Condensed Interim Consolidated Financial Statements (unaudited) First quarter ended March 31, 2022
The accompanying condensed interim consolidated financial statements have been prepared by the management of Robex Resources Inc. and have not been reviewed by the external auditors.
TABLE OF CONTENTS
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | Page | |
Interim Consolidated Statements of Income | 2 | |
Interim Consolidated Statements of Comprehensive Income | 3 | |
Interim Consolidated Statements of Changes in Equity | 4 | |
Interim Consolidated Statements of Financial Position | 5 | |
Interim Consolidated Statements of Cash Flows | 6 | |
Notes to Condensed Interim Consolidated Financial Statements | ||
1 ‐ Nature of Operations | 7 | |
2 ‐ Basis of Presentation | 7 | |
3 ‐ Significant Accounting Policies | 7 | |
4 ‐ Critical Accounting Estimates and Judgements | 7 | |
5 ‐ | Segmented Information | 8 |
6 ‐ Mining Operation Expenses | 9 | |
7 ‐ | Administrative Expenses | 9 |
8 ‐ | Inventories | 9 |
9 ‐ | Accounts Receivable | 10 |
10 | ‐ Mining Properties | 10 |
11 | ‐ Property, Plant and Equipment | 11 |
12 | ‐ Accounts Payable | 11 |
13 | ‐ Long‐Term Debt, Lines of Credit and Overdraft | 12 |
14 | ‐ Share capital | 13 |
15 | ‐ Additional Information on the Interim Consolidated Statements of Cash Flows | 13 |
16 | ‐ Earnings per Share | 14 |
17 | ‐ Financial Instruments | 14 |
18 | ‐ Subsequent Events | 15 |
INTERIM CONSOLIDATED STATEMENTS OF INCOME | First quarters | |
(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited) | ended March 31, | |
2022 | 2021 | |
$ | $ | |
REVENUE ‐ GOLD SALES | 32,333,068 | 26,240,707 |
COSTS OF OPERATIONS | ||
Mining operation expenses ‐ note 6 | 9,936,111 | 9,843,747 |
Administrative expenses ‐ note 7 | 4,574,045 | 3,714,406 |
Depreciation of property, plant and equipment and amortization of intangible assets | 2,459,991 | 2,647,637 |
OPERATING INCOME | 15,362,921 | 10,034,917 |
OTHER EXPENSES (INCOME) | ||
Financial expenses | 236,658 | 189,030 |
Foreign exchange gain | (111,386) | (105,728) |
Other income | (25,352) | (18,331) |
INCOME BEFORE INCOME TAX EXPENSE | 15,263,001 | 9,969,946 |
Income tax expense (recovery) | ||
Current | 2,613,242 | 540,614 |
Deferred | (717,009) | (393,671) |
1,896,233 | 146,943 | |
NET INCOME FOR THE PERIOD | 13,366,768 | 9,823,003 |
ATTRIBUTABLE TO | ||
Common shareholders | 12,505,081 | 9,709,587 |
Non‐controlling interest | 861,687 | 113,416 |
13,366,768 | 9,823,003 | |
EARNINGS PER SHARE ‐ note 16 | ||
Basic | 0.021 | 0.016 |
Diluted | 0.021 | 0.016 |
The notes are an integral part of these condensed interim consolidated financial statements. | Page 2 |
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | First quarters | |
(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited) | ended March 31, | |
2022 | 2021 | |
$ | $ | |
NET INCOME FOR THE PERIOD | 13,366,768 | 9,823,003 |
Other comprehensive loss | ||
Item that may be reclassified subsequently to net income | ||
Exchange difference | (4,250,561) | (5,892,419) |
COMPREHENSIVE INCOME | 9,116,207 | 3,930,584 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO | ||
Common shareholders | 8,258,031 | 3,850,206 |
Non‐controlling interest | 858,176 | 80,378 |
9,116,207 | 3,930,584 |
The notes are an integral part of these condensed interim consolidated financial statements. | Page 3 |
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)
Common shareholders | |||||||
Total | |||||||
Share capital | Reserve ‐ | Retained | Accumulated other | Total | Non‐controlling | ||
stock options | earnings | comprehensive | interest | equity | |||
income | |||||||
Balance as at December 31, 2020 | 71,269,402 | 3,081,586 | 8,211,833 | 7,576,935 | 90,139,756 | 1,099,763 | 91,239,519 |
Net income for the period | ‐‐‐ | ‐‐‐ | 9,709,587 | ‐‐‐ | 9,709,587 | 113,416 | 9,823,003 |
Other comprehensive loss | ‐‐‐ | ‐‐‐ | ‐‐‐ | (5,859,381) | (5,859,381) | (33,038) | (5,892,419) |
Comprehensive income (loss) for the period | ‐‐‐ | ‐‐‐ | 9,709,587 | (5,859,381) | 3,850,206 | 80,378 | 3,930,584 |
Stock options exercised during the period | 84,452 | (34,452) | ‐‐‐ | ‐‐‐ | 50,000 | ‐‐‐ | 50,000 |
Balance as at March 31, 2021 | 71,353,854 | 3,047,134 | 17,921,420 | 1,717,554 | 94,039,962 | 1,180,141 | 95,220,103 |
Balance as at December 31, 2021 | 71,407,047 | 3,027,611 | 24,104,509 | (1,120, 724) | 97,418,443 | 1,228,822 | 98,647,265 |
Net income for the period | ‐‐‐ | ‐‐‐ | 12,505,081 | ‐‐‐ | 12,505,081 | 861,687 | 13,366,768 |
Other comprehensive loss | ‐‐‐ | ‐‐‐ | ‐‐‐ | (4,247,050) | (4,247,050) | (3,511) | (4,250,561) |
Comprehensive income (loss) for the period | ‐‐‐ | ‐‐‐ | 12,505,081 | (4,247,050) | 8,258,031 | 858,176 | 9,116,207 |
Balance as at March 31, 2022 | 71,407,047 | 3,027,611 | 36,609,590 | (5,367,774) | 105,676,474 | 2,086,998 | 107,763,472 |
The notes are an integral part of these condensed interim consolidated financial statements.
Page 4
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Robex Resources Inc. published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 18:00:11 UTC.