2023 THIRD QUARTER REPORT SEPTEMBER 30, 2023

(Expressed in Canadian dollars)

Unaudited Condensed Interim Consolidated Financial Statements

  • Condensed Interim Consolidated Statements of Financial Position
  • Condensed Interim Consolidated Statements of Comprehensive Loss
  • Condensed Interim Consolidated Statements of Changes in Equity
  • Condensed Interim Consolidated Statements of Cash Flows
  • Notes to the Condensed Interim Consolidated Financial Statements

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2023 of Endurance Gold Corporation ("the Company") have been prepared by the Company's management and have not been reviewed by the Company's independent auditor.

1

ENDURANCE GOLD CORPORATION

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars)

(Unaudited, Prepared by Management)

AS AT

September 30,

December 31,

2023

2022

ASSETS

Current

Cash and cash equivalents

$

877,331

$

1,862,445

Marketable securities (Note 4)

645,143

1,058,940

Prepaid expenses and deposits

319,863

25,497

Receivables

1,059,089

1,729,804

Total current assets

2,901,426

4,676,686

Non-current

Exploration and evaluation assets (Note 5)

9,213,258

7,279,937

Reclamation bond

130,000

37,000

Total non-current assets

9,343,258

7,316,937

Total assets

$

12,244,684

$

11,993,623

LIABILITIES

Current

Accounts payable and accrued liabilities

$

311,257

$

171,522

Total liabilities

311,257

171,522

EQUITY

Share capital (Note 6)

19,661,170

18,950,971

Subscription receivable

75,920

-

Reserves (Note 6)

3,505,177

3,407,661

Deficit

(11,308,840)

(10,536,531)

11,933,427

11,822,101

Total liabilities and equity

$

12,244,684

$

11,993,623

Nature of operations (Note 1)

Commitments (Note 12)

Events after the reporting date (Note 13)

Approved and authorized on behalf of the Board of Directors on November 20, 2023:

/s/ Robert T. Boyd

/s/ J. Christopher Mitchell

Director

Director

Robert T. Boyd

J. Christopher Mitchell

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

2

ENDURANCE GOLD CORPORATION

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Expressed in Canadian dollars)

(Unaudited, Prepared by Management)

Three months ended Sept. 30,

Nine months ended Sept. 30,

2023

2022

2023

2022

Expenses

Business development and property investigation

$

454

$

-

$

1,734

$

10,994

Corporate communications

32,697

42,047

201,630

176,002

Listing and transfer agent fees

2,705

2,417

28,032

22,355

Management fees

19,500

19,500

58,500

56,500

Office and administrative

25,227

28,931

69,029

67,049

Professional fees

13,223

10,477

15,417

31,229

Share-based compensation (Note 6)

53,550

20,631

63,355

661,341

Loss before other items

(147,356)

(124,003)

(437,697)

(1,025,470)

Other items

Interest income

7,119

8,143

47,357

19,680

Gain (loss) on sale of marketable securities (Note 4)

(23,792)

-

(23,792)

1,710

Unrealized loss on marketable securities (Note 4)

(232,540)

(394,247)

(358,177)

(1,308,014)

(249,213)

(386,104)

(334,612)

(1,286,624)

Comprehensive loss for the period

$

(396,569)

$

(510,107)

$

(772,309)

$

(2,312,094)

Basic and diluted loss per common share

$

(0.00)

$

(0.00)

$

(0.01)

$

(0.02)

Basic and diluted weighted average number of

common shares outstanding

145,490,212

132,786,636

145,416,705

134,590,827

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

3

ENDURANCE GOLD CORPORATION

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Expressed in Canadian dollars)

(Unaudited, Prepared by Management)

Share Capital

Subscription

No. of Shares

Amount

Receivable

Reserves

Deficit

Total Equity

Balance at December 31, 2022

145,379,342

$18,950,971

$

-

$ 3,407,661

$ (10,536,531)

$ 11,822,101

Shares issued for:

Private placement

3,400,000

748,000

-

-

-

748,000

Share issuance costs

-

(37,801)

-

34,161

-

(3,640)

Share-based compensation

-

-

-

63,355

-

63,355

Subscription receivable

-

-

75,920

-

-

75,920

Comprehensive loss for the

period

-

-

-

-

(772,309)

(772,309)

Balance at September 30, 2023 148,779,342

$19,661,170

$ 75,920

$ 3,505,177

$ (11,308,840)

$ 11,933,427

Share Capital

Total

No. of Shares

Amount

Reserves

Deficit

Equity

Balance at December 31, 2021

127,120,990

$13,171,719

$ 2,339,536

$ (8,214,377)

