AURCANA SILVER CORPORATION
Condensed Interim Consolidated Financial Statements
June 30, 2022
(Unaudited)
Expressed in United States dollars unless otherwise stated
2751 Graham Street, Victoria BC V8T 3Z1 Canada PHONE : (604) 331‐9333 FAX : (604) 633‐9179 www.aurcana.com
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 Company's 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 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 interim financial statements in accordance with the standards established by the Canadian Institute of Chartered Professional Accountants for a review of financial statements by an entity's auditor.
"Kevin Drover" | "Charles R. Andrews" |
President and CEO | CFO |
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Aurcana Silver Corporation
Condensed Interim Consolidated Statements of Financial Position
(Expressed in United States dollars)
June 30 | |||
Notes | 2022 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | 24 | $ | 46,135 |
Trade and other receivables | 4 | 45,470 | |
Inventory | 5 | 1,751,788 | |
Prepaid expenses and advances | 6 | 2,478,745 | |
Non Current assets | 4,322,138 | ||
Long term deposits | 326,260 | ||
Non‐current prepaid expenses | ‐ | ||
Property, plant and equipment | 7 | 70,874,637 | |
Mineral Properties | 8 | 40,885,708 | |
Right‐of‐use asset | 9 | ‐ | |
Reclamation deposits | 10 | 7,839 | |
Total assets | $ | 116,416,582 | |
Liabilities | |||
Current liabilities | |||
Accounts payable and accrued liabilities | 11 | $ | 13,342,522 |
Private financing | 14 | 4,291,128 | |
Mercuria financing | 16 | 310,000 | |
Current portion of lease payable | 9 | ‐ | |
Current portion of borrowings | 16 | 28,000,000 | |
Non Current liabilities | 45,943,650 | ||
Long term accrued liabilities | 13 | 3,344,948 | |
Provision for environmental rehabilitation | 15 | 1,120,270 | |
Borrowings | 16 | ‐ | |
Close‐Out derivatives | 17 | 18,283,950 | |
Derivative liability | 17 | ‐ | |
Total liabilities | 68,692,818 | ||
Equity | |||
Share capital | 18 | 71,873,613 | |
Contributed surplus | 154,962,997 | ||
Accumulated other comprehensive income | (1,811,270) | ||
Deficit | (177,312,741) | ||
Total equity attributable to equity holders of the parent | 47,712,599 | ||
Non‐controlling interest | 11,165 | ||
Total equity | 47,723,764 | ||
$ | 116,416,582 |
December 31 2021
-
1,535,841
90,058
2,075,734
3,475,922
7,177,555
326,260
4,240
70,478,429
40,885,708
4,271
525,245
$ 119,401,708
-
12,071,916
3,525,436
‐
5,343
5,992,676
21,595,371
3,344,948
1,120,270
15,943,614
‐
3,306,545
45,310,748
69,249,146
152,428,438
916,082
(148,513,871)
74,079,795
11,165
74,090,960
$ 119,401,708
Nature of Operations and Going Concern (Note 1)
Subsequent Events (Note 30)
See accompanying notes to these consolidated financial statements.
Approved on behalf of the Board of Directors: | |
"Peter Fairfield" | "Michael P. Gross" |
Director | Director |
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Aurcana Silver Corporation Condensed Interim Consolidated Statements of Loss and Comprehensive Loss For the Periods Ended June 30, 2022 and 2021 (Expressed in United States dollars, unless otherwise stated)
Notes | Three months ended June 30, | Six months ended June 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Expenses | ||||||||||||||
General and administrative costs | 19 | $ | 1,007,425 | $ | 689,248 | $ | 1,986,588 | $ | 1,445,153 | |||||
Financing expense and others | 20 | 1,800,643 | 542,735 | 7,596,178 | 1,061,174 | |||||||||
Maintenance costs | 21 | 1,244,544 | 60,624 | 5,903,138 | 105,971 | |||||||||
Depreciation and amortization property, plant and equipment | 7 | 123,811 | 160 | 277,016 | 315 | |||||||||
Amortization of right‐of‐use asset | 9 | ‐ | 4,586 | 4,271 | 9,036 | |||||||||
Stock‐based compensation | 18 | 376,777 | 1,329,097 | 893,317 | 1,439,174 | |||||||||
Foreign exchange (gain) loss | (2,741,755) | (564,558) | (2,744,253) | 1,013,500 | ||||||||||
1,811,445 | 2,061,892 | 13,916,255 | 5,074,323 | |||||||||||
Gain (loss) in derivatives fair value estimate | 17 | ‐ | (2,814,629) | (14,977,405) | 318,338 | |||||||||
Other income | (18,662) | 404,169 | 94,790 | 411,921 | ||||||||||
Net income (loss) for the period before other comprehensive | ||||||||||||||
items | (1,830,107) | (4,472,352) | (28,798,870) | (4,344,064) | ||||||||||
Other comprehensive income | ||||||||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||||
Currency translation adjustment | (2,625,729) | (552,622) | (2,727,352) | 800,879 | ||||||||||
Total other comprehensive income (loss) for the period | (2,625,729) | (552,622) | (2,727,352) | 800,879 | ||||||||||
Total comprehensive income (loss) for the period | ||||||||||||||
$ | (4,455,836) | $ | (5,024,974) | $ | (31,526,222) | $ | (3,543,185) | |||||||
Weighted average number of shares basic and diluted | 309,131,509 | 275,708,062 | 303,663,190 | 269,883,904 | ||||||||||
Loss per share | ||||||||||||||
Loss per share basic and diluted | $ | (0.01) | $ | (0.02) | $ | (0.09) | $ | (0.02) |
See accompanying notes to these condensed interim consolidated financial statements.
