KALAHARI RESOURCES INC.

Size: px
Start display at page:

Download "KALAHARI RESOURCES INC."

Transcription

1 CONSOLIDATED FINANCIAL STATEMENTS MAY 31, 2007 AND 2006 (Expressed in Canadian Dollars)

2 AUDITORS' REPORT To the Shareholders of Kalahari Resources Inc. We have audited the consolidated balance sheets of Kalahari Resources Inc. as at May 31, 2007 and 2006 and the consolidated statements of operations and deficit, and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at May 31, 2007 and 2006 and the results of its operations and its cash flows for the years then ended in accordance with Canadian generally accepted accounting principles. Vancouver, Canada September 25, 2007 Morgan & Company Chartered Accountants

3 CONSOLIDATED BALANCE SHEETS (Expressed in Canadian Dollars) MAY ASSETS Current Cash and cash equivalents $ 122,555 $ 180,100 Accounts receivable 8,088 19,670 Mining exploration tax credits recoverable 312, ,503 Prepaid expenses 2,022 12, , ,970 Equipment (Note 3) 2,997 4,007 Exploration Advances 128,000 - Mineral Properties (Note 4) 2,363,819 1,856,032 LIABILITIES $ 2,939,762 $ 2,479,009 Current Accounts payable and accrued liabilities $ 253,269 $ 269,451 Due to related parties (Note 6) 234, , , ,104 SHAREHOLDERS EQUITY Share Capital (Note 5) 31,818,300 30,958,640 Share Subscription Advances 60,000 60,000 Contributed Surplus 1,164, ,555 Deficit (30,590,908) (29,493,290) 2,451,947 2,050,905 Approved on behalf of the Board of Directors: $ 2,939,762 $ 2,479,009 Richard Hughes Director Alan Campbell Director The accompanying notes are an integral part of these consolidated financial statements.

4 CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT (Expressed in Canadian Dollars) YEARS ENDED MAY Expenses Administrative services $ 337,726 $ 105,055 Amortization 1,010 1,375 Bank charges and interest 5, Consulting 129, ,280 Part XII.6 tax 9,894 - Postage, courier and telecommunications ,504 Professional fees 42,502 42,102 Management fees 60,000 45,200 Regulatory fees 33,742 14,760 Salaries and benefits - 7,389 Stock based compensation 639,000 - Travel and promotion 26,333 30,551 1,285, ,884 Loss Before Other Income (1,285,419) (387,884) Other Income Interest earned 4,721 3,044 Unrealized foreign currency translation gain 4,240 20,559 8,961 23,603 Loss Before Income Taxes (1,276,458) (364,281) Future Income Taxes Recovered 178,840 - Net Loss For The Year (1,097,618) (364,281) Deficit, Beginning Of Year (29,493,290) (29,129,009) Deficit, End Of Year $ (30,590,908) $ (29,493,290) Loss Per Share, Basic and diluted $ (0.01) $ (0.00) Weighted Average Number Of Shares Outstanding, Basic and diluted 115,948,037 98,805,726 The accompanying notes are an integral part of these consolidated financial statements.

5 CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in Canadian Dollars) Cash Flows Provided By (Used In) YEARS ENDED MAY Operating Activities Net loss for the year $ (1,097,618) $ (364,281) Non-cash items: Amortization 1,010 1,375 Stock based compensation 639,000 - Future income taxes recovered (178,840) - Unrealized foreign currency translation gain 4,240 (20,559) Changes in non-cash operating assets and liabilities: Accounts receivable 11,582 2,603 Prepaid expenses 10, Accounts payable and accrued liabilities (20,423) (44,963) Due to related parties 75,893 52,365 (554,480) (373,098) Investing Activities Exploration advances (128,000) - Acquisition costs (275,000) (84,852) Exploration costs (232,787) (118,335) Mining tax credits 94, ,357 (541,565) 136,170 Financing Activities Share issuances 1,077, ,667 Share issue costs (39,000) (3,200) Share subscription received - 6,000 1,038, ,467 Increase (Decrease) In Cash And Cash Equivalents (57,545) 147,539 Cash And Cash Equivalents, Beginning Of Year 180,100 32,561 Cash And Cash Equivalents, End Of Year $ 122,555 $ 180,100 Supplemental Cash Flow Information Income taxes paid (received) $ - $ - Non-cash investing and financing activities Debt settlement credited to mineral properties $ (38,838) $ - The accompanying notes are an integral part of these consolidated financial statements.

6 1. NATURE OF BUSINESS AND CONTINUED OPERATIONS Kalahari Resources Inc. (the Company ) is a public company listed on the TSX Venture Exchange ( TSX.V ). The Company was incorporated under the laws of the Province of British Columbia, Canada, and is primarily engaged in the acquisition, exploration and development of mineral properties located in Canada. The recoverability of amounts shown for mineral properties and capitalized costs is dependent upon the discovery of economically recoverable reserves, confirmation of the Company s interest in the underlying mineral claims, the ability of the Company to obtain necessary financing to complete the development, and future profitable production or proceeds from the disposition thereof. These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its commitments, realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company incurred a loss of $1,097,618 for the year ended May 31, 2007 ( $364,281) and as at May 31, 2007 the Company did not have sufficient cash to meet minimum general and administration expenses for the year ending May 31, These conditions raise significant doubt about the appropriateness of the going concern assumption. The Company s ability to continue its operations on a going concern basis is dependent upon the continuing financial support of related parties, obtaining additional debt or equity financing, and/or achieving profitable operations in the year ending May 31, Management plans to raise additional financing in the fiscal 2008 year to fund the Company s operating and investing activities. The success of these efforts is not determinable at this time. These consolidated financial statements do not reflect adjustments to the carrying values of assets and liabilities that would be necessary should the Company be unable to continue as a going concern and such adjustments could be material. 2. SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared in accordance with Canadian generally accepted accounting principles ( GAAP ) as prescribed by The Canadian Institute of Chartered Accountants ( CICA ).

7 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) a) Basis of Consolidation The consolidated financial statements include the accounts of the following wholly owned inactive subsidiaries: INCORPORATION Caldera Gold Ltd. Geomex Canada S.A. de C.V. Minera Kalahari S.A. de C.V. Kalahari Explorations, LLC Kalahari Minerals, LLC British Columbia Mexico Mexico U.S.A. U.S.A. b) Variable Interest Entities The CICA issued Accounting Guideline 15, Consolidation of Variable Interest Entities, to provide accounting guidance related to variable interest entities ( VIE ). A VIE is an entity in which equity investors do not have the characteristics of a controlling financial interest or there is not sufficient equity at risk for the entity to finance its activities without additional subordinates financial support. The Company has determined that it does not have a primary beneficiary interest in a VIE. c) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods then ended. Actual results could differ from those estimates. The significant areas requiring the use of management estimates relate to the determination of impairment in the carrying values for long-lived assets, the existence of contingent assets and liabilities, and values ascribed to related party transactions and balances. Management reviews significant estimates on a periodic basis and, when changes in estimates are necessary, makes adjustments prospectively. d) Financial Instruments The Company s financial instruments consist of cash and cash equivalents, accounts receivable, mining exploration tax credits recoverable, exploration advances, accounts payable and accrued liabilities and amounts due to related parties. It is management s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair value of the financial instruments approximates their carrying value.

8 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) e) Foreign Currency Translation Currency transactions and balances are translated into the Canadian dollar reporting currency using the temporal method as follows: i) Monetary items are translated at the rates prevailing at the balance sheet date; ii) Non-monetary items are translated at historical rates; iii) Revenues and expenses are translated at the average rates in effect during applicable accounting periods, except amortization, which is translated at historical rates; iv) Gains and losses on foreign currency translation are reflected in the consolidated statements of operations. f) Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term deposits with maturities of no more than ninety days. g) Equipment Equipment is recorded at cost less accumulated amortization. Amortization is calculated using the declining balance method at the following annual rates: h) Mineral Properties Computer equipment 30% Office equipment 20% Computer software 100% Mineral properties comprise acquisition costs including option payments to maintain mineral property titles in good standing and capitalized exploration costs directly incurred on the properties. The Company records its interest in mineral properties and related expenditures at cost or at an ascribed amount if the consideration is common shares, less option payments received. From time to time, the Company acquires or sells property interests pursuant to the terms of option agreements. As options are exercisable entirely at the discretion of the optionee, the related amounts are recorded only upon payment or receipt. Recorded amounts are capitalized until the properties are sold, abandoned or brought into production. Capitalized costs related to sold or abandoned properties are written off in the period of sale or abandonment. Capitalized costs related to producing properties are amortized to production on the unit-ofproduction method, based upon estimated production capacity.

