|
Canaagold
Resources Ltd.
(Registrant)
|
|
|
|
|
|
|
Date: November
15,
2021
|
By:
|
/s/
Scott
Eldridge
|
|
|
|
Name: Scott
Eldridge
|
|
|
|
Title:
Chief
Executive Officer
|
|
|
|
September
30,
|
December
31,
|
|
Notes
|
2021
|
2020
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash
|
|
$1,014
|
$6,117
|
Marketable
securities
|
6
|
925
|
1,323
|
Receivables and
prepaids
|
12
|
480
|
297
|
Total Current
Assets
|
|
2,419
|
7,737
|
|
|
|
|
NON-CURRENT
ASSETS
|
|
|
|
Mineral property
interests
|
7
|
21,095
|
15,820
|
Equipment
|
8
|
58
|
83
|
Total Non-Current
Assets
|
|
21,153
|
15,903
|
Total
Assets
|
|
$23,572
|
$23,640
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Accounts payable
and accrued liabilities
|
12
|
$1,040
|
$324
|
Deferred royalty
liability, current
|
9(b)
|
35
|
35
|
Lease liability,
current
|
9(c)
|
29
|
31
|
Total Current
Liabilities
|
|
1,104
|
390
|
|
|
|
|
LONG
TERM LIABILITIES
|
|
|
|
Deferred royalty
liability, long term
|
9(b)
|
101
|
116
|
Lease liability,
long term
|
9(c)
|
-
|
20
|
Total Long Term
Liabilities
|
|
101
|
136
|
Total
Liabilities
|
|
1,205
|
526
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
Share
capital
|
10(b)
|
74,120
|
73,595
|
Reserve for
share-based payments
|
|
1,229
|
821
|
Accumulated other
comprehensive loss
|
|
(2,048)
|
(2,044)
|
Deficit
|
|
(50,934)
|
(49,258)
|
Total Shareholders'
Equity
|
|
22,367
|
23,114
|
Total Liabilities
and Shareholders' Equity
|
|
$23,572
|
$23,640
|
/s/ Bradford
Cooke
|
/s/ Martin Burian
|
Director
|
Director
|
|
|
Three
Months ended September 30,
|
|
Nine
Months ended September 30,
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|
|
Notes
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Amortization
|
8
|
$14
|
$12
|
$41
|
$36
|
Corporate
development
|
11, 12
|
(4)
|
21
|
-
|
57
|
Employee and
director remuneration
|
12
|
104
|
131
|
324
|
325
|
General and
administrative
|
11
|
62
|
60
|
173
|
135
|
Shareholder
relations
|
|
100
|
230
|
307
|
281
|
Share-based
payments
|
10(c), 12
|
344
|
49
|
680
|
120
|
|
|
|
|
|
|
Loss
before the undernoted
|
|
(620)
|
(503)
|
(1,525)
|
(954)
|
|
|
|
|
|
|
Interest
income
|
|
2
|
1
|
8
|
9
|
Interest and
finance expense
|
9(b), (c)
|
(7)
|
(9)
|
(25)
|
(30)
|
Foreign exchange
(loss) gain
|
|
(8)
|
20
|
(2)
|
(21)
|
Change in fair
value of marketable securities
|
6
|
(50)
|
84
|
(299)
|
242
|
Recovery
(write-off) of mineral property interest
|
7(a)(iii), (iv)
|
163
|
(1,058)
|
164
|
(1,058)
|
|
|
|
|
|
|
Net
loss before income tax
|
|
(520)
|
(1,465)
|
(1,679)
|
(1,812)
|
|
|
|
|
|
|
Income tax
recovery
|
9(a)
|
-
|
8
|
-
|
9
|
|
|
|
|
|
|
Net
loss for the period
|
|
(520)
|
(1,457)
|
(1,679)
|
(1,803)
|
|
|
|
|
|
|
Other
comprehensive income (loss):
|
|
|
|
|
|
Items
that will not be reclassified into profit or loss:
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
(581)
|
370
|
(4)
|
(378)
|
|
|
|
|
|
|
Comprehensive
loss for the period
|
|
$(1,101)
|
$(1,087)
|
$(1,683)
|
$(2,181)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted loss per share
|
|
$(0.01)
|
$(0.03)
|
$(0.02)
|
$(0.04)
|
|
|
|
|
|
|
Weighted average number of shares outstanding
|
71,218,319
|
48,721,444
|
