OREX MINERALS INC.
Condensed Consolidated Interim Financial Statements
(Expressed in Canadian Dollars)
July 31, 2023
Notice to Reader
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed consolidated interim financial statements, they must be accompanied by a notice indicating that the condensed consolidated interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of financial statements by an entity's auditor.
OREX MINERALS INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Expressed in Canadian Dollars)
As at
July 31, | April 30, | ||||||||
2023 | 2023 | ||||||||
ASSETS | |||||||||
Current | |||||||||
Cash | $ | 584,720 | $ | 1,126,141 | |||||
Receivables | 51,281 | 98,971 | |||||||
Prepaid expenses and deposits | 35,859 | 30,024 | |||||||
671,860 | 1,255,136 | ||||||||
Equipment (Note 4) | 11,215 | 11,963 | |||||||
Deposits | 25,000 | 25,000 | |||||||
Investment in associates (Note 6) | 3,262,435 | 3,149,490 | |||||||
IVA receivable | 162,557 | 165,593 | |||||||
Exploration and evaluation assets (Note 5) | 1 | 1 | |||||||
$ | 4,133,068 | $ | 4,607,183 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Current | |||||||||
Accounts payable and accrued liabilities | $ | 66,440 | $ | 83,423 | |||||
Shareholders' equity | |||||||||
Share capital (Note 7) | 37,552,572 | 37,552,572 | |||||||
Reserves (Note 7) | 6,808,422 | 6,808,422 | |||||||
Accumulated other comprehensive income | 510,320 | 427,634 | |||||||
Deficit | (40,804,686) | (40,264,868) | |||||||
4,066,628 | 4,523,760 | ||||||||
$ | 4,133,068 | $ | 4,607,183 | ||||||
Nature and continuance of operations (Note 1) | |||||||||
Subsequent events (Note 7 and 13) | |||||||||
Approved and authorized by the board on September 28, 2023 | |||||||||
/s/ Bernard H. Whiting | Director | /s/Harry White | Director | ||||||
Bernard H. Whiting | Harry White |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
OREX MINERALS INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian Dollars)
Three months | Three months | |||
ended July 31, | ended July 31, | |||
2023 | 2022 | |||
EXPLORATION EXPENSES | ||||
Geological (Note 10) | $ | 87,525 | $ | 100,822 |
General exploration | 116,956 | 82,004 | ||
204,481 | 182,826 | |||
GENERAL EXPENSES | ||||
Consulting fees | 6,000 | 6,000 | ||
Depreciation (Note 4) | 748 | 997 | ||
Investor relations | 50,733 | 61,719 | ||
Management fees (Note 10) | 103,200 | 103,200 | ||
Office and administrative | 66,729 | 82,464 | ||
Professional fees | 11,362 | 9,744 | ||
Rent | 4,800 | 4,800 | ||
Transfer agent and filing fees | 13,270 | 11,046 | ||
256,842 | 279,970 | |||
(461,323) | (462,796) | |||
Equity loss in associated companies (Note 6) | (111,052) | (236,086) | ||
Foreign exchange gain | 25,793 | 26,692 | ||
Interest income | 6,764 | 8,668 | ||
(78,495) | (200,726) | |||
Loss for the period | (539,818) | (663,522) | ||
Equity investment - foreign currency translation (Note 6) | 82,686 | 2,273 | ||
Comprehensive loss for the period | $ | (457,132) | $ | (661,249) |
Basic and diluted loss per common share | $ | (0.02) | $ | (0.04) |
Weighted average number of common shares outstanding | 18,739,806 | 18,739,806 | ||
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
OREX MINERALS INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Expressed in Canadian Dollars)
Accumulated | |||||||||||
other | Total | ||||||||||
Common | Share | comprehensive | Shareholders | ||||||||
Shares | Capital | Reserves | income | Deficit | ' Equity | ||||||
Balance, April 30, 2022 | 18,739,806 | $ | 37,552,572 | $ | 6,808,422 | $ | 104,831 | $ | (37,933,745) | $ | 6,532,080 |
Comprehensive loss for the period | - | - | - | 2,273 | (663,522) | (661,249) | |||||
Balance, July 31, 2022 | 18,739,806 | 37,552,572 | 6,808,422 | 107,104 | (38,597,267) | 5,870,831 | |||||
Comprehensive loss for the period | - | - | - | 320,530 | (1,667,601) | (1,347,071) | |||||
Balance, April 30, 2023 | 18,739,806 | 37,552,572 | 6,808,422 | 427,634 | (40,264,868) | 4,523,760 | |||||
Comprehensive loss for the period | - | - | - | 82,686 | (539,818) | (457,132) | |||||
Balance, July 31, 2023 | 18,739,806 | $ | 37,552,572 | $ | 6,808,422 | $ | 510,320 | $ | (40,804,686) | $ | 4,066,628 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
OREX MINERALS INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Canadian Dollars)
Three months | Three months | |||
ended July 31, | ended July 31, | |||
2023 | 2022 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Loss for the period | $ | (539,818) | $ | (663,522) |
Items not affecting cash: | ||||
Depreciation | 748 | 997 | ||
Equity loss in associated company | 111,052 | 236,086 | ||
Changes in non-cash working capital items: | ||||
Receivables | 47,690 | 11,844 | ||
Prepaid expenses | (5,835) | 9,439 | ||
IVA receivable | 3,036 | (4,916) | ||
Accounts payable and accrued liabilities | (16,983) | 12,900 | ||
Cash used in operating activities | (400,110) | (397,172) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Equity investment | (141,311) | (30,387) | ||
- | ||||
Cash used in investing activities | (141,311) | (30,387) | ||
Change in cash during the period | (541,421) | (427,559) | ||
Cash, beginning of period | 1,126,141 | 3,302,296 | ||
Cash, end of period | $ | 584,720 | $ | 2,874,737 |
Supplemental disclosure with respect to cash flows (Note 9)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Orex Minerals Inc. published this content on 28 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2023 20:57:10 UTC.