9 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) i) Impairment of Long-Lived Assets Long-lived assets include mineral properties. Long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Impairment or write downs are recorded in the event the net book value of such assets exceeds the estimated indicated future cash flows attributable to such assets. j) Asset Retirement Obligations The Company is required to recognize a liability for an asset retirement obligation on long-lived assets when a legal liability exists and the amount of the liability is reasonably determinable. Asset retirement obligations are calculated on discounted future payment estimates and the liability is accreted over the expected term of the obligation. Subsequent adjustments are made on a prospective basis when there are changes to the underlying assumptions. Corresponding amounts and adjustments are added to the carrying value of the related long-lived asset and amortized or depleted to operations in accordance with accounting policy. The Company has determined that it has no legal obligation for reclamation and remediation costs. k) Share Capital i) Non-monetary consideration - Shares, agent s warrants, stock options and other equity instruments issued as purchase consideration in non-monetary transactions are recorded at fair value determined by management using the Black-Scholes option pricing model. The fair value of the shares issued is based on the trading price of those shares on the TSX.V on the date of the agreement to issue shares as determined by the Board of Directors. ii) Flow-through shares - Resource expenditure deductions for Canadian income tax purposes related to Canadian exploration and development activities funded by flowthrough share arrangements are renounced to investors in accordance with income tax legislation. The Company follows the accounting prescribed by the CICA Emerging Issues Committee ( EIC ) in EIC-146 Flow-through Shares. On the date the expenditures are renounced, a future income tax liability and a corresponding reduction in the share capital is recorded. The future income tax liability is offset by available future income tax assets and the Company records the future income tax benefit in the statement of operations as a recovery of future income taxes otherwise payable.

10 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) k) Share Capital (Continued) iii) Stock based compensation - Compensatory stock option transactions with directors, officers, employees and outside consultants are charged to operations or capitalized to mineral properties with an offsetting credit to contributed surplus. Stock options which vest immediately are recorded at the date of grant. Stock options issued to directors, officers and employees that vest over time are valued at the grant date and recorded using the straight line method over the vesting period. Stock options issued to outside consultants that vest over time are valued at the grant date and recorded using the straight line method over the vesting period and subsequently revalued and adjusted on each vesting date. Consideration received on the exercise of stock options together with the related portion previously recorded in contributed surplus is credited to share capital. iv) Share issuance costs - Costs directly identifiable with the raising of share capital financing are charged against share capital. Share issuance costs incurred in advance of share subscriptions are recorded as non-current deferred assets. Share issuance costs related to uncompleted share subscriptions are charged to operations. l) Income Taxes Income taxes are calculated using the liability method of accounting. Temporary differences arising from the difference between the tax basis of an asset or liability and its carrying amount on the balance sheet are used to calculate future income tax assets or liabilities. Future income tax assets or liabilities are measured using tax rates and laws expected to apply in the periods that the temporary differences reverse. Valuation allowances are provided where (net) future income tax assets are not more likely than not to be realized. m) Earnings Per Share Basic earnings per share are calculated by dividing net income (loss) by the weighted average number of shares issued and fully paid. The calculations of earnings per share on a diluted basis are calculated using the treasury stock method which considers the potential exercise of outstanding financial instruments with equity purchase or conversion features. Basic and diluted (loss) per share are equal as the assumed conversion of equity instruments would be anti-dilutive. n) Comparative Figures Certain of the prior figures have been reclassified to conform to the current year s presentation.

11 3. EQUIPMENT KALAHARI RESOURCES INC ACCUMULATED NET BOOK COST AMORTIZATION VALUE Computer equipment $ 8,422 $ 6,958 $ 1,464 Office equipment 6,723 5,190 1,533 $ 15,145 $ 12,148 $ 2, ACCUMULATED NET BOOK COST AMORTIZATION VALUE Computer equipment $ 8,422 $ 6,332 $ 2,090 Office equipment 6,723 4,806 1,917 $ 15,145 $ 11,138 $ 4, MINERAL PROPERTIES 2007 ACQUISITION DEFERRED COSTS AND EXPLORATION OPTION COSTS PAYMENTS (SCHEDULE A) TOTAL Lamaque Properties (a) $ 479,203 $ 1,612,211 $ 2,091,414 Back Lake Property (b) 1 20,629 20,630 Bogside/Perestroika Properties (c) 60,000-60,000 Cook Lake Property (c) 15,000-15,000 Munro Property (c) 20,000-20,000 Claw Lake Property (c) 15,000-15,000 Murdoch Creek Property (c) 20,000-20,000 Chapleau Property (d) 52,650 69, ,775 $ 661,854 $ 1,701,965 $ 2,363,819

12 DRAFT 4. MINERAL PROPERTIES (Continued) 2006 ACQUISITION DEFERRED COSTS AND EXPLORATION OPTION COSTS PAYMENTS (SCHEDULE A) TOTAL Lamaque Properties (a) $ 204,202 $ 1,389,859 $ 1,594,061 Back Lake Property (b) 1 59,467 59,468 Bogside/Perestroika Properties (c) 60,000-60,000 Matachewan/Rec ession Larder Properties (c) Denovo Property (c) Cook Lake Property (c) 15,000-15,000 Munro Property (c) 20,000-20,000 Claw Lake Property (c) 15,000-15,000 Murdoch Creek Property (c) 20,000-20,000 Cha pleau Property (d) 52,650 19,853 72,503 $ 386,853 $ 1,469,179 $ 1,856,032 a) Lamaque Properties, Quebec By an Agreement with Teck-Cominco dated June 16, 2003, the Company may acquire a 50.23% interest in the Tundra Joint Venture and 53.07% interest in the Golden Pond Joint Venture (subject to a maximum 2% net smelter returns royalty ( NSR )) for consideration of:? Cash payments totalling $269,000 as follows: - $44,000 within three business days of TSX Venture Exchange approval (paid); - annual payments of $25,000 per year commencing January 1, 2004 ($100,000 paid);? Issuing 200,000 shares of the Company s capital stock (issued); and? Procuring for the benefit of the optionor a Certificate of Release with respect to the property. If the Company is unable to procure the Certificate of Release by September 30, 2005, the Company may exercise the Option if the Company posts a bond to the Optionor, in the amount of $250,000, as security to cover any environmental and reclamation liabilities and obligations associated with the Property, which has been completed.

13 4. MINERAL PROPERTIES (Continued) a) Lamaque Properties, Quebec (Continued) By a second Agreement dated December 4, 2003, the Company may acquire a 100% interest (subject to a 2.0% NSR) in nine mineral claims located in the Bourlamaque Township of Quebec for consideration of: $5,000 cash (paid); 100,000 shares of the Company's capital stock (issued); and Incurring exploration expenditures totalling $500,000. Further consideration includes the payment of advance royalty payments of $10,000 per annum commencing December 4, 2004 ($5,000 paid). At anytime within the first year of commencement of commercial production from the property, the Company may buy back 1% of the NSR for $1,000,000. By a third Agreement dated December 4, 2003, the Company acquired a 100% interest (subject to a 2.0% NSR) in two mineral claims located in the Bourlamaque Township of Quebec for consideration of: $1,000 cash (paid); and 100,000 shares of the Company's capital stock (issued). Further consideration includes the payment of advance royalty payments of $5,000 per annum commencing December 4, 2004 ($5,000 paid). At anytime within the first year of commencement of commercial production from the property, the Company may buy back 1% of the NSR for $1,000,000. b) Back Lake Property, Northwest Territories The Company acquired a 64.6% interest (subject to a 4% gross overriding royalty and a 2% NSR) in one mineral claim located in the Lac de Gras Area of the Northwest Territories. The Company has optioned a 70% interest (to leave a net 19.38% carried interest in net production profits) in the above claim to SouthernEra Resources Limited ( SouthernEra ) of Toronto, Ontario. SouthernEra was committed to incur 100% of the exploration and development cost on the mineral property until such time as a production decision is made. In addition, SouthernEra acquired by staking an additional twenty-eight mineral claims which are included in the Back Lake Project.