70,695,804
|
48,595,609
|
|
|
|
|
|
Accumulated
|
|
|
|
Share
Capital
|
|
|
Reserve
for
|
Other
|
|
|
|
Number
of
|
|
Common
Share
|
Share-Based
|
Comprehensive
|
|
|
|
Shares
|
Amount
|
Subscription
|
Payments
|
Income
(Loss)
|
Deficit
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December
31, 2019
|
48,531,936
|
$67,287
|
$-
|
$709
|
$(2,497)
|
$(47,578)
|
$17,921
|
Private
placement
|
21,000,000
|
6,373
|
-
|
-
|
-
|
-
|
6,373
|
Exercise of stock
options
|
576,000
|
236
|
-
|
(98)
|
-
|
-
|
138
|
Exercise of share
appreciation rights
|
143,303
|
59
|
-
|
(49)
|
-
|
(10)
|
-
|
Share issue
expenses
|
-
|
(233)
|
-
|
-
|
-
|
-
|
(233)
|
Finders fee
warrants
|
-
|
(127)
|
-
|
127
|
-
|
-
|
-
|
Share-based
payments
|
-
|
-
|
-
|
170
|
-
|
-
|
170
|
Cancellation and
expiration of stock options
|
-
|
-
|
-
|
(38)
|
-
|
38
|
-
|
Other comprehensive
income (loss):
|
|
|
-
|
|
|
|
|
Foreign currency
translation adjustment
|
-
|
-
|
-
|
-
|
453
|
-
|
453
|
Net loss for the
year
|
-
|
-
|
-
|
-
|
-
|
(1,708)
|
(1,708)
|
Balance, December
31, 2020
|
70,251,239
|
73,595
|
-
|
821
|
(2,044)
|
(49,258)
|
23,114
|
Exercise of stock
options
|
650,000
|
384
|
-
|
(180)
|
-
|
-
|
204
|
Exercise of share
appreciation rights
|
104,884
|
56
|
-
|
(59)
|
-
|
3
|
-
|
Exercise of
warrants
|
301,624
|
105
|
-
|
(33)
|
-
|
-
|
72
|
Share issue
expenses
|
-
|
(20)
|
-
|
-
|
-
|
-
|
(20)
|
Share-based
payments
|
-
|
-
|
-
|
680
|
-
|
-
|
680
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
-
|
-
|
-
|
-
|
(4)
|
-
|
(4)
|
Net loss for the
period
|
-
|
-
|
-
|
-
|
-
|
(1,679)
|
(1,679)
|
Balance, September
30, 2021
|
71,307,747
|
$74,120
|
$-
|
$1,229
|
$(2,048)
|
$(50,934)
|
$22,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December
31, 2019
|
48,531,936
|
$67,287
|
$-
|
$709
|
$(2,497)
|
$(47,578)
|
$17,921
|
Exercise of stock
options
|
156,000
|
65
|
-
|
(24)
|
-
|
-
|
41
|
Exercise of share
appreciation rights
|
143,303
|
59
|
-
|
(49)
|
-
|
(10)
|
-
|
Common share
subscription
|
-
|
-
|
1,803
|
-
|
-
|
-
|
1,803
|
Share issue
expenses
|
-
|
(31)
|
-
|
-
|
-
|
-
|
(31)
|
Share-based
payments
|
-
|
-
|
-
|
120
|
-
|
-
|
120
|
Cancellation and
expiration of stock options
|
-
|
-
|
-
|
(38)
|
-
|
38
|
-
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
-
|
-
|
-
|
(1)
|
(378)
|
(1)
|
(380)
|
Net loss for the
period
|
-
|
-
|
-
|
-
|
-
|
(1,803)
|
(1,803)
|
Balance, September
30, 2020
|
48,831,239
|
$67,380
|
$1,803
|
$717
|
$(2,875)
|
$(49,354)
|
$17,671
|
|
Three
Months ended September 30,
|
|
Nine
Months ended September 30,
|
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Cash
provided from (used by):
|
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
Net
loss
|
$(520)
|
$(1,457)
|
$(1,679)
|
$(1,803)
|
Items not involving
cash:
|
|
|
|
|
Accrued
interest
|
6
|
-
|
20
|
15
|
Amortization
|
14
|
12
|
41
|
36
|
Share-based
payments
|
344
|
49
|
680
|
120
|
Change in fair
value of marketable securities
|
50
|
(84)
|
299
|
(242)
|
Income tax
recovery
|
-
|
(8)
|
-
|
(9)
|
(Recovery) write
off of mineral properties
|
(162)
|
1,058
|
(162)
|
1,058
|
|
(268)
|
(430)
|
(801)
|
(825)
|
Changes in non-cash
working capital items:
|
|
|