Aurcana Silver Corporation Condensed Interim Consolidated Statements of Changes in Equity (Expressed in United States dollars, unless otherwise stated)
Accumulated | |||||||||
Other | Shareholders | Non‐ | |||||||
Share Capital | Contributed | Comprehensive | of | controlling | Total | ||||
Number of | |||||||||
shares | $ | Surplus | Income (Loss) | Deficit | the Company | Interest | Equity | ||
Balance, December 31, 2020 | 238,010,005 | 47,167,854 | 138,413,862 | 176,172 | (113,059,603) | 72,698,285 | 11,165 | 72,709,450 | |
Net income for the period | ‐ | ‐ | ‐ | ‐ | (4,344,064) | (4,344,064) | ‐ | (4,344,064) | |
Shares issued for: | |||||||||
Private placement (note 18) | 34,292,893 | 17,920,795 | 8,466,538 | ‐ | ‐ | 26,387,333 | ‐ | 26,387,333 | |
Share Issue Costs (note 18) | ‐ | (1,839,085) | 499,534 | ‐ | ‐ | (1,339,551) | ‐ | (1,339,551) | |
Exercised warrants | 5,897,611 | 2,236,875 | (412,428) | ‐ | ‐ | 1,824,447 | ‐ | 1,824,447 | |
Stock‐based compensation | ‐ | ‐ | 1,439,174 | ‐ | ‐ | 1,439,174 | ‐ | 1,439,174 | |
Currency translation adjustment | ‐ | ‐ | ‐ | 800,879 | ‐ | 800,879 | ‐ | 800,879 | |
Balance, June 30, 2021 | 278,200,509 | 65,486,439 | 148,406,680 | 977,051 | (117,403,667) | 97,466,503 | 11,165 | 97,477,668 | |
Net loss for the period | ‐ | ‐ | ‐ | ‐ | (31,110,204) | (31,110,204) | ‐ | (31,110,204) | |
Shares issued for: | |||||||||
Private placement (note 18) | 12,275,542 | 4,767,088 | 2,394,263 | ‐ | ‐ | 7,161,351 | ‐ | 7,161,351 | |
Share Issue Costs (note 18) | 1,530,530 | (1,025,322) | 573,169 | ‐ | ‐ | (452,153) | ‐ | (452,153) | |
Exercised warrants | 60,000 | 20,941 | (3,085) | ‐ | ‐ | 17,856 | ‐ | 17,856 | |
Stock‐based compensation expensed | ‐ | ‐ | 56,922 | ‐ | ‐ | 56,922 | ‐ | 56,922 | |
Stock‐based compensation capitalized | ‐ | ‐ | 1,000,489 | 1,000,489 | 1,000,489 | ||||
Currency translation adjustment | ‐ | ‐ | ‐ | (60,969) | ‐ | (60,969) | ‐ | (60,969) | |
Balance, December 31, 2021 | 292,066,581 | 69,249,146 | 152,428,438 | 916,082 | (148,513,871) | 74,079,795 | 11,165 | 74,090,960 | |
Net loss for the period | ‐ | ‐ | ‐ | ‐ | (28,798,870) | (28,798,870) | ‐ | (28,798,870) | |
Shares issued for: | |||||||||
Private placement (note 18) | 16,592,928 | 3,239,147 | 1,501,111 | ‐ | ‐ | 4,740,258 | ‐ | 4,740,258 | |
Share Issue Costs (note 18) | 472,000 | (614,680) | 140,131 | ‐ | ‐ | (474,549) | ‐ | (474,549) | |
Stock‐based compensation expensed | ‐ | ‐ | 893,317 | ‐ | ‐ | 893,317 | ‐ | 893,317 | |
Currency translation adjustment | ‐ | ‐ | ‐ | (2,727,352) | ‐ | (2,727,352) | ‐ | (2,727,352) | |
Balance, June 30, 2022 | 309,131,509 | $ 71,873,613 | $ 154,962,997 | $ | (1,811,270) | $ (177,312,741) | $ 47,712,599 | $ 11,165 | $ 47,723,764 |
See accompanying notes to these condensed interim consolidated financial statements.
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Aurcana Corporation published this content on 29 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 02:57:49 UTC.