ORECAP INVEST CORP. OREFINDERS RESOURCES INC.
Condensed Consolidated Interim Financial Statements
For the three and six months ended April 30, 2022 and 2021
(Unaudited - Expressed in Canadian Dollars)
Notice of No Auditor Review of Interim Financial Statements
Under National Instrument 51-102, Part 4, subsubsection 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 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 an audit or review of these condensed consolidated interim financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants.
OREFINDERS RESOURCES INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian dollars)
As at | Notes | April 30, 2022 | October 31, 2021 | |||
ASSETS | ||||||
Current | ||||||
Cash | $5,921,633 | $6,094,388 | ||||
Restricted cash | 5 | 570,967 | 570,967 | |||
Marketable securities | 6 | 1,678,133 | 2,496,809 | |||
Amounts receivable | 325,452 | 248,685 | ||||
Due from related party | 12 | 72,083 | 25,087 | |||
Prepaid expenses | 27,257 | 28,498 | ||||
Total current assets | 8,595,525 | 9,464,434 | ||||
Investments in associates | 7 | 1,824,352 | 1,937,553 | |||
Property, plant and equipment | 8 | 51,160 | 57,067 | |||
TOTAL ASSETS | $10,471,037 | $11,459,054 | ||||
LIABILITIES | ||||||
Current | ||||||
Accounts payable and accrued liabilities | $836,188 | $345,594 | ||||
Asset retirement obligation | 11 | 570,967 | 570,967 | |||
Flow-through share liability | 10 | 376,680 | 378,561 | |||
TOTAL LIABILITIES | 1,783,835 | 1,295,122 | ||||
SHAREHOLDERS' EQUITY | ||||||
Share capital | 13 | 26,356,121 | 26,356,121 | |||
Reserves | 13 | 4,665,843 | 4,571,911 | |||
Deficit | (22,334,762) | (20,764,100) | ||||
TOTAL SHAREHOLDERS' EQUITY | 8,687,202 | 10,163,932 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $10,471,037 | $11,459,054 | ||||
Nature of operations (Note 1) | ||||||
Going concern (Note 2) | ||||||
Commitments and contingencies (Note 15) | ||||||
Approved on behalf of the Directors: | ||||||
"Stephen Stewart" | "Alex Stewart" | |||||
Stephen Stewart - Director | Alex Stewart- Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
OREFINDERS RESOURCES INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(Unaudited - Expressed in Canadian dollars)
Three Months Ended | Six Months Ended | ||||
April 30, | April 30, | April 30, | April 30, | ||
Notes | 2022 | 2021 | 2022 | 2021 | |
EXPENSES | |||||
Consulting and management fees | 12 | $60,737 | $58,580 | $143,944 | $125,938 |
Exploration expenses | 9 | 78,712 | 998,506 | 269,867 | 1,681,810 |
Share-based payments | 13 | 10,234 | - | 93,932 | - |
Amortization of property, plant and equipment | 8 | 2,954 | 3,166 | 5,907 | 6,332 |
Office, rent and general | 7,219 | 2,991 | 29,711 | 10,996 | |
Professional fees | 34,135 | 13,574 | 57,426 | 14,491 | |
Transfer agent, filing fees and shareholder | 17,185 | 62,826 | 38,297 | 105,546 | |
communications | |||||
Travel and related costs | 1,582 | 226 | 1,582 | 906 | |
Unrealized loss/(gain) on marketable securities | 6 | (175,735) | (1,643,403) | 818,676 | (2,124,079) |
Dilution gain from investment in associates | 7 | - | (11,334) | (29,846) | (42,758) |
Equity loss from investments in associates | 7 | 68,301 | 163,383 | 143,047 | 279,179 |
TOTAL EXPENSES | $105,324 | $(351,485) | $1,572,543 | $58,361 | |
(Loss) income from operations for the | (105,324) | 351,485 | (1,572,543) | (58,361) | |
period | |||||
Deferred income tax recovery | |||||
Flow-through share premium liability | - | 205,813 | 1,881 | 226,959 | |
renunciation | |||||
NET (LOSS) INCOME AND | $(105,324) | $557,298 | $(1,570,662) | $168,598 | |
COMPREHENSIVE LOSS FOR THE PERIOD | |||||
Weighted average number of shares - basic | 247,158,745 | 222,294,629 | 247,158,745 | 222,294,629 | |
and diluted | |||||
(Loss) per share - basic and diluted | $ - | $ - | $ (0.01) | $ - | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
OREFINDERS RESOURCES INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited - Expressed in Canadian dollars)
Number | Share-based | Retained | Total | ||||
Amount | Earnings | ||||||
of shares | Reserve | Equity | |||||
(Deficit) | |||||||
Balance at October 31, 2020 | 220,803,745 | $23,762,063 | $4,623,219 | $(20,507,291) | $7,877,991 | ||
Income for the period | - | - | - | 168,598 | 168,598 | ||
Stock options exercised | 1,850,000 | 144,165 | (46,665) | - | 97,500 | ||
Exercise of warrants | 105,000 | 9,893 | (4,643) | - | 5,250 | ||
Divided-in-kind - spinout of American Eagle shares | - | - | - | (850,000) | (850,000) | ||
Balance at April 30, 2021 | 222,758,745 | $23,916,121 | $4,571,911 | $(21,188,693) | $7,299,339 | ||
Income for the period | - | - | - | 424,593 | 424,593 | ||
Private placement | 24,400,000 | 2,440,000 | - | - | 2,440,000 | ||
Balance at October 31, 2021 | 247,158,745 | $26,356,121 | $4,571,911 | $(20,764,100) | $10,163,932 | ||
Loss for the period | - | - | - | (1,570,662) | (1,570,662) | ||
Share-based payments | - | - | 93,932 | - | 93,932 | ||
Balance at April 30, 2022 | 247,158,745 | $26,356,121 | $4,665,843 | $(22,334,762) | $8,687,202 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
4
OREFINDERS RESOURCES INC.
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Canadian dollars)
For the periods ended | April 30, 2022 | April 30, 2021 |
Operating activities | ||
(Loss) income for the period | $(1,570,662) | $168,598 |
Items not involving cash | ||
Amortization | 5,907 | 6,332 |
Flow-through share premium renunciation | (1,881) | (226,959) |
Share-based payments | 93,932 | - |
Unrealized loss/(gain) on marketable securities | 818,676 | (2,124,079) |
Dilution gain from investment in associates | (29,846) | (42,758) |
Equity loss from investments in associates | 143,047 | 279,179 |
Changes in non-cash working capital items | ||
Prepaid expenses | 1,241 | (15,303) |
Accounts receivable | (76,767) | (218,233) |
Accounts payable and accrued liabilities | 490,594 | (285,100) |
Net cash used in operating activities | $(125,759) | $(2,458,323) |
Investing activities | ||
Purchase of property, plant and equipment | - | (14,499) |
Investments in marketable securities | - | (40,000) |
Advances to related parties | (46,996) | (20,712) |
Advances from associates | - | 10,000 |
Net cash used in investing activities | $(46,996) | $(65,211) |
Financing activities | ||
Proceeds on exercise of warrants | - | 5,250 |
Proceeds on exercise of stock options | - | 97,500 |
Advances to associates | - | (1,251) |
Net cash provided by financing activities | $- | $101,499 |
Net increase in cash | (172,755) | (2,422,035) |
Cash, beginning of period | 6,094,388 | 6,352,599 |
Cash, end of period | $5,921,633 | $3,930,564 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Orefinders Resources Inc. published this content on 25 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2022 15:54:07 UTC.
