Thor Explorations Announces First Quarter 2022 Financial and Operating Results, for the Three Months Ending March 31, 2022
Thor Explorations Announces First Quarter 2022 Financial and Operating Results, for the Three Months Ending March 31, 2022
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this Announcement, this inside information is now considered to be in the public domain.
Vancouver, British Columbia--(Newsfile Corp. - May 31, 2022) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide an operational and financial review for its mineral properties located in Nigeria, Senegal and Burkina Faso for the three months to March 31, 2022 ("Q1 2022" or the "Period").
The Company's Condensed Consolidated Interim Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three months ended March 31, 2022, are available on Thor Explorations' website https://thorexpl.com/investors/financials/
Operational Highlights of the Period
Achievement of commercial production with 21,343 oz of gold produced at Segilola in the Period Mill feed grade was 3.38 grammes per tonne ("g/t") gold and recovery was 94.1% The Company exported the gold regularly throughout the period selling 16,658 oz of gold and 922 oz of silver in the Period Gold dore inventory of 6,626 oz as at the end of Q1 2022 7,500 metre reverse circulation ("RC") and diamond drilling programme commenced at Segilola to test both near mine and regional drill targets that were generated during the Period and are within trucking distance of the Segilola Plant 6,000 metre RC drilling programme completed on the Douta Project, Senegal subsequent to the period.
One Lost Time Incident over the Period Commencement of the Company's 2021 Sustainability Report, which is scheduled for completion in Q2 2022 The Company has funded a range of livelihood restoration programmes to aid the local community members who lost assets (crops and trees) and land within the mine's footprint Community development included support for women's programmes, school scholarships for children from vulnerable families; road upgrades and construction of local market facilities
Financial Highlights of the Period
First gold sales in the Period generating revenues of US$24,865,482 As at March 31, 2022, the Company had cash of US$6,276,376 Shipped 16,658 oz at a cash operating cost of US$696 per oz sold and all-in sustaining cost ("AISC") of US$799 per oz sold In the Period, the Company cancelled US$1.35 million of its Senior Facility with Africa Finance Corporation ("AFC") it did not draw down. The Company also made its first scheduled debt repayment on March 31, 2022, to AFC of US$2.53 million consisting of principal and interest in accordance with the terms of its Senior Secured Facility Instalment payments on the AFC Senior Secured Facility of US$22,904,418 are due by December 31, 2022. These will be paid from cashflows during the year Following gold shipment of 16,658 oz in Q1 2022, all outstanding Mining Contractor invoices to the end of the Period were paid. The payment of the final EPC invoices, amounting to US$10,992,978 has been extended by the EPC Contractor following the delay in commercial production experienced in Q4 2021 and will be paid from cash flows during H2 2022 In Q1 2022, the Company changed its presentation currency to the United States dollar ("$"). This being the functional currency for the Company, and the currency of the primary economic environment in which the Company operates.
Post Period Highlights
Senior Management Appointments
Following the transition to commercial production, the Company is pleased to announce that James Philip has been appointed as Chief Operating Officer.
James has been the Vice President of Corporate Development at Thor since 2016 and has been instrumental in the successful development of the Segilola project and the establishment of the Company's current operating and project development platform. James has a long track record in the mining industry and brings a diversified skill set having worked in project development, strategy, corporate finance and more recently in operations. He is a graduate of the Royal School of Mines, Imperial College London with a M.Eng. degree in Earth Resources & Environmental Engineering.
The Company is also pleased to announce the appointment of Chris Omo-Osagie as Acting Chief Financial Officer, succeeding Ben Hodges who has resigned as Chief Financial Officer ("CFO"). Chris will report directly to the CEO and is not joining the Board of the Company. Ben will remain as a consultant to the Company over the next three months to ensure a smooth transition.