|
|
Receivables and
prepaids
|
1
|
(146)
|
(183)
|
(130)
|
Accounts payable
and accrued liabilities
|
2
|
226
|
717
|
136
|
Net cash used by
operating activities
|
(265)
|
(350)
|
(267)
|
(819)
|
|
|
|
|
|
Financing:
|
|
|
|
|
Common share
subscription (Note
10(b)(ii))
|
-
|
1,803
|
-
|
1,803
|
Share issuance
expenses
|
(6)
|
(31)
|
(20)
|
(31)
|
Exercise of stock
options
|
66
|
41
|
204
|
41
|
Exercise of
warrants
|
72
|
-
|
72
|
-
|
Lease
payments
|
(4)
|
(9)
|
(23)
|
(26)
|
Cash provided from
financing activities
|
128
|
1,804
|
233
|
1,787
|
|
|
|
|
|
Investing:
|
|
|
|
|
Proceeds from
disposition of marketable securities
|
179
|
293
|
266
|
293
|
Expenditures for
mineral properties, net of recoveries
|
(3,227)
|
(1,148)
|
(5,320)
|
(1,111)
|
Advance royalty
payment
|
-
|
-
|
-
|
-
|
Proceeds from
promissory note receivable
|
-
|
-
|
-
|
-
|
Expenditures for
leasehold improvements and equipment
|
(1)
|
-
|
(15)
|
-
|
Cash used by
investing activities
|
(3,049)
|
(855)
|
(5,069)
|
(818)
|
|
|
|
|
|
Unrealized
foreign exchange gain (loss) on cash
|
(146)
|
159
|
-
|
127
|
|
|
|
|
|
(Decrease)
increase in cash
|
(3,332)
|
758
|
(5,103)
|
277
|
Cash, beginning of
period
|
4,346
|
1,442
|
6,117
|
1,923
|
|
|
|
|
|
Cash,
end of period
|
$1,014
|
$2,200
|
$1,014
|
$2,200
|
|
|
|
Three Months ended September 30,
|
Nine Months ended September 30,
|
|
|
Notes
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash financing and investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Fair
value of marketable securities received from option on mineral
property interests
|
7(b)(i),
(iv)
|
$162
|
$5
|
$162
|
$104
|
|
|
|
|
|
|
Fair
value allocated to common shares issued on exercise
of:
|
|
|
|
|
|
Share
appreciation rights
|
|
-
|
59
|
59
|
59
|
Stock
options
|
|
61
|
24
|
180
|
24
|
Warrants
|
|
33
|
-
|
33
|
-
|
|
|
|
|
|
|
Cancellation/expiration
of:
|
|
|
|
|
|
Stock
options
|
|
-
|
3
|
-
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid
|
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
Interest paid
|
9(b),
(c)
|
30
|
31
|
32
|
37
|
|
|
|
|
|
|
IFRS 9
|
Financial Assets
|
|
Cash
|
Fair value through profit or loss ("FVTPL")
|
Marketable
securities
|
FVTPL
|
Receivables
|
Amortized cost
|
|
|
Financial Liability
|
|
Accounts
payable and accrued liabilities
|
Amortized cost
|
Deferred
royalty liability
|
Amortized cost
|
Lease
liability
|
Amortized cost
|
|
|
|
|
|
Payments
due by Period
|
|
|
|
Payments
due by Period
|
|
||
|
|
|
(CAD$000)
|
|
|
|
|
(US$000)
|
|
|
|
|
Less
than
|
|
|
After
|
|
Less
than
|
|
|
After
|
|
Total
|
1
year
|
1-3
years
|
3-5
years
|
5
years
|
Total
|
1
year
|
1-3
years
|
3-5
years
|
5
years
|
|
|
|
|
|
|
|
|
|
|
|
Basic
office lease
|
$40
|
$40
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
|
|
|
|
|
|
|
|
|
|
|
Advance
royalty payments
|
-
|
-
|
-
|
-
|
-
|
250
|
35
|
105
|
105
|
5
|
|
|
|
|
|
|
|
|
|
|
|
Total,
September 30, 2021
|
$40
|
$40
|
$-
|
$-
|
$-
|
$250
|
$35
|
$105
|
$105
|
$5
|
|
Stated
in U.S. Dollars
|
|
|
(Held
in Canadian Dollars)
|
|
|
September
30,
|
December
31,
|
|
2021
|
2020
|
|
|
|
Cash
|
$573
|
$5,622
|
Marketable
securities
|
925
|
1,323
|
Receivables
|
8
|
87
