Cornish Metals Inc. (
TSX-V/AIM:
CUSN) (“Cornish Metals” or the “Company”), a mineral
exploration and development company focused on its projects in
Cornwall, United Kingdom, is pleased to announce that it has
released its unaudited financial statements and management,
discussion and analysis (“MD&A”) for the six months ended July
31, 2023. The reports are available under the Company’s profile on
SEDAR (www.sedar.com) and on the Company’s website
(www.cornishmetals.com).
Highlights for the six months ended July
31, 2023 and for the period ending September 28, 2023
(All figures expressed in Canadian dollars
unless otherwise stated)
- Updated JORC
(2012) compliant Mineral Resource Estimate for South Crofty mine
released showing a 31.6% increase to contained tin in the Indicated
Mineral Resource category for the Lower Mine (news release dated
September 13, 2023);
- Drill program to
collect samples for metallurgical testwork as part of the South
Crofty Feasibility Study completed in June 2023 with assay results
received to date reported (news release dated July 3, 2023)
- Construction of
the water treatment plant (“WTP”) completed at a
construction cost in the region of £7.0 million ($11.9 million at
quarter end exchange rate);
- Wet
commissioning of the WTP commenced with mine dewatering expected to
commence in October 2023 once the WTP is treating water to the
required standards (news release dated September 27, 2023);
- Two submersible
pumps installed in New Cook’s Kitchen (“NCK”)
shaft with the pumps and variable speed drives successfully
commissioned in July 2023 (news releases dated June 26, 2023 and
July 18, 2023);
- Fifteen-month
power supply contract agreed for the provision of 100% renewably
generated power thereby providing certainty over power costs during
the mine dewatering phase (news release dated July 18, 2023);
- Two single drum
winders ordered for the shaft re-access work, with both winders
expected on site in October 2023 with installation planned shortly
thereafter;
- Remedial work
underway on the south headframe above NCK shaft and the winder
building in readiness for the installation of the main winder;
- Commencement of
follow-up exploration drill program at the Wide Formation target in
the Carn Brea exploration area (news release dated September 19,
2023); and
- Work on the
Feasibility Study continues with completion planned by the end of
2024.
Richard Williams, CEO of Cornish Metals,
stated, “The Cornish Metals team has made great progress
continuing to advance the South Crofty project over the last
quarter with the construction of the water treatment plant and
updated Mineral Resource at South Crofty.
“The recently announced 39% increase in tonnes
and the 32% increase in contained tin confirms management’s belief
in the potential to continue to grow the Mineral Resource base at
South Crofty.
“Much has been achieved since the beginning of
the year and, with commissioning of the water treatment plant
underway, it is pleasing to see that commencement of dewatering the
mine is just round the corner. Furthermore, there has been a lot of
progress made in planning and preparing for the re-accessing of the
mine which will take place in parallel with mine dewatering.
“Additionally, a successful drill program at the
Wide Formation will allow us to assess the potential to extend both
the mine life and increase production throughput at South
Crofty.
“Overall, the last few months have been very
busy but also exceptionally rewarding as we move towards a
construction decision for South Crofty. The Feasibility Study
remains on track for completion in 2024. The financial position of
the Company is healthy and we remain focussed on our objective to
complete the dewatering of South Crofty within the next 18
months.”
Review of activities
Updated Mineral
Resource Estimate released for South Crofty mine
An updated Mineral Resource Estimate for South
Crofty mine, prepared in accordance with the requirements of the
JORC Code (2012 Edition), was released on September 13, 2023
(“Updated MRE”). This updates and supersedes the
MRE published on June 9, 2021 (“2021 MRE”).
Since the preceding 2021 MRE, the Company’s
geological team has continued to digitize and incorporate historic
assay data into the Mineral Resource model for the Lower Mine.
Furthermore, confirmation of existing structures at depth through
the recent metallurgical drilling program (as described below) has
been incorporated into the Updated MRE.
The Updated MRE for the Lower Mine area of South
Crofty mine reports a:
- 39.0% increase
in tonnes and a 31.6% increase in contained tin in the Indicated
Mineral Resource category from the 2021 MRE; and
- 35.6% increase
in tonnes and 15.5% increase in contained tin in the Inferred
Mineral Resource category from the 2021 MRE.