Chris moves into the position from Deputy Chief Finance Officer of Thor. Chris has served in various senior executive roles across North America, Europe, the Caribbean and Africa with PricewaterhouseCoopers, Deloitte, Centrica, Molson Coors and more recently as Deputy Regional Chief Finance Officer for Dangote Cement Plc in Nigeria. Chris has led and sponsored numerous business transformational projects and has extensive experience in financial reporting, finance operations, mergers and acquisitions, controls and assurance, and treasury management and also financial advisory and corporate finance services to organizations, with transaction values from US$30 million to US$45 billion, including supporting new listings on the TSX.V (Toronto Stock Exchange) and the Irish Stock Exchange.
Chris is a Chartered Accountant and Fellow of the Institute of Chartered Accountants in England and Wales, and member of the Institute of Chartered Accountants of Ontario, Canada.
Outlook
2022 production guidance of 80,000 to 100,000 oz of gold at an AISC of US$850-950 per oz Continue to advance the Douta project to preliminary feasibility study ("PFS")
Advance exploration programmes across the portfolio, focusing on near mine and underground exploration at Segilola, extension drilling at Douta as well as accessing regional targets in Nigeria
Segun Lawson, President & CEO, stated:
"Firstly, on behalf of the Company, I would like to thank Ben for his contributions since joining the Company over the last six years, seeing the Company grow from an exploration company to a gold producer. Ben has played an instrumental role acting as CFO and Company Secretary since the acquisition of the Segilola Project, supporting all financial transactions, due diligence and regulatory activities and reporting for all the Company's subsidiaries. We wish him well in all his future endeavours."
"The Company's performance in Q1 2022 provides a solid foundation for the rest of the year. Segilola is now running efficiently and the Company continues to be on track to achieve its guidance of 80,000 to 100,000 ounces of gold this year within our AISC guidance of US$850-US$950 per ounce."
"We are also proud of our Environmental, Social and Governance efforts in and around the local communities. We are particularly proud to share our inaugural sustainability report, which will be published later in the year. In particular, we are proud of our International Women's Day celebrations, where the theme was women in STEM, we continue to address the gender chasm in male dominated STEM careers."
Further details can be found on the Company's website: www.thorexpl.com
About Thor Explorations
Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol "THX".
THOR EXPLORATIONS LTD.
Segun Lawson President & CEO
For further information please contact:
Thor Explorations Ltd Email: [email protected]
Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O'Connor / James Asensio / Thomas Diehl
Tel: +44 (0) 20 7523 8000
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou
Tel: +44 (0) 20 7907 8500
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483 Email: [email protected]
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Rachael Brooks Tel: +44 207 138 3203
FY 2021 Operational Review
Segilola Project, Nigeria
During the period, there continued to be global supply chain issues resulting shortages and in increased prices for a number of essential consumables and supplies such as ammonium nitrate, diesel and spare parts. The Company has mitigated these risks through the bulk purchase of most supply chain items and anticipates that its production guidance and costs for the year remain in line.
Gold Production
During the three months ended March 31, 2022, the Segilola Mine produced 21,343 ounces of gold. There is no comparable information as the Segilola Mine achieved commercial production on January 01, 2022.
The Company exported the gold regularly throughout the period selling 16,658 ounces of gold and 922 ounces of silver in the period and had a further gold dore inventory of 6,626 ounces on hand. These ounces will be sold in the second quarter of 2022.
Mining
During the three months ended March 31, 2022, 3,759,524 tonnes of material was mined, equivalent to mining rates of 41,772 tonnes of material per day. In this period, 226,314 tonnes of ore was mined, equivalent to mining rates of 2,515 tonnes of ore per day, at an average grade of 2.68g/t.
The stockpile balance at the end of the period was 179,758 tonnes of ore at an average of 1.23g/t.
Processing
During the three months ended March 31, 2022, a total of 221,920 tonnes of ore, equivalent to a throughput rate of 2,466 tonnes per day, was processed.
The mill feed grade was 3.18g/t gold and recovery was 94.1% for a total of 21,343 ounces of gold produced. We continue to review the process plant to optimize throughput and recoveries.
