SARAMA RESOURCES LTD Sarama Resources Ltd
(An Exploration Stage Company)
CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
For the three and six months ended June 30, 2023
(Unaudited)
(Expressed in United States Dollars)
Corporate Directory | 2 |
Management's Responsibility for Financial Information | 3 |
Consolidated Statement of Financial Position | 4 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income | 5 |
Consolidated Statement of Cash Flows | 6 |
Consolidated Statement of Changes in Equity | 7 |
Notes to the Consolidated Financial Statements | 8 |
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Sarama Resources Ltd | |
An Exploration Stage Company | |
Corporate Directory | |
DIRECTORS | LEGAL ADVISORS |
Simon Jackson (Chairman) | Canada |
Andrew Dinning (CEO) | Cassels Brock & Blackwell LLP |
Adrian Byass (Non-executive Director) | Suite 2200, HSBC Building |
Steven Zaninovich (Non-executive Director) | 885 West Georgia Street |
Vancouver BC, Canada, V6C 3E8 | |
REGISTERED OFFICE | Australia |
Hamilton Locke | |
Suite 2200, HSBC Building | Level 27, Central Park |
885 West Georgia Street | 152/158 St Georges Terrace |
Vancouver BC, Canada, V6C 3E8 | Perth, Western Australia, Australia 6000 |
AUSTRALIAN BRANCH OFFICE | AUDITORS |
Unit 8, 245 Churchill Avenue | HLB Mann Judd |
Subiaco, Western Australia 6008 | Level 4, 130 Stirling Street |
P: +61 8 9363 7600 | Perth, Western Australia, Australia 6000 |
F: +61 8 9382 4308 |
BURKINA FASO OFFICE
Sarama Mining Burkina SUARL Quartier Ouaga 2000, secteur 15 Zone B, Rue du Général Tiemoko Marc Garango, 13 B.P. 60 Ouagadougou 13, Ouagadougou, République du Burkina Faso
SHARE REGISTRY
Canada
TSX Trust Company
100 Adelaide Street West, Suite 301
Toronto, Ontario
M5H4H1
Canada
Australia
Computershare Investor Services Pty Limited Level 11, 158 St Georges Terrace
Perth, Western Australia, Australia 6000
TSX.V CODE : SWA
ASX CODE : SRR
WEBSITE
www.saramaresources.com
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MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL INFORMATION
The accompanying condensed interim consolidated financial statements and all other financial information included in this report are the responsibility of management. The condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). Financial statements include certain amounts based on estimates and judgments. When alternative methods exist, management has chosen those it deems most appropriate in the circumstances to ensure that the condensed interim consolidated financial statements are presented fairly, in all material respects.
Management maintains appropriate systems of internal control, consistent with reasonable cost, to give reasonable assurance that its assets are safeguarded, and the financial records are properly maintained.
The Board of Directors is responsible for ensuring that management fulfils its responsibilities for financial reporting and internal control. The Audit Committee, which is comprised of three Directors, all of whom are non- management and independent, meets with management to review the consolidated financial statements to satisfy itself that management is properly discharging its responsibilities to the Directors, who approve the condensed interim consolidated financial statements.
Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial reporting standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instruments 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 and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these 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 auditor.
(signed) "Andrew Dinning" | (signed) "Lui Evangelista" |
Director, President and CEO | CFO |
August 10, 2023 | August 10, 2023 |
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Sarama Resources Ltd
An Exploration Stage Company
Consolidated Statement of Financial Position
Expressed in United States Dollars
As at | As at | ||
June 30, | December 31, | ||
Note | 2023 | 2022 | |
$ | $ | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 3 | 853,128 | 843,085 |
Security deposits | 23,235 | 23,857 | |
Other receivables | 41,520 | 23,381 | |
Prepayments | 41,922 | 82,580 | |
Total current assets | 959,805 | 972,903 | |
Non-current assets | |||
Other receivables | 144,533 | 130,342 | |
Plant and equipment | 4 | 74,002 | 90,042 |
Investment in associate | 5 | 1,836,171 | 1,836,171 |
Royalty | 23,131 | 23,131 | |
Total non-current assets | 2,077,837 | 2,079,686 | |
Total assets | |||
3,037,642 | 3,052,589 | ||
LIABILITIES | |||
Current liabilities | |||
Accounts payable and accrued liabilities | 13 | 714,354 | 651,374 |
Financial liabilities | 168,275 | 41,417 | |
Total current liabilities | 882,629 | 692,791 | |
Non-current liabilities | |||
Provision for employee entitlements | 11,332 | 14,193 | |
Total non-current liabilities | 11,332 | 14,193 | |
Total liabilities | |||
893,961 | 706,984 | ||
EQUITY | |||
Share capital | 6(b) | 58,656,884 | 57,693,133 |
Share-based payments reserve | 6(d) | 5,160,207 | 4,960,313 |
Accumulated losses | (61,673,410) | (60,307,841) | |
Total equity | 2,143,681 | 2,345,605 | |
Total liabilities and equity | |||
3,037,642 | 3,052,589 |
These financial statements are authorised for issue by the Board of Directors on August 10, 2023.
They are signed on the Company's behalf by:
(Signed) "Andrew Dinning" | Andrew Dinning, Director |
(Signed) "Simon Jackson" | Simon Jackson, Director |
The accompanying notes are an integral part of these financial statements.
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Sarama Resources Ltd. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 22:55:04 UTC.
