ADVENTUS MINING CORPORATION
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
TABLE OF CONTENTS | |
Condensed Consolidated Statements of Financial Position .......................................................................... | 1 |
Condensed Consolidated Statements of Earnings (Loss).............................................................................. | 2 |
Condensed Consolidated Statements of Comprehensive Earnings (Loss).................................................... | 3 |
Condensed Consolidated Statements of Cash Flows .................................................................................... | 4 |
Condensed Consolidated Statements of Changes in Equity.......................................................................... | 5 |
Notes to the Condensed Consolidated Financial Statements ................................................................... | 6-17 |
ADVENTUS MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(UNAUDITED) AS AT
(Expressed in thousands of United States dollars) | Notes | September 30, | December 31, 2020 | |||
2021 | ||||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 9,043 | $ | 21,618 | ||
Advances made on options to acquire mineral interests | 8 | 27 | 21 | |||
Other receivables and prepaid expenses | 8 | 199 | 745 | |||
Total current assets | $ | 9,269 | $ | 22,384 | ||
Non-current assets | ||||||
Exploration and evaluation assets | 7 | $ | 15,355 | $ | 12,866 | |
Options to acquire mineral interests | 7 | 44,221 | 28,844 | |||
Property, plant and equipment | 6 | 281 | 337 | |||
Investment in associate | 4 | - | 1,094 | |||
Total non-current assets | $ | 59,857 | $ | 43,141 | ||
TOTAL ASSETS | $ | 69,126 | $ | 65,525 | ||
LIABILITIES | ||||||
Current liabilities | ||||||
Accounts payable and accrued liabilities | $ | 3,377 | $ | 1,236 | ||
Total current liabilities | $ | 3,377 | $ | 1,236 | ||
Equity | ||||||
Shareholders' equity | $ | 64,301 | $ | 62,831 | ||
Non-controlling interest | 1,448 | 1,458 | ||||
Total equity | $ | 65,749 | $ | 64,289 | ||
TOTAL LIABILITIES AND EQUITY | $ | 69,126 | $ | 65,525 | ||
Commitments (Note 13) | ||||||
Subsequent event (Note 14) | ||||||
On behalf of the Board (Approved on November 23, 2021) | ||||||
/s/ "Christian Kargl-Simard" | /s/ "Paul Sweeney" | |||||
Christian Kargl-Simard, Director | Paul Sweeney, Director |
The accompanying notes form an integral part of these condensed consolidated financial statements. | Page | 1 |
ADVENTUS MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(UNAUDITED)
For the three months ended | For the nine months ended | |||||||
(Expressed in thousands of United States dollars, | September 30, | September 30, | ||||||
except per share amounts) | Notes | 2021 | 2020 | 2021 | 2020 | |||
Expenses and other income | ||||||||
Employee benefits | $ | 239 | $ | 248 | $ | 1,003 | $ | 704 |
Professional and consulting fees | 400 | 379 | 676 | 599 | ||||
Other expenses | 208 | 117 | 630 | 352 | ||||
Share-based compensation | 9(b) 9(c) | 155 | 253 | 528 | 823 | |||
Impairment loss on investment | 5 | - | - | - | 162 | |||
Reversal of impairment loss in associate | 4 | - | - | (1,253) | - | |||
Depreciation | 5 | 8 | 29 | 10 | ||||
Foreign exchange loss (gain) | 150 | (98) | 28 | 220 | ||||
Interest income | (7) | (17) | (37) | (48) | ||||
Loss (gain) on dilution of investment in | 4 | - | 7 | (18) | - | |||
associate | ||||||||
Share of loss in associate | 4 | - | 13 | 118 | 42 | |||
Gain on disposal of investment in associate | 4 | (2,985) | - | (2,985) | - | |||
$ | (1,835) | $ | 910 | $ | (1,281) | $ | 2,864 | |
Earnings (loss) before income tax expense | 1,835 | (910) | 1,281 | (2,864) | ||||
Income tax expense | - | - | - | - | ||||
Net earnings (loss) | $ | 1,835 | $ | (910) | $ | 1,281 | $ | (2,864) |
Net earnings (loss) attributable to: | ||||||||
Common shareholders | 1,839 | (907) | 1,291 | (2,857) | ||||
Non-controlling interest | (4) | (3) | (10) | (7) | ||||
$ | 1,835 | $ | (910) | $ | 1,281 | $ | (2,864) | |
Net earnings (loss) per common share | ` | |||||||
attributable to common shareholders | ||||||||
Basic and diluted | $ | 0.01 | $ | (0.01) | $ | 0.01 | $ | (0.03) |
Weighted average number of shares outstanding | ||||||||
Basic | 9(d) | 131,141,382 | 116,233,483 | 131,137,902 | 105,845,460 | |||
Diluted | 9(d) | 132,522,382 | 116,233,483 | 132,518,902 | 105,845,460 | |||
The accompanying notes form an integral part of these condensed consolidated financial statements. | Page | 2 |
ADVENTUS MINING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(UNAUDITED)
For the three months ended | For the nine months ended | |||||||
September 30, | September 30, | |||||||
(Expressed in thousands of United States dollars) | 2021 | 2020 | 2021 | 2020 | ||||
Net earnings (loss) | $ | 1,835 | $ | (910) | $ | 1,281 | $ | (2,864) |
Other comprehensive earnings (loss) | ||||||||
To be reclassified subsequently to profit or loss: |
Foreign currency translation adjustment on foreign operations
Other comprehensive earnings
Reclassified to profit and loss:
Foreign currency translation adjustment on investment disposed of in the period
3 | 2 | 6 | (26) |
(94) | - | (66) | - |
Total comprehensive earnings (loss) | $ | 1,744 | $ | (908) | $ | 1,221 | $ | (2,890) |
Total comprehensive earnings (loss) attributable to: | ||||||||
Common shareholders | 1,748 | (905) | 1,231 | (2,883) | ||||
Non-controlling interest | (4) | (3) | (10) | (7) | ||||
$ | 1,744 | $ | (908) | $ | 1,221 | $ | (2,890) | |
The accompanying notes form an integral part of these condensed consolidated financial statements. | Page | 3 |
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Adventus Mining Corp. published this content on 23 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 November 2021 21:29:15 UTC.