FIORE GOLD LTD. Condensed Consolidated Financial Statements
FIORE GOLD LTD.
(unaudited)
For the Three and Nine Months Ended June 30, 2021
(Expressed in U.S. Dollars)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited, in $000's of U.S. dollars, except share and per share data)
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||
Note | 2021 | 2020 | 2021 | 2020 |
Revenue | 11 | $ | ||
Operating Costs | ||||
Production Costs | 12 | |||
Royalties | ||||
Depreciation and Depletion | ||||
Total Operating Costs | $ | |||
Mine Operating Income | ||||
Other Operating Expenses | ||||
Project Exploration | ||||
General & Administrative | 13 | |||
Total Other Operating Expenses | ||||
Income from Operations | ||||
Other Income / (Expense) | ||||
Accretion | 8 | |||
Loss / (Gain) on Change of Environmental Closure Assets | 8 | |||
Loss on Sale of Mineral Property | ||||
Unrealized Loss on Derivatives, net | 9 | |||
Other Expense | ||||
Total Other Expense, net | $ | |||
21,308 | $ | 21,959 | $ | 57,796 | $ | 53,989 | |||
(11,804) | (10,829) | (29,591) | (30,740) | ||||||
(854) | (874) | (2,328) | (2,158) | ||||||
(1,448) | (1,952) | (4,316) | (5,117) | ||||||
(14,106) | $ | (13,655) | $ | (36,235) | $ | (38,015) | |||
7,202 | 8,304 | 21,561 | 15,974 | ||||||
(71) | (297) | (279) | (1,636) | ||||||
(1,721) | (1,499) | (5,372) | (3,866) | ||||||
(1,792) | (1,796) | (5,651) | (5,502) | ||||||
5,410 | 6,508 | 15,910 | 10,472 | ||||||
(100) | (177) | (296) | (527) | ||||||
(138) | - | 229 | - | ||||||
- | - | - | (31) | ||||||
- | (580) | - | (142) | ||||||
(21) | (36) | (95) | (123) | ||||||
(259) | $ | (793) | $ | (162) | $ | (823) | |||
Income Before Income Tax | 5,151 | 5,715 | 15,748 | 9,649 | |||||||||
Income and Mining Tax Expense | (1,011) | (579) | (2,616) | (1,035) | |||||||||
Net Income | $ | 4,140 | $ | 5,136 | $ | 13,132 | $ | 8,614 | |||||
Other Comprehensive Loss for the Period: | |||||||||||||
Cumulative Translation Adjustment | 1 | (1) | 1 | (17) | |||||||||
Comprehensive Income for the Period | $ | 4,141 | $ | 5,135 | $ | 13,133 | $ | 8,597 | |||||
Earnings Per Share | |||||||||||||
Basic | 14 | $ | 0.04 | $ | 0.05 | $ | 0.13 | $ | 0.09 | ||||
Diluted | 14 | $ | 0.04 | $ | 0.05 | $ | 0.12 | $ | 0.08 | ||||
Weighted Average Shares Outstanding | |||||||||||||
Basic | 14 | 99,349,636 | 98,047,378 | 99,133,254 | 97,950,694 | ||||||||
Diluted | 14 | 105,380,335 | 101,647,710 | 105,173,758 | 101,376,026 |
2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(unaudited, in $000's of U.S. Dollars)
Note | June 30, 2021 | September 30, 2020 | |||||
ASSETS | |||||||
Current Assets | |||||||
Cash and Cash Equivalents | $ | 18,481 | $ | 23,207 | |||
Inventories | 3 | 32,301 | 26,256 | ||||
Prepaid Expenses and Other Current Assets | 4 | 1,280 | 1,323 | ||||
Total Current Assets | 52,062 | 50,786 | |||||
Long Term Assets | |||||||
Mineral Property, Plant and Equipment | 5 | 19,540 | 11,412 | ||||
Evaluation Assets | 6 | 8,789 | 4,512 | ||||
Reclamation Deposits | 8 | 6,524 | 6,510 | ||||
Deferred Tax Assets, net | - | 814 | |||||
Other Long Term Assets | 4 | 1,812 | 1,736 | ||||
