Acquisition of Ely (Tables)

12 Months Ended

Sep. 30, 2021

Summary of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the consideration paid and the preliminary fair values of the assets acquired, and liabilities assumed on the closing date:

	($)
Consideration paid
Cash paid to Ely shareholders(1)		65,016,496
GRC Shares issued to Ely shareholders(1)		130,193,499
15,946,732 Ely Warrants deemed to be exchanged for GRC Shares		5,640,669
Total consideration		200,850,664
Allocation of consideration
Cash and cash equivalents		6,769,469
Short-term investments		1,291,022
Accounts receivable		261,897
Prepaid and other receivables		193,055
Reclamation bond		21,915
Property, plant & equipment		47,714
Royalties		231,172,628
Exploration and evaluation assets		7,691,535
Accounts payable and accrued liabilities		(3,847,216	)
Lease obligation		(51,355	)
Deferred income tax liability		(42,700,000	)
Net assets acquired		200,850,664

(1) Consideration excludes a portion of cash ($329,450) and share ($213,684) consideration representing the excess of the value of consideration over the intrinsic value of Ely’s share options outstanding prior to the closing date. Such excess is recorded as share-based compensation in the consolidated statements of comprehensive loss on the closing date.