RUPERT RESOURCES LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED
NOVEMBER 30, 2022
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
The accompanying unaudited condensed interim consolidated financial statements of Rupert Resources Ltd. (the "Company") are the responsibility of management and the Board of Directors.
The unaudited condensed interim consolidated financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the unaudited condensed interim consolidated financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the unaudited condensed interim consolidated financial statements have been prepared within acceptable limits of materiality and are in accordance with International Accounting Standard 34 - Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances.
Management has established processes, which are in place to provide it sufficient knowledge to support management representations that it has exercised reasonable diligence that (i) the unaudited condensed interim consolidated financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of, and for the periods presented by, the unaudited condensed interim consolidated financial statements; and (ii) the unaudited condensed interim consolidated financial statements fairly present in all material respects the financial condition, financial performance and cash flows of the Company, as of the date of and for the years presented by the unaudited condensed interim consolidated financial statements.
The Board of Directors is responsible for reviewing and approving the unaudited condensed interim consolidated financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the unaudited condensed interim consolidated financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the unaudited condensed interim consolidated financial statements together with other financial information of the Company for issuance to the shareholders.
Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.
Rupert Resources Ltd.
Condensed Consolidated Interim Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
As at | As at | |||||
November 30, | February 28, | |||||
2022 | 2022 | |||||
ASSETS | (Audited) | |||||
Current assets | $ | 28,994,038 | ||||
Cash and cash equivalents (note 3) | $ | 45,275,410 | ||||
Marketable securities (notes 4 and 9) | 230,000 | 495,000 | ||||
Prepaids and sundry receivables (note 5) | 1,519,166 | 1,067,571 | ||||
Due from related parties (note 16) | - | 1,737,460 | ||||
30,743,204 | 48,575,441 | |||||
Non-current assets | 1,321,045 | |||||
Restricted cash (note 6) | 1,288,672 | |||||
Property, plant and equipment (note 7) | 5,681,646 | 3,249,947 | ||||
Right-of-use asset (note 8) | 125,739 | 175,931 | ||||
Exploration and evaluation assets (note 9) | 90,104,756 | 68,628,763 | ||||
$ | 127,976,390 | $ | 121,918,754 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities | $ | 5,049,562 | ||||
Amounts payable and accrued liabilities (notes 10 and 16) | $ | 8,636,201 | ||||
Lease liability (note 12) | 62,818 | 61,574 | ||||
5,112,380 | 8,697,775 | |||||
Non-current liabilities | 6,207,474 | |||||
Asset retirement obligation (note 11) | 4,780,340 | |||||
Lease liability (note 12) | 66,031 | 115,431 | ||||
11,385,885 | 13,593,546 | |||||
Shareholders' Equity | 176,639,592 | |||||
Share capital (note 13) | 159,355,523 | |||||
Contributed surplus (note 13) | 7,683,614 | 7,054,263 | ||||
Warrants (note 13) | - | 3,086,786 | ||||
Cumulative translation adjustment | (3,153,937) | (3,111,547) | ||||
Equity portion of convertible debentures | 75,700 | 75,700 | ||||
Deficit | (64,654,464) | (58,135,517) | ||||
116,590,505 | 108,325,208 | |||||
Total liabilities and shareholders' equity | $ | 127,976,390 | $ | 121,918,754 | ||
Nature of Operations (note 1) | ||||||
Commitments and Contingencies (note 18) | ||||||
Subsequent Events (note 19) | ||||||
Approved on behalf of the Board: | ||||||
(Signed) "Gunnar Nilsson" | Director | (Signed) "James Withall" | Director |
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
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Rupert Resources Ltd.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||
November 30, | November 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Operating expenses | $ | 1,378,714 | $ | 4,093,383 | ||||
General and administrative expenses (note 14) | $ | 1,061,140 | $ | 3,112,916 | ||||
Share-based payments (notes 13 and 16) | 677,912 | 773,316 | 2,163,720 | 2,129,873 | ||||
Loss before other items | (2,056,626) | (1,834,456) | (6,257,103) | (5,242,789) | ||||
Depreciation (notes 7 and 8) | (21,159) | - | (60,340) | - | ||||
Unrealized loss on marketable securities (note 4) | 20,000 | 55,000 | (265,000) | (240,000) | ||||
Accretion and interest expense (note 12) | (1,672) | - | (5,826) | - | ||||
Foreign exchange gain (loss) | 622,766 | (126,622) | 57,028 | (152,571) | ||||
Other income | - | 1,972 | 100 | 7,634 | ||||
Net (loss) for the period | (1,436,691) | (1,904,106) | (6,531,141) | (5,627,726) | ||||
Other comprehensive (loss) gain | ||||||||
Item that will be reclassified subsequently to income | ||||||||
Exchange differences on translating foreign | 5,181,404 | (42,390) | ||||||
operations | (1,558,047) | (2,807,896) | ||||||
Net (loss) gain and comprehensive (loss) gain | ||||||||
for the period | $ | 3,744,713 | $ | (3,462,153) | $ | (6,573,531) | $ | (8,435,622) |
Basic and diluted net (loss) per share (note 15) | $ | (0.01) | $ | (0.01) | $ | (0.03) | $ | (0.03) |
Weighted average number of common shares | ||||||||
outstanding - basic and diluted (note 15) | 191,299,502 | 176,764,788 | 190,799,884 | 172,110,048 |
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
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Rupert Resources Ltd.
Condensed Consolidated Interim Statements of Cash Flows (Expressed in Canadian Dollars)
(Unaudited)
Nine Months Ended | ||||
November 30, | ||||
2022 | 2021 | |||
Operating activities | $ | (6,531,141) | ||
Net loss for the period | $ | (5,627,726) | ||
Adjustments for: | 2,163,720 | |||
Share-based payments | 2,129,873 | |||
Unrealized loss on marketable securities | 265,000 | 240,000 | ||
Depreciation | 60,340 | - | ||
Exchange differences on translating foreign operations | 420,692 | (299,294) | ||
Accretion and interest expense | 5,569 | - | ||
Changes in non-cash working capital items: | (451,595) | |||
Prepaids and sundry receivables | (20,347) | |||
Amounts payable and accrued liabilities | (1,849,179) | (671,238) | ||
(5,916,594) | (4,248,732) | |||
Financing activities | (86,296) | |||
Performance share units settled in cash | - | |||
Proceeds from exercise of warrants | 11,543,704 | - | ||
Proceeds from exercise of options | 1,217,700 | 2,002,790 | ||
Proceeds from private placement and prospectus offering | - | 48,654,000 | ||
Share issuance costs | - | (2,059,176) | ||
Lease liability payments | (49,042) | - | ||
12,626,066 | 48,597,614 | |||
Investing activities | (20,297,767) | |||
Expenditure on exploration and evaluation assets | (16,513,835) | |||
Net deposits for restricted cash | (54,639) | - | ||
Purchase of property, plant and equipment | (2,638,438) | (234,571) | ||
(22,990,844) | (16,748,406) | |||
Net change in cash | (16,281,372) | 27,600,476 | ||
Cash, beginning of period | 45,275,410 | 21,724,305 | ||
Cash, end of period | $ | 28,994,038 | $ | 49,324,781 |
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
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Rupert Resources Ltd. published this content on 26 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2023 21:32:05 UTC.