PANORO MINERALS LTD. PANORO MINERALS LTD.
Condensed Consolidated Interim Financial Statements
For the Six Months Ended June 30, 2023 and 2022
(Expressed in United States dollars, unless otherwise stated)
MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
The consolidated financial statements of Panoro Minerals Ltd. ("the Company") and related information presented in this financial report are the responsibility of the Company's management and have been approved by the Board of Directors. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards and reflect management's best estimates and judgments based on information currently available.
Management has developed and maintains a system of internal controls to ensure that the Company's assets are safeguarded, transactions are authorized and properly recorded, and financial information is reliable.
The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting and internal controls through its Audit Committee, which is comprised of a majority of non-management directors. The Audit Committee reviews the results of the audit and the annual consolidated financial statements prior to their submission to the Board of Directors for approval.
These unaudited condensed consolidated interim financial statements have not been reviewed by the Company's auditors.
"Luquman A. Shaheen" (signed) | "Michael Malana" (signed) |
Luquman A. Shaheen | Michael Malana |
President and Chief Executive Officer | Chief Financial Officer |
VANCOUVER, BRITISH COLUMBIA | VANCOUVER, BRITISH COLUMBIA |
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PANORO MINERALS LTD.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in United States dollars, unless otherwise stated) Unaudited
December | |||
June 30, | 31, | January 1, | |
Note | 2023 | 2022 | 2022 |
(restated - | (restated - |
Assets | note 3 (b)) | note 3 (b)) | ||||
Current assets | ||||||
Cash and cash equivalents | $ | 2,519,927 | $ | 5,549,992 | $ | 7,754,544 |
Marketable securities | 408 | 118 | 394 | |||
Accounts and advances receivable | 5 | 2,025,490 | 2,448,570 | 2,157,225 | ||
Prepaid expenses | 292,866 | 47,519 | 24,637 | |||
Total current assets | 4,838,691 | 8,046,199 | 9,936,800 | |||
Non-current assets | ||||||
Property and equipment | 300,876 | 292,845 | 220,320 | |||
Investments in Antilla Copper, S.A. | 5 | 3,199,054 | 3,199,054 | 3,199,054 | ||
Exploration and evaluation assets | 6 | 45,832,780 | 43,150,554 | 39,175,401 | ||
Total assets | 54,171,401 | $ | 54,688,652 | $ | 52,531,575 | |
Liabilities and Shareholders' Equity | ||||||
Current liabilities | ||||||
Accounts payable and accrued liabilities | 9, 10 | 562,940 | $ | 1,186,515 | $ | 907,514 |
Current tax liability | 376,746 | 376,746 | - | |||
Current portion of lease liabilities | 64,144 | 65,934 | 30,563 | |||
Liabilities under Early Deposit Precious | ||||||
Metals Agreement | 7 | 11,750,000 | 11,000,000 | 9,500,000 | ||
Total current liabilities | 12,753,830 | 12,629,195 | 10,438,077 | |||
Non-current liabilities | ||||||
Deferred income tax liability | - | - | 310,894 | |||
Long- term portion of lease liabilities | 117,488 | 140,556 | 175,195 | |||
Liabilities under Early Deposit Precious | ||||||
Metals Agreement | 7 | 2,000,000 | 2,000,000 | 2,000,000 | ||
Total liabilities | 14,871,318 | 14,769,751 | 12,924,166 | |||
Shareholders' equity | ||||||
Share capital | 8(a) | 69,443,360 | 69,443,360 | 69,443,360 | ||
Share-based expense reserve | 8(b) | 9,600,386 | 9,019,374 | 8,993,050 | ||
Accumulated other comprehensive loss | (6,975) | (7,265) | (6,989) | |||
Deficit | (39,736,688) | (38,536,568) | (38,822,012) | |||
Total shareholders' equity | 39,300,083 | 39,918,901 | 39,607,409 | |||
Total liabilities and shareholders' equity | 54,171,401 | $ | 54,688,652 | $ | 52,531,575 | |
Going concern (Note 2) | ||||||
Commitments (Note 10) | ||||||
Subsequent event (Note 14) | ||||||
Approved on behalf of the Board: | ||||||
"Luquman A. Shaheen" | "William J. Boden" |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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PANORO MINERALS LTD.
Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)
(Expressed in United States dollars, unless otherwise stated) Unaudited
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | June 30, | June 30, | ||||||
Note | 2023 | 2022 | 2023 | 2022 | |||||
(restated - | |||||||||
note 3 (b)) | |||||||||
Expenses | |||||||||
Amortization | $ | 18,899 | $ | 16,699 | $ | 19,562 | $ | 25,975 | |
Administration expenses | 57,637 | 65,257 | 166,693 | 134,134 | |||||
Audit and tax | 23,351 | 35,968 | 42,092 | 47,485 | |||||
Consulting fees | 746 | 21,045 | 3,043 | 84,290 | |||||
Corporate development, | |||||||||
conferences, travel, and | |||||||||
shareholder relations | 41,931 | 104,861 | 103,450 | 154,435 | |||||
Directors' fees | 9 | 16,756 | 15,473 | 44,341 | 30,946 | ||||
Legal | 11,252 | 50,529 | 21,318 | 63,636 | |||||
Property evaluation | 45,020 | 9,170 | 138,156 | 16,492 | |||||
Salaries and benefits | 9 | 169,284 | 163,896 | 329,447 | 410,455 | ||||
Share-based expense | 8 (b) | - | - | 581,012 | - | ||||
(386,876) | (482,898) | (1,449,114) | (967,848) | ||||||
Interest expense | (4,092) | (6,013) | (8,400) | (10,985) | |||||
Interest income | 26,059 | 3,923 | 51,042 | 3,923 | |||||
Other income | 9 | 18,995 | 73,711 | 38,011 | 139,082 | ||||
Gain on Kusiorcco agreement | 6 | - | - | - | 1,500,000 | ||||
Foreign exchange gain (loss) | 170,805 | (173,522) | 168,341 | (210,080) | |||||
211,767 | (101,901) | 248,994 | 1,421,940 | ||||||
Income (loss) before income | |||||||||
taxes | (175,109) | (584,799) | (1,200,120) | 454,092 | |||||
Deferred income tax | |||||||||
expense | - | (260,219) | - | (260,219) | |||||
Income (loss) for the period | (175,109) | (845,018) | (1,200,120) | 193,873 | |||||
Other comprehensive | |||||||||
income: | |||||||||
Unrealized income on | |||||||||
marketable securities | 290 | - | 290 | - | |||||
Income (loss) and | |||||||||
comprehensive income | |||||||||
(loss) for the period | $ | (174,819) | $ | (845,018) | $ | (1,199,830 | $ | 193,873 | |
Loss per share, basic and | |||||||||
fully diluted | 12 | $ | (0.00) | $ | (0.00) | $ | (0.00) | $ | 0.00 |
Weighted average number of | |||||||||
common shares | |||||||||
outstanding | 12 | 264,375,058 | 264,375,058 | 264,375,058 | 264,375,058 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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PANORO MINERALS LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Expressed in United States dollars, unless otherwise stated)
Unaudited
Accumulated | ||||||
Share-based | other | |||||
Share | expense | comprehensive | ||||
Number of | capital | reserve | loss | Deficit | Total | |
shares | $ | $ | $ | $ | $ | |
Balance, December 31, 2021 | 264,188,405 | 69,443,360 | 8,993,050 | (6,989) | (38,086,203) | 40,343,218 |
Income for the period | - | - | - | - | 193,873 | 193,873 |
Balance, June 30, 2022 | 264,375,058 | 69,443,360 | 8,993,050 | (6,989) | (37,892,330) | 40,537,091 |
Balance, December 31, 2022 | 264,375,058 | 69,443,360 | 9,019,374 | (7,265) | (38,536,568) | 39,918,901 |
Share based expense | - | - | 581,012 | - | - | 581,012 |
Other comprehensive income | ||||||
for the period | - | - | - | 290 | - | 290 |
Loss for the period | - | - | - | - | (1,200,120) | (1,200,120) |
Balance, June 30, 2023 | 264,375,058 | 69,443,360 | 9,600,386 | (6,975) | (39,736,688) | 39,300,083 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Panoro Minerals Ltd. published this content on 28 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2023 07:55:16 UTC.