Total Long Term Assets | 36,665 | 24,984 | |||||
Total Assets | $ | 88,727 | $ | 75,770 | |||
LIABILITIES | |||||||
Current Liabilities | |||||||
Accounts Payable and Accrued Liabilities | $ | 5,558 | $ | 5,153 | |||
Accrued Income and Mining Taxes | 1,389 | 2,032 | |||||
Accrued Payroll and Related Benefits | 1,566 | 2,260 | |||||
Lease Obligation | 7 | 1,427 | 1,298 | ||||
Total Current Liabilities | 9,940 | 10,743 | |||||
Long Term Liabilities | |||||||
Accrued Reclamation and Remediation | 8 | 6,033 | 5,843 | ||||
Lease Obligation | 7 | 281 | 1,388 | ||||
Deferred Tax Liabilities | 335 | - | |||||
Other Long Term Liabilities | 29 | - | |||||
Total Long Term Liabilities | 6,678 | 7,231 | |||||
Total Liabilities | $ | 16,618 | $ | 17,974 | |||
EQUITY | |||||||
Share Capital | 10 | $ | 52,291 | $ | 51,526 | ||
Reserves | 10 | 5,590 | 5,175 | ||||
Accumulated Other Comprehensive Loss | (65) | (66) | |||||
Retained Earnings | 14,293 | 1,161 | |||||
Total Equity | 72,109 | 57,796 | |||||
Total Liabilities and Equity | $ | 88,727 | $ | 75,770 |
Approved on behalf of the Board of Directors and authorized for issue on August 25, 2021:
"Peter T. Hemstead" | "Peter C. Tallman" |
Director (Chair of the Audit Committee) | Director |
"Matthew L. Manson" | |
Director |
3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in $000's of U.S. dollars)
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||
Note | 2021 | 2020 | 2021 | 2020 |
OPERATING ACTIVITIES | ||||
Net Income | $ | |||
Adjustments for: | ||||
Depreciation and Depletion | ||||
Accretion | 8 | |||
Share-Based Compensation | 10 | |||
Loss / (Gain) on Change of Environmental Closure Assets | 8 | |||
Loss on Derivatives, net | 9 | |||
Income and Mining Tax Expense | ||||
Income and Mining Taxes Paid | ||||
(Gain) / Loss on Sale of Property, Plant and Equipment | ||||
Other | ||||
Change in Assets and Liabilities: | ||||
Other Receivables and Contract Asset | ||||
Inventories | ||||
Prepaid Expenses and Other Assets | ||||
Accounts Payable and Accrued Liabilities | ||||
Net Cash Provided by Operating Activities | $ | |||
INVESTING ACTIVITIES | ||||
Additions to Mineral Property, Plant and Equipment | 5 | |||
Expenditures on Evaluation Assets | 6 | |||
Reclamation Deposit | ||||
Advanced Royalties | 4 | |||
Net Cash Used in Investing Activities | $ | |||
FINANCING ACTIVITIES | ||||
Proceeds from Stock Option Exercises | 10 | |||
Repayment of Lease Obligations | 7 | |||
Interest Paid | ||||
Net Cash Used in Financing Activities | $ | |||
Effect of Exchange Rates on Cash | ||||
Increase in Cash and Cash Equivalents | ||||
Cash and Cash Equivalents, Beginning of Period | ||||
Cash and Cash Equivalents, End of Period | $ |
4,140 | $ | 5,136 | $ | 13,132 | $ | 8,614 | |||
1,503 | 2,014 | 4,478 | 5,289 | ||||||
100 | 177 | 296 | 527 | ||||||
317 | 37 | 794 | 190 | ||||||
138 | - | (229) | - | ||||||
- | 580 | - | 142 | ||||||
1,011 | 579 | 2,616 | 1,035 | ||||||
(1,940) | (682) | (2,110) | (682) | ||||||
(12) | - | (19) | 31 | ||||||
37 | 60 | 127 | 196 | ||||||
(77) | 21 | 143 | 175 | ||||||
(1,366) | 619 | (7,097) | (2,658) | ||||||