The Updated MRE for the tin-only Lower Mine is
summarized below:
Summary of South Crofty Lower Mine Area Mineral Resource
Estimate at 0.6% Sn Cut-Off Grade (September 6, 2023) |
Classification |
Mass(kt) |
Grade(% Sn) |
Contained Tin (t) |
Increase to Contained Tin from 2021 MRE (t /
%) |
Indicated |
2,896 |
1.50 |
43,573 |
10,475 / 31.6% |
Inferred |
2,626 |
1.42 |
37,422 |
5,026 / 15.5% |
The majority of new Mineral Resources are
contained within the central part of the mine in No. 1, No. 2, No.
3, Main, Intermediate, North and Great Lodes following digitization
and modelling of historic data.
The Updated MRE for the Lower Mine area is
reported using a 0.6% tin cut-off grade, the same cut-off grade
applied in the MREs prepared in 2016 and 2021. The Updated MRE was
prepared by the Company’s geological team and independently
reviewed and verified by AMC Consultants (UK) Ltd.
The Lower Mine area contains tin mineralization
within quartz-tourmaline vein or “lode” structures, which are
hosted entirely within granitic rocks. The major lode structures
that comprise the Updated MRE remain open along strike and to
depth.
Mineral Resources for the Upper Mine area of the
South Crofty Updated MRE were reported accounting for a
recalculation of tin equivalent grades due to changes in metal
prices since the 2021 MRE was published (refer press release dated
September 13 2023).
Mineral Resources which are not Mineral Reserves
do not have demonstrated economic viability. The estimate of
Mineral Resources may be materially affected by environmental,
permitting, legal, title, taxation, socio-political, marketing or
other relevant issues.
The Updated MRE will be incorporated into the
mine plan to be included in the Feasibility Study as described
below.
Construction progress
of water treatment plant at South Crofty
Construction progress of the WTP at South Crofty
involves various enabling works, including completion of the
treated water discharge duct from the WTP, various roadways and the
concrete foundation pad for the WTP itself. Pipelines carrying
water from the submersible pumps in NCK shaft to the WTP were also
laid along with electrical and communication systems.
The WTP comprises nine reaction tanks for
altering the chemical properties to precipitate the various metals
out of solution, and six inclined plate settling tanks (lamella
clarifiers) to remove the precipitated solids. All the tanks and
clarifiers were installed by the end of June 2023, as were the
structural steel supports and walkways which provide access to the
WTP. At the back end of the WTP, a sludge storage and thickening
system has been installed, consisting of storage tanks for
unthickened and thickened sludge and a deep cone thickener to
thicken the sludge.
Reagent storage, make-up and dosing equipment
have been supplied as complete packages from specialist
manufacturers who also assisted with their installation.
At the mine end, a building housing the high
voltage power supply/sub-station and the variable speed drives
required to operate the pumps was completed in August 2023. The
11kV power supply was also energized in August 2023 with the new
power supply contract (refer below). At the WTP end, a large motor
control center and automation system has been installed in a new
building, which National Grid have connected to their network with
another new substation.
A hydro-turbine has been added ahead of the
discharge point that will generate up to 15% of the electricity
required to operate the WTP.
Wet commissioning of the WTP commenced
mid-September 2023 with final balancing of the discharge chemistry
to be completed. Dewatering of the mine is anticipated to commence
in October 2023. Only once the plant is fully operational and
performing to the required standards will any treated water be
discharged to the Red River.
Overall, the cost of construction for the WTP is
expected to be in the region of £7.0 million ($11.9 million at
quarter end exchange rate) subject to the length of the
commissioning period.
Installation of
submersible pumps and commissioning of variable speed drives
Two submersible pumps manufactured by KSB in
Germany have been installed in NCK shaft for the first stage of the
two-stage mine dewatering program. The pumps are specialist high
head, vertical pumps that are controlled by variable speed drives
(“VSDs”) to enable the 25,000m3/day pumping rate to the WTP to be
maintained as the water level drops and the pumping head increases.
The VSDs were manufactured by Schneider Electric and supplied by
Siemag Tecberg UK.
The first pump was installed in NCK shaft at the
end of June 2023 and the second pump was installed mid-July 2023.
Commissioning teams from Siemag Tecberg UK and Schneider Electric
were on-site for the last two weeks of July 2023 testing the pumps
and VSDs. The pumps and VSDs were successfully commissioned and ran
through a series of performance tests to demonstrate their ability
to meet the target flow rate to the WTP.