For the month of March, the Segilola process plant continued to operate at a steady state, above design mill throughput, with 69,907 tonnes of ore processed at an average head grade of 3.38g/t and an overall gold recovery of 95.1% for a total of 7,220 ounces of gold produced.
All of the main operating units are performing as expected, and the plant is consistently operating above nameplate capacity. Optimization of the gold recovery process is ongoing, and the start-up issues encountered have been addressed.
Table 1: Production Metrics
Units Q1 2022
Mining
| Total Ore Mined | tonnes | 226,314 | |
| Ore Processed | tonnes | 221,900 | |
| Low Grade Ore Stockpiled | tonnes | 179,758 | |
| Waste Mined | tonnes | 3,533,610 | |
| Total Mined | tonnes | 3,759,524 | |
| Total Ore Mined Gold Grade | g/t Au | 2.68 | |
| Ore Processed | g/t Au | 3.18 | |
| Low Grade Ore Stockpiled | g/t Au | 1.23 |
Processing
| Ore Milled | tonnes | 221,920 |
| Daily Throughput Rate (average) | tpd | 2,760 |
| Daily Throughput / Nameplate Capacity | % | 128% |
Ore Processed Gold Grade g/t Au Recovery % 94.1 Gold Recovered oz 21,343
Health and Safety
The health and safety of personnel at site is of paramount importance. During the quarter there was one Lost Time Incident, four Medical Treatment Cases and eight Near Miss events.
Environmental
Environment and social activities for Q1 2022 focused on the Company's corporate sustainability aspects including upgrading the Company's corporate governance policies and the commencement of the Company's 2021 Sustainability Report, which is scheduled for completion in Q2 2022.
During Q1 2022 significant progress has been made on the Segilola Gold Mine Project's Greenhouse Gas (GHG) Procedure and Tool. The Procedure sets out how carbon equivalent (CO2 e) calculations will be undertaken for the project and how they will be reported. The GHG Procedure and Tool will be operational in Q2 2022.
The annual dry season biodiversity survey was undertaken for the Segilola Project March 2022. Generally, the overall biodiversity account of the 2022 survey showed better biodiversity parameters than that of 2021, indicating an increase and improvement in overall biodiversity and water quality status of the sites. This is thought to be linked to the fact that human interference around these sites have drastically reduced, allowing these sites to self-purify and re-grow.
Monthly environment baseline monitoring continued in Q1 2022 as per the Segilola EIA certificate requirements. The monitoring results are in compliance with permits and applicable regulations.
Community
Social and community development parameters for the Segilola Project were also progressed in Q1 2022. Of significance was signoff for start-up funding for a range for livelihood restoration programmes to aid those local community members who lost assets (crops and trees) and land within the mine's footprint. Fish farms, chicken broiler farms and vegetable plots are being designed in land surrounding the water storage dam. Land clearing has occurred, and construction is planned to commence in Q2 through to Q4 2022. Commitments to livelihood programmes were outlined in SROL's Livelihood Restoration Plan. The programmes are expected to be self-sustaining within a two-year period and operate beyond the lifetime of the mine. An agricultural expert has been seconded into the SROL team to assist in the development of the agricultural programs.
Through funding agreed via Community Development Agreements, signed with the three communities surrounding the Segilola Mine, community programmes were progressed in Q1 2022. These included support for women's programs, school scholarships for children from vulnerable families (19 scholarships awarded); road upgrades (grading of local roads) and construction of local market facilities.
To mark International Women's Day (IWD) on the 8th of March, SROL celebrated with the female children and teachers of host communities. The theme - Women in STEM -aimed at addressing the gender chasm in male dominated Science, Technology, Engineering and Maths "STEM" careers. The program was organized by SROL's Cooperate Affairs Department. In attendance were speakers and guests from the Ministry of Mines and Steel Development and the Chairperson from Atakunmosa East LGA.