14 4. MINERAL PROPERTIES (Continued) b) Back Lake Property, Northwest Territories (Continued) By a Letter of Understanding dated July 8, 1999, the Company acquired a 7.44% working interest (for a total 26.82% interest) in the Back Lake Project in return for funding the Company s 7.44% proportionate share of a $750,000 exploration program on the project. As of December 31, 2005, the Company was indebted to the SouthernEra in the amount of $38,838 for arrears of cash calls for work carried out on the Property. On July 7, 2006 the Company sold to SouthernEra Resources Limited its 7.44% working interest in the mineral claims and mining leases of the Back Lake Project for the sum of $38,838. The receipt of the 7.44% working interest constituted a full and final settlement of the debt and leaves the Company with a 19.38% carried interest. c) Abitibi Greenstone Belt Properties, Ontario and Quebec The Company acquired an option to earn a 100% interest in the following properties: Bogside/Perestroika, Cook Lake, Munro, Claw Lake, Murdoch Creek, Matachewan/Recession Larder and Denova subject to various underlying royalties ranging between 3% and 3.5% and advanced royalty payments. The Company has written-down the value of the capitalized costs on these properties. On February 21, 2005, the Company granted an option to Golden Valley Mines Ltd. to acquire up to an 85% interest in these properties as follows: $200,000 for a 51% interest; $300,000 for an additional 19% interest (for a total 70% interest); and $500,000 for an additional 15% interest (for a total of 85% interest). Upon Golden Valley Mines Ltd. earning the interest the Company will be responsible for funding its 15% working interest. The parties to the underlying agreements related to the properties have agreed and consented to the transaction terms of the agreement with Golden Valley Mines Ltd. d) Chapleau Property, Ontario On March 1, 2005, the Company acquired a 50% interest in the Chapleau properites exploration project with Chalice Diamond Corp., (formerly Golden Chalice Resources Inc.) as a partner, a company related by virtue of common directors. It is an acquisition of 6,523 acres of prospective kimberlite ground in the Chapleau area of Ontario. The Company is required to pay a 15% administration fee to Chalice Diamond Corp. for operation of the property. The Company can earn its 50% interest by paying all acquisition costs, 50% of all exploration expenditures and the 15% administration fee.

15 5. SHARE CAPITAL a) Authorized: KALAHARI RESOURCES INC. Unlimited number of common shares without par value. b) Issued and Outstanding: The Company has issued shares of its capital stock as follows: NUMBER OF CONTRIBUTED SHARES AMOUNT SURPLUS Balance, May 31, ,244,356 $ 30,580,173 $ 525,555 For cash by private placement 5,900, ,000 - Share issue costs, cash - (3,200) - Warrants exercised 866, ,000 - Balance, May 31, ,011,023 30,958, ,555 For cash by private placements Non flow-through shares 10,300, ,000 - Flow-through shares 11,250, ,500 - Share issue costs, cash - (39,000) - Stock based compensation ,000 Income tax benefits renounced on flow-through shares - (178,840) - Balance, May 31, ,561,023 $ 31,818,300 $ 1,164,555 Year ended May 31, 2007: In February 2007 the Company closed its private placement for $51,500 through the sale of 1,030,000 units. The financing consisted of both flow-through and non flow-through units priced at $0.05 per unit. Each unit consisted of either one flowthrough or non flow-through common share and one non flow-through nontransferable share purchase warrant entitling the holder to purchase one additional common share for a period of two years at a price of $0.10 per share.

16 5. SHARE CAPITAL (Continued) b) Issued and Outstanding: (Continued) In December 2006 the Company completed a private placement for $551,000 through the sale of 11,020,000 units. The financing consisted of both flow-through and non flow-through units priced at $0.05 per unit. Each unit consisted of either one flow-through or non flow-through common share and one non flow-through non-transferable share purchase warrant entitling the holder to purchase one additional common share for a period of two years at a price of $0.10 per share. In October 2006 the Company completed a private placement for $475,000 through the sale of 9,500,000 units. The financing consisted of non flow-through units priced at $0.05 per unit. Each unit consisted of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share for a period of two years at a price of $0.10 per share. Year ended May 31, 2006: In April 2006 the Company completed a private placement financing by the issue of 5,900,000 units at a price of $0.05 per unit for consideration of $295,000. Each unit consists of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share for a period of two years at a price of $0.10 per share. Shares were subject to a four month hold period. c) Warrants A summary of the changes in warrants to acquire an equivalent number of shares for the years ended May 31, 2007 and 2006 was as follows: WARRANTS WEIGHTED AVERAGE EXERCISE PRICE Warrants outstanding, May 31, ,753,134 $ 0.24 Issued 5,900, Exercised (866,667) 0.10 Expired (3,500,000) 0.19 Warrants outstanding, May 31, ,286, Issued 21,550, Expired (19,386467) 0.27 Warrants outstanding, May 31, ,450,000 $ 0.10

17 5. SHARE CAPITAL (Continued) c) Warrants: (Continued) The Company had outstanding share purchase warrants as at May 31, 2007 and 2006 as follows: NUMBER OF WARRANTS May 31, 2007 EXERCISE PRICE EXPIRY DATE d) Stock Options 5,900,000 $ 0.10 April 27, ,500,000 $ 0.10 October 16, ,020,000 $ 0.10 December 21, ,030,000 $ 0.10 January 19, ,450,000 The Company has adopted an incentive stock option plan (the Plan ). The essential elements of the Plan provide that the aggregate number of shares of the Company s capital stock issuable pursuant to options granted under the Plan may not exceed 10% of the issued and outstanding shares at the date of the grant. Options granted under the Plan may have a maximum term of ten years. The exercise price of options granted under the Plan will not be less than the market price of the common shares (defined as the last closing market price of the Company s common shares immediately preceding the issuance of the news release announcing the granting of the options), or such other price as may be agreed to by the Company and accepted by the TSX.V. Options granted and outstanding as at May 31, 2007 and 2006 vested immediately with initial terms of three and five years. On January 19, 2007, the Company granted 1,200,000 stock options to insiders and 1,565,000 stock options to non-insiders at a price of $0.10 per share. Using the assumptions below, the fair value of each option granted yielded compensation expense of $197,000 and was recorded in operation and credited to Contributed Surplus. Dividend rate 0.00% Expected life 5 years Risk-free interest rate 4.06% Expected volatility %

18 5. SHARE CAPITAL (Continued) d) Stock Options (Continued) On January 19, 2007, the Company re-priced 2,850,000 options outstanding from 2002, 2003 with exercise prices of $0.25-$0.30 to $0.10. Using the assumptions below, the fair value of each option granted yielded compensation expense of $61,000 and was recorded in operation and credited to Contributed Surplus. Dividend rate 0.00% Expected life years Risk-free interest rate 4.00% % Expected volatility 98% - 111% On November 03, 2006, the Company granted 6,100,000 stock options to insiders and 4,300,000 stock options to non-insiders at a price of $0.10 per share. Using the assumptions below, the fair value of each option granted yielded compensation expense of $381,000 and was recorded in operation and credited to Contributed Surplus. Dividend rate 0.00% Expected life 5 years Risk-free interest rate 4.02% Expected volatility % A summary of the changes in stock options to acquire an equivalent number of shares for the years ended May 31, 2007 and 2006 was as follows: STOCK OPTIONS WEIGHTED AVERAGE EXERCISE PRICE Options outstanding, May 31, ,100,000 $ 0.22 Expired (1,200,000) 0.18 Options outstanding, May 31, ,900, Options granted 13,165, Expired (3,300,000) 0.24 Options outstanding, May 31, ,765,000 $ 0.11

19 5. SHARE CAPITAL (Continued) d) Stock Options (Continued) The Company had outstanding stock options as at May 31, 2007 and 2006 as follows: May 31, 2007 NUMBER OF NUMBER OF OPTIONS OPTIONS EXERCISE EXPIRY OUTSTANDING EXERCISABLE PRICE DATE 3,050,000 3,050,000 $ 0.15 December 12, ,550,000 2,550,000 $ 0.10 November 24, ,400,000 10,400,000 $ 0.10 November 03, ,765,000 2,765,000 $ 0.10 January 19, ,765,000 18,765,000 $ 0.11 As at May 31, 2007, the outstanding stock options had a weighted average remaining contractual life of 3.43 years. 6. DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS All transactions have been in the normal course of operations and, in management s opinion, undertaken with the same terms and conditions as transactions with unrelated parties. Amounts due to related parties do not bear interest, are unsecured, and have no fixed payment terms. At May 31, 2007 $234,546 ( $158,653) was owed to related parties. The Company had the following related party transactions: Consulting fees totaling $129,844 ( $114,000) were incurred with Directors of the Company. Legal fees of $14,519 ( $5,823) were incurred with the Assistant Secretary of the Company. Management fees totaling $60,000 ( $45,200) were incurred with the President of the Company.

