SANDFIRE RESOURCES AMERICA INC. SANDFIRE RESOURCES AMERICA INC.
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
DECEMBER 31, 2021 AND 2020
(UNAUDITED - PREPARED BY MANAGEMENT)
SANDFIRE RESOURCES AMERICA INC.
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
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 interim condensed consolidated financial statements of the Company have been prepared by management and approved by the Audit Committee and Board of Directors of the Company.
February 25, 2022
SANDFIRE RESOURCES AMERICA INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT DECEMBER 31, 2021 and JUNE 30, 2021 (Unaudited - Expressed in Canadian Dollars)
December 31, 2021 | June 30, 2021 | ||||
ASSETS | |||||
Current | |||||
Cash and cash equivalents | $ | 5,137,126 | $ | 4,164,711 | |
Prepaid expenses and other assets | 159,268 | 141,118 | |||
Reclamation bond (Note 7) | - | 220,542 | |||
5,296,394 | 4,526,371 | ||||
Non-current | |||||
Property, plant, and equipment (Note 5) | 10,503,620 | 10,161,986 | |||
Resource properties (Note 7) | 7,382,777 | 6,974,172 | |||
Right of use assets (Note 6) | 135,180 | 155,293 | |||
Reclamation bond (Note 7) | 561,208 | 19,846 | |||
Prepaid mining property tax (Note 7) | 553,055 | 542,057 | |||
19,135,840, | 17,853,354 | ||||
Total assets | $ | 24,432,234 | $ | 22,379,725 | |
LIABILITIES | |||||
Current | |||||
Accounts payable and accrued liabilities (Note 8) | $ | 2,996,255 | $ | 951,530 | |
Lease liabilities - current portion (Note 6) | 31,874 | 44,214 | |||
Loan payable - related party (Note 10) | 8,859,004 | - | |||
11,887,133 | 995,744 | ||||
Long-term | |||||
Lease liabilities (Note 6) | 90,892 | 108,999 | |||
Accrued reclamation and remediation (Note 9) | 2,488,025 | 2,397,912 | |||
Total liabilities | 14,466,050 | 3,502,655 | |||
SHAREHOLDERS' EQUITY | |||||
Share capital (Note 12) | 140,084,649 | 140,073,275 | |||
Share-based payment reserve (Note 13) | 8,016,118 | 8,007,572 | |||
Foreign currency reserve | (79,166) | (382,441) | |||
Accumulated deficit | (138,055,417) | (128,821,336) | |||
Total shareholders' equity | 9,966,184 | 18,877,070 |
Total shareholders' equity and liabilities | 24,432,234 | 22,379,725 |
$ | $ |
NATURE OF OPERATIONS AND GOING CONCERN (Note 1)
COMMITMENTS AND CONTINGENCIES (Note 16)
Approved by the Board on February 25, 2022 | ||
"Robert Scargill" | "Matt Fitzgerald" | |
Director | Director |
3
The accompanying notes are an integral part of these consolidated financial statements.
SANDFIRE RESOURCES AMERICA INC.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020 (Unaudited - Expressed in Canadian Dollars)
Three Months Ended | Six Months Ended | December 31, | December 31, | ||||||||
2021 | 2020 | ||||||||||
2021 | 2020 | ||||||||||
EXPENSES | |||||||||||
$ | 17,228 | $ | 13,750 | $ | $ | ||||||
Director and management fees (Note 14) | 30,823 | 27,500 | |||||||||
Depreciation (Notes 5 and 6) | 66,510 | 66,622 | 132,231 | 128,636 | |||||||
Salary and wages | 100,500 | 100,500 | 201,000 | 201,000 | |||||||
Exploration and evaluation costs (Note 7) | 5,615,344 | 1,365,268 | 7,788,867 | 3,227,598 | |||||||
Foreign exchange loss (gain) | (3,064) | (21,845) | (3,048) | (19,155) | |||||||
Office, administration and miscellaneous | 226,017 | 84,887 | 441,005 | 254,850 | |||||||
Professional fees | 188,499 | 309,790 | 485,014 | 550,704 | |||||||
Share-based payments (Note 13) | 10,630 | 3,387 | 10,630 | 6,737 | |||||||
Accretion (Note 9) | 28,573 | - | 41,274 | - | |||||||
Loss from operations | (9,127,796) | (4,377,870) | |||||||||
(6,250,237) | (1,922,359) | ||||||||||
OTHER ITEMS | |||||||||||
Interest income | 3,332 | - | 3,332 | - | |||||||
Interest expense (Note 10) | (109,617) | (192,211) | (109,617) | (359,448) | |||||||
Loss before income tax | (6,356,522) | (2,114,570) | (9,234,081) | (4,737,318) | |||||||
Income tax provision | - | - | - | - | |||||||
Net loss for the period | (6,356,522) | (2,114,570) | (9,234,081) | (4,737,318) | |||||||
Other comprehensive income gain (loss) | |||||||||||
Foreign currency reserve gain (loss) | (74,050) | (178,765) | 303,275 | (217,716) | |||||||
Net other comprehensive income (loss) | (74,050) | (178,765) | 303,275 | (217,716) |
TOTAL COMPREHENSIVE LOSS FOR THE
PERIOD | $ | (6,430,572) | $ (2,293,335) $ | (8,930,806) | $ (4,955,034) | ||||||
BASIC AND DILUTED LOSS PER SHARE | $ | (0.01) | $ | (0.00) | $ | (0.01) | $ | (0.01) | |||
WEIGHTED AVERAGE NUMBER OF SHARES | |||||||||||
OUTSTANDING | 1,023,283,563 | 841,870,810 1,023,268,094 | 831,631,824 |
4
The accompanying notes are an integral part of these consolidated financial statements.
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Sandfire Resources America Inc. published this content on 26 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 February 2022 04:50:02 UTC.