Compensation for the Segilola project footprint continued in Q1 2022. The compensation budget for the Project sits at $3.5 million in line with the overall compensation budget for the Project. This provides compensation for 234 landowners and 1044 asset owners (March 2022). Additionally, compensation for temporary loss of assets and lands impacted by exploration activities (at 10 explorations sites across 3 states in Nigeria) stands at ~$288,000 for 415 asset and landowners (as of March 2022).
Exploration
Douta Project, Senegal
In November 2021 Thor issued a Maiden mineral resource estimate ("MRE") for the Makosa deposit at the Douta Gold Project ("Douta") in Senegal. The MRE is classified as Inferred Resources and is constrained within optimised pit shells and comprises 15.3 million tonnes grading 1.5 g/t gold for 730,000 ounces of gold.
Reverse circulation (RC) drilling commenced during the quarter. The main objectives of this program are:
Extensional drilling northwards from the Makosa Resource that will bridge the gap between Makosa and Mansa prospect.
Initial exploration drilling at Sambara Prospect.
Table 2: Douta RC Drilling Statistics
Prospect No. of Holes Metres DrilledNo. of Samples
| Makosa North | 54 | 3,572 | 4,199 |
| Sambara | 46 | 3,036 | 3,573 |
| 100 | 6,608 | 7,772 |
Regional Exploration, Nigeria
The high grade Segilola gold deposit is located on the major regional shear zone that extends for several hundred kilometres through the gold-bearing Ilesha schist belt (structural corridor) of Nigeria. Thor's exploration tenure now comprises nine explorations licences and five joint venture partnership exploration licences. Together with the mining lease over the Segilola Gold Deposit Thor's total exploration tenure amounts to over 1,252 square kilometres.
Exploration during the quarter comprised on-going regional steam sediment sampling, soil sampling and termite mound sampling in the exploration lease located both north and south of the Segilola Gold Deposit. Activity during the quarter generated a total of 4,330 surface geochemical samples (Figure 2.1).
Sample turnaround in Nigeria is currently being affected by the delayed commissioning of the exploration laboratory which the Company anticipates will be commissioned in July 2022. Until the exploration lab is commissioned, the Company continues to send its samples to third party laboratories in Ghana and Canada.
An extensive soil geochemical survey commenced at the new exploration lease (EL34429) that is owned 100% by Thor. A total of 647 surface soil samples were collected together with 26 rock chip samples. Detailed geological mapping has been completed withing the exploration permit. This lease is located 160km north from Segilola in a newly identified gold-bearing schist belt. Follow up geochemical surveys, including 801 auger-assisted soil samples, were completed in the north-western sector of EL29978 where several anomalous stream sediment samples were previously collected.
Subsequent to the period, the Company commenced a 7,500 metre combined reverse circulation and diamond drilling program on a number of drill targets within trucking distance of the Segilola Processing Plant.
COVID-19 Pandemic
The COVID-19 pandemic continued in 2021 and has had a significant impact on businesses through restrictions put in place by governments around the world including the jurisdictions in which we conduct our business. Over the last two years, aspects of the Company's operations have been impacted by COVID-19 for a variety of reasons, such as government and other restrictions on transportation and the mobility of personnel and mandatory quarantine periods and border closures.
As of the date of this MD&A, it is not possible to determine the extent of the impact that this pandemic will have on our activities as the impacts will depend on future developments which themselves are uncertain and cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease, its extent and intensity, the duration of the outbreak, and possible government, societal, and individual responses to the situation.
Possible impacts of the continuing or worsening spread of COVID-19, including new variants of the virus, may include mandated or voluntary closures of operations, illness among the Company's workforce, restricted mobility of personnel, interruptions in the Company's logistics and supply chain, delay at or closure of the Company's refining and smelting service providers and global travel restrictions, all of which could disrupt the Company's operations and negatively impact its financial performance.