20 6. DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Continued) A private company controlled by a director of the Company was paid $299,000 ( $81,500) in respect of administrative expenses. The charges were made under an annual renewable agreement for services and cost recovery. The agreement can be terminated by either party with 30 days notice. The services to the Company included supervision and administration of the financial requirements of the Company s business, producing quarterly accounts in accordance with public reporting requirements; communicating with various regulatory authorities in order to ensure compliance with all applicable laws; assisting in the preparation of news releases, professional analysis and planning of exploration programs, promotional materials and other documents required to be disseminated to the public and responding to any requests for information or questions which may be posed by the public; providing access to secretarial services and legal consultation; providing office space, office furniture, boardroom facilities, access to photocopier, fax and such other amenities normally associated with office needs; and providing such other additional instructions and directions as required. On March 1, 2005, the Company acquired a 50% interest in the Chapleau Joint Venture with Chalice Diamond Corp. (formerly Golden Chalice Resources Inc.) as a partner, a company related by virtue of common directors. The Company incurred and deferred $42,760 ( $53,712) for acquisition and exploration expenses and management fees of $6,512 ( $18,791) charged by the related company. 7. INCOME TAXES Income tax expense varies from the amount that would be computed from applying the combined federal and provincial income tax rate to loss for the year before taxes as follows: Statutory tax rate 34% 34% Computed tax recovery $ (375,000) $ (124,000) Temporary differences (13,000) (10,000) Non-deductible permanent differences 39,000 - Future income tax benefit resulting from change in tax rate - 362,000 Benefit of income tax losses not recognized 170,160 (228,000) $ (178,840) $ -

21 7. INCOME TAXES (Continued) The significant components of the Company s future tax assets are as follows: Equipment $ 5,000 $ 5,000 Exploration and development deductions 6,966,000 7,234,000 Non-capital losses carried forward 1,171,000 1,127,000 Other temporary differences (62,000) 22,000 8,080,000 8,388,000 Valuation allowance (8,080,000) (8,388,000) $ - $ - The Company has available non-capital losses for Canadian income tax purposes, which may be carried forward to reduce taxable income in future years. If not utilized, the noncapital losses in the amount of $3,302,000 expire as follows: 2008 $ 416, , , , , , ,000 $ 3,433,000 At May 31, 2007, the Company has unclaimed resource and other deductions in the amount of $23,020,000 ( $23,038,000) which may be deducted against future taxable income on a discretionary basis. In addition, the Company has share issue costs totaling $65,000, which have not been claimed for income tax purposes. As at May 31, 2007, the Company was committed to spend $308,903 on qualifying Canadian exploration expenses. Tax benefits have not been recorded due to uncertainty regarding their utilization. 8. SUBSEQUENT EVENT In September 2007, the Company completed a private placement of 14,000,000 units at a price of $0.10 per unit. 11,200,000 units consist of one flow-through share and one non flow-through share purchase warrant and 2,800,000 units consist of one non flow-through share and one non flow-through share purchase warrant. Each share purchase warrant entitling the holder to purchase one additional share at a price of $0.10 per share until September 12, 2009.

22 SCHEDULE A CONSOLIDATED SCHEDULES OF CAPITALIZED EXPLORATION COSTS YEARS ENDED MAY 31, 2007 AND LAMAQUE BACK LAKE CHAPLEAU PROPERTY PROPERTY PROPERTY TOTAL Exploration Costs Assays $ - $ - $ 8,716 $ - Drilling 120, ,465 Engineering, consulting and mapping 20,156-18,469 38,625 Field costs - - 2,163 2,163 Geologist 107,290-8, ,469 Line cutting and surveys 10,925-5,233 16,158 Site administration 2,520-6,512 9, ,356-49, ,628 Mining tax credits (39,005) - - (39,005) Debt settlement - (38,838) - (38,838) Net Costs Incurred During The Year 222,351 (38,838) 49, ,785 Balance, Beginning Of Year 1,389,860 59,467 19,853 1,469,180 Balance, End Of Year $ 1,612,211 $ 20,629 $ 69,125 $ 1,701, LAMAQUE BACK LAKE CHAPLEAU PROPERTY PROPERTY PROPERTY TOTAL Exploration Costs Assays $ - $ - $ - $ - Drilling - 2,298-2,298 Engineering, consulting and mapping 51,904 8,385 1,062 61,351 Field costs 57,793 11,242-69,035 Geologist 20, ,851 Line cutting and surveys 69,918 10,736-80,654 Project management 14,779 1,170 18,791 34,740 Recording fees Road construction 42, ,713 Travel, accommodation and meals - 4,401-4, ,958 38,837 19, ,648 Mining tax credits (198,314) - - (198,314) Net Costs Incurred During The Year 59,644 38,837 19, ,334 Balance, Beginning Of Year 1,330,215 20,630-1,350,845 Balance, End Of Year $ 1,389,859 $ 59,467 $ 19,853 $ 1,469,179

GEOLOGIX EXPLORATIONS INC. CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2003

GEOLOGIX EXPLORATIONS INC. CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2003 CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2003 AUDITORS REPORT To the Shareholders of Geologix Explorations Inc.: We have audited the consolidated balance sheets of Geologix Explorations Inc. as at

More information

QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61)

QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61) British Columbia Securities Commission QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61) Freedom of Information and Protection of Privacy Act: The personal information requested on this

More information

NULEGACY GOLD CORPORATION

NULEGACY GOLD CORPORATION Consolidated Financial Statements NULEGACY GOLD CORPORATION REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS To the Shareholders of NuLegacy Gold Corp., We have audited the accompanying consolidated

More information

BLACKHEATH RESOURCES INC. FINANCIAL STATEMENTS 31 DECEMBER 2011

BLACKHEATH RESOURCES INC. FINANCIAL STATEMENTS 31 DECEMBER 2011 FINANCIAL STATEMENTS April 26, 2012 Independent Auditor s Report To the Shareholders of Blackheath Resources Inc. We have audited the accompanying financial statements of Blackheath Resources Inc., which

More information

Interim Unaudited Condensed Consolidated Financial Statements December 31, 2013

Interim Unaudited Condensed Consolidated Financial Statements December 31, 2013 Interim Unaudited Condensed Consolidated Financial Statements December 31, February 28, 2014 Management s Report The accompanying interim unaudited condensed consolidated financial statements ( financial

More information

COREX GOLD CORPORATION (An Exploration Stage Company)

COREX GOLD CORPORATION (An Exploration Stage Company) Consolidated Financial Statements of: COREX GOLD CORPORATION (un-audited prepared by management) NOTICE TO READERS CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF LOSS AND DEFICIT CONSOLIDATED STATEMENTS

More information

TAIPAN RESOURCES INC.

TAIPAN RESOURCES INC. Financial Statements of TAIPAN RESOURCES INC. (formerly Taipan Capital Corp.) Unaudited Prepared by Management) Nine months 2010 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National

More information

Auditors' Report. To the Shareholders of Titanium Corporation Inc.

