FREEMAN GOLD CORP. FREEMAN GOLD CORP.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the Six Months ended May 31, 2022 and 2021
(Expressed in Canadian dollars - Unaudited)
FREEMAN GOLD CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars - Unaudited)
May 31, | November 30, | ||
Note | 2022 | 2021 | |
$ | $ | ||
ASSETS | |||
Current assets | |||
Cash | 12,407,093 | 20,054,776 | |
GST receivable | 116,243 | 39,515 | |
Prepaid expenses and deposits | 3 | 136,572 | 69,442 |
Total current assets | 12,659,908 | 20,163,733 | |
Non-current assets | |||
Advances for exploration and evaluation activities | 385,457 | 77,005 | |
Property, plant and equipment | 4 | 116,432 | 160,325 |
Reclamation bond | 5 | 110,012 | - |
Exploration and evaluation assets | 5 | 17,614,259 | 10,928,002 |
18,226,160 | 11,165,332 | ||
TOTAL ASSETS | 30,886,068 | 31,329,065 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities | |||
Accounts payable and accrued liabilities | 6,7 | 1,310,655 | 405,072 |
Warrant liabilities | 8 | 2,540,647 | 4,848,315 |
Total current liabilities | 3,851,302 | 5,253,387 | |
SHAREHOLDERS' EQUITY | |||
Share capital | 8 | 35,641,736 | 35,612,684 |
Reserves | 8 | 5,503,346 | 4,369,480 |
Deficit | (14,110,316) | (13,906,486) | |
Total Shareholders' Equity | 27,034,766 | 26,075,678 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 30,886,068 | 31,329,065 |
Subsequent Event (Note 11)
Approved by the Board of Directors on July 29, 2022:
"Simon Marcotte" | "Victor Cantore" |
Simon Marcotte, Director | Victor Cantore, Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
2
FREEMAN GOLD CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(Expressed in Canadian dollars, except number of shares - Unaudited)
Three months ended May 31, | Six months ended May 31 | ||
2022 | 2021 | 2022 | 2021 |
$ | $ | $ | $ |
EXPENSES | |||||
Bank charges | 765 | 509 | 2,030 | 2,000 | |
Consulting | 7 | 260,667 | 184,250 | 805,803 | 400,705 |
General and administrative | 33,768 | 43,216 | 89,160 | 60,657 | |
Marketing fees | 89,244 | 39,392 | 165,960 | 727,000 | |
Professional fees | 12,349 | 22,027 | 64,147 | 67,050 | |
Regulatory and filing fees | 44,241 | 23,561 | 105,445 | 43,237 | |
Share-based compensation | 7,8 | - | 52,780 | 1,150,159 | 209,810 |
Net loss before other items | (441,034) | (365,735) | (2,382,704) | (1,510,459) | |
Other items | |||||
Fair value gain on liability warrants | 8 | 2,307,668 | - | 2,307,668 | - |
Interest income | 10,782 | - | 10,782 | - | |
Foreign exchange | (27,812) | - | (139,576) | - | |
2,290,638 | - | 2,178,874 | - | ||
Net earnings (loss) and comprehensive earnings (loss) | 1,849,604 | (365,735) | (203,830) | (1,510,459) | |
Basic and diluted earnings (loss) per common share | 0.01 | (0.01) | (0.00) | (0.02) | |
Weighted average number of common shares outstanding - | |||||
basic | 131,356,359 | 81,453,170 | 131,344,733 | 81,438,385 | |
Weighted average number of common shares outstanding - | |||||
fully diluted | 161,543,332 | 81,453,170 | 131,344,733 | 81,438,385 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
3
FREEMAN GOLD CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Expressed in Canadian dollars, except number of shares - Unaudited)
Balance at November 30, 2020
Exercise of warrants
Share issuance costs
Share-based compensation
Net loss for the period
Balance at May 31, 2021
Issuance of common shares and warrants pursuant to private placements Share issuance costs Exercise of warrants Share-based compensation Cancellation of options Expiry of warrants Net loss for the period
Balance at November 30, 2021
Exercise of warrants
Share issuance costs
Share-based compensation
Net loss for the period
Balance at May 31, 2022
Note
8 8
Share Capital | ||||
Total | ||||
Number of shares | shareholders' | |||
outstanding | Amount | Reserves | Deficit | equity |
$ | $ | $ | $ | |
81,400,454 | 21,384,559 | 3,168,691 | (11,284,752) | 13,268,498 |
52,716 | 36,672 | (12,314) | - | 24,358 |
- | (2,145) | - | - | (2,145) |
- | - | 209,810 | - | 209,810 |
- | - | - | (1,510,459) | (1,510,459) |
81,453,170 | 21,419,086 | 3,366,187 | (12,795,211) | 11,990,062 |
49,799,309 | 13,902,072 | 1,277,444 | - | 15,179,516 |
- | (197,837) | - | - | (197,837) |
80,880 | 36,081 | (27,993) | - | 8,088 |
- | - | 1,075,220 | - | 1,075,220 |
- | - | (868,096) | 868,096 | - |
- | 453,282 | (453,282) | - | - |
- | - | - | (1,979,371) | (1,979,371) |
131,333,359 | 35,612,684 | 4,369,480 | (13,906,486) | 26,075,678 |
43,125 | 37,856 | (16,293) | - | 21,563 |
- | (8,804) | - | - | (8,804) |
- | - | 1,150,159 | - | 1,150,159 |
- | - | - | (203,830) | (203,830) |
131,376,484 | 35,641,736 | 5,503,346 | (14,110,316) | 27,034,766 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
4
FREEMAN GOLD CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Canadian dollars, unless otherwise noted - Unaudited)
Six months ended May 31, | ||
2022 | 2021 | |
$ | $ | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Income (loss) for the period | (203,830) | (1,510,459) |
Items not affecting cash: | ||
Fair value gain on warrant liabilities | (2,307,668) | - |
Share-based compensation | 1,150,159 | 209,810 |
Unrealized foreign exchange | 128,814 | - |
Changes in non-cash working capital items: | ||
Receivables | (76,728) | 66,944 |
Prepaid expenses | (67,130) | (80,044) |
Accounts payable and accrued liabilities | (130,356) | (665,187) |
Cash used in operating activities | (1,506,739) | (1,978,936) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of equipment and vehicles | - | (9,060) |
Advances for exploration and evaluation activities | (308,452) | - |
Purchase of reclamation bond | (110,012) | - |
Expenditures for exploration and evaluation assets | (5,606,425) | (1,076,376) |
Cash used in investing activities | (6,024,889) | (1,085,436) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Share issuance costs | (8,804) | (2,145) |
Proceeds from exercise of warrants | 21,563 | 24,358 |
Cash provided by financing activities | 12,759 | 22,213 |
Change in cash during the period | (7,518,869) | (3,042,159) |
Effect of exchange rate changes on cash | (128,814) | - |
Cash, beginning of period | 20,054,776 | 5,066,930 |
Cash, end of period | 12,407,093 | 2,024,771 |
Supplemental Cash Flow Information: | ||
Evaluation and exploration expenditures included in accounts payable | 363,923 | 69,455 |
Depreciation of property, plant and equipment included in | ||
exploration and evaluation expenditures | 43,138 | 43,138 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
5
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Freeman Gold Corp. published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 20:00:00 UTC.