SUBSEQUENT EVENTS
Appointments
Following the period end, the Company appointed James Philip as Chief Operating Officer, and Chris Omo-Osagie as Acting Chief Finance Officer.
We believe that both James and Chris' operational experience will be valuable in taking us through the next phase of our evolution into a multi asset development, management, and operating group.
Resignation
Ben Hodges has resigned from his position as Chief Finance Officer and will be transitioning from the Company over the next three months.
We are extremely grateful to Ben for his commitment and service during a very important period of the Company's development and we wish Ben the very best in his future pursuits.
OUTLOOK AND UPCOMING MILESTONES
This Section 5 of the MD&A contains forward looking information as defined by National Instrument 51- 102. Refer to Section 16 of this MD&A for further information on forward looking statements.
We are focussed on advancing the Company's strategic objectives and near-term milestones which include:
Maintain our rigorous health and safety protocols 2022 Operational Guidance and Outlook
oz 80,000- Gold Production 100,000 All-in Sustaining Cost ("AISC") US$/oz Au sold $850 - $950 Capital Expenditure US$ 9,243,000 Exploration:
Nigeria US$ 4,200,000 Senegal US$ 2,000,000
The critical factors that influence whether Segilola can achieve these targets include:
Segilola's ability to maintain an adequate supply of consumables (in particular Ammonium Nitrate, Flux and Cyanide) and equipment, particularly if there is any resurgence in the COVID- 19 pandemic Fluctuations in the price of key consumables, in particular Ammonium Nitrate, and Diesel Commissioning of the CNG generators in May 2022, thereby reducing the cost of power generation to the process plant Segilola's workforce remaining healthy Continuing to receive full and on-time payment for gold sales Continuing to be able to make local and international payments in the ordinary course of business
Continue to advance the Douta project to preliminary feasibility study ("PFS")
Continue to advance exploration programs across the portfolio:
Segilola near mine exploration Segilola underground project Segilola regional exploration program Douta extension program Douta infill program Assess regional potential targets in Nigeria
SUMMARY OF QUARTERLY RESULTS
The table below sets forth selected results of operations for the Company's eight most recently completed quarters.
Table 2: Summary of quarterly results
| 2022 Q1 | 2021 Q4 | 2021 Q3 | 2021 Q2 | |
|---|---|---|---|---|
| $ | Mar 31 | Dec 31 | Sep 30 | Jun 30 |
| Revenues | 24,865,482 | 6,205,345 | - | - |
| Net profit/(loss) for period | 200,473 | 2,665,653 | 460,745 | (5,582,090) |
Basic and fully diluted profit/(loss) per
| share (cents) | 0.00 | 0.40 | 0.08 | (0.90) |
| 2021 Q1 | 2020 Q4 | 2020 Q3 | 2020 Q2 | |
| $ | Mar 31 | Dec 31 | Sep 30 | Jun 30 |
| Revenues | - | - | - | - |
| Net profit/(loss) for period | (67,365) | (1,560,694) | (1,030,715) | 812,003 |
Basic and fully diluted profit/(loss) per share (cents) (0.05) (0.25) (0.17) 0.16
RESULTS FOR THREE MONTHS ENDED March 31, 2022
The review of the results of operations should be read in conjunction with the Company's Consolidated Financial Statements and notes thereto.
The Company reported a net profit of $200,473 ($0.00 profit per share) for the three months March 31, 2022, as compared to a net (loss) of ($67,365) ($0.05 loss per share) for the three months ended March 31, 2021. The move to profit for the three months was largely due to:
sales in Q1 2022 of $24,865,482 in Q1 2021 (nil);
foreign exchange gains of $2,183,811 from gains of $1,153,721 in Q1 2021
These were offset partially by:
Amortisation and depreciation of $7,679,808; and Interest of $3,758,131
The Company recorded sales revenue of $24,865,482 for the three months ended March 31, 2022, and $nil for the three months to March 31,2021. No interest was earned during the three months ended March 31, 2022, and 2021.
