MINCO SILVER CORPORATION Minco Silver Corporation
Condensed Consolidated Interim Financial Statements
For the three and six months ended June 30, 2022
(Unaudited, expressed in Canadian dollars unless otherwise stated)
(1)
NOTICE TO READER
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of condensed consolidated 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 consolidated interim financial statements of Minco Silver Corporation have been prepared by, and are the responsibility of, the Company's management. The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting.
Minco Silver Corporation's independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of condensed consolidated interim financial statements by an entity's auditor.
Dr. Ken Cai | Renee Lin, CPA, CGA |
President and CEO | Chief Financial Officer |
Vancouver, Canada | |
August 12, 2022 |
(2)
Index
Page | |
Condensed Consolidated Interim Financial Statements | 4 - 8 |
Condensed Consolidated Interim Statements of Financial Position | 4 |
Condensed Consolidated Interim Statements of Operations and Net Loss) | 5 |
Condensed Consolidated Interim Statements of Comprehensive Loss | 6 |
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity | 7 |
Condensed Consolidated Interim Statements of Cash Flows | 8 |
Notes to the Condensed Consolidated Interim Financial Statements | 9 - 26 | |
1 | Nature of operations | 9 |
2 | Basis of preparation | 9 |
3 | Cash and cash equivalents | 10 |
4 | Short-term investments | 10 |
5 | Financial assets at fair value through profit or loss | 11 |
6 | Note receivable | 12 |
7 | Receivable | 14 |
8 | Mineral interests | 14 |
9 | Investment accounted for using the equity method | 16 |
10 | Property, plant and equipment | 17 |
11 | Leases | 18 |
12 | Non-controlling interest | 20 |
13 | Share capital | 21 |
14 | Related party transactions | 22 |
15 | Geographical information | 24 |
16 | Financial instruments and fair value measurements | 24 |
17 | Subsequent event | 26 |
(3)
Minco Silver Corporation
Condensed Consolidated Interim Statements of Financial Position
(Unaudited, expressed in Canadian dollars, unless otherwise stated)
June 30, | December 31, | ||
2022 | 2021 | ||
Assets | $ | $ | |
Current assets | |||
Cash and cash equivalents (note 3) | 9,355,711 | 5,020,671 | |
Short-term investments (note 4) | 1,288,600 | 4,987,531 | |
Note receivable (note 6) | 10,663,672 | 11,057,243 | |
Financial assets at fair value through profit or loss (note 5) | 20,523,983 | 23,132,528 | |
Receivables (note 7) | 2,848,472 | 2,112,919 | |
Due from related parties (note 14) | 175,155 | 162,988 | |
Prepaid expenses and advances | 351,687 | 355,960 | |
45,207,280 | 46,829,840 | ||
Deposits | 67,404 | 69,407 | |
Investment accounted for using the equity method (note 9) | 376,010 | 738,638 | |
Right-of-use assets (note 11) | 731,792 | 686,956 | |
Property, plant and equipment (note 10) | 402,891 | 465,553 | |
Total assets | 46,785,377 | 48,790,394 | |
Liabilities | |||
Current liabilities | |||
Accounts payable and accrued liabilities | 234,150 | 215,620 | |
Credit losses payable | 1,337,892 | 1,213,678 | |
Current tax liabilities | 640,559 | 640,559 | |
Due to minority shareholders (note 12) | 341,587 | 354,195 | |
Due to related parties (note 14) | 143,831 | 43,602 | |
Lease obligation, current (note 11) | 167,414 | 172,603 | |
2,865,433 | 2,640,257 | ||
Deferred tax liabilities | 400,668 | 400,668 | |
Lease obligation, non-current (note 11) | 623,533 | 566,988 | |
3,889,634 | 3,607,913 | ||
Equity | |||
Equity attributable to owners of the parent | |||
Share capital (note 13) | 107,812,327 | 107,812,327 | |
Contributed surplus | 27,775,990 | 27,726,821 | |
Accumulated other comprehensive income | 2,780,744 | 4,132,698 | |
Deficit | (94,179,650) | (93,206,998) | |
44,189,411 | 46,464,848 | ||
Non-controlling interest (note 12) | (1,293,668) | (1,282,367) | |
Total liabilities and equity | 46,785,377 | 48,790,394 | |
Approved by the Board of Directors: | |||
(signed) Maria Tang Director | (signed) George Lian | Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
(4)
Minco Silver Corporation
Condensed Consolidated Interim Statements of Operations and Net Loss
For the three and six months ended June 30, 2022, and 2021
(Unaudited, expressed in Canadian dollars unless otherwise stated)
Three months ended June 30, | Six months ended June 30, | |||
2022 | 2021 | 2022 | 2021 | |
$ | $ | $ | $ | |
Operating expenses | ||||
Audit, legal and regulatory | 65,885 | 76,875 | 130,044 | 133,344 |
Amortization | 76,104 | 55,729 | 156,400 | 102,279 |
Consulting | 22,500 | 15,000 | 45,000 | 28,125 |
Directors' fees | 21,750 | 17,250 | 39,000 | 41,250 |
Interest expense (note 11) | 16,085 | 15,860 | 33,738 | 32,875 |
Office administration expenses | 59,819 | 39,677 | 103,830 | 80,735 |
Property investigation and permitting | ||||
expenses (note 8) | 243,244 | 130,386 | 350,425 | 400,941 |
Rent (note 11) | 2,256 | 10,139 | 14,305 | 11,784 |
Salaries and benefits | 94,637 | 109,617 | 141,331 | 180,046 |
Share-based compensation (note 13) | 46,822 | 30,846 | 46,822 | 94,098 |
Travel and others | 11,992 | 5,738 | 21,596 | 23,807 |
661,094 | 507,117 | 1,082,491 | 1,129,284 | |
Loss before the following | (661,094) | (507,117) | (1,082,491) | (1,129,284) |
Finance and other income (expenses) | ||||
Foreign exchange gain (loss) | 181,935 | (70,228) | 113,984 | (114,306) |
Interest and dividend income | 604,283 | 1,821,641 | 1,073,668 | 2,195,077 |
Gain on disposal of financial assets at fair | ||||
value through profit or loss (note 5) | 769 | 25,801 | 570,308 | 41,251 |
Unrealized loss on investment in financial | ||||
assets at fair value through profit or loss | ||||
(note 5) | (922,856) | 34,136 | (1,107,742) | (44,342) |
Credit losses (note 6) | (170,688) | (1,167,424) | (170,688) | (1,167,424) |
Income (loss) before share of loss from | ||||
equity investment | (967,651) | 136,809 | (602,961) | (219,028) |
Share of loss from equity investment (note 9) | (274,287) | (277,791) | (382,636) | (411,728) |
Net loss for the period | (1,241,938) | (140,982) | (985,597) | (630,756) |
Net loss attributable to: | ||||
Shareholders of the Company | (1,234,756) | (132,687) | (972,652) | (616,044) |
Non-controlling interest | (7,182) | (8,295) | (12,945) | (14,712) |
Net loss for the period | (1,241,938) | (140,982) | (985,597) | (630,756) |
Loss per share - basic and diluted | (0.02) | (0.00) | (0.02) | (0.01) |
Weighted average number of common | ||||
shares outstanding - basic and diluted | 61,025,083 | 61,025,083 | 61,025,083 | 61,025,083 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Minco Silver Corporation published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 17:24:03 UTC.
