Silver Spruce Resources : Interim Financial Statements for the period ended April 30, 2022
June 29, 2022 at 08:52 pm EDT
Share
Condensed Consolidated Interim Financial Statements of
SILVER SPRUCE RESOURCES INC.
For the three and six months ended April 30, 2022 and 2021
(Unaudited)
SILVER SPRUCE RESOURCES INC.
For the three months ended January 31, 2022 and 2021
Notice of No Auditor Review of Interim Financial Statements
The accompanying unaudited condensed interim financial statements of Silver Spruce Resources Inc. (the "Company") for the three and six months ended April 30, 2022 have been prepared by management, reviewed by the Audit Committee and approved by the Board of Directors of the Company.
In accordance with National Instrument 51-102, Continuous Disclosure Obligations of the Canadian Securities Administrators, the Company herewith discloses that the accompanying unaudited condensed interim financial statements have not been reviewed by an auditor.
"Mike Kinley"
Chief Executive Officer
Bedford, Nova Scotia
June 29, 2022
SILVER SPRUCE RESOURCES INC.
Table of Contents
Page
Condensed Consolidated Interim Statements of Financial Position
2
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
3
Condensed Consolidated Interim Statements of Change in Shareholders' Equity
4
Condensed Consolidated Interim Statements of Cash Flows
5
Notes to the Condensed Consolidated Interim Financial Statements
6 - 19
SILVER SPRUCE RESOURCES INC.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in Canadian Dollars - Unaudited)
As at
As at
April 30,
October 31,
2022
2021
$
$
Assets
Current
Cash
470,636
1,178,421
HST and other receivables (Note 6)
113,922
202,226
Prepaid expenses
20,896
51,751
Total current assets
605,454
1,432,398
Non-current
Right-of-use asset (Note 8)
30,649
40,328
Total assets
636,103
1,472,726
Liabilities
Current
Trade payable and accrued liabilities (Note 12)
71,710
239,628
Property acquisition obligation (Note 7(a))
31,980
30,960
Current portion of lease liability (Note 8)
19,748
19,261
Total current liabilities
123,438
289,849
Non-current
Lease Liability (Note 8)
11,982
21,980
Total liabilities
135,420
311,829
Shareholders' Equity
Share capital (Note 9)
33,370,859
33,270,859
Warrant reserve (Note 10)
1,729,049
1,825,816
Equity reserve
9,133,513
9,001,260
Accumulated deficit
(43,732,738)
(42,937,038)
Total shareholders' equity
500,683
1,160,897
Total liabilities and shareholders' equity
636,103
1,472,726
Basis of preparation and going concern (Note 2)
Commitments and contingencies (Notes 7 and 14)
Subsequent events (Notes 7(c) and 15)
APPROVED BY THE BOARD OF DIRECTORS
Original signed by Kevin O'Connor, Director
Original signed by Michael Kinley, CEO, Director
See accompanying notes to the condensed consolidated interim financial statements
Page 2 of 19
SILVER SPRUCE RESOURCES INC.
Condensed Consolidated Interim Statements of Operations and
Comprehensive Loss
(Expressed in Canadian Dollars - Unaudited)
For the three
For the three
For the six
For the six
months ended
months ended
months ended
months ended
April 30,
April 30,
April 30,
April 30,
2022
2021
2022
2021
$
$
$
$
Expenses
Exploration and evaluation expenditures (Note 7 and 12)
73,615
254,319
468,303
493,618
Stock based compensation (Note 11)
16,884
55,443
35,486
90,471
Office and general
11,615
6,869
19,868
25,586
Accounting and audit
8,088
7,140
22,310
22,154
Legal
1,166
6,672
5,346
8,626
Consulting fees (Note 12)
61,875
93,360
118,332
164,648
Corporate relations
31,255
43,812
70,796
83,200
Interest on lease liability (Note 8)
436
669
932
1,147
Fair value adjustment
-
2,448
-
2,448
Listing and filing fees
30,964
35,280
39,754
48,936
Depreciation - Right-of-use asset (Note 8)
4,840
4,840
9,679
8,066
Total expenses
240,738
510,852
790,806
948,900
Other items
Bad Debt
3,997
-
5,576
-
Foreign exchange loss
(1,493)
(469)
(682)
(1,501)
Total other items
2,504
(469)
4,894
(1,501)
Net loss and comprehensive loss
for the period
243,242
510,383
795,700
947,399
Net loss per share - basic and diluted
0.00
0.00
0.00
0.01
Weighted average number of shares
outstanding - basic and diluted
189,119,500
164,086,494
188,953,754
147,074,824
See accompanying notes to the condensed consolidated interim financial statements
Page 3 of 19
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Silver Spruce Resources Inc. published this content on 30 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2022 00:51:09 UTC.
Silver Spruce Resources Inc. is a Canadian junior exploration company holding 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario. The Project is an advanced precious and base metal property located in the Thunder Bay Mining District, northern Ontario, Canada. The Project covers 11,236 hectares with volcanogenic massive sulphide (VMS) and Au targets located in east to southeast-striking, subvertical to moderately Archean metavolcanic quartz-sericite schists to coarse fragmental units. The Company intends to own 100% interest in the Mystery Au project in the Exploits Subzone Gold Belt, Newfoundland and Labrador; 100% interest in the Pino de Plata Ag project located 15 kilometers (kms) west of Coeur Mining's Palmarejo Mine in western Chihuahua, Mexico; 50% interest in the Jackie Gold project, located 5 km south-southwest of the towns of Tepoca and Carrizal, and up to 50% interest in Diamante Au-Ag project located from 5 to 15 kms northwest from Nicho deposit in Sonora, Mexico.
SILVER SPRUCE RESOURCES INC. 
