THREE VALLEY COPPER CORP. Three Valley Copper Corp.
Condensed Interim Consolidated Financial Statements Second Quarter Ended June 30, 2022
(Unaudited - Expressed in United States dollars)
Notice to Reader
The accompanying unaudited condensed interim consolidated financial statements of Three Valley Copper Corp. (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements as at and for the three and six months ended June 30, 2022 have not been reviewed by the Company's auditors.
Three Valley Copper Corp.
Condensed Interim Consolidated Statements of Financial Position As at June 30, 2022 and December 31, 2021
Unaudited - Amounts expressed in thousands of United States dollars except per share amounts and number of outstanding shares
Note | Jun. 30, 2022 | Dec. 31, 2021 | ||||
ASSETS | ||||||
Cash and cash equivalents | $ | 6,809 | $ | 13,656 | ||
Restricted cash | 439 | 556 | ||||
Trade and other receivables | 841 | 1,705 | ||||
Inventories | 4 | 4,961 | 16,739 | |||
Prepaids and other current assets | 1,339 | 1,528 | ||||
Portfolio investments | 740 | 2,101 | ||||
Total current assets | 15,129 | 36,285 | ||||
Non-current portion of inventory | 4 | 13,667 | 9,008 | |||
Mineral properties, plant and equipment | 5, 12 | 65,610 | 59,733 | |||
Exploration and evaluation asset | 930 | 930 | ||||
Intangible assets | 1,026 | 1,160 | ||||
Other | 794 | 856 | ||||
82,027 | 71,687 | |||||
Total assets | $ | 97,156 | $ | 107,972 | ||
LIABILITIES | ||||||
Accounts payable and accrued liabilities | 6 | $ | 19,820 | $ | 18,207 | |
Deferred revenue | 1,443 | 2,940 | ||||
Current portion of loans and borrowings | 7 | 76,826 | 74,251 | |||
Total current liabilities | 98,089 | 95,398 | ||||
Loans and borrowings | 7 | 189 | 218 | |||
Reclamation and other closure provisions | 4,385 | 4,438 | ||||
Other non-current liabilities | 975 | 1,740 | ||||
5,549 | 6,396 | |||||
Total liabilities | 103,638 | 101,794 | ||||
SHAREHOLDERS' EQUITY | 321,787 | |||||
Capital stock | 8b | 321,787 | ||||
Common share purchase warrants | 8c | 4,275 | 10,301 | |||
Contributed surplus | 7,923 | 1,880 | ||||
Deficit | (300,531) | (288,632) | ||||
Accumulated other comprehensive loss | (37,686) | (37,582) | ||||
Total equity attributable to owners of the Company | (4,232) | 7,754 | ||||
Non-controlling interest | (2,250) | (1,576) | ||||
(6,482) | 6,178 | |||||
Total liabilities and shareholders' equity | $ | 97,156 | $ | 107,972 | ||
Accounting Policies and Going Concern | 2 | |||||
Contingencies and Commitments | 13 | |||||
Approved by the Board of Directors | ||||||
(signed) "Terrence Lyons" | (signed) "Lenard F. Boggio" | |||||
Chairman | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Three Valley Copper Corp. June 30, 2022 Condensed Interim Consolidated Financial Statements
3
Three Valley Copper Corp.
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss For the three and six months ended June 30, 2022 and 2021
Unaudited - Amounts expressed in thousands of United States dollars except per share amounts and number of outstanding shares
Note | Three Months Ended | Six Months Ended | |||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||||||
Revenue | 9 | $ | 8,154 | $ | 7,511 | $ | 19,032 | $ | 14,511 |
Cost of sales | 10 | (13,111) | (11,841) | (25,420) | (16,700) | ||||
Gross loss | 4,957 | 4,330 | 6,388 | 2,189 | |||||
Expenses | |||||||||
General and administrative expenses | 1,131 | 911 | 2,164 | 1,867 | |||||
Severances expense | 2 | 1,969 | - | 1,969 | - | ||||
General exploration and evaluation expense | 56 | - | 231 | - | |||||
Gain on portfolio investments | - | - | - | (107) | |||||
Finance expenses, net | 2,762 | 2,228 | 5,462 | 4,440 | |||||
Other income, net | 11 | (5,525) | (191) | (3,641) | (456) | ||||
Net loss for the period | $ | 5,350 | $ | 7,278 | $ | 12,573 | $ | 7,933 | |
Net loss attributable to: | |||||||||
Owners of the Company | $ | 5,066 | $ | 6,022 | $ | 11,899 | $ | 6,284 | |
Non-controlling interests | 284 | 1,256 | 674 | 1,649 | |||||
Net loss for the period | $ | 5,350 | $ | 7,278 | $ | 12,573 | $ | 7,933 | |
Basic and fully diluted net loss per share | $ | 0.05 | $ | 0.14 | $ | 0.11 | $ | 0.19 | |
Weighted average number of shares outstanding during the period | |||||||||
Basic and fully diluted | 112,452,954 | 51,363,093 | 112,452,952 | 42,811,766 | |||||
Net loss for the period | $ | 5,350 | $ | 7,278 | $ | 12,573 | $ | 7,933 | |
Other comprehensive (income) loss | |||||||||
Items that may be reclassified subsequently to net loss: | |||||||||
Foreign currency translation differences | 207 | (372) | 104 | (434) | |||||
Total comprehensive loss | $ | 5,557 | $ | 6,906 | $ | 12,677 | $ | 7,499 | |
Comprehensive loss attributable to: | |||||||||
Owners of the Company | $ | 5,273 | $ | 5,650 | $ | 12,003 | $ | 5,850 | |
Non-controlling interests | 284 | 1,256 | 674 | 1,649 | |||||
Total comprehensive loss | $ | 5,557 | $ | 6,906 | $ | 12,677 | $ | 7,499 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Three Valley Copper Corp. June 30, 2022 Condensed Interim Consolidated Financial Statements
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Three Valley Copper Corp.
