Forward-Looking Statements
This quarterly report contains forward-looking statements. These statements
relate to future events or our future financial performance. In some cases, you
can identify forward-looking statements by terminology such as "may", "should",
"expects", "plans", "anticipates", "believes", "estimates", "predicts",
"potential" or "continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including the risks in the section
entitled "Risk Factors", that may cause our or our industry's actual results,
levels of activity, performance or achievements to be materially different from
any future results, levels of activity, performance or achievements expressed or
implied by these forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are reasonable, we
cannot guarantee future results, levels of activity, performance or
achievements. Except as required by applicable law, including the securities
laws of
Our unaudited financial statements are stated in
In this quarterly report, unless otherwise specified, all dollar amounts are
expressed in
As used in this quarterly report, the terms "we", "us", "our", the "Company" and
"Wolverine" mean
Corporate History
Our company was incorporated in the
Since we began operations in 2006, the Company has been focused primarily on the
exploration for and development of base and precious metal properties located in
On
On
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The Property consists of 262 claims comprising an area of 6,550 hectares (16185
acres). The Property is remote, centered on latitude 56.02° N and longitude
62.24° W within NTS map areas 13M16 and 14D01. It is located approximately 70
kilometres west-northwest of
The Company also holds a 90% interest in the Cache River Property located in
We have not yet determined whether the Frog Property or the Cache River Property contain mineral reserves that are economically recoverable.
Our Current Business
We are an exploration stage mining company engaged in the identification,
acquisition, and exploration of metals and minerals with a focus on base and
precious metals. Our current operational focus is to raise sufficient funds to
continue exploration activities on our properties in
Cash Requirements
There is limited historical financial information about us upon which to base an evaluation of our performance. We are in the development stage and have not generated any revenues from activities. We cannot guarantee we will be successful in our business activities. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, and possible cost overruns due to price and cost increases in services.
Over the next twelve months we intend to use any funds that we may have
available to fund our Plan of Operation. Not accounting for our working capital
deficit of
Our auditors have issued a going concern opinion for our year ended
Plan of Operation
The Plan of Operation for the next 12 months is to raise
It is recommended that airborne magnetics and radiometrics surveys be completed over the Property. Rare earth mineralization is generally associated with uranium mineralization and radiometrics should define promising areas for follow-up examination.
The area of the strong magnetic anomaly is completely covered in glacial tills and no outcrop is evident. Prospecting should be completed expanding the 2021 range of coverage focusing on the north and south limits of the large magnetic anomaly at the cliff edges where the steep valley ridges demonstrate spalling of rocks into scree piles. Additional prospecting should be completed following the airborne geophysical surveys as well, focusing on both radiometric and magnetic anomalies.
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It is estimated that the next phase of exploration would cost
Program Description Cost Airborne Geophysics Property wide$ 56,250 (Cdn$75,000 ) Prospecting 7 people x 14 days$ 18,375 (Cdn$24,500 ) Mob/demob Helicopter/Float Plane$ 18,750 (Cdn$25,000 ) Analytical 100 samples$ 3,750 (Cdn$5,000 ) Camp$ 6,750 (Cdn$9,000 ) Contingencies ~ 10%$ 10,125 (Cdn$13,500 ) Total$ 114,000 (Cdn$152,000 )
Table 4: Recommended Budget - Frog Property
As at
The continuation of our business is dependent upon obtaining further financing and achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.
There are no assurances that we will be able to obtain further funds required for our continued operations. As noted herein, we are pursuing various financing alternatives to meet our immediate and long-term financial requirements. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due. In such event, we will be forced to scale down or perhaps even cease our operations.
Purchase of Significant Equipment
We do not intend to purchase any significant equipment over the twelve months
ending
Corporate Offices
We do not own any real property. Our principal business offices are located at
#55-11020
Employees
Currently we do not have any employees. The Company utilizes consultants for the management, regulatory, administration, investor relations and geological functions of the Company. We do not expect any material changes in the number of employees over the next 12-month period. We will continue to retain consultants as required.
Critical Accounting Policies
Our financial statements and accompanying notes are prepared in accordance with
generally accepted accounting principles used in
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Results of Operations
Three Months Ended
The following summary of our results of operations should be read in conjunction
with our financial statements for the quarter ended
Three-month summary ending
Three Months Ended February 28, 2023 February 28, 2022 Revenue $ Nil $ Nil Operating Expenses $ (138,762 )$ (3,182,460 ) Other income (expense) $ (81,120 ) $ (2,360 ) Net Loss $ (219,882 )$ (3,184,820 ) Expenses
Our operating expenses for the three-month periods ended
Three Months Ended February 28, 2023 February 28, 2022 General and administrative $ 127,813 $ 305,923 Mineral property exploration costs $ 10,949 $ 19,203 Impairment of mineral properties $ - $ 2,857,334
General and administrative expenses decreased by
Mineral property exploration costs decreased by
Impairment of mineral properties decreased by
Other expenses increased by
Nine Months Ended
The following summary of our results of operations should be read in conjunction
with our financial statements for the quarter ended
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Nine-month summary ending
Nine Months Ended February 28, 2023 February 28, 2022 Revenue $ Nil $ Nil Operating Expenses $ (273,985 )$ (3,337,789 ) Other income (expense) $ (73,988 ) $ 9,351 Net Loss $ (347,973 )$ (3,328,438 ) Expenses
Our operating expenses for the nine-month periods ended
Nine Months Ended February 28, 2023 February 28, 2022 General and administrative $ 244,556 $ 453,918 Mineral property exploration costs $ 29,429 $ 26,537 Impairment of mineral properties $ - $ 2,857,334
General and administrative expenses decreased by
Mineral property and exploration costs increased by
Impairment of mineral properties decreased by
Other income (expenses) decreased by
Revenue
We have not earned any revenues since our inception, and we do not anticipate earning revenues in the upcoming quarter.
Liquidity and Financial Condition
Working Capital As At As At February 28, May 31, 2023 2022 Current assets$ 7,464 $ 9,349 Current liabilities (92,284 ) (81,517 ) Working Capital Deficit$ (84,820 ) $ (72,168 )
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Cash Flows Nine Months EndedFebruary 28 ,February 28, 2023 2022
Operating Activities
Net cash used in operating activities during the nine months ended
Financing Activities
During the nine months ended
Contractual Obligations
As a "smaller reporting company", we are not required to provide tabular disclosure obligations.
Off-Balance Sheet Arrangements
We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.
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Recent Accounting Standards
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
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