Auditors' Report. To the Shareholders of Titanium Corporation Inc. Auditors' Report To the Shareholders of Titanium Corporation Inc. We have audited the balance sheets of Titanium Corporation Inc. as at and the statements of operations and deficit and cash flows for the

More information

MASUPARIA GOLD CORPORATION

MASUPARIA GOLD CORPORATION CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2011 and 2010 (expressed in Canadian Dollars) NOTICE TO READERS Under National Instrument 51-102, Part 4.3 (3)(a), if

More information

TITANIUM CORPORATION INC. (A Development Stage Company) FINANCIAL STATEMENTS AUGUST 31, 2006 and 2005

TITANIUM CORPORATION INC. (A Development Stage Company) FINANCIAL STATEMENTS AUGUST 31, 2006 and 2005 TITANIUM CORPORATION INC. FINANCIAL STATEMENTS AUGUST 31, 2006 and 2005 PricewaterhouseCoopers LLP Chartered Accountants PO Box 82 Royal Trust Tower, Suite 3000 Toronto Dominion Centre Toronto, Ontario

More information

HIGHLAND RESOURCES INC. FINANCIAL STATEMENTS. May 31, 2011. (Stated in Canadian Dollars)

HIGHLAND RESOURCES INC. FINANCIAL STATEMENTS. May 31, 2011. (Stated in Canadian Dollars) HIGHLAND RESOURCES INC. FINANCIAL STATEMENTS May 31, 2011 (Stated in Canadian Dollars) Tel: 604 688 5421 Fax: 604 688 5132 www.bdo.ca BDO Canada LLP 600 Cathedral Place 925 West Georgia Street Vancouver

More information

ASTUR GOLD CORP. INTERIM CONSOLIDATED FINANCIAL STATEMENTS NINE MONTH PERIOD ENDED AUGUST 31, 2011

ASTUR GOLD CORP. INTERIM CONSOLIDATED FINANCIAL STATEMENTS NINE MONTH PERIOD ENDED AUGUST 31, 2011 INTERIM CONSOLIDATED FINANCIAL STATEMENTS NINE MONTH PERIOD ENDED UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS In accordance with National Instrument 51-102 released by the Canadian Securities Administrators,

More information

MAGNA RESOURCES LTD. An Exploration Stage Enterprise

MAGNA RESOURCES LTD. An Exploration Stage Enterprise INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JANUARY 31, (Unaudited - Prepared by Management) These financial statements have not been reviewed by the Company s auditors. CONSOLIDATED

More information

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Expressed in Canadian Dollar) and 2007 Index Balance Sheets Statements of Operations, Comprehensive Loss and Deficit Statements of Cash Flows Notes to Financial

More information

Unaudited Interim Consolidated Financial Statements March 31, 2011. West African Iron Ore Corp. (formerly Westward Explorations Ltd.

Unaudited Interim Consolidated Financial Statements March 31, 2011. West African Iron Ore Corp. (formerly Westward Explorations Ltd. Unaudited Interim Consolidated Financial Statements March 31, 2011 West African Iron Ore Corp. NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS These accompanying unaudited interim consolidated

More information

ARROWSTAR RESOURCES LTD. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2012. (Unaudited - Expressed in Canadian Dollars)

ARROWSTAR RESOURCES LTD. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2012. (Unaudited - Expressed in Canadian Dollars) CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Suite 507-475 Howe Street Vancouver, BC, Canada, V6C 2B3 Tel: 604-687-7828 Fax: 604-687-7848 www.arrowstarresources.com NOTICE TO READER Pursuant to

More information

OPAWICA EXPLORATIONS INC.

OPAWICA EXPLORATIONS INC. (An Exploration Stage Company) CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED FEBRUARY 28, 2015 AND 2014 UNAUDITED NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS These unaudited

More information

SUB Capital Inc. (A Development Stage Company) Financial Statements Years ended April 30, 2010 and 2009

SUB Capital Inc. (A Development Stage Company) Financial Statements Years ended April 30, 2010 and 2009 (A Development Stage Company) Financial Statements Management s Responsibility for Financial Reporting The accompanying consolidated financial statements of SUB Capital Inc. (the Company ) have been prepared

More information

IMPACT Silver Corp. Interim Consolidated Financial Statements March 31, 2009 Unaudited

IMPACT Silver Corp. Interim Consolidated Financial Statements March 31, 2009 Unaudited Interim Consolidated Financial Statements Statement 1 Consolidated Balance Sheets ASSETS March 31 2009 December 31 2008 Current Cash and cash equivalents $ 5,357,480 $ 5,433,480 Accounts receivable and

More information

QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61)

QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61) British Columbia Securities Commission QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61) INCORPORATED AS PART OF: X Schedule A Schedules B and C (Place X in appropriate category.) ISSUER

More information

Condensed Interim Consolidated Financial Statements

Condensed Interim Consolidated Financial Statements Condensed Interim Consolidated Financial Statements Unaudited (Expressed in Canadian dollars) NOTICE TO READER: These condensed interim consolidated financial statements have not been reviewed by the Company's

More information

PROBE RESOURCES LTD. REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS UNAUDITED

PROBE RESOURCES LTD. REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS UNAUDITED REPORT AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS UNAUDITED CONSOLIDATED BALANCE SHEETS ASSETS 11/30/08 8/31/08 Unaudited Audited Current Cash and cash equivalents Note 2 $ 2,098,315 $ 16,532,434 Accounts

More information

TITAN MEDICAL INC. Unaudited Condensed Interim Financial Statements Three and Nine Months Ended September 30, 2014 and 2013 (IN UNITED STATES DOLLARS)

TITAN MEDICAL INC. Unaudited Condensed Interim Financial Statements Three and Nine Months Ended September 30, 2014 and 2013 (IN UNITED STATES DOLLARS) Unaudited Condensed Interim Financial Statements and 2013 (IN UNITED STATES DOLLARS) Unaudited Condensed Interim Balance Sheets As at September 30, 2014 and December 31, 2013 ASSETS CURRENT September 30,

More information

As at June 30, 2010 December 31, 2009

As at June 30, 2010 December 31, 2009 LAKE SHORE GOLD CORP. CONSOLIDATED BALANCE SHEETS (in thousands of dollars) (Unaudited) As at June 30, 2010 December 31, 2009 Assets Current Cash and cash equivalents $69,929 $132,920 Exploration advances

More information

Khan Resources Inc. Interim Consolidated Balance Sheets (Expressed in United States dollars) (All dollar amounts are in thousands) (Unaudited)

Khan Resources Inc. Interim Consolidated Balance Sheets (Expressed in United States dollars) (All dollar amounts are in thousands) (Unaudited) Interim Consolidated Balance Sheets (All dollar amounts are in thousands) March 31, September 30, 2008 2007 Assets Current Cash $ 32,105 $ 33,859 Accounts receivable 52 47 Prepaid expenses and other assets

More information

Pacific Ridge Exploration Ltd. (An Exploration Stage Company)

Pacific Ridge Exploration Ltd. (An Exploration Stage Company) Condensed Interim Financial Statements June 30, 2015 (Unaudited Expressed in Canadian Dollars) Notice to Reader The accompanying unaudited condensed interim financial statements of Pacific Ridge Exploration

More information

Condensed Consolidated Interim Financial Statements of Cornerstone Capital Resources Inc. For the nine months ended September 30, 2011 and 2010

Condensed Consolidated Interim Financial Statements of Cornerstone Capital Resources Inc. For the nine months ended September 30, 2011 and 2010 Condensed Consolidated Interim Financial Statements of Cornerstone Capital Resources Inc. For the nine months ended September 30, 2011 and 2010 (Unaudited) NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL

More information

GUYANA GOLDFIELDS INC.

GUYANA GOLDFIELDS INC. Condensed Consolidated Interim Financial Statements (Unaudited, Expressed in United States Dollars) Three and Nine Months Ended July 31, 2013 Guyana Goldfields Inc. Condensed Consolidated Interim Balance

More information

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS)

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if

More information

GUYANA GOLDFIELDS INC.