|
Accounts
payable and accrued liabilities
|
(1,028)
|
(308)
|
Lease
liability
|
(29)
|
(51)
|
|
|
|
Net
financial assets (liabilities)
|
$449
|
$6,673
|
|
September
30,
|
December
31,
|
|
2021
|
2020
|
|
|
|
Balance,
begin of period
|
$1,323
|
$104
|
Fair
value of marketable securities received from option on mineral
property interests
|
162
|
691
|
Disposition
of marketable securities at fair value
|
(266)
|
(296)
|
Change
in fair value of marketable securities
|
(299)
|
760
|
Foreign
currency translation adjustment
|
5
|
64
|
Balance,
end of period
|
$925
|
$1,323
|
|
Canada
|
USA
|
|
|||||
|
British
Columbia
|
Nunavut
|
Nevada
|
|
||||
|
New
Polaris
|
Windfall
Hills
|
Princeton
|
Hard
Cash
|
Nigel
|
Fondaway
Canyon
|
Corral
Canyon
|
Total
|
|
(Note
7(a)(i))
|
(Note
7(a)(ii))
|
(Note
7(a)(iii))
|
(Note
7(a)(iv))
|
(Note
7(a)(iv))
|
(Notes
7(b)(i))
|
(Note
7(b)(ii))
|
|
|
|
|
|
|
|
|
|
|
Acquisition Costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2019
|
$3,914
|
$361
|
$20
|
$31
|
$5
|
$2,112
|
$24
|
$6,467
|
Additions
|
9
|
-
|
8
|
-
|
-
|
-
|
-
|
17
|
Recoveries
|
-
|
-
|
(28)
|
-
|
-
|
(513)
|
-
|
(541)
|
Foreign
currency translation adjustment
|
4
|
7
|
-
|
1
|
-
|
42
|
1
|
55
|
Write
off
|
-
|
-
|
-
|
(32)
|
(5)
|
-
|
-
|
(37)
|
Balance,
December 31, 2020
|
3,927
|
368
|
-
|
-
|
-
|
1,641
|
25
|
5,961
|
Additions
|
12
|
-
|
-
|
-
|
-
|
-
|
-
|
12
|
Recoveries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(1)
|
-
|
(1)
|
Balance,
September 30, 2021
|
3,939
|
368
|
-
|
-
|
-
|
1,640
|
25
|
5,972
|
|
|
|
|
|
|
|
|
|
Deferred Exploration Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2019
|
6,338
|
670
|
188
|
337
|
-
|
1,580
|
503
|
9,616
|
Additions
|
183
|
361
|
7
|
746
|
-
|
38
|
33
|
1,368
|
Recoveries
|
-
|
-
|
(200)
|
-
|
-
|
(81)
|
-
|
(281)
|
Foreign
currency translation adjustment
|
162
|
15
|
5
|
7
|
-
|
36
|
21
|
246
|
Write
off
|
-
|
-
|
-
|
(1,090)
|
-
|
-
|
-
|
(1,090)
|
Balance,
December 31, 2020
|
6,683
|
1,046
|
-
|
-
|
-
|
1,573
|
557
|
9,859
|
Additions
|
5,279
|
10
|
-
|
-
|
-
|
20
|
19
|
5,328
|
Recoveries
|
-
|
-
|
-
|
-
|
-
|
(55)
|
-
|
(55)
|
Foreign
currency translation adjustment
|
(6)
|
(1)
|
-
|
-
|
-
|
(2)
|
-
|
(9)
|
Balance,
September 30, 2021
|
11,956
|
1,055
|
-
|
-
|
-
|
1,536
|
576
|
15,123
|
|
|
|
|
|
|
|
|
|
Mineral property interests:
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2020
|
$10,610
|
$1,414
|
$-
|
$-
|
$-
|
$3,214
|
$582
|
$15,820
|
Balance,
September 30, 2021
|
15,895
|
1,423
|
-
|
-
|
-
|
3,176
|
601
|
21,095
|
|
|
|
|
|
|
|
|
|
|
Cash
|
Cash
|
Annual
|
Number
of
|
|
Payments
|
Payments
|
Payments
|
Shares
|
|
(CADS$000)
|
(US$000)
|
(US$000)
|
|
|
|
|
|
|
New
Polaris (Note 7(a)(i)):
|
|
|
|
|
Net
profit interest reduction or buydown
|
$-
|
$-
|
$-
|
150,000
|
|
|
|
|
|
Fondaway
Canyon (Note 7(b)(i)):
|
|
|
|
|
Advance royalty payment for buyout of 3% net
smelter return (1)
|
-
|
-
|
35
|
-
|
Buyout provision for net smelter return of
2% (2)
|
-
|
2,000
|
-
|
-
|
|
|
|
|
|
Windfall
Hills (Note 7(a)(ii)):
|
|
|
|
|
Buyout
provision for net smelter return of 1.5%
|
1,000
|
-
|
-
|
-
|
Reduction
of net smelter return of 2% to 1%
|
-
|
500
|
-
|
-
|
|
|