The pumps have been initially lowered to
immediately below the 195 fathom level (360 meters below surface)
and suspended from 120 three meter long pipes that form the
temporary rising main. When the water level reaches the 195 fathom
level, a permanent set of pumps will be installed at that level.
The submersible pumps will then be lowered to the 400 fathom level
(approximately 700 meters below surface) for the second stage of
dewatering.
For the purposes of commissioning, the pumps
have been pumping mine water from below the 195 fathom level to the
WTP where it has been diverted around the plant and returned back
underground via a specially installed commissioning loop. Once the
WTP is commissioned, the fully treated mine water will be diverted
to the Red River and dewatering of the mine will commence.
Execution of power
supply contract for South Crofty
In July 2023, South Crofty entered into a
15-month supply contract with NPower for the provision of 100%
renewably generated power. The supply contract allows South Crofty
to advance through the mine dewatering phase with certainty over
the power costs for the next 15 months. This added certainty is an
important financial consideration given the power price volatility
seen over the last 18 months.
Preparation for re-accessing the New
Cook’s Kitchen shaft
Two single drum winders have been ordered for
the shaft re-access work, with the main winder being supplied by
Siemag Tecberg UK and an emergency egress winder being provided by
Zitrón S.A.. The winders are due on site in October 2023. These
winders will enable the NCK shaft to be re-accessed once dewatering
activities are underway. Conveyances and rope attachment packages
for both winders have been ordered.
The south headframe sitting above NCK shaft is
being remediated and strengthened as required. New sheave wheels
and associated apparatus have been ordered to replace the originals
which were beyond economic repair. The building housing the main
winder is being remediated with the installation of new exterior
cladding. The secondary egress winder is being housed in a new
temporary winding house to the west of the shaft, which is being
erected in October 2023. The concrete foundations for both winders
have been poured in readiness for their installation in October
2023.
Pump and pipe handling infrastructure has also
been installed around the headframe to facilitate the lowering of
the pumps and pipes and subsequent dewatering activities. The above
water timber sets in the shaft have been inspected down to the
water level, with most found to be in good condition. Where
required, timber sets in the shaft are being replaced and any
debris removed.
Metallurgical study drill program at
South Crofty
A metallurgical drill program as part of the
Feasibility Study was completed between July 2022 and June 2023.
The program was designed to collect samples for various
metallurgical studies, including XRT ore sorting, flowsheet
optimisation and paste backfill studies. This testwork should allow
acceleration of the Feasibility Study in advance of dewatering the
mine and will provide key information for the mineral processing
flowsheet.
The program comprised 10,312 meters of diamond
drilling with three drill rigs being contracted from Priority
Drilling Limited, under the supervision of the Company’s geological
team.
Samples were collected from the North Pool Zone
(eastern section of Mineral Resource), the No. 4 and No. 8 Lodes
(central part of the Mineral Resource), Roskear and Dolcoath South
(western part of the Mineral Resource). These five main lodes /
mineralized zones contain the majority of the mineralized material
anticipated to be processed during the first six years of the mine
life.
The metallurgical drill program comprised 14
parent and daughter drill holes targeting No. 4 and No. 8 Lodes,
and 14 parent and daughter holes targeting the Roskear Lode.
Visible tin mineralization was observed in all 28 drill holes.
Three holes from each Lode were assayed for base metals and
associated elements and the rest of the drill intercepts were used
for metallurgical studies. The assay results were reported in the
press release dated July 3, 2023.
Four parent and 29 daughter holes targeting the
North Pool Zone and the Dolcoath South Lode, respectively, were
also completed. Assay results from these holes will be released
when received.
Initial metallurgical studies have commenced and
are expected to be substantially completed by the end of 2023 for
inclusion in the Feasibility Study with completion planned by the
end of 2024 as described below.