Condensed Interim Consolidated Statements of Changes in Equity
For the six months ended June 30, 2022, December 31, 2021 and June 30, 2021
Unaudited - Amounts expressed in thousands of United States dollars
Common | Accumulat | Non- | ||||||||||||||||
Capital | Share | Treasury | Contributed | ed Other | Total | |||||||||||||
Purchase | Deficit | Comprehe | Total | controlling | ||||||||||||||
Stock | Warrants | Stock | Surplus | nsive Loss | interest | Equity | ||||||||||||
Balance - January 1, 2021 | $ | 303,990 | $ | 6,026 | $ | (101) | $ | 1,908 | $ | (247,368) | $ | (37,786) | $ | 26,669 | $ | (2,021) | $ | 24,648 |
Net loss for the period | - | - | - | - | (6,284) | - | (6,284) | (1,649) | (7,933) | |||||||||
Foreign currency translation differences | - | - | - | - | - | 434 | 434 | - | 434 | |||||||||
Change in non-controlling interest | - | - | - | - | (2,158) | - | (2,158) | 2,158 | - | |||||||||
Shares and warrants issued on bought-deal financings, net of issue | 7,708 | 604 | - | - | - | - | 8,312 | - | 8,312 | |||||||||
costs | ||||||||||||||||||
Non-transferrable compensation warrants issued to underwriters | - | 80 | - | - | - | - | 80 | - | 80 | |||||||||
Exercise of warrants | 508 | (32) | - | (67) | - | - | 409 | - | 409 | |||||||||
Stock-based compensation | - | - | - | 59 | - | - | 59 | - | 59 | |||||||||
Balance - June 30, 2021 | $ | 312,206 | $ | 6,678 | $ | (101) | $ | 1,900 | $ | (255,810) | $ | (37,352) | $ | 27,521 | $ | (1,512) | $ | 26,009 |
Balance - July 1, 2021 | $ | 312,206 | $ | 6,678 | $ | (101) | $ | 1,900 | $ | (255,810) | $ | (37,352) | $ | 27,521 | $ | (1,512) | $ | 26,009 |
Net loss for the period | - | - | - | - | (31,079) | - | (31,079) | (1,780) | (32,859) | |||||||||
Foreign currency translation differences | - | - | - | - | - | (230) | (230) | - | (230) | |||||||||
Change in other reserve | - | - | - | 20 | - | 20 | - | 20 | ||||||||||
Change in non-controlling interest | - | - | - | - | (1,716) | - | (1,716) | 1,716 | - | |||||||||
Shares and warrants issued on bought-deal financings, net of issue | 9,581 | 3,241 | - | - | - | - | 12,822 | - | 12,822 | |||||||||
costs | ||||||||||||||||||
Non-transferrable compensation warrants issued to underwriters | - | 382 | - | - | - | - | 382 | - | 382 | |||||||||
Exercise of warrants | - | - | - | 5 | - | - | 5 | - | 5 | |||||||||
Stock-based compensation | - | - | - | 29 | - | - | 29 | - | 29 | |||||||||
Shares released on vesting of equity incentive plan | - | - | 101 | (74) | (27) | - | - | - | - | |||||||||
Balance - December 31, 2021 | $ | 321,787 | $ | 10,301 | $ | - | $ | 1,880 | $ | (288,632) | $ | (37,582) | $ | 7,754 | $ | (1,576) | $ | 6,178 |
Balance - January 1, 2022 | $ | 321,787 | $ | 10,301 | $ | - | $ | 1,880 | $ | (288,632) | $ | (37,582) | $ | 7,754 | $ | (1,576) | $ | 6,178 |
Net loss for the period | - | - | - | - | (11,899) | - | (11,899) | (674) | (12,573) | |||||||||
Foreign currency translation differences | - | - | - | - | - | (104) | (104) | - | (104) | |||||||||
Expiration of warrants | - | (6,026) | - | 6,026 | - | - | - | - | - | |||||||||
Stock-based compensation | - | - | - | 17 | - | - | 17 | - | 17 | |||||||||
Balance - June 30, 2022 | $ | 321,787 | $ | 4,275 | $ | - | $ | 7,923 | $ | (300,531) | $ | (37,686) | $ | (4,232) | $ | (2,250) | $ | (6,482) |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Three Valley Copper Corp. June 30, 2022 Condensed Interim Consolidated Financial Statements
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Three Valley Copper Corp. published this content on 26 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2022 14:30:02 UTC.