GUYANA GOLDFIELDS INC. Condensed Consolidated Interim Financial Statements (Unaudited, Expressed in United States Dollars) For the Three and Six Months Ended April 30, 2014 Guyana Goldfields Inc. Condensed Consolidated Interim

More information

LNG ENERGY LTD. CONSOLIDATED FINANCIAL STATEMENTS

LNG ENERGY LTD. CONSOLIDATED FINANCIAL STATEMENTS LNG ENERGY LTD. CONSOLIDATED FINANCIAL STATEMENTS September 30, 2009 and 2008 (stated in Canadian Dollars) KPMG LLP Chartered Accountants Telephone (403) 691-8000 2700-205 5 Avenue SW Telefax (403) 691-8008

More information

GLADIATOR MINERALS INC. INTERIM FINANCIAL STATEMENTS MARCH 31, 2001. (Unaudited prepared by management)

GLADIATOR MINERALS INC. INTERIM FINANCIAL STATEMENTS MARCH 31, 2001. (Unaudited prepared by management) INTERIM FINANCIAL STATEMENTS MARCH 31, 2001 INTERIM BALANCE SHEETS FOR THE THREE MONTH PERIOD ENDED MARCH 31 March 31 2001 December 31 2000 ASSETS Current Cash $ 28 $ - Receivables - - Marketable securities

More information

Condensed Interim Financial Statements of MANITOU GOLD INC. Three months ended March 31, 2011 (Unaudited prepared by management)

Condensed Interim Financial Statements of MANITOU GOLD INC. Three months ended March 31, 2011 (Unaudited prepared by management) Condensed Interim Financial Statements of MANITOU GOLD INC. (Unaudited prepared by management) NOTICE TO READER The condensed interim balance sheets of Manitou Gold Inc. as at March 31, 2011 and December

More information

Expressed in Canadian Dollars - Unaudited

Expressed in Canadian Dollars - Unaudited Hatch Interactive Technologies Corp. (Formerly Tosca Resources Corp.) Consolidated Interim Financial Report For the three and nine month periods ended August 31, 2015 Expressed in Canadian Dollars - Unaudited

More information

Interim Financial Statements. Opsens Inc. (after merger) Three-month period ended November 30, 2006

Interim Financial Statements. Opsens Inc. (after merger) Three-month period ended November 30, 2006 Interim Financial Statements Opsens Inc. (after merger) Three-month period ended Interim Financial Statements Three-month period ended Notice These interim financial statements have not been reviewed by

More information

Chesapeake Gold Corp.

Chesapeake Gold Corp. Condensed Consolidated Interim Financial Statements June 30, 2015 Second Quarter (unaudited - expressed in thousands of Canadian dollars, except where indicated) Condensed Consolidated Interim Statements

More information

(An Exploration Stage Company) Condensed Interim Financial Statements (Unaudited Prepared by Management) (Expressed in Canadian Dollars)

(An Exploration Stage Company) Condensed Interim Financial Statements (Unaudited Prepared by Management) (Expressed in Canadian Dollars) Condensed Interim Financial Statements () Corporate Head Office 2300-1177 West Hastings Street Vancouver, BC Canada V6E 2K3 Tel: 604-638-3664 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

More information

Nature of operations and basis of preparation (Note 1) Commitments and contingencies (Note 10) Subsequent events (Note 12)

Nature of operations and basis of preparation (Note 1) Commitments and contingencies (Note 10) Subsequent events (Note 12) Unaudited Interim Consolidated Financial Statements For the nine months ended September 30, 2005 Contents Interim Consolidated Financial Statements Interim Consolidated Balance Sheets Interim Consolidated

More information

AUDIOTECH HEALTHCARE CORPORATION

AUDIOTECH HEALTHCARE CORPORATION Consolidated Financial Statements of AUDIOTECH HEALTHCARE CORPORATION Year ended September 30, 2008 1 CHARTERED ACCOUNTANTS MacKay LLP 1100 1177 West Hastings Street Vancouver, BC V6E 4T5 Tel: (604) 687-4511

More information

Consolidated Financial Statements December 31, 2005 RESTATED

Consolidated Financial Statements December 31, 2005 RESTATED Consolidated Financial Statements December 31, 2005 RESTATED Management s Responsibility for Consolidated Financial Statements The accompanying consolidated financial statements of Shore Gold Inc. are

More information

Consolidated Financial Statements. December 31, 2007. and. December 31, 2006. (expressed in Canadian dollars)

Consolidated Financial Statements. December 31, 2007. and. December 31, 2006. (expressed in Canadian dollars) Consolidated Financial Statements December 31, 2007 and December 31, 2006 (expressed in Canadian dollars) 701 475 Howe Street Vancouver, British Columbia V6C 2B3 Canada Phone: (604) 682-5474 Fax: (604)

More information

RJK Explorations Ltd. Balance Sheet

RJK Explorations Ltd. Balance Sheet Balance Sheet March 31, December 31, (Unaudited) (Audited) Assets Current Assets Cash and cash equivalents $ 226,794 $ 4,744 GST recoverable 5,453 113 232,247 4,857 Mineral properties and deferred expenditures

More information

CANARC RESOURCE CORP.

CANARC RESOURCE CORP. Consolidated Financial Statements of CANARC RESOURCE CORP. (expressed in thousands of United States dollars) Three months ended March 31, 2004 and 2003 Consolidated Balance Sheets (expressed in thousands

More information

CRS ELECTRONICS INC. FINANCIAL STATEMENTS For the Years Ended December 31, 2010 and 2009

CRS ELECTRONICS INC. FINANCIAL STATEMENTS For the Years Ended December 31, 2010 and 2009 CRS ELECTRONICS INC. FINANCIAL STATEMENTS For the Years Ended December 31, 2010 and 2009 CRS ELECTRONICS INC. Table of Contents December 31, 2010 Pages Independent Auditors Report 1 Financial Statements

More information

NEWMARKET GOLD INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS. For the Three and Six Months Ended June 30, 2015 and 2014

NEWMARKET GOLD INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS. For the Three and Six Months Ended June 30, 2015 and 2014 NEWMARKET GOLD INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Expressed in Canadian Dollars - Unaudited) NOTICE OF NO AUDITOR REVIEW Under National Instrument 51-102, Part 4, subsection 4.3(3)

More information

AcuityAds Inc. Condensed Consolidated Interim Financial Statements. Three months ended March 31, 2014 and 2013 (Unaudited)

AcuityAds Inc. Condensed Consolidated Interim Financial Statements. Three months ended March 31, 2014 and 2013 (Unaudited) AcuityAds Inc. Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Statements of Financial Position March 31, December 31, 2014 2013 Assets Current assets: Cash $ 446,034

More information

Condensed Consolidated Interim Financial Statements Three Months Ended May 31, 2013 (Unaudited prepared by Management) (Expressed in Canadian

Condensed Consolidated Interim Financial Statements Three Months Ended May 31, 2013 (Unaudited prepared by Management) (Expressed in Canadian Condensed Consolidated Interim Financial Statements Three Months Ended May 31, 2013 (Unaudited prepared by Management) (Expressed in Canadian Dollars) 1 Condensed Consolidated Unaudited Interim Financial

More information

Abacus Mining & Exploration Corporation (an exploration stage company) Condensed Interim Financial Statements September 30, 2013.

Abacus Mining & Exploration Corporation (an exploration stage company) Condensed Interim Financial Statements September 30, 2013. Abacus Mining & Exploration Corporation (an exploration stage company) Condensed Interim Financial Statements 2013 (Unaudited) (Expressed in Canadian dollars) Index Page Notice to reader 2 Financial statements:

More information

NovaCopper Inc. (An Exploration-Stage Company) Interim Consolidated Financial Statements August 31, 2014 Unaudited (expressed in US dollars)

NovaCopper Inc. (An Exploration-Stage Company) Interim Consolidated Financial Statements August 31, 2014 Unaudited (expressed in US dollars) (An ExplorationStage Company) Interim Consolidated Financial Statements Unaudited (expressed in US dollars) Table of Contents Consolidated Balance Sheets...3 Consolidated Statements of Loss and Comprehensive

More information

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS September 30, 2015 (Unaudited) TSX-V: ANF. www.anfieldnickel.com

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS September 30, 2015 (Unaudited) TSX-V: ANF. www.anfieldnickel.com CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS September 30, 2015 () TSX-V: ANF www.anfieldnickel.com NOTICE OF NO AUDITOR REVIEW The unaudited condensed consolidated interim financial statements,

More information

Condensed Interim Consolidated Financial Statements

Condensed Interim Consolidated Financial Statements Khan Resources Inc. Condensed Interim Consolidated Financial Statements June 30, 2015 In thousands of Canadian dollars (unaudited) NOTICE OF NO AUDITOR REVIEW OF INTERIM STATEMENTS The accompanying unaudited

More information

FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2013

FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2013 FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2013 (EXPRESSED IN CANADIAN DOLLARS) Notice to Reader These interim financial statements of Resinco Capital Partners Inc. have been prepared by

More information

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2010 BANKERS PETROLEUM LTD. CONSOLIDATED BALANCE SHEETS (Unaudited, expressed in thousands of US dollars) ASSETS June 30 2010 December 31 2009 Current assets

More information

GUYANA GOLDFIELDS INC.