|
|
|
|
$1,000
|
$2,500
|
$35
|
150,000
|
|
Leasehold
|
Office
Furnishings
|
Right
of Use
|
|
|
Improvements
|
and
Equipment
|
Asset
|
Total
|
Cost:
|
|
|
|
|
Balance,
December 31, 2019
|
$87
|
$42
|
$117
|
$246
|
Acquisitions
|
-
|
4
|
-
|
4
|
Foreign
currency translation adjustment
|
2
|
1
|
3
|
6
|
Balance,
December 31, 2020
|
89
|
47
|
120
|
256
|
Acquisitions
|
-
|
15
|
-
|
15
|
Foreign
currency translation adjustment
|
-
|
-
|
1
|
1
|
Balance,
September 30, 2021
|
89
|
62
|
121
|
272
|
|
|
|
|
|
Accumulated amortization:
|
|
|
|
|
Balance,
December 31, 2019
|
42
|
18
|
58
|
118
|
Amortization
|
16
|
9
|
23
|
48
|
Foreign
currency translation adjustment
|
2
|
1
|
4
|
7
|
Balance,
December 31, 2020
|
60
|
28
|
85
|
173
|
Amortization
|
13
|
10
|
18
|
41
|
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
Balance,
September 30, 2021
|
73
|
38
|
103
|
214
|
|
|
|
|
|
Net book value:
|
|
|
|
|
Balance,
December 31, 2020
|
$29
|
$19
|
$35
|
$83
|
Balance,
September 30, 2021
|
$16
|
$24
|
$18
|
$58
|
|
|
|
|
|
Balance,
December 31, 2019
|
$9
|
Less:
|
|
Income
tax recovery
|
(9)
|
|
|
Balance,
December 31, 2020 and September 30, 2021
|
$-
|
|
|
Balance,
December 31, 2019
|
$158
|
Add:
|
|
Interest
|
28
|
Less:
|
|
Advance
royalty payment
|
(35)
|
|
|
Balance,
December 31, 2020
|
151
|
Add:
|
|
Interest
|
20
|
Less:
|
|
Advance
royalty payment
|
(35)
|
|
|
Balance,
September 30, 2021
|
$136
|
|
|
|
|
Current portion (1)
|
$35
|
Long
term portion
|
101
|
Balance,
September 30, 2021
|
$136
|
|
|
Balance,
December 31, 2019
|
$75
|
Add:
|
|
Interest
|
11
|
Less:
|
|
Payments
|
(35)
|
|
|
Balance,
December 31, 2020
|
51
|
Add:
|
|
Interest
|
5
|
Less:
|
|
Payments
|
(27)
|
Foreign
currency translation
|
-
|
|
|
Balance,
September 30, 2021
|
$29
|
|
|
|
|
|
|
Current
portion
|
$29
|
Long
term portion
|
-
|
Balance,
September 30, 2021
|
$29
|
|
|
|
September
30, 2021
|
|
|
|
Weighted
|
|
|
average
|
|
|
exercise
|
|
Number
|
price
|
|
of
Shares
|
(CAD$)
|
|
|
|
Outstanding
balance, beginning of period
|
3,210,000
|
$0.42
|
Granted
|
4,315,000
|
$0.50
|
Exercised
|
(650,000)
|
$0.39
|
Cancellation
for share appreciation rights
|
(210,000)
|
$0.40
|
Outstanding
balance, end of period
|
6,665,000
|
$0.48
|
|
|
|
Exercise
price range
|
|
$0.25 - $0.55
|
|
|
Options
Outstanding
|
|
|
Options
Exercisable
|
|
|
|
Weighted
|
Weighted
|
|
Weighted
|
Weighted
|
|
|
Average
|
Average
|
|
Average
|
Average
|
Exercise
|
Number
|
Remaining
|
Exercise
|
Number
|
Remaining
|
Exercise
|
Prices
|
Outstanding
at
|
Contractual
Life
|
Prices
|
Exercisable
at
|
Contractual
Life
|
Prices
|
(CAD$)
|
Sept
30, 2021
|
(Number
of Years)
|
(CAD$)
|
Sept
30, 2021
|
(Number
of Years)
|
(CAD$)
|
|
|
|
|
|
|
|
$0.50
|
410,000
|
0.67
|
$0.50
|
410,000
|
0.67
|
$0.50
|
$0.40
|
520,000
|
1.74
|
$0.40
|
520,000
|
1.74
|
$0.40
|
$0.52
|
215,000
|
1.78
|
$0.52
|
53,750
|
1.78
|
$0.52
|
$0.30
|
100,000
|
2.12
|
$0.30
|
100,000
|
2.12
|
$0.30
|
$0.25
|
100,000
|
2.12
|
$0.25
|
100,000
|
2.12
|
$0.25
|
$0.40
|
60,000
|
2.47
|
$0.40
|
60,000
|
2.47
|
$0.40
|
$0.30
|
400,000
|
2.74
|
$0.30
|
400,000
|
2.74
|
$0.30
|
$0.50
|
680,000
|
3.75
|
$0.50
|
510,000
|
3.75
|
$0.50
|
$0.55
|