Preparation of Feasibility Study
Work on the South Crofty Feasibility Study has
been underway since June 2022. In addition to the metallurgical
testwork program and Updated MRE noted above, the Feasibility Study
continues to advance with the following activities:
- Wardell
Armstrong has completed Phase 1 of the metallurgical testwork
program, including ore sorting testwork, and is now progressing
through flowsheet verification;
- Fairport
Engineering has completed concept and optimization design studies
and is underway with the feasibility level engineering of the
mineral processing plant;
- A site investigation for the mineral processing plant has been
completed by AGS Ground Solutions;
- Concept numerical modelling of the proposed underground mining
methods and stope designs, including back analysis, has been
completed by MiningOne;
- Geotechnical televiewing has been completed on the five primary
mining areas by Robertson Geo, validating previously known
structural data;
- The program for
geotechnical rock testing has been completed with the results
confirming known historic testwork;
- Paterson &
Cooke (UK) has completed concept engineering and sighter testwork
on paste backfill options;
- Life of Mine
underground ventilation design options have been completed and are
being reviewed;
- Entech Mining
and RSV Group have completed the refurbishment and recommissioning
study of NCK and Roskear shafts, and preliminary designs for the
material handling infrastructure in the Upper Mine have been
completed;
- Underground
stope optimization is underway, which will include the new central
mining areas from the Updated MRE noted above;
- AMC Consultants
(UK) has been commissioned to review and provide overall
Feasibility Study sign-off;
- CRU Group has
been engaged for the market study section of the Feasibility
Study;
- Piteau
Associates has completed the mine hydrogeological studies; and
- SLR Consulting
is underway with the environmental and social sections of the
Feasibility Study.
It is planned that the Feasibility Study will be
completed by the end of 2024.
Commencement of
exploration drill program at Carn Brea South
A 9,000 meter exploration drill program
commenced at the Wide Formation target in the Carn Brea South
exploration area (refer news release dated September 19, 2023). The
drill program is designed to test the geometry and the continuity
of tin mineralization within the recently discovered Wide Formation
target (refer news release dated January 10, 2023).
The alteration style in the Wide Formation,
comprising pervasive tourmaline and quartz (termed ‘blue peach’),
is similar in character to that associated with No. 8 Lode, one of
the most prolific tin producing lodes in the latter years of
operation of the South Crofty mine. The drill programme will test
an area measuring 2,500 meters along strike (northeast to
southwest) and 500 meters downdip (north to south).
Financial highlights for the six months
ended July 31, 2023 and July 31, 2022
|
Six months ended (unaudited) |
|
July 31, 2023 |
July 31, 2022 |
(Expressed in Canadian dollars) |
|
|
Total operating expenses |
$2,041,551 |
|
$1,888,943 |
|
Loss for the period |
$887,399 |
|
$3,250,557 |
|
Net cash (used in) operating activities |
($1,312,999) |
|
($1,836,464) |
|
Net cash (used in) investing activities |
($15,622,535) |
|
($2,552,626) |
|
Net cash provided by (used in) financing activities |
($723) |
|
$61,256,694 |
|
Cash at end of the period |
$39,897,599 |
|
$61,629,169 |
|
- Increase in
operating costs impacted by higher insurance costs attributable to
more site-based activities primarily relating to the construction
of the WTP and related dewatering work;
- Expenditure of
$8.8 million incurred during the period on the construction of the
WTP and related dewatering equipment, as well as new or replacement
equipment for the mine;
- Other project
related costs of $6.1 million incurred during the period relating
to the advancement of South Crofty to a potential construction
decision, primarily for the metallurgical drill program and
planning activities for dewatering and shaft re-access;
- Interest income
of $807,294 arising from increased interest rates being received on
higher cash balance following the Offering; and
- Recognition of
foreign currency translation gain of $2.6 million for those assets
located in the UK when translated into Canadian dollars for
presentational purposes.
Outlook
As described above, the proceeds raised from the
Offering completed in May 2022 are being used to advance the South
Crofty tin project to a potential construction decision within 30
months from closing of the Offering (December 2024).
Within 30 months from the closing of the
Offering, the Company’s plans are as follows:
- Commence
dewatering and thereafter complete the dewatering of the mine
within 18 months;
- Complete a
Feasibility Study using all reasonable commercial efforts by the
end of 2024; and
- Commence basic
and detailed engineering studies, construction of the processing
plant, refurbishment of underground facilities and other on-site
early works.
The follow up exploration drill program at the
Wide Formation target at Carn Brea South will also continue subject
to the receipt of satisfactory drill results.
Subject to the availability of financing,
consideration will also be given to continuing with the Company’s
exploration program at United Downs and evaluating other high
potential, exploration targets within transport distance of the
planned processing plant site at South Crofty.
ABOUT CORNISH METALS
Cornish Metals is a dual-listed company (AIM and
TSX-V: CUSN) focused on advancing the South Crofty high-grade,
underground tin Project through to delivery of a Feasibility Study,
as well as exploring its additional mineral rights, all located in
Cornwall, United Kingdom. The former producing South Crofty tin
mine is located beneath the towns of Pool and Camborne, and closed
in 1998 following over 400 years of continuous production.