GUYANA GOLDFIELDS INC. Interim Consolidated Financial Statements MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying unaudited interim consolidated financial statements of Guyana Goldfields Inc. (An exploration

More information

Abacus Mining & Exploration Corporation (an exploration stage company) Condensed Interim Financial Statements March 31, 2013.

Abacus Mining & Exploration Corporation (an exploration stage company) Condensed Interim Financial Statements March 31, 2013. Abacus Mining & Exploration Corporation (an exploration stage company) Condensed Interim Financial Statements 2013 (Unaudited) (Expressed in Canadian dollars) Index Page Notice to reader 2 Financial statements:

More information

AMENDED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS PERIOD ENDED JULY 31, 2015. (Expressed in Canadian Dollars)

AMENDED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS PERIOD ENDED JULY 31, 2015. (Expressed in Canadian Dollars) AMENDED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS PERIOD ENDED JULY 31, 2015 1 NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Under National Instrument 51-102,

More information

TINKA RESOURCES LIMITED

TINKA RESOURCES LIMITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED SEPTEMBER 30, 2015 AND 2014 Independent Auditor s Report To the Shareholders of Tinka Resources Limited We have audited the accompanying consolidated

More information

Condensed Interim Financial Statements Fiscal 2013 First Quarter (Unaudited) For the three months ended July 31, 2012 and 2011

Condensed Interim Financial Statements Fiscal 2013 First Quarter (Unaudited) For the three months ended July 31, 2012 and 2011 Condensed Interim Financial Statements Fiscal 2013 First Quarter (Unaudited) CRITICAL OUTCOME TECHNOLOGIES INC Page 2 Condensed Interim Financial Statements Table of Contents Notice of No Audit or Review

More information

EAST AFRICA METALS INC. (an exploration stage company) CONSOLIDATED FINANCIAL STATEMENTS. For the years ended June 30, 2013 and 2012

EAST AFRICA METALS INC. (an exploration stage company) CONSOLIDATED FINANCIAL STATEMENTS. For the years ended June 30, 2013 and 2012 CONSOLIDATED FINANCIAL STATEMENTS Expressed in Canadian dollars October 25, 2013 Independent Auditor s Report To the Shareholders of East Africa Metals Inc. We have audited the accompanying consolidated

More information

CEMATRIX CORPORATION Consolidated Financial Statements (in Canadian dollars) September 30, 2015

CEMATRIX CORPORATION Consolidated Financial Statements (in Canadian dollars) September 30, 2015 Consolidated Financial Statements September 30, 2015 Management s Responsibility for Financial Reporting and Notice of No Auditor Review of the Interim Consolidated Financial Statements for the Three and

More information

Starrex International Ltd.

Starrex International Ltd. Consolidated Financial Statements Table of Contents Independent Auditor s Report 1 Consolidated Financial Statements Consolidated Statements of Financial Position 2 Consolidated Statements of Comprehensive

More information

Beaufield Resources Inc.

Beaufield Resources Inc. Annual Financial Statements For the years ended August 31, 2009 and 2008 Auditors' Report To the Shareholders of Beaufield Resources Inc. Raymond Chabot Grant Thornton LLP Place du Québec 888 3rd Avenue

More information

TITAN MEDICAL INC. Unaudited Condensed Interim Financial Statements Three and Six Months Ended June 30, 2013 and 2012

TITAN MEDICAL INC. Unaudited Condensed Interim Financial Statements Three and Six Months Ended June 30, 2013 and 2012 Unaudited Condensed Interim Financial Statements Three and and 2012 Unaudited Condensed Interim Balance Sheets As at June 30, 2013 and December 31, 2012 ASSETS CURRENT June 30, 2013 December 31, 2012 Cash

More information

FORM 51 102F4 BUSINESS ACQUISITION REPORT

FORM 51 102F4 BUSINESS ACQUISITION REPORT FORM 51 102F4 BUSINESS ACQUISITION REPORT 1. IDENTITY OF COMPANY 1.1 Name and Address of Company Antibe Therapeutics Inc. (the Company ) 15 Prince Arthur Avenue Toronto, Ontario M5R 1B2 1.2 Executive Officer

More information

TITAN MEDICAL INC. Unaudited Condensed Interim Financial Statements Three Months Ended March 31, 2016 and 2015 (IN UNITED STATES DOLLARS)

TITAN MEDICAL INC. Unaudited Condensed Interim Financial Statements Three Months Ended March 31, 2016 and 2015 (IN UNITED STATES DOLLARS) Unaudited Condensed Interim Financial Statements and 2015 (IN UNITED STATES DOLLARS) Unaudited Condensed Interim Balance Sheets As at March 31, 2016 and December 31, 2015 ASSETS CURRENT March 31, 2016

More information

INDICO RESOURCES LTD (An Exploration Stage Company) FINANCIAL STATEMENTS (Expressed in Canadian Dollars)

INDICO RESOURCES LTD (An Exploration Stage Company) FINANCIAL STATEMENTS (Expressed in Canadian Dollars) FINANCIAL STATEMENTS Financial Statements May 31, 2009 INDEX Page Auditor Report Financial Statements Balance Sheets 1 Statements of Operations and Comprehensive Loss 2 Statements of Cash Flows 3 Statement

More information

GREAT LAKES GRAPHITE INC. CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED JULY 31, 2015 (EXPRESSED IN CANADIAN DOLLARS)

GREAT LAKES GRAPHITE INC. CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED JULY 31, 2015 (EXPRESSED IN CANADIAN DOLLARS) GREAT LAKES GRAPHITE INC. CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED JULY 31, 2015 MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying unaudited condensed

More information

MOUNTAIN EQUIPMENT CO-OPERATIVE

MOUNTAIN EQUIPMENT CO-OPERATIVE Consolidated Financial Statements of MOUNTAIN EQUIPMENT CO-OPERATIVE KPMG LLP PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3 Canada Telephone (604) 691-3000 Fax (604) 691-3031 Internet www.kpmg.ca

More information

DURAN VENTURES INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2013 AND 2012.

DURAN VENTURES INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2013 AND 2012. DURAN VENTURES INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTH PERIOD ENDED (Unaudited) NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an

More information

Baja Mining Corp. Condensed Interim Consolidated Financial Statements Unaudited September 30, 2015 (expressed in thousands of US dollars)

Baja Mining Corp. Condensed Interim Consolidated Financial Statements Unaudited September 30, 2015 (expressed in thousands of US dollars) Condensed Interim Consolidated Financial Statements Unaudited 2015 (expressed in thousands of US dollars) Notice of no Auditor Review of Interim Financial Statements Under National Instrument 51-102, Part

More information

BIOMARK DIAGNOSTICS INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS. June 30, 2015. (Stated in Canadian Dollars)

BIOMARK DIAGNOSTICS INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS. June 30, 2015. (Stated in Canadian Dollars) CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited Prepared by Management) NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102,

More information

Annual Consolidated Financial Statements. For the Fourteen Month Period Ended December 31, 2011

Annual Consolidated Financial Statements. For the Fourteen Month Period Ended December 31, 2011 Annual Consolidated Financial Statements For the Fourteen Month Period Ended December 31, 2011 MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING Management is responsible for the preparation, presentation

More information

NEW NADINA EXPLORATIONS LIMITED

NEW NADINA EXPLORATIONS LIMITED CONDENSED INTERIM FINANCIAL STATEMENTS 3 rd quarter May 31, 2012 (Unaudited Prepared by Management) CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE

More information

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2013 AND 2012.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2013 AND 2012. CONDENSED (Unaudited) (presented in Canadian dollars unless otherwise noted) CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31 As at 2013 2012 Note $ $ Assets Current assets Cash

More information

CONSOLIDATED FINANCIAL STATEMENTS. Year Ended December 31, 2015. and Seven Months Ended December 31, 2014

CONSOLIDATED FINANCIAL STATEMENTS. Year Ended December 31, 2015. and Seven Months Ended December 31, 2014 CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2015 and Seven Months Ended December 31, 2014 INDEPENDENT AUDITORS' REPORT To the Shareholders of Goldrock Mines Corp. We have audited the accompanying

More information

CONSOLIDATED FINANCIAL STATEMENTS December 31, 2010 and 2009

CONSOLIDATED FINANCIAL STATEMENTS December 31, 2010 and 2009 CONSOLIDATED FINANCIAL STATEMENTS December 31, 2010 and 2009 INDEPENDENT AUDITOR S REPORT To the Shareholders of Verisante Technology, Inc.: We have audited the accompanying consolidated financial statements

More information

FINANCIAL STATEMENTS. For the Year Ended December 31, 2012 (Expressed in Canadian Dollars)

FINANCIAL STATEMENTS. For the Year Ended December 31, 2012 (Expressed in Canadian Dollars) FINANCIAL STATEMENTS For the Year Ended December 31, 2012 (Expressed in Canadian Dollars) INDEPENDENT AUDITORS REPORT TO THE SHAREHOLDERS OF COMMANDER RESOURCES LTD. We have audited the accompanying financial

More information

DEFIANCE SILVER CORP. (an exploration stage company) CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED DECEMBER 31, 2015

DEFIANCE SILVER CORP. (an exploration stage company) CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (an exploration stage company) CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED DECEMBER 31, (expressed in Canadian dollars) NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL

More information

TELSON RESOURCES INC.