80,000
|
3.89
|
$0.55
|
60,000
|
3.89
|
$0.55
|
$0.50
|
3,600,000
|
4.73
|
$0.50
|
900,000
|
4.73
|
$0.50
|
$0.52
|
500,000
|
4.78
|
$0.52
|
125,000
|
4.78
|
$0.52
|
|
6,665,000
|
3.83
|
$0.48
|
3,238,750
|
3.07
|
$0.45
|
|
|
Three
months ended September 30,
|
Nine
months ended September 30,
|
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Directors
and officers
|
$314
|
$42
|
$646
|
$104
|
Employees
|
4
|
1
|
9
|
2
|
Consultants
|
26
|
6
|
25
|
14
|
|
|
|
|
|
|
$344
|
$49
|
$680
|
$120
|
|
September
30,
|
|
|
2021
|
2020
|
|
|
|
Number
of stock options granted
|
4,315,000
|
840,000
|
Fair
value of stock options granted (CAD$)
|
$0.38
|
$0.30
|
|
|
|
Market
price of shares on grant date (CAD$)
|
$0.49
|
$0.50
|
Pre-vest
forfeiture rate
|
13.04%
|
13.27%
|
Risk-free
interest rate
|
0.77%
|
0.33%
|
Expected
dividend yield
|
0%
|
0%
|
Expected
stock price volatility
|
128.56%
|
94.46%
|
Expected
option life in years
|
3.84
|
3.98
|
Exercise
|
|
|
|
|
|
|
Prices
|
|
Outstanding
at
|
|
|
|
Outstanding
at
|
(CAD$)
|
Expiry
Dates
|
December
31, 2020
|
Issued
|
Exercised
|
Expired
|
September
30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.30
|
July 23, 2021 (1)
|
301,624
|
-
|
(301,624)
|
-
|
-
|
|
|
|
|
|
|
|
$0.65
|
October 7, 2022 (2)
|
4,000,000
|
-
|
-
|
-
|
4,000,000
|
|
|
|
|
|
|
|
$0.65
|
November 12, 2022 (2)
|
6,500,000
|
-
|
-
|
-
|
6,500,000
|
|
|
|
|
|
|
|
$0.65
|
November 12, 2022 (2),
(3)
|
385,200
|
-
|
-
|
-
|
385,200
|
|
|
|
|
|
|
|
|
11,186,824
|
-
|
(301,624)
|
-
|
10,885,200
|
|
Number
of Shares
|
|
|
Stock
options (Note 10(c))
|
6,665,000
|
Warrants
(Note 10(d))
|
10,885,200
|
|
|
Common
shares reserved for issuance
|
17,550,200
|
|
|
Three
months ended September 30,
|
Nine
months ended September 30,
|
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Corporate
Development:
|
|
|
|
|
Geology
|
$-
|
$4
|
$-
|
$6
|
Legal
and sundry
|
-
|
-
|
-
|
1
|
Salaries
and management
|
(4)
|
2
|
-
|
30
|
Surface
taxes
|
-
|
15
|
-
|
15
|
Travel
and transportation
|
-
|
-
|
-
|
5
|
|
$(4)
|
$21
|
$-
|
$57
|
|
|
|
|
|
General
and Administrative:
|
|
|
|
|
Accounting
and audit
|
$1
|
$(1)
|
$3
|
$1
|
Legal
|
2
|
11
|
3
|
16
|
Office
and sundry
|
34
|
31
|
78
|
57
|
Regulatory
|
16
|
10
|
54
|
35
|
Rent
|
9
|
9
|
35
|
26
|
|
$62
|
$60
|
$173
|
$135
|
|
|
|
|
|
|
|
|
|
Net
balance receivable (payable)
|
|
|
Nine
months ended September 30,
|
September
30,
|
December
31,
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Key
management compensation:
|
|
|
|
|
Executive salaries and remuneration
(1)
|
$411
|
$336
|
$-
|
$(118)
|
Directors
fees
|
19
|
17
|
(6)
|
-
|
Share-based
payments
|
646
|
104
|
-
|
-
|
|
$1,076
|
$457
|
$(6)
|
$(118)
|
|
|
|
|
|
Net office, sundry, rent and salary allocations
recovered from (charged by) company(ies) sharing certain common
director(s) (2)
|
$7
|
$4
|
$1
|
$1
|
|
|
|
|
|
|
September
30, 2021
|
December
31, 2020
|
||||
|
Canada
|
USA
|
Total
|
Canada
|
USA
|
Total
|
|
|
|
|
|
|
|
Mineral
property interests
|
$17,318
|
$3,777
|
$21,095
|
$12,024
|
$3,796
|
$15,820
|
Leasehold
improvements and equipment
|
58
|
-
|
58
|
83
|
-
|
83
|
|
|
|
|
|
|
|
|
Amount
|
|
(CAD$000)
|
Year:
|
|
2021