TECHNICAL INFORMATION
The technical information in this news release
has been compiled by Mr. Owen Mihalop. Mr. Mihalop has reviewed and
takes responsibility for the data and geological interpretation.
Mr. Owen Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief
Operating Officer for Cornish Metals Inc. and has sufficient
experience relevant to the style of mineralization and type of
deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined under the
JORC Code (2012) and as a Qualified Person under NI 43-101. Mr.
Mihalop consents to the inclusion in this announcement of the
matters based on his information in the form and context in which
it appears.
ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
For additional information please contact:
In North America: Irene Dorsman
at (604) 200 6664 or by e-mail at irene@cornishmetals.com
SP Angel Corporate Finance LLP (Nominated Adviser
& Joint Broker) |
Richard Morrison Charlie Bouverat Grant Barker |
Tel: +44 203 470 0470 |
|
|
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|
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Hannam & Partners(Joint Broker) |
Matthew HassonAndrew Chubb Jay Ashfield |
Tel: +44 207 907 8500email:
cornish@hannam.partners |
|
|
|
|
|
|
BlytheRay(Financial PR/IR-London) |
Tim Blythe Megan Ray |
Tel: +44 207 138 3204email: tim.blythe@blytheray.com
megan.ray@blytheray.com |
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|
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Caution regarding forward looking
statements
This news release contains "forward-looking
statements" including, but not limited to, statements in connection
with the expected use of proceeds of the Offering, including in
respect of certain work programs, expected construction, including
in respect of the WTP, and the potential completion of a
Feasibility Study on the South Crofty mine and the timing thereof,
the exploration program at United Downs and other exploration
opportunities surrounding the South Crofty tin project, expected
recruitment of various personnel, and expectations respecting tin
pricing and other economic factors. Forward-looking statements,
while based on management’s best estimates and assumptions at the
time such statements are made, are subject to risks and
uncertainties that may cause actual results to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: risks related to receipt
of regulatory approvals, risks related to general economic and
market conditions; risks related to the COVID-19 global pandemic
and any variants of COVID-19 which may arise; risks related to the
availability of financing when required and on terms acceptable to
the Company and the potential consequences if the Company fails to
obtain any such financing, such as a potential disruption of the
Company’s exploration program(s); the timing and content of
upcoming work programs; actual results of proposed exploration
activities; possible variations in Mineral Resources or grade;
failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes, title disputes, claims and limitations
on insurance coverage and other risks of the mining industry;
changes in national and local government regulation of mining
operations, tax rules and regulations.
Although Cornish Metals has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Cornish Metals undertakes
no obligation or responsibility to update forward-looking
statements, except as required by law.
Market Abuse Regulation (MAR)
Disclosure
The information contained within this
announcement is deemed by the Company to constitute inside
information pursuant to Article 7 of EU Regulation 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.
CONSOLIDATED CONDENSED INTERIM
STATEMENTS OF FINANCIAL POSITION
