GRANITE CREEK COPPER LTD. CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 28, 2022
AND 2021
(Unaudited, Expressed in Canadian Dollars)
NOTICE OF NO AUDITOR REVIEW
Under 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 the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements have been prepared by management and approved by the Audit Committee and Board of Directors.
The Company's independent auditors have not performed a review of these condensed consolidated interim financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditors.
Condensed Interim Consolidated Statements of Financial Position (Unaudited - Expressed in Canadian Dollars)
February 28, | May 31, | ||
Note | 2022 | 2021 | |
$ | $ | ||
ASSETS | |||
Current | |||
Cash | 1,240,127 | 3,937,446 | |
Receivables | 309,786 | 200,591 | |
Prepaid expenses and deposits | 4 | 284,471 | 233,306 |
1,834,384 | 4,371,343 | ||
Non-current | |||
Reclamation bonds | 5,6 | 90,300 | 90,300 |
Exploration and evaluation assets | 5,6 | 8,261,256 | 8,219,806 |
10,185,940 | 12,681,449 | ||
LIABILITIES | |||
Current | |||
Accounts payable and accrued liabilities | 545,312 | 576,823 | |
Loans | 5,7 | 125,436 | 206,803 |
Due to related parties | 7,11(b) | 792,503 | 1,082,090 |
Flow-through share premium liability | 8 | 183,707 | 246,125 |
1,646,958 | 2,111,841 | ||
Non-current | |||
Severance liability | 9 | 642,800 | 598,570 |
2,289,758 | 2,710,411 | ||
SHAREHOLDERS' EQUITY | |||
Share capital | 10 | 17,933,472 | 15,832,383 |
Share-based payment reserve | 10(f) | 1,664,441 | 1,451,736 |
Foreign currency translation reserve | (3,586) | (3,586) | |
Deficit | (11,698,145) | (7,309,495) | |
7,896,182 | 9,971,038 | ||
10,185,940 | 12,681,449 | ||
Nature of Operations and Going Concern - Note 1 | |||
Commitments - Note 14 | |||
Approved on behalf of the Board: | |||
"Timothy A. Johnson" , Director | |||
"Michael Rowley" , Director | |||
Page 3 of 21 |
Consolidated Statements of Loss and Comprehensive Loss
For the Three and Nine Months Ended February 28, 2022 and 2021 (Unaudited - Expressed in Canadian Dollars)
Three months ended
Nine months ended
February 28,
February 28,
Note | 2022 | 2021 | 2022 | 2021 | |
$ | $ | $ | $ | ||
EXPENSES | |||||
Consulting and management fees | 11(a) | 65,210 | 201,035 | 187,201 | 321,575 |
Corporate advisory fees | 66,466 | 34,018 | 162,414 | 109,124 | |
Exploration expenditures | 6,11(a) | 433,936 | 216,500 | 3,672,463 | 1,132,302 |
Investor relations | 31,579 | 45,058 | 195,141 | 81,748 | |
Office and administration | 12,620 | 16,401 | 29,576 | 21,614 | |
Professional fees | 27,891 | 17,663 | 55,964 | 93,998 | |
Property evaluation | - | 1,238 | - | 3,120 | |
Share-based payment expense | 10(f),11(a) | 61,946 | 23,810 | 304,836 | 118,237 |
Transfer agent, regulatory and filing fees | 11,942 | 22,559 | 23,785 | 65,840 | |
Travel and accommodation | 3,291 | 369 | 6,708 | 3,176 | |
(714,881) | (578,651) | (4,638,088) | (1,950,734) | ||
Other Items | |||||
Other income | 8 | 24,626 | 70,772 | 270,751 | 161460 |
Interest expense | 7 | (1,349) | (5,698) | (24,001) | (5,698) |
Gain / (loss) on investment in associate | 5 | - | - | - | 1,072,878 |
Severance liability accretion expense | 9 | (14,931) | - | (44,230) | - |
Loss on settlement of debt | 10(b) | (16,349) | - | (16,349) | - |
NET LOSS AND COMPREHENSIVE | |||||
LOSS | (722,884) | (513,577) | (4,451,917) | (722,094) | |
Basic and diluted loss per share | (0.01) | (0.01) | (0.04) | (0.01) | |
Weighted average number of shares | |||||
outstanding | 123,064,833 | 96,770,763 | 122,234,774 | 74,395,967 | |
Page 4 of 21 |
GRANITE CREEK COPPER LTD.