$ 7,296,878

Shares issued for:

Exploration and evaluation assets

100,000

36,500

-

-

36,500

Exercise of stock options

1,700,000

113,000

-

-

113,000

Fair value of options exercised

-

95,000

(95,000)

-

-

Exercise of warrants

1,124,000

281,000

-

-

281,000

Private placement

7,637,500

3,055,000

-

-

3,055,000

Share issuance costs

-

(186,965)

33,132

-

(153,833)

Share-based compensation

-

-

661,341

-

661,341

Comprehensive loss for the period

-

-

-

(2,312,094)

(2,312,094)

Balance at September 30, 2022

137,682,490

$16,565,254

$ 2,939,009

$ (10,526,471)

$ 8,977,792

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

4

ENDURANCE GOLD CORPORATION

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in Canadian dollars)

(Unaudited, Prepared by Management)

Three months ended Sept. 30,

Nine months ended Sept.30

2023

2022

2023

2022

CASH FLOWS FROM (TO) OPERATING ACTIVITIES

Net income (loss) for the period Add adjustments:

(Gain) on sale of marketable securities Share-based compensation Unrealized loss on marketable securities Interest income

Changes in non-cash working capital items: Prepaid expenses and deposits Receivables

Accounts payable and accrued liabilities Net cash used in operating activities

CASH FLOWS FROM (TO) INVESTING ACTIVITIES

Exploration and evaluation assets Proceeds from sale of marketable securities Reclamation bond

Interest received

Net cash from (used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of share capital Subscription receivable

Share issuance costs

Net cash provided by financing activities

Net increase in cash and cash equivalents during the period

Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period

$

(396,569)

$

(510,107)

$

(772,309)

$

(2,312,094)

23,792

-

23,792

(1,710)

53,550

20,631

63,355

661,341

232,540

394,247

358,177

1,308,014

(7,119)

(8,143)

(47,357)

(19,680)

(1,047)

303,604

(294,366)

11,785

19,130

(41,407)

662,408

(64,204)

(65,822)

(39,975)

9,960

35,687

(141,545)

118,850

3,660

(380,861)

(975,813)

(1,558,185)

(1,803,546)

(2,705,753)

31,828

-

31,828

5,760

-

-

(93,000)

-

5,506

8,143

55,664

19,680

(938,479)

(1,550,042)

(1,809,054)

(2,680,313)

748,000

295,250

748,000

3,449,000

75,920

-

75,920

-

(3,640)

-

(3,640)

(153,833)

820,280

295,250

820,280

3,295,167

(259,744)

(1,135,942)

(985,114)

233,993

1,137,075

1,883,802

1,862,445

513,867

$

877,331

$

747,860

$

877,331

$

747,860

Supplemental disclosures with respect to cash flows (Note 7)

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

5

ENDURANCE GOLD CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended September 30, 2023

(Unaudited, Prepared by Management)

  1. NATURE OF OPERATIONS
    Endurance Gold Corporation (the "Company") was incorporated under the Canada Business Corporations Act on December 16, 2003 and continued into British Columbia on August 16, 2004. The head office and principal address of the Company is at Suite 1212, 666 Burrard Street, Vancouver, British Columbia, Canada V6C 2X8. The Company's registered address and records office is at Suite 1600, 925 West Georgia Street, Vancouver, British Columbia, V6C 3L2.
    The Company is engaged in the exploration and development of mineral properties in North America and has not yet determined whether its properties contain ore reserves that are economically recoverable. The Company has not generated revenue from operations and will need to seek additional financing to meet its exploration and development objectives. The mineral property exploration business involves a high degree of risk. The recoverability of the amounts expended on mineral interests by the Company is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of its mineral properties and upon future profitable production or proceeds from the disposition of its property interests. These unaudited condensed interim consolidated financial statements ("Condensed Interim FS") do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.
    For the nine months ended September 30, 2023, the Company reported a net loss of $772,309 and as of that date the Company's deficit was $11,308,840. The Company's net working capital position at September 30, 2023 was $2,590,169, inclusive of marketable securities with a fair value of $645,143. If the Company does not or cannot sell a portion or all of the marketable securities at current market values, it may have to raise additional funds to continue operations and to complete its future exploration programs. While the Company has been successful in the past in raising capital, there is no assurance that such financing will be available on a timely basis and under terms acceptable to the Company.
  2. BASIS OF PREPARATION Statement of Compliance
    These unaudited Condensed Interim FS have been prepared in accordance with International Financial Reporting
    Standards ("IFRS") applicable to the preparation of interim financial statements, including International Accounting Standard 34 ("IAS 34") Interim Financial Reporting. These unaudited Condensed Interim FS include the financial statements of the Company and its wholly-owned subsidiary.
    These unaudited Condensed Interim FS were authorized for issue by the Audit Committee and Board of Directors on November 20, 2023 and should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2022.
  3. SIGNIFICANT ACCOUNTING POLICIES
    The accounting policies applied in these unaudited Condensed Interim FS are consistent with the accounting policies disclosed in Notes 2 and 3 of the Company's audited consolidated financial statements for the year ended December
    31, 2022.

