THEMAC RESOURCES GROUP LIMITED THEMAC Resources Group Limited
Condensed Consolidated Interim Financial Statements
For the three months ended September 30, 2022
(Unaudited - prepared by management)
(Expressed in Canadian dollars)
Suite 1500 - 409 Granville Street
Vancouver, BC
Canada V6C 1T2
TSXV: MAC
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED CONSOLIDATED 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 condensed consolidated interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.
The accompanying unaudited 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 a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
THEMAC Resources Group Limited
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Unaudited - Expressed in Canadian Dollars)
AS AT
September 30, | June 30, | |||
2022 | 2022 | |||
ASSETS | ||||
Current | ||||
Cash | $ | 113,083 | $ | 87,075 |
Receivables | 6,893 | 6,385 | ||
Prepaid expenses and deposits | 23,604 | 11,705 | ||
143,580 | 105,165 | |||
Property and equipment (Note 3) | 3,482,565 | 3,268,753 | ||
Bonds (Note 4) | 185,695 | 192,882 | ||
Mineral property (Note 4) | 36,419,379 | 34,171,499 | ||
Deferred exploration and evaluation costs (Note 4) | 48,295,311 | 44,900,201 | ||
Total Assets | $ | 88,526,530 | $ | 82,638,500 |
LIABILITIES | ||||
Current | ||||
Trade and other payables | $ | 449,991 | $ | 421,887 |
Due to related parties (Note 8) | 3,094,778 | 2,968,879 | ||
Property obligation (Note 6) | 1,647,982 | 1,531,359 | ||
Loans payable - Tulla (Note 5) | 147,922,006 | 143,041,731 | ||
153,114,757 | 147,963,856 | |||
Asset retirement obligation (Note 4) | 733,734 | 688,480 | ||
Total Liabilities | 153,848,491 | 148,652,336 | ||
SHAREHOLDERS' DEFICIENCY | ||||
Share capital (Note 7) | 19,159,411 | 19,159,411 | ||
Warrants | 10,072,430 | 10,072,430 | ||
Share-based payment reserve | 3,973,465 | 3,973,465 | ||
Foreign currency translation reserve | 16,706,652 | 12,895,225 | ||
Deficit | (115,233,919) | (112,114,367) | ||
Total Shareholders' Deficiency | (65,321,961) | (66,013,836) | ||
Total Liabilities and Shareholders' Deficiency | $ | 88,526,530 | $ | 82,638,500 |
Nature of operations and going concern (Note 1)
Subsequent event (Note 13)
See accompanying notes to the condensed consolidated interim financial statements.
On behalf of the Board of Directors: | |
"Barrett Sleeman" | "Andrew Maloney" |
Director | Director |
3
THEMAC Resources Group Limited
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE INCOME (Unaudited - Expressed in Canadian Dollars)
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
2022 | 2021 | |||
General Expenses | ||||
Accounting and audit | $ | 8,776 | $ | 10,622 |
Depreciation (Note 3) | 976 | 942 | ||
Directors' fees (Note 8) | 69,276 | 89,893 | ||
Filing fees and transfer agent fees | 534 | 686 | ||
Finance expense (Note 5) | 2,896,602 | 2,774,181 | ||
Foreign exchange | 15,128 | 10,870 | ||
Interest on property obligation (Note 6) | 19,106 | 12,591 | ||
Legal fees | 4,671 | - | ||
Management fees (Note 8) | 26,503 | 21,012 | ||
Office and sundry | 76,199 | 49,712 | ||
Travel | 1,781 | 2,546 | ||
Loss for the period | (3,119,552) | (2,973,055) | ||
Other comprehensive income | ||||
Exchange differences on translating foreign operations | 3,811,427 | 3,077,364 | ||
Total comprehensive income | $ | 691,875 | $ | 104,309 |
Net loss per share - basic and diluted | $ | (0.04) | $ | (0.04) |
Weighted average number of outstanding common shares | ||||
- basic and diluted | 79,400,122 | 79,400,122 | ||
See accompanying notes to the condensed consolidated interim financial statements.
4
THEMAC Resources Group Limited
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited - Expressed in Canadian Dollars)
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
2022 | 2021 | |||
OPERATING ACTIVITIES | ||||
Loss for the period | $ | (3,119,552) | $ | (2,973,055) |
Add non-cash items: | ||||
Accrued interest expense | 19,106 | 12,591 | ||
Depreciation | 976 | 942 | ||
Finance expense | 2,896,602 | 2,774,181 | ||
(202,868) | (185,341) | |||
Net change in non-cash working capital items: | ||||
Receivables | (508) | (132) | ||
Prepaid expenses and deposits | (11,422) | (1,702) | ||
Trade and other payables | (107,581) | (5,932) | ||
Amounts due to related parties | 125,899 | (88,937) | ||
Cash used in operating activities | (196,480) | (282,044) | ||
INVESTING ACTIVITY | ||||
Deferred exploration and evaluation expenditures | (345,220) | (356,305) | ||
Cash used in investing activity | (345,220) | (356,305) | ||
FINANCING ACTIVITY | ||||
Cash received from Tulla loan advances | 560,420 | 520,797 | ||
Cash provided by financing activity | 560,420 | 520,797 | ||
Effect of foreign exchange translation on cash | 7,288 | 1,961 | ||
Net changes in cash position | 26,008 | (115,591) | ||
Cash position, beginning of period | 87,075 | 158,769 | ||
Cash position, end of period | $ | 113,083 | $ | 43,178 |
Supplemental disclosures with respect to cash flows (Note 9)
See accompanying notes to the condensed consolidated interim financial statements.
5
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Themac Resources Group Limited published this content on 18 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 April 2023 23:09:06 UTC.