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited - Expressed in Canadian Dollars)
Foreign
Share-based | Currency | |||||||
Common | Share | Payments | Subscriptions | Translation | ||||
Note | Shares | Capital | Reserve | Received | Reserve | Deficit | Total | |
number | $ | $ | $ | $ | $ | $ | ||
Balance, May 31, 2020 | 46,313,033 | 5,379,133 | 416,589 | 149,264 | (3,586) | (5,198,481) | 742,919 | |
Private placements, net of issue costs | 10(b) | 25,228,868 | 2,441,505 | 195,036 | (149,264) | - | - | 2,487,277 |
Flow-through share premium liability | 8,10(b) | - | (227,254) | - | - | - | - | (227,254) |
Shares issued for acquisition | 5 | 24,893,918 | 3,734,088 | - | - | - | - | 3,734,088 |
Shares issued on exercise of options | 10(b) | 381,000 | 96,412 | (44,012) | - | - | - | 52,400 |
Shares issued on exercise of warrants | 10(b) | 605,000 | 54,750 | - | - | - | - | 54,750 |
Subscriptions received, net of issue costs | - | - | - | 107,600 | - | - | 107,600 | |
Options acquired on acquisition | 5 | - | - | 259,203 | - | - | - | 259,203 |
Warrants acquired on acquisition | 5 | - | - | 116,056 | - | - | - | 116,056 |
Share-based payment expense | 10(f) | - | - | 118,237 | - | - | - | 118,237 |
Net loss and comprehensive loss | - | - | - | - | - | (722,094) | (722,094) | |
Balance, February 28, 2021 | 97,421,819 | 11,478,634 | 1,061,109 | 107,600 | (3,586) | (5,920,575) | 6,723,182 | |
Private placements, net of issue costs | 23,408,181 | 4,569,620 | 292,019 | (107,600) | - | - | 4,754,039 | |
Flow-through share premium liability | - | (310,302) | - | - | - | - | (310,302) | |
Shares issued on exercise of options | 150,000 | 37,388 | (14,888) | - | - | - | 22,500 | |
Shares issued on exercise of warrants | 454,800 | 42,693 | (8,583) | - | - | - | 34,110 | |
Shares issued on exercise of RSUs | 70,000 | 14,350 | (14,350) | - | - | - | - | |
Share-based payment expense | - | - | 166,359 | - | - | - | 166,359 | |
Re-class of cancelled options | - | - | (29,930) | - | - | 29,930 | - | |
Net loss and comprehensive loss | - | - | - | - | - | (1,418,850) | (1,418,850) | |
Balance, May 31, 2021 | 121,504,800 | 15,832,383 | 1,451,736 | - | (3,586) | (7,309,495) | 9,971,038 | |
Private placements, net of issue costs | 10(b) | 8,333,337 | 1,378,622 | 20,039 | - | - | - | 1,398,661 |
Flow-through share premium liability | 10(b) | - | (208,333) | - | - | - | - | (208,333) |
Shares issued for debt | 10(b) | 344,648 | 49,974 | - | - | - | - | 49,974 |
Shares issued on exercise of options | 10(b) | 420,588 | 103,903 | (48,903) | - | - | - | 55,000 |
Shares issued on exercise of warrants | 10(b) | 4,728,366 | 776,923 | - | - | - | - | 776,923 |
Share-based payment expense | 10(f) | - | - | 304,836 | - | - | - | 304,836 |
Re-class of expired options and warrants | 10(f) | - | - | (63,267) | - | - | 63,267 | - |
Net loss and comprehensive loss | - | - | - | - | - | (4,451,917) | (4,451,917) | |
Balance, February 28, 2022 | 135,331,739 | 17,933,472 | 1,664,441 | - | (3,586) | (11,698,145) | 7,896,182 |
See accompanying notes to the condensed interim consolidated financial statements
Page 5 of 21
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Granite Creek Copper Ltd. published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 22:48:48 UTC.