6

ENDURANCE GOLD CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended September 30, 2023

(Unaudited, Prepared by Management)

4. MARKETABLE SECURITIES

Marketable securities consist of equity securities of an entity or entities over which the Company does not have control or significant influence.

Sept. 30, 2023

Dec. 31, 2022

Fair value, beginning of the period

$

1,058,940

$

2,243,285

Proceeds from sales, net of commission

(31,828)

(5,760)

Gain (loss) on sale of marketable securities

(23,792)

1,710

Unrealized gain (loss) on marketable securities

(358,177)

(1,180,295)

$

645,143

$

1,058,940

With its main business focus being mineral exploration, the Company does not generally intend to hold its investments in marketable securities for long-term periods, and accordingly these are classified as current assets. All of the Company's investments in marketable securities are also classified as fair value through profit and loss ("FVTPL").

5. EXPLORATION AND EVALUATION ASSETS

As at September 30, 2023, the Company's exploration and evaluation assets are located in North America. Expenditures incurred on exploration and evaluation assets for that period were as follows:

Reliance,

Bandito,

Elephant

McCord,

BC,

Yukon,

Mountain,

Alaska

TOTAL

CANADA

CANADA

Alaska, USA

USA

Acquisition 12/31/22

$ 611,815

$

-

$ 467,703

$ 19,850

$ 1,099,368

Additions:

Option payment

5,000

-

-

-

5,000

5,000

-

-

-

5,000

Acquisition 9/30/23

616,815

-

467,703

19,850

1,104,368

Deferred exploration 12/31/22

4,383,860

31,906

1,620,726

144,077

6,180,569

Additions:

Drilling

832,482

-

-

-

832,482

Field expenses

589,372

-

-

-

589,372

Geochemistry

84,856

-

-

-

84,856

Geological and miscellaneous

378,091

18,871

2,010

-

398,972

Geophysics

22,500

-

-

-

22,500

Land and recording fees

139

-

-

-

139

1,907,440

18,871

2,010

-

1,928,321

Deferred exploration 9/30/23

6,291,300

50,777

1,622,736

144,077

8,108,890

Total exploration and evaluation

$ 6,908,115

$ 50,777

$ 2,090,439

$ 163,927

$ 9,213,258

assets 9/30/23

7

ENDURANCE GOLD CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended September 30, 2023

(Unaudited, Prepared by Management)

5. EXPLORATION AND EVALUATION ASSETS - continued

Expenditures incurred on these property interests for the year ended December 31, 2022 were as follows:

Reliance,

Bandito,

Elephant

McCord,

BC,

Yukon,

Mountain,

Alaska

Other

TOTAL

CANADA

CANADA

Alaska, USA

USA

Acquisition 12/31/21

$ 280,632

$

-

$ 362,428

$ 13,005

$

-

$ 656,065

Additions:

Legal and related expenses

5,683

-

50

-

5,733

Option payments

325,500

-

105,225

6,845

6,845

444,415

331,183

-

105,275

6,845

6,845

450,148

Acquisition 12/31/22

611,815

-

467,703

19,850

6,845

1,106,213

Deferred exploration 12/31/21

1,827,173

-

1,562,423

123,359

-

3,512,955

Additions:

Drilling

1,821,147

-

-

-

-

1,821,147

Field expenses

1,095,865

-

323

-

-

1,096,188

Geochemistry

267,979

-

-

-

-

267,979

Geological and miscellaneous

364,824

22,493

4,915

2,668

-

394,900

Geophysics

-

23,800

-

-

-

23,800

Land and recording fees

764

-

53,065

18,050

-

71,879

3,550,579

46,293

58,303

20,718

-

3,675,893

Deferred exploration 12/31/22

5,377,752

46,293

1,620,726

144,077

-

7,188,848

B.C. mining exploration tax credit

(993,892)

-

-

-

-

(993,892)

Yukon mineral exploration Program

-

(14,387)

