partner | 5A | 286,947 | 192,230 |
Reclamation bond | 1,460,114 | 2,860,844 | |
30,005 | 26,172 | ||
Exploration and evaluation properties | 5 | 5,721,022 | 4,878,419 |
Total Assets | 7,211,141 | 7,765,435 | |
LIABILITIES | |||
Current liabilities | |||
Trade payables and accrued liabilities | 141,386 | 79,643 | |
Total liabilities | 141,386 | 79,643 | |
SHAREHOLDERS' EQUITY | |||
Share capital | 7 | 18,353,023 | 17,958,623 |
Subscriptions receivable | 7 | (185,875) | (185,875) |
Reserves | 7 | 2,179,348 | 2,241,778 |
Deficit | (13,276,741) | (12,328,734) | |
Total shareholders' equity | 7,069,755 | 7,685,792 | |
Total Liabilities and Shareholders' Equity | 7,211,141 | 7,765,435 |
Nature and Continuance of Operations (Note 1)
These condensed consolidated interim financial statements are authorized for issuance by the Board of Directors on August 2, 2022.
On behalf of the Board:
"Jim MacKenzie" | Director | "William Macdonald" | Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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VISCOUNT MINING CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited - Prepared by Management)
(Expressed in Canadian dollars)
Nine Months | Nine Months | Three Months | Three Months | ||
Ended | Ended | Ended | Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2022 | May 31, 2021 | ||
Note | ($) | ($) | ($) | ($) | |
Expenses | |||||
Bank charges, interest and fees | 2,150 | 3,704 | 501 | 2,974 | |
Consulting and management compensation | 6 | 443,627 | 403,592 | 137,113 | 249,136 |
Insurance | 36,941 | 43,419 | 5,848 | 29,755 | |
Legal and accounting | 180,592 | 115,150 | 38,923 | 71,683 | |
Office and miscellaneous | 25,641 | 14,803 | 8,537 | 4,523 | |
Promotion | 370,439 | 430,266 | 77,217 | 156,291 | |
Share-based payments | 6, 7 | - | 416,166 | - | 416,166 |
Transfer agent and filing fees | 20,392 | 23,881 | 12,969 | 16,807 | |
(1,079,782) | (1,450,981) | (281,108) | (947,335) | ||
Other income | |||||
Government assistance | - | 10,000 | - | - | |
Interest income | 2,676 | - | 1,770 | - | |
Centerra management fees | 5 | 78,945 | 94,085 | - | 94,085 |
Net loss | (998,161) | (1,346,896) | (279,338) | (853,250) | |
Foreign exchange gain (loss) | (12,276) | 4,473 | (452) | 2,081 | |
Interest and penalties | - | 1,374 | - | 1,237 | |
Net loss and comprehensive loss for the period | (1,010,437) | (1,341,049) | (279,790) | (849,932) | |
Loss per share, basic and diluted | (0.01) | (0.02) | (0.00) | (0.02) | |
Weighted average number of common shares | 85,644,143 | 82,117,394 | 86,147,723 | 54,360,750 | |
outstanding - basic and diluted | |||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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VISCOUNT MINING CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited - Prepared by Management)
(Expressed in Canadian dollars)
For the nine months ended May 31, 2022 and 2021
2022 | 2021 | |
($) | ($) | |
Cash Flows From Operating Activities | ||
Net loss for the period | (1,010,437) | (1,341,049) |
Adjustments for non-cash items: | ||
Government assistance | - | (10,000) |
Share-based payments | - | 416,166 |
Changes in operating assets and liabilities: | ||
Receivables and prepaid expenses | (47,521) | (63,094) |
Advance from Joint Venture Partner | (94,717) | 61,738 |
Reclamation bond | (3,833) | (2,000) |
Trade payables and accrued liabilities | 61,743 | (282,121) |
(1,094,765) | (1,220,360) | |
Cash Flows From Investing Activities | ||
Exploration and evaluation properties expenditure | (826,603) | (867,241) |
(826,603) | (867,241) | |
Cash Flows From Financing Activities | ||
Issuance of common shares | 378,400 | 996,332 |
Government assistance | - | (30,000) |
Proceeds from loans | - | - |
378,400 | 966,332 | |
Change in cash | (1,542,968) | (1,121,269) |
Cash, beginning | 2,571,328 | 4,264,224 |
Cash, end | 1,028,360 | 3,142,955 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Viscount Mining Corp. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 16:58:07 UTC.