LIQUIDITY AND CAPITAL RESOURCES
As at March 31, 2022, the Company had cash of $6,276,376 and 6,626 ounces of gold to be sold and a working capital deficit of ($38,511,529).
The increase in cash from December 31, 2021 (cash of $1,276,270) is due mainly to gold sales revenue of $24,865,482, offset by payment of lease liabilities of $1,213,678, intangible exploration assets expenditures of $715,626, the purchase of property plant and equipment of $7,573,148 and operational costs and corporate overheads of $13,708.578. This cash expenditure was financed by operational cashflow and existing cash balances.
The EPC Contractor has confirmed that it will support the Company by extending the payment period of the final EPC invoices and has acknowledged that the Company will make payment of the final EPC invoices from available cashflow.
Unaudited Financial Statements
THOR EXPLORATIONS LTD.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION In United States dollars (unaudited)
March 31, December 31,
2022 2021 $ $ Note
ASSETS Current assets
| Cash | 6,276,376 | 1,276,270 | |
| Restricted cash | 6 | - 3,495,992 | |
| Inventory | 7 | 16,534,943 | 18,146,558 |
| Amounts receivable | 8 | 191,876 | 237,651 |
| Prepaid expenses, advances and deposits | 9 | 918,219 | 586,865 |
| Total current assets | 23,921,414 | 23,743,336 |
Non-current assets
| Deferred income tax assets | 84,794 | 86,795 | |||
| Prepaid expenses, advances and deposits | 9 | 103,790 | 105,683 | ||
| Right-of-use assets | 10 | 19,707,915 | 20,843,612 | ||
| Property, plant and equipment | 15 | 146,438,336 147,373,656 | |||
| Intangible assets | 16 | 15,466,490 | 15,345,419 |
Total non-current assets 181,801,325 183,755,165 TOTAL ASSETS 205,722,739 207,498,501
LIABILITIES Current liabilities
| Accounts payable and accrued liabilities | 17 | 31,834,095 | 38,827,489 |
| Deferred income | 18 | 6,233,347 | - |
| Lease liabilities | 10 | 4,854,714 | 4,849,088 |
| Gold stream liability | 11 | 12,889,957 | 12,837,633 |
| Loans and other borrowings | 12 | 28,441,348 | 27,984,078 |
| Total current liabilities | 84,253,461 | 84,498,288 |
Non-current liabilities 1,031,309
Accounts payable and accrued liabilities 17 1,564,191
12,587,430
Lease liabilities 10 13,425,286
16,860,524
Gold stream liability 11 17,424,646
25,733,198
Loans and other borrowings 12 25,754,525
5,341,369
Provision for restoration costs 14 5,238,176 Total non-current liabilities 61,553,830 63,406,824
SHAREHOLDERS' EQUITY 79,949,297
Common shares 19 79,027,183
3,455,454
Option Reserve 19 4,513,900
(3,690,038)
Currency translation reserve (2,889,510)
(19,799,265)
Deficit (21,058,184) Total shareholders' equity 59,915,448 59,593,389 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 205,722,739 207,498,501
These consolidated financial statements were approved for issue by the Board of Directors on May 30, 2022, and are signed on its behalf by:
(Signed) "Adrian Coates" (Signed) "Olusegun Lawson"
Director Director
The accompanying notes are an integral part of these consolidated financial statements.
