Foran Mining : Earnings Document

Note

June 30, 2023

December 31, 2022

Assets

Current assets

Cash and cash equivalents

$

137,310

$

87,322

Accounts and other receivables

701

802

Prepaid expenses and deposits

559

241

Total current assets

138,570

88,365

Advances to suppliers

3,843

2,591

Investments

211

163

Right-of-use assets

83

516

Restricted cash

4

4,287

4,287

Exploration and evaluation assets

5

186,482

140,812

Total assets

$

333,476

$

236,734

Liabilities and Shareholders' Equity

Current liabilities

Accounts payable and accrued liabilities

5

$

11,694

$

8,902

Leases

215

600

Flow-through share premium liability

6

7,480

-

Share-based payment liabilities

7

6,585

5,210

Total current liabilities

25,974

14,712

Decommissioning obligation

842

843

Credit facility

8

35,249

33,478

Total liabilities

62,065

49,033

Shareholders' Equity

Share capital

9

329,436

240,639

Share-based payment reserve

9

7,641

6,461

Accumulated other comprehensive income

106

58

Deficit

(65,772)

(59,457)

Total shareholders' equity

271,411

187,701

Total liabilities and shareholders' equity

$

333,476

$

236,734

/s/ David Petroff

/s/ Dan Myerson

Director

CEO & Executive Chairman

FORAN MINING CORPORATION | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 2

Three months ended June 30,

Six months ended June 30,

2023

2022

2023

2022

General and administration

expenses

Consulting

$

322

$

148

$

1,004

$

403

Depreciation

-

34

-

58

Directors' fees

62

60

125

128

Investor relations

270

112

385

273

Office and administration

409

256

774

389

Professional fees

332

193

538

448

Salaries and benefits

596

447

1,133

982

Share-based payment expense

(65)

(209)

3,008

1,448

1,926

1,041

6,967

4,129

Other income

Other (income) expense

11

(1,683)

(288)

(652)

(390)

(1,683)

(288)

(652)

(390)

Net loss for the period

$

243

$

753

$

6,315

$

3,739

Other comprehensive loss (income):

Unrealized loss (gain) on investments

9

48

(48)

60

Total comprehensive loss for the period

$

252

$

801

$

6,267

$

3,799

Basic

$

0.00

$

0.00

$

0.02

$

0.02

Diluted

$

0.00

$

0.00

$

0.02

$

0.02

Weighted average shares outstanding

283,771,906

239,197,794

271,179,919

238,601,245

FORAN MINING CORPORATION | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 3

Share Capital

Note

Shares

Amount

Reserves

Accumulated OCI

Deficit

Total

Balance, December 31, 2021

237,545,698

$

205,841

$

4,084

$

99

$

(49,669)

$

160,355

Shares issued pursuant to exercise of stock options

1,547,333

1,010

(412)

-

-

598

Shares issued pursuant to exercise of warrants

460,000

68

-

-

-

68

Share-based payment expense

-

-

1,152

-

-

1,152

Other comprehensive loss

-

-

-

(60)

-

(60)

Net loss for the period

-

-

-

-

(3,739)

(3,739)

Balance, June 30, 2022

239,553,031

$

206,919

$

4,824

$

39

$

(53,408)

$

158,374

Shares issued pursuant to exercise of stock options

133,333

188

(48)

-

-

140

Shares issued pursuant to exercise of DSUs

7,251

16

-

-

-

16

Shares issued pursuant to exercise of warrants

16,500,000

33,516

-

-

-

33,516

Share-based payment expense

-

-

1,685

-

-

1,685

Other comprehensive income

-

-

-

19

-

19

Net loss for the period

-

-

-

-

(6,049)

(6,049)

Balance, December 31, 2022

256,193,615

$

240,639

$

6,461

$

58

$

(59,457)

$

187,701

Shares issued

9

24,767,686

100,250

-

-

-

100,250

Flow-through share premium liability

9

-

(8,657)

-

-

-

(8,657)

Shares issued pursuant to exercise of stock options

9

1,191,665

1,514

(623)

-

-

891

Shares issued pursuant to exercise of DSUs

9

100,000

343

-

-

-

343

Shares issued pursuant to exercise of warrants

9

2,120,000

318

-

-

-

318

Share issuance costs

9

-

(4,971)

-

-

-

(4,971)

Share-based payment expense

9

-

-

2,280

-

-

2,280

Reclassification to liability on modification of RSUs

-

-

(477)

-

-

(477)

Other comprehensive income

-

-

-

48

-

48

Net loss for the period

-

-

-

-

(6,315)

(6,315)

Balance, June 30, 2023

284,372,966

$

329,436

$

7,641

$

106

$

(65,772)

$

271,411

FORAN MINING CORPORATION | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 4

Three months ended June 30,

Six months ended June 30,

2023

2022

2023

2022

Cash provided by (used in)

Operations

Net loss for the period

$

(243)

$

(753)

$

(6,315)

$

(3,739)

Adjustments for:

Depreciation

-

34

-

58

Flow-through share premium recovery

(1,177)

-

(1,177)

-

Share-based payment expense

(65)

(209)

3,008

1,448

Interest expense

1,313

-

2,555

-

Unrealized foreign exchange

(308)

-

(268)

-

Changes in non-cash working capital:

Accounts receivable

113

1,444

101

826

Prepaid expenses and deposits

(253)

42

(318)

104

Accounts payable and accrued liabilities

898

537

20

573

278

1,095

(2,394)

(730)

Investing

Restricted cash

-

(4,287)

-

(4,287)

Exploration and evaluation expenditures

(21,352)

(12,947)

(42,993)

(31,585)

(21,352)

(17,234)

(42,993)

(35,872)

Financing

Shares issued pursuant to private placements

-

-

100,000

-

Share issue costs paid

-

-

(4,971)

-

Exercise of stock options

328

204

891

598

Exercise of warrants

298

46

318

68

Lease payments

(159)

(181)

(347)

(289)

467

69

95,891

377

Increase (decrease) in cash and cash equivalents

(20,607)

(16,070)

50,504

(36,225)

Impact of foreign exchange on cash and cash equivalents

(449)

-

(516)

-

Cash and cash equivalents, beginning of period

158,366

63,841

87,322

83,996

Cash and cash equivalents, end of period

$

137,310

$

47,771

$

137,310

$

47,771

Cash and cash equivalents is comprised of:

Cash

137,310

47,771

137,310

47,771

$

137,310

$

47,771

$

137,310

$

47,771

FORAN MINING CORPORATION | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PAGE 5