Excelsior Mining : Condensed Consolidated Interim Financial Statements for the Three and Nine Months ended September 30, 2021

Published: 2021-11-19 12:44:13 ET MIN.TO

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2021

(Unaudited)

(Expressed in thousands of United States Dollars)

EXCELSIOR MINING CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in thousands of United States dollars)

As at

Note

September 30, 2021

December 31, 2020

ASSETS

Current Assets

Cash and cash equivalents

$

24,452

$

13,606

Receivables

287

690

Prepaid expenses

713

861

Materials and supplies

1,315

938

26,767

16,095

Property, plant and equipment, net

3

124,005

112,471

Restricted cash

4

3,311

3,311

Total Assets

$

154,083

$

131,877

LIABILITIES AND EQUITY

Current liabilities

Accounts payable and accrued liabilities

5

$

1,668

$

2,694

Amounts due to related parties

121

112

Lease liabilities

71

46

Insurance liabilities

263

434

Restricted share units

196

123

Note Payable

8

-

804

Debt

8

15,000

-

Derivative liabilities

6

3,250

4,773

20,569

8,986

Lease liabilities

423

-

Note Payable

8

-

402

Debt

8

-

14,972

Derivative liabilities

6

99,467

85,699

Asset retirement obligation

7

18,870

14,955

Total liabilities

139,329

125,014

Equity

Capital Stock

9

107,967

89,480

Other equity reserves

9

12,106

11,406

Deficit

(104,490)

(93,194)

Accumulated other comprehensive loss

(829)

(829)

Total Equity

14,754

6,863

Total Liabilities and equity

$

154,083

$

131,877

See note 1 - Nature of Operations and Going Concern

Approved on November 9, 2021 on behalf of the Board of Directors:

/signed/

/signed/

Jim Kolbe

Fred DuVal

Chair of the Audit Committee

Director

The accompanying notes are an integral part of these condensed consolidated interim financial statements

2

EXCELSIOR MINING CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF (INCOME) LOSS AND COMPREHENSIVE (INCOME) LOSS

(Unaudited - Expressed in thousands of United States dollars)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

3

EXCELSIOR MINING CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited - Expressed in thousands of United States dollars)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

4

EXCELSIOR MINING CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2021 AND 2020 (Unaudited - Expressed in thousands of United States dollars)

The shares issued (834,579) due to stock option exercises in the Q1 2021 period relate to the remaining shares issued for the stock option exercise undertaken during December 2020. A total of 2,075,000 stock options were exercised, of which 1,975,000 stock options were exercised in exchange for a substituted right, resulting in the net issuance of 1,481,086 common shares. Of the 1,481,086 common shares issued, 646,507 were settled in 2020, with the remaining 834,579 shares settled in January 2021.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

5

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Excelsior Mining Corp. published this content on 19 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2021 17:43:06 UTC.