THOR EXPLORATIONS LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE LOSS FOR THE THREE MONTHS ENDED MARCH 31, In United States dollars (unaudited)
Three Months Ended March 31,
Note 2022 2021
Continuing operations
Revenue $ 24,865,482 $ - Production costs (13,386,659) - Transportation and refining (502,222)
Royalties (550,765)
| Loss on forward sale of commodity contracts | (294,922) | - | ||
| Gross profit from operations | 10,130,914 | - | ||
| Administrative expenses | 5 | (1,516,936) | (1,106,943) | |
| Amortisation and depreciation | 5 | (6,162,872) | (17,501) | |
| Other expenses | 5 | (673,612) | - | |
| Impairment of Exploration & Evaluation assets | 16 | (2,701) | (96,317) | |
| Profit (loss) from operations | 1,774,793 | (1,220,761) | ||
| Interest expense | (3,758,131) | (325) | ||
| Foreign exchange gains | 2,183,811 | 1,153,721 | ||
| Net profit (loss) before taxes | $ | 200,473 $ | (67,365) | |
| Tax expense | - | - | ||
| Net profit (loss) for the period | $ | 200,473 $ | (67,365) |
Other comprehensive loss
Foreign currency translation loss attributed to
| equity shareholders of the Company* | (800,528) | (822,207) |
| Total comprehensive loss for the period | $ (600,055) $ | (889,572) |
| Net loss per share - basic and diluted | 20 $ (0.000) $ | (0.000) |
Weighted average number of common shares
outstanding - basic and diluted 635,508,743 621,405,975
- Items that may be reclassified to profit or loss.
The accompanying notes are an integral part of these consolidated financial statements.
THOR EXPLORATIONS LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, In United States dollars (unaudited)
Three Months Ended March 31, Note 2022 2021
Cash flows from (used in):
Operating activities $
Net loss for the period 200,473 $ (67,365) Adjustments for:
| Foreign exchange gains | 714,995 | (893,620) |
| Impairment of receivables | - | (56,042) |
| Impairment of Exploration & Evaluation Assets | 16 2,701 | 96,316 |
| Depreciation | 5,004,617 | 17,502 |
| Loss on forward sale commodity contracts | 294,923 | - |
| Interest expense | 3,752,766 | 325 |
Changes in non-cash working capital items 22 3,738,103 (2,463,755) Cash utilized in operations 13,708,578 (3,366,640) Adjustments to net loss for cash items Realized foreign exchange loss 150,080 191,002 Net operating cash flows 13,858,658 (3,175,638)
Investing activities
| Purchases of property, plant and equipment | 15 | (7,573,148) | (991,891) |
| Assets under construction expenditures | 15 | - (9,100,531) | |
| Exploration and evaluation expenditures | 16 | (715,626) | (585,184) |
| Purchase of other intangible assets | 16 | (169) | - |
Net investing cash flows (8,288,943) (10,677,606)
Financing
| Proceeds from issuance of equity securities | 919,162 | - | ||
| Borrowing costs paid | 12 | - (72,454) | ||
| Proceeds from loans and borrowings | 12 | 1,753,388 | - | |
| Repayments of loans and borrowings | 12 | (1,983,834) | - | |
| Payment of lease liabilities | 10 | (1,213,678) | (12,243) | |
| Interest paid | 11 | (1,214,587) | - | |
| Net financing cash flows | (1,739,549) | (84,697) | ||
| Effect of exchange rates on cash | 1,169,940 | 373,237 | ||
| Net change in cash | 5,000,106 | (13,564,705) | ||
| Cash, beginning of the period | 1,276,270 | 22,239,182 |
Cash, end of the period $ 6,276,376 $ 8,674,477
Supplemental cash flow information (Note 22)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
THOR EXPLORATIONS LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY In United States dollars (unaudited)
Currency Tota Common Option translation shareho Note Shares Reserve reserve Deficit equi
Balance on December 31, 2020 $ 76,858,769 $ 4,626,426 $ (594,661)$(19,562,232)$ 61,704
| Reinstatement of warrants | 19 - | - | - | (45,899) | |
| Net loss for the period | - | - | - | (67,364) | (67 |
| loss | - | - (804,019) | - | (804 |
Balance on March 31, 2021 $ 76,858,769 $ 4,626,426 $(1,398,680)$(19,675,495)$ 60,832 Exercise of warrants 19 2,073,451 - - 421,794 2,073 Options exercised 19 94,963 (112,527) - 112,527 94