(Unaudited)(Expressed in Canadian dollars)
|
July 31, 2023 |
January 31, 2023 |
|
|
|
ASSETS |
|
|
Current |
|
|
Cash |
$ |
39,897,599 |
|
|
$ |
55,495,232 |
|
Marketable securities |
|
2,764,572 |
|
|
|
2,718,936 |
|
Receivables |
|
955,271 |
|
|
|
656,407 |
|
Prepaid expenses |
|
286,601 |
|
|
|
371,977 |
|
|
|
43,904,043 |
|
|
|
59,242,552 |
|
|
|
|
Deposits |
|
85,047 |
|
|
|
54,165 |
|
Property, plant and
equipment |
|
18,805,363 |
|
|
|
9,721,352 |
|
Exploration and
evaluation assets |
|
41,514,247 |
|
|
|
33,088,129 |
|
|
|
|
|
$ |
104,308,700 |
|
|
$ |
102,106,198 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current |
|
|
Accounts payable and accrued liabilities |
$ |
3,048,640 |
|
|
$ |
2,494,642 |
|
Lease liability |
|
- |
|
|
|
642 |
|
|
|
3,048,640 |
|
|
|
2,495,284 |
|
NSR
liability |
|
9,031,233 |
|
|
|
9,149,804 |
|
|
|
12,079,873 |
|
|
|
11,645,088 |
|
SHAREHOLDERS’
EQUITY |
|
|
Capital stock |
|
128,394,652 |
|
|
|
128,377,152 |
|
Share subscriptions received in advance |
|
- |
|
|
|
17,500 |
|
Capital contribution |
|
2,007,665 |
|
|
|
2,007,665 |
|
Share-based payment reserve |
|
410,307 |
|
|
|
384,758 |
|
Foreign currency translation reserve |
|
1,980,605 |
|
|
|
(648,962 |
) |
Deficit |
|
(40,564,402 |
) |
|
|
(39,677,003 |
) |
|
|
|
|
|
92,228,827 |
|
|
|
90,461,110 |
|
|
|
|
|
$ |
104,308,700 |
|
|
$ |
102,106,198 |
|
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF LOSS AND
COMPREHENSIVE LOSS
(Unaudited) (Expressed in Canadian dollars)
|
Six months ended |
|
July 31, 2023 |
July 31, 2022 |
|
|
|
EXPENSES |
|
|
Travel and marketing |
$ |
246,060 |
|
|
$ |
269,075 |
|
Depreciation |
|
- |
|
|
|
443 |
|
Insurance |
|
347,056 |
|
|
|
66,716 |
|
Office, miscellaneous and rent |
|
108,040 |
|
|
|
55,516 |
|
Professional fees |
|
536,314 |
|
|
|
359,845 |
|
Generative exploration costs |
|
5,233 |
|
|
|
56,081 |
|
Regulatory and filing fees |
|
55,422 |
|
|
|
98,718 |
|
Share-based compensation |
|
25,549 |
|
|
|
- |
|
Salaries, directors’ fees and benefits |
|
717,877 |
|
|
|
982,549 |
|
|
|
|
Total operating expenses |
|
(2,041,551 |
) |
|
|
(1,888,943 |
) |
|
|
|
Interest income |
|
807,294 |
|
|
|
15,223 |
|
Foreign exchange gain (loss) |
|
381,878 |
|
|
|
(2,237,188 |
) |
Gain on the disposal of royalty |
|
- |
|
|
|
318,147 |
|
Unrealized gain on marketable securities |
|
(35,020 |
) |
|
|
542,204 |
|
|
|
|
Loss for the period |
|
(887,399 |
) |
|
|
(3,250,557 |
) |
|
|
|
Foreign currency translation |
|
2,629,567 |
|
|
|
(2,098,402 |
) |
Total comprehensive income (loss) for the
period |
$ |
1,742,168 |
|
|
$ |
(5,348,959 |
) |
|
|
|
Basic and diluted income (loss) per share |
$ |
0.00 |
|
|
$ |
(0.01 |
) |
|
|
|
Weighted average number of common shares
outstanding: |
|
535,267,950 |
|
|
|
378,614,227 |
|
CONSOLIDATED CONDENSED INTERIM
STATEMENTS OF CASH FLOWS
(Unaudited) (Expressed in Canadian dollars)
|
For the six months ended |
|
July 31, 2023 |
July 31, 2022 |
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Loss for the period |
$ |
(887,399 |
) |
|
$ |
(3,250,557 |
) |
Items not involving cash: |
|
|
Depreciation |
|
- |
|
|
|
443 |
|
Share-based compensation |
|
25,549 |
|
|
|
- |
|
Gain on the disposal of royalty |
|
- |
|
|
|
(318,147 |
) |
Unrealized loss (gain) on marketable securities |
|
35,020 |
|
|
|
(542,204 |
) |
Foreign exchange loss (gain) |
|
(381,878 |
) |
|
|
2,237,188 |
|
|
|
|
Changes in non-cash working capital items: |
|
|
Increase in receivables |
|
(298,864 |
) |
|
|
(35,101 |
) |
Decrease (increase) in prepaid expenses |
|
66,214 |
|
|
|
(2,185 |
) |
Increase in accounts payable and accrued liabilities |
|
128,359 |
|
|
|
74,099 |
|
|
|
|
Net cash used in operating activities |
|
(1,312,999 |
) |
|
|
(1,836,464 |
) |
