Corsa Coal Corp.

Unaudited Condensed Interim Consolidated Financial Statements June 30, 2022 and 2021

Corsa Coal Corp.

Unaudited Condensed Interim Consolidated Balance Sheets

Expressed in United States dollars, tabular amounts in thousands

June 30,

December 31,

Assets

2022

2021

Cash

$

13,604

$

12,714

Accounts receivable (note 3)

14,021

21,710

Prepaid expenses and other current assets

3,088

3,493

Inventories (note 4)

13,587

8,893

Current Assets

44,300

46,810

Restricted cash and investments (note 5)

38,645

43,334

Advance royalties and other assets

3,703

3,244

Property, plant and equipment, net (note 6)

118,198

122,108

Total Assets

$

204,846

$

215,496

Liabilities

Accounts payable and accrued liabilities (note 7)

$

23,767

$

22,838

Lease liabilities - current (note 8)

1,211

1,255

Loans payable, net - current (note 9)

2,545

3,276

Other liabilities - current (note 10)

1,095

1,070

Reclamation and water treatment provision - current (note 11)

4,255

4,145

Current Liabilities

32,873

32,584

Revolving Credit Facility (note 9)

-

-

Loans payable, net - long-term (note 9)

25,332

26,115

Lease liabilities - long-term (note 8)

1,257

1,880

Other liabilities - long-term (note 10)

4,596

5,255

Reclamation and water treatment provision - long-term (note 11)

58,453

60,381

Total Liabilities

122,511

126,215

Equity

Share capital (note 12)

225,091

225,091

Contributed surplus

1,517

1,758

Accumulated deficit

(144,273)

(137,568)

Total Shareholders' Equity

82,335

89,281

Total Liabilities and Equity

$

204,846

$

215,496

Commitments and Contingencies (note 23)

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

Approved by the Board of Directors:

/s/ Robert C. Sturdivant

/s/ Alan M. De'Ath

Robert C. Sturdivant, Director

Alan M. De'Ath, Director

2

Corsa Coal Corp.

Unaudited Condensed Interim Consolidated Statements of Operations and Comprehensive Income (Loss) Expressed in United States dollars, tabular amounts in thousands except for per share amounts

For the three months ended

For the six months ended

June 30,

June 30,

2022

2021

2022

2021

Revenue (note 13)

$

42,326

$

30,426

$

81,099

$

55,045

Cost of sales (note 14)

(38,812)

(30,474)

(75,786)

(56,790)

Gross margin (loss)

3,514

(48)

5,313

(1,745)

Selling, general and administrative expense (notes 15 and 16)

(2,215)

(2,201)

(4,598)

(4,230)

Income (loss) from operations

1,299

(2,249)

715

(5,975)

Finance expense (note 17)

(4,356)

(1,398)

(7,058)

(2,730)

Finance income (note 17)

60

1,081

75

1,482

Other income (expense), net (note 18)

27

4,719

(679)

4,943

(Loss) income before tax

(2,970)

2,153

(6,947)

(2,280)

Current income tax expense

-

-

-

-

Deferred income tax expense

-

-

-

-

Provision for income taxes

-

-

-

-

Net and comprehensive (loss) income

$

(2,970)

$

2,153

$

(6,947)

$

(2,280)

Attributable to:

Shareholders

$

(2,970)

$

2,243

$

(6,947)

$

(2,139)

Non-controlling interest

$

-

$

(90)

$

-

$

(141)

Basic (loss) earnings per share (note 19)

$

(0.03)

$

0.02

$

(0.07)

$

(0.02)

Diluted (loss) earnings per share (note 19)

$

(0.03)

$

0.02

$

(0.07)

$

(0.02)

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

3

Corsa Coal Corp.

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity Expressed in United States dollars, tabular amounts in thousands

For the six months ended June 30, 2022

Number

of Corsa

Common

Non-

Shares

Share

Contributed

Accumulated

Controlling

Total

(000's)

Capital

Surplus

Deficit

Interest

Equity

Balance - January 1, 2022

103,275

$

225,091

$

1,758

$

(137,568)

$

-

$

89,281

Stock-based compensation

-

-

1

-

-

1

expense (note 16)

Stock option forfeiture

-

-

(242)

242

-

-

Net and comprehensive loss

-

-

-

(6,947)

-

(6,947)

Balance - June 30, 2022

103,275

$

225,091

$

1,517

$

(144,273)

$

-

$

82,335

For the six months ended June 30, 2021

Number

of Corsa

Common

Non-

Shares

Share

Contributed

Accumulated

Controlling

Total

(000's)

Capital

Surplus

Deficit

Interest

Equity

Balance - January 1, 2021

94,759

$

180,130

$

341

$

(137,856)

$

45,102

$

87,717

Stock-based compensation

-

-

79

-

-

79

expense (note 16)

Stock option expiration/forfeiture

-

-

(257)

257

-

-

Redeemable unit redemption

8,516

44,961

-

-

(44,961)

-

Net and comprehensive loss

-

-

-

(2,139)

(141)

(2,280)

Balance - June 30, 2021

103,275

$

225,091

$

163

$

(139,738)

$

-

$

85,516

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

4

Corsa Coal Corp.

Unaudited Condensed Interim Consolidated Statements of Cash Flows

Expressed in United States dollars, tabular amounts in thousands

For the three months ended

For the six months ended

June 30,

June 30,

2022

2021

2022

2021

Operating Activities

Net and comprehensive (loss) income

$

(2,970)

$

2,153

$

(6,947)

$

(2,280)

Items not affecting cash:

Amortization

3,071

4,207

6,150

8,056

Stock-based compensation expense (note 16)

(5)

42

1

79

Non-cash finance expense (income)

3,102

(615)

4,604

(560)

Other non-cash operating expense

337

367

415

-

Cash spent on reclamation and water treatment activities (note 11)

(1,438)

(1,106)

(2,356)

(1,738)

Changes in working capital balances related to operations (note 20)

3,329

(7,804)

4,335

(4,812)

Cash provided by (used in) operating activities

5,426

(2,756)

6,202

(1,255)

Investing Activities

Restricted cash and investments acquired

(717)

(1,324)

(1,419)

(2,085)

Restricted cash and investments released

1,086

519

1,086

519

Advance royalties and other assets

(338)

(127)

(651)

(245)

Proceeds from sale of assets

-

143

-

143

Property, plant and equipment additions

(1,441)

(1,324)

(2,069)

(1,727)

Cash used in investing activities

(1,410)

(2,113)

(3,053)

(3,395)

Financing Activities

Repayment of loan payable

(819)

(742)

(1,618)

(2,636)

Repayment of lease liabilities

(300)

(348)

(641)

(686)

Cash used in financing activities

(1,119)

(1,090)

(2,259)

(3,322)

Net increase (decrease) in cash for the period

2,897

(5,959)

890

(7,972)

Cash, beginning of period

10,707

22,467

12,714

24,480

Cash, end of period

$

13,604

$

16,508

$

13,604

$

16,508

Supplemental disclosure (note 20)

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

5

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Corsa Coal Corp. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 21:55:31 UTC.