|
$12
|
2022
|
28
|
|
|
|
$40
|
|
Canada
|
USA
|
|
||
($000s)
|
British
Columbia
|
Nevada
|
|
||
|
New
Polaris
|
Windfall
Hills
|
Fondaway
Canyon
|
Corral
Canyon
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition Costs:
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2020
|
$3,927
|
$368
|
$1,641
|
$25
|
$5,961
|
Additions
|
12
|
-
|
-
|
-
|
12
|
Foreign
currency translation adjustment
|
-
|
-
|
(1)
|
-
|
(1)
|
Balance,
September 30, 2021
|
3,939
|
368
|
1,640
|
25
|
5,972
|
|
|
|
|
|
|
Deferred Exploration Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2020
|
6,683
|
1,046
|
1,573
|
557
|
9,859
|
Additions
|
5,279
|
10
|
20
|
19
|
5,328
|
Recoveries
|
-
|
-
|
(55)
|
-
|
(55)
|
Foreign
currency translation adjustment
|
(6)
|
(1)
|
(2)
|
-
|
(9)
|
Balance,
September 30, 2021
|
11,956
|
1,055
|
1,536
|
576
|
15,123
|
|
|
|
|
|
|
Mineral property interests:
|
|
|
|
|
|
Balance,
December 31, 2020
|
$10,610
|
$1,414
|
$3,214
|
$582
|
$15,820
|
Balance,
September 30, 2021
|
15,895
|
1,423
|
3,176
|
601
|
21,095
|
|
|
|
|
|
|
(in
$000s except
|
2021
|
2020
|
2019
|
|||||
per
share amounts)
|
Sept
30
|
June
30
|
Mar
31
|
Dec
31
|
Sept
30
|
June
30
|
Mar
31
|
Dec
31
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
|
|
|
|
|
|
|
|
|
Net
income (loss):
|
|
|
|
|
|
|
|
|
(i)
Total
|
$(520)
|
$(642)
|
$(517)
|
$95
|
$(1,457)
|
$(49)
|
$(297)
|
$(341)
|
(ii)
Basic per share
|
$(0.01)
|
$(0.01)
|
$(0.01)
|
$-
|
$(0.03)
|
$-
|
$(0.01)
|
$(0.01)
|
(iii)
Fully diluted
|
|
|
|
|
|
|
|
|
per
share
|
$(0.01)
|
$(0.01)
|
$(0.01)
|
$-
|
$(0.03)
|
$-
|
$(0.01)
|
$0.01
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$23,572
|
$24,234
|
$23,404
|
$23,640
|
$18,163
|
$17,208
|
$16,612
|
$18,314
|
Total
long-term liabilities
|
$101
|
$133
|
$130
|
$136
|
$130
|
$164
|
$162
|
$162
|
Dividends
per share
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
December
31,
|
($000s)
|
2021
|
2020
|
|
|
|
Cash
|
$1,014
|
$6,117
|
Working
capital
|
1,315
|
7,347
|
|
|
|
|
Cash
|
Cash
|
Annual
|
Number
of
|
|
Payments
|
Payments
|
Payments
|
Shares
|
|
(CADS$000)
|
(US$000)
|
(US$000)
|
|
|
|
|
|
|
New
Polaris:
|
|
|
|
|
Net
profit interest reduction or buydown
|
$-
|
$-
|
$-
|
150,000
|
|
|
|
|
|
Fondaway
Canyon:
|
|
|
|
|
Advance royalty payment for buyout of 3% net
smelter return (1)
|
-
|
-
|
35
|
-
|
Buyout provision for net smelter return of
2% (2)
|
-
|
2,000
|
-
|
-
|
|
|
|
|
|
Windfall
Hills:
|
|
|
|
|
Buyout
provision for net smelter return of 1.5%
|
1,000
|
-
|
-
|
-
|
Reduction
of net smelter return of 2% to 1%
|
-
|
500
|
-
|
-
|
|
|
|
|
|
|
$1,000
|
$2,500
|
$35
|
150,000
|
|
|
|
Payments
due by Period
|
|
|
|
Payments
due by Period
|
|
||
|
|
|
(CAD$000)
|
|
|
|
|
(US$000)
|
|
|
|
|
Less
than
|
|
|
After
|
|
Less
than
|
|
|
After
|
|
Total
|
1
year
|
1-3
years
|
3-5
years
|
5
years
|
Total
|
1
year
|
1-3
years
|
3-5
years
|
5
years
|
|
|
|
|
|
|
|
|
|
|
|
Basic
office lease
|
$40
|
$40
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
|
|
|
|
|
|
|
|
|
|
|
Advance
royalty payments
|
-
|
-
|
-
|
-
|
-
|
250
|
35
|
105
|
105
|
5
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$40
|
$40
|
$-
|
$-
|
$-
|
$250
|
$35
|