TELSON RESOURCES INC. FINANCIAL REPORTS: CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Expressed in Canadian Dollars) Three months ended May 31, 2014 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS NOTICE

More information

NovaCopper Inc. (An Exploration-Stage Company) Consolidated Financial Statements November 30, 2013, 2012 and 2011 (expressed in US dollars)

NovaCopper Inc. (An Exploration-Stage Company) Consolidated Financial Statements November 30, 2013, 2012 and 2011 (expressed in US dollars) Consolidated Financial Statements November 30, 2013, 2012 and 2011 (expressed in US dollars) Table of Contents Management s Report on Internal Control over Financial Reporting...3 Report of Independent

More information

MEDALLION RESOURCES LTD. CONSOLIDATED FINANCIAL STATEMENTS

MEDALLION RESOURCES LTD. CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITORS REPORT CONSOLIDATED STATEMENTS OF FINANCIAL POSITION CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

More information

Notes to the Consolidated Financial Statements

Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements Years ended September 30, 2007, 2006 and 2005 (tabular amounts only are in thousands of Canadian dollars, except share data) 1 Description of Business CGI

More information

MOEN AND COMPANY CHARTERED ACCOUNTANTS

MOEN AND COMPANY CHARTERED ACCOUNTANTS Member: Canadian Institute of Chartered Accountants Institute of Chartered Accountants of British Columbia Institute of Management Accountants (USA) (From 1965) Registered with: Public Company Accounting

More information

MOSEDA TECHNOLOGIES, INC.

MOSEDA TECHNOLOGIES, INC. (FORMERLY GOLDEN VIRTUE RESOURCES INC.) FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2014 AND 2013 Tel: 604 688 5421 Fax: 604 688 5132 www.bdo.ca BDO Canada LLP 600 Cathedral Place 925 West Georgia Street

More information

Alphamin Resources Corp.

Alphamin Resources Corp. For the Years Ended December 31, 2011 and 2010 Consolidated Financial Statements December 31, 2011 Table of contents CONSOLIDATED STATEMENTS OF FINANCIAL POSITION... 5 CONSOLIDATED STATEMENTS OF LOSS AND

More information

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars)

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars) A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, and January 1, (in thousands of dollars) February 12, 2013 Independent Auditor s Report To the Shareholders of A&W Food Services

More information

WESTFIELD REAL ESTATE INVESTMENT TRUST

WESTFIELD REAL ESTATE INVESTMENT TRUST Unaudited Financial Statements of WESTFIELD REAL ESTATE INVESTMENT TRUST Period from January 1, 2005 to March 31, 2005 BALANCE SHEET Assets March 31 2005 (unaudited) December 31 2004 (audited) Income-producing

More information

BacTech Environmental Corporation. Financial Statements. December 31, 2011 and 2010

BacTech Environmental Corporation. Financial Statements. December 31, 2011 and 2010 Financial Statements and 2010 Table of Contents Independent Auditors' Report 1-2 Financial Statements Statements of Financial Position 3 Statements of Operations and Comprehensive Loss 4 Statements of

More information

Consolidated Financial Statements of. Years ended September 30, 2015 and 2014

Consolidated Financial Statements of. Years ended September 30, 2015 and 2014 Consolidated Financial Statements of Years ended September 30, 2015 and 2014 1 KPMG LLP Telephone 519-747-8800 115 King Street South, 2 nd Floor Fax 519-747-8830 Waterloo ON N2J 5A3 Internet www.kpmg.ca

More information

FLEET MANAGEMENT SOLUTIONS INC.

FLEET MANAGEMENT SOLUTIONS INC. FLEET MANAGEMENT SOLUTIONS INC. (Formerly: Silverton Mining Corp.) CONSOLIDATED FINANCIAL STATEMENTS (unaudited prepared by management) March 31, 2013 (Expressed in US Dollars) 1 FLEET MANAGEMENT SOLUTIONS

More information

OVID CAPITAL VENTURES INC./ ENTREPRISES OVID CAPITAL INC. CONDENSED INTERIM FINANCIAL STATEMENTS (Unaudited - See Notice to Reader) March 31, 2015

OVID CAPITAL VENTURES INC./ ENTREPRISES OVID CAPITAL INC. CONDENSED INTERIM FINANCIAL STATEMENTS (Unaudited - See Notice to Reader) March 31, 2015 CONDENSED INTERIM FINANCIAL STATEMENTS March 31, MARCH 31, CONTENTS Page NOTICE TO READER 2 FINANCIAL STATEMENTS Unaudited Condensed Interim Statement of Financial Position 3 Unaudited Condensed Interim

More information

(An Exploration Stage Company)

(An Exploration Stage Company) CONSOLIDATED FINANCIAL STATEMENTS MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying consolidated financial statements have been prepared by management and are in accordance with Canadian

More information

Canadian Spirit Resources Inc.

Canadian Spirit Resources Inc. This management discussion and analysis ( MD&A ) of the financial conditions and results of operations should be read in conjunction with the audited financial statements for the year ended December 31,

More information

EIGHT SOLUTIONS INC.

EIGHT SOLUTIONS INC. June 30, 2015 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102, part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed consolidated

More information

Quick Reference Guide toJapan's Financial Statements in 2014

Quick Reference Guide toJapan's Financial Statements in 2014 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) For the three months ended 2015 and 2014 This page intentionally left blank. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

More information

INCA ONE GOLD CORP. (Formerly Inca One Resources Corp.)

INCA ONE GOLD CORP. (Formerly Inca One Resources Corp.) Consolidated Financial Statements INDEPENDENT AUDITORS' REPORT To the Shareholders of Inca One Gold Corp. (formerly Inca One Resources Corp.) We have audited the accompanying consolidated financial statements

More information

ARMADA DATA CORPORATION CONSOLIDATED FINANCIAL STATEMENTS MAY 31, 2015

ARMADA DATA CORPORATION CONSOLIDATED FINANCIAL STATEMENTS MAY 31, 2015 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS I N D E X PAGE 1 Auditor s Report 2 Consolidated Statement of Financial Position 3 Consolidated Statement of Comprehensive Income 4 Consolidated

More information

An exploration stage company. Condensed Interim Consolidated Financial Statements

An exploration stage company. Condensed Interim Consolidated Financial Statements An exploration stage company Condensed Interim Consolidated Financial Statements (Expressed in US Dollars - unaudited) Condensed interim consolidated statements of financial position (Expressed in United

More information

EXPLOREX RESOURCES INC.

EXPLOREX RESOURCES INC. EXPLOREX RESOURCES INC. INTERIM FINANCIAL STATEMENTS (Expressed in Canadian Dollars) SEPTEMBER 30, 2015 (Unaudited Prepared by Management) NOTICE OF NO AUDITOR REVIEW OF CONSOLIDATED INTERIM FINANCIAL

More information

KALLISTO ENERGY CORP.

KALLISTO ENERGY CORP. KALLISTO ENERGY CORP. Q3 2014 Condensed Interim Consolidated Financial Statements (unaudited) Condensed Interim Consolidated Balance Sheets (in $CAD) Unaudited Notes September 30, 2014 December 31, 2013

More information