-

-

(14,387)

Write-off

-

-

-

-

(6,845)

(6,845)

Total exploration and evaluation

$4,995,675

$ 31,906

$2,088,429

$163,927

$

-

$7,279,937

assets 12/31/22

Reliance Gold Project, British Columbia, CANADA (Option to earn 100%)

  1. Reliance Gold Property

In June 2020, the Company finalized an option agreement (the "Reliance Gold Option Agreement") with two private vendors (collectively, the "Optionors") which replaced a letter agreement signed in September 2019. Under the terms of the Reliance Gold Option Agreement, the Company can earn a 100% interest in the Reliance Gold Property located near Gold Bridge, British Columbia, for cash consideration in the aggregate amount of $300,000 ($100,000 paid to date), the completion of exploration expenditures in the aggregate amount of $3,000,000 (incurred) by December 31, 2024, and the issuance of up to 4,000,000 common shares in stages (1,500,000 common shares issued at a value of $364,500) by December 31, 2025. The option is subject to a 2.5% Net Smelter Return ("NSR") royalty, three-fifths of which (1.5% NSR) can be purchased by the Company at any time for $1,000,000. In addition, the Company issued 200,000 common shares with a value of $19,000 to PI Financial Corp. for introducing the Optionors to the Company.

8

ENDURANCE GOLD CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended September 30, 2023

(Unaudited, Prepared by Management)

5. EXPLORATION AND EVALUATION ASSETS - continued

  1. Olympic Property

In October 2022, the Company finalized an option agreement (the "Avino Option Agreement") with Avino Silver & Gold Mines Limited ("Avino") which replaced a letter agreement signed in April 2022. Under the terms of the Avino Option Agreement, the Company has an option to earn a 100% interest in the Olympic Property located immediately adjoining and contiguous with the Company's Reliance Gold Property in southern British Columbia for aggregate consideration of $100,000 in cash payments ($25,000 paid), the issuance of 1,500,000 common shares of the Company (200,000 issued at a value of $72,000) and the completion of $300,000 in exploration expenditures on or before December 31, 2024. The option is subject to a 2.0% NSR royalty, one-half of which (1% NSR) can be purchased by the Company for $750,000, and the remaining balance purchased for $1,000,000, at any time prior to the commencement of Commercial Production.

As part of the final requirement to earn its interest, the Company has agreed to grant Avino 750,000 share purchase warrants by December 31, 2024 (the "Warrants Payment"), subject to future Exchange acceptance. In addition, if the Company is successful in defining a National Instrument 43-101-compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Property by December 31, 2024, the Company will pay Avino a $1,000,000 discovery bonus. Any shares or Warrants issued will be subject to a four-month hold period from the date of issuance in accordance with the policies of the Exchange.

  1. Sanchez Claims

In October 2022, the Company entered into a letter agreement (the "Sanchez Agreement") with a private vendor whereby the Company has an option to earn a 100% interest in the Sanchez claims, which adjoin the eastern boundary of the Company's Reliance Gold Property aggregate consideration of $10,000 in cash payments by January 31, 2023 (paid) and the issuance of 300,000 common shares of the Company on or before December 31, 2025 (40,000 issued at a value of $16,000).

Elephant Mountain Project, Alaska, USA

  1. Elephant Property (100% owned)

In December 2020, the Company acquired a 100% interest in the Elephant Property located in the Manley Hot Springs placer gold mining district in Alaska by completing all of the obligations to earn its interest, including incurred exploration expenditures of US$200,000, issued to the vendor 400,000 common shares of the Company with a value of $24,125 and paid cumulative cash payments totaling US$200,000. The property interest is subject to a 2% NSR, one-half of which can be purchased by the Company at any time for US$750,000.

  1. Trout and Wolverine Property (Option to earn 100%)

In April 2018, the Company entered into an option agreement (the "Trout-Wolverine Option Agreement") with Frantz LLC, replacing the letter agreement signed in March 2017. Pursuant to the terms of the Trout-Wolverine Option Agreement, the Company can earn a 100% interest in the Trout-Wolverine Property, located immediately northeast of the Company's Elephant Property, by completing a total of US$200,000 (incurred) in exploration expenditures, cash payment of US$180,000 (US$80,000 paid to date) in stages until December 31, 2024, and issuing to the vendor 300,000 common shares (issued at a value of $83,375) of the Company by December 31, 2022. The option is subject to a 2% NSR interest, one-half of which can be purchased by the Company at any time for US$500,000.

9

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Endurance Gold Corporation published this content on 20 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2023 00:43:04 UTC.