VIOR INC. Vior Inc.
Management's Discussion and Analysis
Quarterly Highlights
Three months ended September 30, 2022
Vior Inc.
Management's Discussion & Analysis - Quarterly Highlights
Three months ended September 30, 2022
The following quarterly highlights management's discussion and analysis (the "MD&A") of the financial condition and results of the operations of Vior Inc. ("Vior" or "the Corporation") constitutes management's review of the factors that affected the Corporation's financial and operating performance for the three months ended September 30, 2022. This MD&A should be read in conjunction with the Corporation's unaudited condensed interim consolidated financial statements as at September 30, 2022, prepared in accordance with the International Financial Reporting Standards ("IFRS"), as well as with the management discussion and analysis for the year ended June 30, 2022. All figures are in Canadian dollars, the functional currency of the Corporation, unless otherwise noted.
Further information regarding the Corporation and its operations are filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) in Canada and can be obtained from www.sedar.com.
Technical data provided in the MD&A has been verified by Laurent Eustache, geologist and Qualified Person as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects ("NI 43- 101").
Abbreviation | Period | |
Q1-2022 | July 1, 2021 to September 30, 2021 | |
Q2-2022 | October 1, 2021 to December 31, 2021 | |
Q3-2022 | January 1, 2022 to March 31, 2022 | |
Q4-2022 | April 1, 2022 to June 30, 2022 | |
Fiscal 2022 | July 1, 2021 to June 30, 2022 | |
Q1-2023 | July 1, 2022 to September 30, 2022 | |
Q2-2023 | October 1, 2022 to December 31, 2022 | |
Q3-2023 | January 1, 2023 to March 31, 2023 | |
Q4-2023 | April 1, 2023 to June 30, 2023 | |
Fiscal 2023 | July 1, 2022 to June 30, 2023 | |
Fiscal 2024 | July 1, 2023 to June 30, 2024 |
1. NATURE OF ACTIVITIES
The Corporation, which is governed by the Business Corporations Act (Québec), specializes in the acquisition and exploration of mining properties. The Corporation's shares are listed on the TSX Venture Exchange (the "Exchange") under the symbol VIO.
The Corporation is engaged in the exploration and development of quality mining properties in accessible, high-potential regions using advanced exploration techniques. Its mission is to identify and generate quality exploration projects, and to develop them on its own or in partnership in order to enhance the value of its assets. The Corporation holds mining properties in Québec as well as in Nevada through its 100% subsidiary Vior Gold USA, LLC ("Vior USA").
It has not yet been determined whether its mining properties contain ore reserves that are economically recoverable. In order to determine whether mining property costs can be recovered and a return on investment earned, many factors will be considered, some of which include: the existence of economically recoverable reserves, the Corporation's ability to obtain the necessary financing to continue exploring and developing the properties before entering into commercial production, or the ability to dispose of the property at a significant gain. The Corporation will be required to raise additional funds periodically to continue operations, and while it has been successful in doing so in the past, there can be no assurance it will do so in the future.
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Vior Inc.
Management's Discussion & Analysis - Quarterly Highlights
Three months ended September 30, 2022
2. OVERALL PERFORMANCE
2.1 Working Capital
Vior has a working capital position of $3,075,027 as at September 30, 2022 ($2,420,530 as at June 30, 2022), which will allow the Corporation to continue its activities for at least the next 12 months.
-
Private Placements
In July 2022, the Corporation closed a private placement totaling 8,722,614 units at a price of $0.13°per unit, for total gross proceeds of $1,133,940. Each unit consists of one share and one-half common share purchase warrant. Each whole warrant entitles the holder to acquire one share at a price of $0.21 per share for a period of 30 months. The warrants forming part of the units shall be subject to an accelerated expiry date clause whereby, at any time following the expiry of the four-months and one day hold period, should the trading price of the shares at the close of the market on the Exchange be equal to or exceed $0.35 for 10 consecutive trading days. Related parties participated for $271,440 in the private placement including the participation of Osisko Mining inc. ("Osisko") participation for $249,990. - Outstanding share data
As at | As at | |
November 18, 2022 | September 30, 2022 | |
Number | Number | |
Common shares | 92,469,505 | 91,737,363 |
Stock options | 5,354,000 | 5,234,000 |
Warrants | 12,938,893 | 12,938,893 |
110,762,398 | 109,910,256 |
As at November 18, 2022, the stock options outstanding and exercisable are as follows:
Number of stock | Number of stock | ||
options | options | ||
outstanding | exercisable | Exercise price | Expiry date |
$ | |||
150,000 | 150,000 | 0.135 | January 4, 2023 |
475,000 | 475,000 | 0.10 | May 15, 2024 |
150,000 | 150,000 | 0.11 | July 7, 2024 |
1,290,000 | 1,290,000 | 0.13 | September 25, 2025 |
194,000 | 129,333 | 0.17 | February 5, 2026 |
120,000 | 120,000 | 0.22 | April 14, 2026 |
325,000 | 250,000 | 0.22 | May 19, 2026 |
150,000 | 150,000 | 0.20 | August 26, 2026 |
105,000 | 35,000 | 0.19 | March 28, 2027 |
100,000 | 100,000 | 0.10 | June 20, 2027 |
1,325,000 | 1,325,000 | 0.10 | October 10, 2027 |
120,000 | 40,000 | 0.10 | October 11, 2027 |
850,000 | 850,000 | 0.10 | October 30, 2027 |
5,354,000 | 5,064,333 |
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Vior Inc.
