TIDMCUSN
RNS Number : 0802O
Cornish Metals Inc.
29 September 2023
CORNISH METALS RELEASES UNAUDITED FINANCIAL STATEMENTS AND
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE SIX MONTHSED 31 JULY
2023
Vancouver, September 28, 2023
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 GBP7.0 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 Grade Contained Increase
(kt) (% Sn) Tin (t) 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 . D
ewatering 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 GBP7.0 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, July 31,
2023 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 Richard Morrison Tel: +44 203 470 0470
LLP Charlie Bouverat
(Nominated Adviser & Joint Grant Barker
Broker)
Hannam & Partners Matthew Hasson Tel: +44 207 907 8500
(Joint Broker) Andrew Chubb email: cornish@hannam.partners
Jay Ashfield
BlytheRay Tim Blythe Tel: +44 207 138 3204
(Financial PR/IR-London) Megan Ray email: tim.blythe@blytheray.com
megan.ray@blytheray.com
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, January 31,
2023 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, July 31,
2023 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, July 31,
2023 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 received
of in Capital payment translation Shareholders'
equity
shares Amount advance contribution reserve reserve Deficit - total
--------------- ------------ -------------- -------------- ------------- ------------ ------------------ --------------- --------------
Balance at
January $ ( 38,599,036
31, 2022 285,850,157 $ 56,846,350 $ - $ 2,007,665 $ 630,265 $ (174,123) ) $ 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 ( 3,250,557
period - - - - - - (3,250,557) )
--------------- ------------ -------------- -------------- ------------- ------------ ------------------ --------------- --------------
Balance at
July $ 127
31, 2022 531,248,490 ,869,456 $ - $ 2,007,665 $ 630,265 $(2,272,525) $ (41,849,593) $ 86,385,268
--------------- ------------ -------------- -------------- ------------- ------------ ------------------ --------------- --------------
Balance at
January $ ( 39,677,003
31, 2023 535,020,712 $128,377,152 $ 17,500 $ 2,007,665 $ 384,758 $ (648,962) ) $ 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
=============== ============ ============== ============== ============= ============ ================== =============== ==============
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(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
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