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Acquisition of property, plant and equipment |
|
(8,032,282 |
) |
|
|
(388,283 |
) |
Acquisition of exploration and evaluation assets |
|
(7,561,503 |
) |
|
|
(2,155,493 |
) |
Increase in deposits |
|
(28,750 |
) |
|
|
(8,850 |
) |
|
|
|
Net cash used in investing activities |
|
(15,622,535 |
) |
|
|
(2,552,626 |
) |
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from the Offering |
|
- |
|
|
|
65,135,746 |
|
Proceeds from option and warrant exercises |
|
- |
|
|
|
7,000 |
|
Share issue costs |
|
- |
|
|
|
(3,947,087 |
) |
Proceeds from the disposal of royalty |
|
- |
|
|
|
63,147 |
|
Lease payments |
|
(723 |
) |
|
|
(2,112 |
) |
|
|
|
Net cash provided by (used in) financing activities |
|
(723 |
) |
|
|
61,256,694 |
|
|
|
|
Impact of foreign exchange on cash |
|
1,338,624 |
|
|
|
(2,161,139 |
) |
|
|
|
Change in cash during the period |
|
(15,597,633 |
) |
|
|
54,706,465 |
|
Cash, beginning of the period |
|
55,495,232 |
|
|
|
6,922,704 |
|
|
|
|
Cash, end of the period |
$ |
39,897,599 |
|
|
$ |
61,629,169 |
|
|
|
|
Cash paid during the period for interest |
$ |
- |
|
|
$ |
- |
|
|
|
|
Cash paid during the period for income taxes |
$ |
- |
|
|
$ |
- |
|
CONSOLIDATED CONDENSED INTERIM
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited) (Expressed in Canadian dollars)
|
|
Share |
|
|
|
|
Foreign |
|
|
|
|
|
Capital stock |
subscriptions |
|
|
|
Share-based |
|
|
currency |
|
|
|
|
|
Number of |
|
|
|
|
|
|
received in |
|
|
Capital |
|
|
payment |
|
|
translation |
|
|
|
Shareholders’ |
|
|
shares |
|
Amount |
|
|
advance |
|
|
contribution |
|
|
reserve |
|
|
reserve |
|
|
Deficit |
|
|
equity – total |
|
Balance at January 31, 2022 |
285,850,157 |
|
|
$ |
56,846,350 |
|
|
$ |
- |
|
|
$ |
2,007,665 |
|
|
$ |
630,265 |
|
|
$ |
(174,123 |
) |
|
$ |
(38,599,036 |
) |
|
$ |
20,711,121 |
|
Share issuance pursuant to the Offering |
225,000,000 |
|
|
|
65,135,746 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
65,135,746 |
|
Share issue costs |
- |
|
|
|
(3,964,332 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,964,332 |
) |
Warrant exercises |
100,000 |
|
|
|
7,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,000 |
|
Shares issued pursuant to property option agreement |
20,298,333 |
|
|
|
9,844,692 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9,844,692 |
|
Foreign currency translation |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,098,402 |
) |
|
|
- |
|
|
|
(2,098,402 |
) |
Loss for the period |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,250,557 |
) |
|
|
(3,250,557 |
) |
Balance at July 31, 2022 |
531,248,490 |
|
|
$ |
127,869,456 |
|
|
$ |
- |
|
|
$ |
2,007,665 |
|
|
$ |
630,265 |
|
|
$ |
(2,272,525 |
) |
|
$ |
(41,849,593 |
) |
|
$ |
86,385,268 |
|
|
|
|
|
|
|
|
|
|
|
Balance
at January 31, 2023 |
535,020,712 |
|
|
$ |
128,377,152 |
|
|
$ |
17,500 |
|
|
$ |
2,007,665 |
|
|
$ |
384,758 |
|
|
$ |
(648,962 |
) |
|
$ |
(39,677,003 |
) |
|
$ |
90,461,110 |
|
Warrant exercises |
250,000 |
|
|
|
17,500 |
|
|
|
(17,500 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Foreign currency translation |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,629,567 |
|
|
|
- |
|
|
|
2,629,567 |
|
Share-based compensation |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
25,549 |
|
|
|
- |
|
|
|
- |
|
|
|
25,549 |
|
Loss for the period |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(887,399 |
) |
|
|
(887,399 |
) |
Balance at July 31, 2023 |
535,270,712 |
|
|
$ |
128,394,652 |
|
|
$ |
- |
|
|
$ |
2,007,665 |
|
|
$ |
410,307 |
|
|
$ |
1,980,605 |
|
|
$ |
(40,564,402 |
) |
|
$ |
92,228,827 |
|
Cornish Metals (TSXV:CUSN)
過去 株価チャート
から 4 2024 まで 5 2024
Cornish Metals (TSXV:CUSN)
過去 株価チャート
から 5 2023 まで 5 2024