Management's Discussion & Analysis - Quarterly Highlights
Three months ended September 30, 2022
As at November 18, 2022, outstanding warrants are as follows:
Number of | ||
warrants | Exercise price | Expiry date |
$ | ||
1,500,000 | 0.12 | December 8, 2022 |
2,200,000 | 0.30 | March 22, 2023 - acceleration clause 10 days at $0.30 |
3,800,000 | 0.30 | March 30, 2023 - acceleration clause 10 days at $0.45 |
77,586 | 0.29 | December 22, 2023 |
1,000,000 | 0.30 | June 14, 2024 |
2,403,807 | 0.21 | January 22, 2025, acceleration clause 10 days at $0.35 |
1,957,500 | 0.21 | January 29, 2025 - acceleration clause 10 days at $0.35 |
12,938,893 |
- Strategic investment in Ridgeline
The Corporation completed a series of strategic investments in Ridgeline Minerals Corporation ("Ridgeline"). Ridgeline is an arm's length corporation whose wholly owned Nevada subsidiary holds the option to acquire a 100% interest in four highly prospective Carlin-type gold exploration projects in the world-class Carlin and Battle Mountain-Eureka Trend of Nevada. Ridgeline aims to further increase the odds of discovery by leveraging its strategic partnership with Envirotech Drilling LLC to significantly reduce direct drilling costs and ensure exploration dollars are maximized during the early phase of the exploration cycle.
Vior has invested a total of $625,850 in Ridgeline for 3,642,500 shares (average cost of $0.172). As at September 30, 2022, Ridgeline closed at $0.43 on the Exchange for a value of $1,566,275 (as at June 30, 2022, closed at $0.21 per share for a value of $764,925). Vior recorded a $18,212 unfavourable change in fair value for Q1-2023 ($947,050 unfavorable in Q1-2022). - Listed shares: Prospector Metals Corp. ("Prospector")
The Corporation has received a total of 141,666 shares of Prospector valued at $110,750 on the respective issuance dates. As at September 30, 2022, the market price was $0.205 per share on the Exchange for a total value of $29,041 (as at June 30, 2022, closed at $0.47 per share for a value of $66,583). Vior recorded a $12,750 unfavorable change in fair market value for Q1-2023 (unfavorable of $12,750 in Q1-2022).
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Vior Inc.
Management's Discussion & Analysis - Quarterly Highlights
Three months ended September 30, 2022
3. EXPLORATION ACTIVITIES
Acquisition of interests in mining properties and exploration expenditures are capitalized in the statement of financial position. Following is a table presenting the activities by period by property:
Q1-2023 | Q1-2022 | |
Belleterre | $ | $ |
Acquisition and maintenance | 630 | 315 |
Drilling | 3,699 | 18,717 |
Geology | 89,880 | 324,467 |
Geochemistry | 35,840 | 104,417 |
Stock-based compensation | 342 | 2,926 |
Tax credits | - | (155,920) |
Big Island Lake | 130,391 | 294,922 |
Acquisition et maintenance | 781 | 630 |
Recharge to partner | - | (630) |
Foothills | 781 | - |
Acquisition and maintenance | 1,469 | 543 |
Geology | 431 | - |
Recharge to partner | - | (543) |
Lac Merlin | 1,900 | - |
Stock-based compensation | 71 | 213 |
Ligneris | 71 | 213 |
Acquisition and maintenance | 187 | - |
Drilling | 4,541 | 2,626 |
Geology | 227 | 210 |
Stock-based compensation | 95 | 813 |
Tax credits | - | (1,160) |
Mosseau | 5,050 | 2,489 |
Acquisition and maintenance | 1,473 | - |
Drilling | - | 648 |
Geology | 3,741 | 875 |
Geochemistry | 649 | - |
Stock based compensation | 689 | 2,068 |
Tax credits | - | (643) |
Skyfall | 6,552 | 2,948 |
Acquisition and maintenance | 16,614 | 894 |
Shares issued | 5,200 | - |
Geology | 49,488 | 937 |
Geophysics | - | - |
Geochemistry | 16,588 | 32,511 |
Stock based compensation | 508 | 2,501 |
Tax credits | - | (14,600) |
88,398 | 22,243 |
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Vior Inc. published this content on 21 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2022 22:55:06 UTC.
