SILVER BEAR RESOURCES PLC CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
Registered Number: 10669766 (England and
Wales)
For the three and six months ended 30 June 2021 and 2020
(Expressed in Canadian dollars)
Mangazeisky Silver Project - Open Pit
Page 1 of 38
NOTICE OF NO 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 interim financial statements, they must be accompanied by a notice indicating that the 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 financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor.
Page 2 of 38
Silver Bear Resources Plc
Consolidated Statement of Financial Position
For the six months ended 30 June 2021 and 2020 (Canadian dollars)
30 June | 31 December | ||
Note | 2021 | 2020 | |
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 10 | 77,048,547 | 74,096,536 |
Mineral property | 9 | 11,113,693 | 11,923,604 |
Intangible assets | 8 | 234,601 | 299,528 |
Prepaid non-current assets | 6 | 3,105,562 | 2,871,150 |
Other non-current assets | 7 | 7,064,660 | 2,965,765 |
Total non-current assets | 98,567,063 | 92,156,583 | |
Current assets | |||
Inventories | 5 | 26,919,652 | 18,134,273 |
Receivables | 4 | 4,011,042 | 3,050,392 |
Cash and cash equivalents | 683,593 | 1,302,165 | |
Prepaid expenses | 6 | 2,707,788 | 2,789,641 |
Total current assets | 34,322,075 | 25,276,471 | |
TOTAL ASSETS | 132,889,138 | 117,433,054 | |
EQUITY AND LIABILITIES | |||
Non-current liabilities | |||
Long-term loans | 13 | 161,968,596 | 165,062,833 |
Asset retirement obligation | 14 | 4,115,752 | 4,040,784 |
Lease obligation | 12 | 3,657,870 | 1,237,793 |
Total non-current liabilities | 169,742,218 | 170,341,410 | |
Current liabilities | |||
Advances received | 1,699,056 | 144 | |
Short-term loans | 13 | 21,695,993 | 3,085,133 |
Account payable and accrued liabilities | 11 | 7,477,218 | 3,682,160 |
Lease obligation | 12 | 3,097,093 | 1,688,373 |
Total current liabilities | 33,969,360 | 8,455,810 | |
Total liabilities | 203,711,578 | 178,797,220 | |
Equity | |||
Share Capital | 15 | 99,563,333 | 99,561,998 |
Share Premium | 22,630,971 | 22,570,500 | |
Shareholders Contribution | 13 | 5,381,283 | 5,381,283 |
Contributed surplus | 15 | 16,729,844 | 16,960,163 |
Cumulative translation adjustment | 14,292,020 | 13,460,394 | |
Retained earnings/ (Accumulated deficit) | (229,419,891) | (219,298,504) | |
Total equity (deficiency) | (70,822,440) | (61,364,166) | |
TOTAL EQUITY AND LIABILITIES | 132,889,138 | 117,433,054 |
The accompanying notes are an integral part of these consolidated financial statements
Page 3 of 38
The financial statements on pages 3 to 38 were approved by the Board of Directors on 16 August 2021, and signed on its behalf by:
"Vadim Ilchuk" | "Maxim Matveev" |
_______________________________ | _______________________________ |
Vadim Ilchuk | Maxim Matveev |
Director, President, CEO | Director |
Page 4 of 38
Silver Bear Resources Plc
Consolidated Statement of Comprehensive Profit/(Loss)
For the three and six months ended 30 June 2021 and 2020 (Canadian dollars)
Three months ended | Six months ended | ||||
Note | 30 June | 30 June | 30 June | 30 June | |
2021 | 2020 | 2021 | 2020 | ||
Revenue: | |||||
Metal Sales | 5,246,992 | 13,431,541 | 21,842,195 | 24,081,567 | |
Cost of Sales: | |||||
Production cost | 18 | (4,962,025) | (7,264,634) | (15,890,005) | (12,158,876) |
Depreciation and amortization | (3,520,256) | (5,230,157) | (7,937,047) | (11,127,204) | |
Gross profit / (loss) | (3,235,289) | 936,750 | (1,984,857) | 795,487 | |
Exploration and evaluation expenses | (16,738) | (71,585) | (16,738) | (71,585) | |
General and administrative expenses | 18 | (1,030,186) | (810,173) | (2,129,057) | (1,780,829) |
Write-off of PPE | (180,418) | - | (180,418) | - | |
Other income | 17 | 2,950 | 123,897 | 149,277 | 289,252 |
Other expenses | 17 | (540,727) | (468,789) | (943,927) | (966,135) |
Operating loss | (5,000,408) | (289,900) | (5,105,720) | (1,733,810) | |
Finance income | 19 | 496 | 378 | 9,081 | 5,189 |
Finance expenses | 19 | (4,430,631) | (4,841,219) | (8,775,565) | (8,732,450) |
Foreign exchange (loss) /gain | 8,146,941 | 21,441,068 | 3,498,244 | (22,203,297) | |
Profit / (loss) before tax | (1,283,602) | 16,310,327 | (10,373,960) | (32,664,368) | |
Tax charge | 25 | (18,374) | (2,919) | (16,531) | (6,226) |
Loss for the year | (1,301,976) | 16,307,408 | (10,390,491) | (32,670,594) | |
Other comprehensive loss | |||||
Items, that may be reclassified | |||||
subsequently to profit or loss: | |||||
Exchange differences on translating | |||||
foreign operations | (2,043,004) | (5,467,497) | 831,626 | 6,627,778 | |
Total comprehensive loss for the year | (3,344,980) | 10,839,911 | (9,558,865) | (26,042,816) |
Basic and diluted profit (loss) per | |||||
ordinary share, cents per ordinary | |||||
share | 15 | (0.00) | 0.02 | (0.02) | (0.05) |
The accompanying notes are an integral part of these consolidated financial statements
Page 5 of 38
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Silver Bear Resources Inc. published this content on 16 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2021 19:22:19 UTC.