$105
|
$105
|
$5
|
|
|
|
|
Net
balance receivable (payable)
|
|
|
Nine
months ended September 30,
|
September
30,
|
December
31,
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Key
management compensation:
|
|
|
|
|
Executive salaries and remuneration
(1)
|
$411
|
$336
|
$-
|
$(118)
|
Directors
fees
|
19
|
17
|
(6)
|
-
|
Share-based
payments
|
646
|
104
|
-
|
-
|
|
$1,076
|
$457
|
$(6)
|
$(118)
|
|
|
|
|
|
Net office, sundry, rent and salary allocations
recovered from (charged by) company(ies) sharing certain common
director(s) (2)
|
$7
|
$4
|
$1
|
$1
|
|
|
|
|
|
|
IFRS 9
|
Financial Assets
|
|
Cash
|
Fair value through profit or loss ("FVTPL")
|
Marketable
securities
|
FVTPL
|
Receivables
|
Amortized cost
|
|
|
Financial Liability
|
|
Accounts
payable and accrued liabilities
|
Amortized cost
|
Deferred
royalty liability
|
Amortized cost
|
Lease
liability
|
Amortized cost
|
|
|
|
|
|
Payments
due by Period
|
|
|
|
Payments
due by Period
|
|
||
|
|
|
(CAD$000)
|
|
|
|
|
(US$000)
|
|
|
|
|
Less
than
|
|
|
After
|
|
Less
than
|
|
|
After
|
|
Total
|
1
year
|
1-3
years
|
3-5
years
|
5
years
|
Total
|
1
year
|
1-3
years
|
3-5
years
|
5
years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
office lease
|
$40
|
$40
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
$-
|
|
|
|
|
|
|
|
|
|
|
|
Advance royalty payments (1)
|
-
|
-
|
-
|
-
|
-
|
250
|
35
|
105
|
105
|
5
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$40
|
$40
|
$-
|
$-
|
$-
|
$250
|
$35
|
$105
|
$105
|
$5
|
|
Stated
in U.S. Dollars
|
|
|
(Held
in Canadian Dollars)
|
|
|
September
30,
|
December
31,
|
|
2021
|
2020
|
|
|
|
Cash
|
$573
|
$5,622
|
Marketable
securities
|
925
|
1,323
|
Receivables
|
8
|
87
|
Accounts
payable and accrued liabilities
|
(1,028)
|
(308)
|
Lease
liability
|
(29)
|
(51)
|
|
|
|
Net
financial assets (liabilities)
|
$449
|
$6,673
|
|
Number
of Shares
|
Amount
|
|
|
(in
$000s)
|
|
|
|
Balance
at December 31, 2020
|
70,251,239
|
$73,595
|
Issued:
|
|
|
Exercise
of stock options
|
650,000
|
384
|
Exercise
of share appreciation rights
|
104,884
|
56
|
Exercise
of warrants
|
301,624
|
105
|
Share
issuance expenses
|
-
|
(20)
|
Balance
at September 30, 2021
|
71,307,747
|
$74,120
|
|
September
30, 2021
|
|
|
|
Weighted
|
|
|
average
|
|
|
exercise
|
|
Number
|
price
|
|
of
Shares
|
(CAD$)
|
|
|
|
Outstanding
balance, beginning of period
|
3,210,000
|
$0.42
|
Granted
|
4,315,000
|
$0.50
|
Exercised
|
(650,000)
|
$0.39
|
Cancellation
for share appreciation rights
|
(210,000)
|
$0.40
|
Outstanding
balance, end of period
|
6,665,000
|
$0.48
|
|
|
|
Exercise
price range
|
|
$0.25 - $0.55
|
Exercise
|
|
|
|
|
|
|
Prices
|
|
Outstanding at
|
|
|
|
Outstanding at
|
(CAD$)
|
Expiry Dates
|
December 31, 2020
|
Issued
|
Exercised
|
Expired
|
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.30
|
July 23, 2021 (1)
|
301,624
|
-
|
(301,624)
|
-
|
-
|
|
|
|
|
|
|
|
$0.65
|
October 7, 2022 (2)
|
4,000,000
|
-
|
-
|
-
|
4,000,000
|
|
|
|
|
|
|
|
$0.65
|
November 12, 2022 (2)
|
6,500,000
|
-
|
-
|
-
|
6,500,000
|
|
|
|
|
|
|
|
$0.65
|
November 12, 2022 (2),
(3)
|
385,200
|
-
|
-
|
-
|
385,200
|
|
|
|
|
|
|
|
|
|
11,186,824
|
-
|
(301,624)
|
-
|
10,885,200
|