439 | 398 | 200 | 644 | ||||||
1,724 | 1,518 | 325 | 921 | ||||||
6,014 | $ | 10,457 | $ | 12,656 | $ | 14,424 | |||
(3,566) | (1,703) | (11,341) | (2,765) | ||||||
(1,128) | (198) | (4,986) | (198) | ||||||
(5) | (19) | (15) | (56) | ||||||
- | - | (376) | (328) | ||||||
(4,699) | $ | (1,920) | $ | (16,718) | $ | (3,347) | |||
7 | - | 416 | 39 | ||||||
(320) | (316) | (954) | (924) | ||||||
(36) | (60) | (127) | (196) | ||||||
(349) | $ | (376) | $ | (665) | $ | (1,081) | |||
- | - | 1 | (4) | ||||||
966 | 8,161 | (4,726) | 9,992 | ||||||
17,515 | 9,111 | 23,207 | 7,280 | ||||||
18,481 | $ | 17,272 | $ | 18,481 | $ | 17,272 |
Non-Cash Investing and Financing Activities | |||||
Accounts Payable Change Relating to Capital Additions | (956) | (257) | 115 | 133 | |
Accounts Payable Change Relating to Evaluation Assets | 410 | 291 | (754) | 291 | |
Right-of-Use Asset / Liability Additions | 5 | - | - | - | 789 |
Change in Environmental Closure Assets | 5 | (52) | 124 | 867 | |
Receivables from Sale of Mineral Property | 5 | - | - | - | 155 |
4 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited, in $000's of U.S. dollars, except share data)
Share Capital | Reserves | ||||||||||||||||||||
Share | |||||||||||||||||||||
(Note 10) | Based | Earnings / | |||||||||||||||||||
Shares | Amount | Payments | Warrants | AOCI | (Deficit) | Total Equity | |||||||||||||||
Balance at October 1, 2019 | 97,778,128 | $ | 50,731 | $ | 5,382 | $ | 51 | $ | (49) | $ | (16,796) | $ | 39,319 | ||||||||
Share-Based Compensation | - | - | 190 | - | - | - | 190 | ||||||||||||||
Issued on Exercise of Share Options | 269,250 | 270 | (231) | - | - | - | 39 | ||||||||||||||
Other Comprehensive Loss | - | - | - | - | (17) | - | (17) | ||||||||||||||
Net Income | - | - | - | - | - | 8,614 | 8,614 | ||||||||||||||
Balance at June 30, 2020 | 98,047,378 | $ | 51,001 | $ | 5,341 | $ | 51 | $ | (66) | $ | (8,182) | $ | 48,145 | ||||||||
Share-Based Compensation | - | - | 31 | - | - | - | 31 | ||||||||||||||
Issued on Exercise of Share Options | 462,750 | 484 | (248) | - | - | - | 236 | ||||||||||||||
Issues on Exercise of Warrants | 31,005 | 41 | - | - | - | - | 41 | ||||||||||||||
Other Comprehensive Loss | - | - | - | - | - | - | - | ||||||||||||||
Net Income | - | - | - | - | - | 9,343 | 9,343 | ||||||||||||||
Balance at September 30, 2020 | 98,541,133 | $ | 51,526 | $ | 5,124 | $ | 51 | $ | (66) | $ | 1,161 | $ | 57,796 | ||||||||
Share-Based Compensation | - | - | 764 | - | - | - | 764 | ||||||||||||||
Issued on Exercise of Share Options | 821,250 | 756 | (340) | - | - | - | 416 | ||||||||||||||
Issued on Vest of Restricted Share Units | 9,883 | 9 | (9) | - | - | - | - | ||||||||||||||
Other Comprehensive Gain | - | - | - | - | 1 | - | 1 | ||||||||||||||
Net Income | - | - | - | - | - | 13,132 | 13,132 | ||||||||||||||
Balance at June 30, 2021 | 99,372,266 | $ | 52,291 | $ | 5,539 | $ | 51 | $ | (65) | $ | 14,293 | $ | 72,109 |
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Fiore Gold Ltd. published this content on 27 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2021 03:00:07 UTC.
