CANEX Metals Inc.
Consolidated Financial Statements
(Expressed in Canadian Dollars)
September 30, 2024 and 2023
Contents | Page |
Auditor's Report | 2 |
Consolidated Statements of Financial Position | 6 |
Consolidated Statements of Loss and | |
Comprehensive Loss | 7 |
Consolidated Statements of Cash Flows | 8 |
Consolidated Statement of Changes in Equity | 9 |
Notes to the Consolidated Financial Statements | 10 |
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Tel: 403 266 5608 | BDO Canada LLP | |
Fax: 403 233 7833 | 903 - 8th Avenue SW, Suite 620 | |
www.bdo.ca | Calgary AB T2P 0P7 | |
Canada | ||
BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the International BDO network of independent member firms.
CANEX Metals Inc.
Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)
As at September 30
2024 | 2023 | |||||
ASSETS | ||||||
Current Assets | ||||||
Cash (Note 5) | $ | 158,093 | $ | 695,912 | ||
Accounts receivable (Note 6) | 2,116 | 6,197 | ||||
Prepaid expenses | 12,786 | 36,107 | ||||
Short-term investments (Note 7) | 31,035 | 89,842 | ||||
$ | 204,030 | $ | 828,058 | |||
Non-current Assets | ||||||
Exploration and evaluation asset advances and | ||||||
deposits (Note 8) | 51,164 | 42,966 | ||||
Exploration and evaluation assets (Note 8) | 5,713,501 | 5,053,585 | ||||
$ | 5,764,665 | $ | 5,096,551 | |||
TOTAL ASSETS | $ | 5,968,695 | $ | 5,924,609 | ||
EQUITY AND LIABILITIES | ||||||
Current Liabilities | ||||||
Accounts payable and accrued liabilities (Note 9) | 46,116 | 59,868 | ||||
$ | 46,116 | $ | 59,868 | |||
Non-current Liabilities | ||||||
Decommissioning obligation (Note 10) | 50,031 | 38,380 | ||||
TOTAL LIABILITIES | $ | 96,147 | $ | 98,248 | ||
EQUITY | ||||||
Share capital (Note 11) | 21,450,899 | 21,135,858 | ||||
Reserves | 2,271,069 | 2,260,775 | ||||
Deficit | (17,849,420) | (17,570,272) | ||||
TOTAL EQUITY | 5,872,548 | 5,826,361 | ||||
TOTAL EQUITY AND LIABILITIES | $ | 5,968,695 | $ | 5,924,609 | ||
Nature of operations and continuance of operations (Note 1) | ||||||
Subsequent events (Note 22) | ||||||
Approved by the Board | ||||||
"Shane Ebert" | Director |
"Jean-PierreJutras"Director
See accompanying notes to consolidated financial statements.
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CANEX Metals Inc.
Consolidated Statements of Loss and Comprehensive Loss
(Expressed in Canadian Dollars) For the years ended September 30
2024 | 2023 | |||
Expenses | ||||
General and administrative (Note 13) | $ | (198,063) | $ | (405,043) |
Reporting to shareholders | (20,825) | (20,720) | ||
Professional fees | (48,689) | (55,210) | ||
Stock exchange and transfer agent fees | (18,304) | (13,734) | ||
Property fees and taxes | (2,094) | (3,381) | ||
Accretion | (2,131) | - | ||
Loss before other items | (290,106) | (498,088) | ||
Other items | ||||
Interest and other | 9,821 | 24,287 | ||
Gain (loss) from short-term investments | 1,137 | (61,601) | ||
10,958 | (37,314) | |||
Net loss and comprehensive loss for the | ||||
year | $ | (279,148) | $ | (535,402) |
Basic and diluted loss per share (Note 15) | $ | (0.00) | $ | (0.01) |
Weighted average shares outstanding - | ||||
basic and diluted (Note 15) | 112,895,636 | 100,333,142 |
See accompanying notes to the consolidated financial statements.
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CANEX Metals Inc.
Consolidated Statements of Cash Flows
(Expressed in Canadian Dollars) For the years ended September 30
2024 | 2023 | ||||
Increase in cash and cash equivalents | |||||
Operating activities | |||||
Cash paid to suppliers and contractors (Note 18) | $ | (251,900) | $ | (465,706) | |
Cash used in operating activities | (251,900) | (465,706) | |||
Investing activities | |||||
Interest and other items (expended) received | 9,819 | 24,287 | |||
Cash received on sale of short-term investments | 59,944 | 158,399 | |||
Cash expended on exploration and evaluation assets (Note 18) | (344,230) | (1,058,072) | |||
Cash expended on exploration advances and deposits | (8,198) | - | |||
Cash expended on decommissioning obligation | - | (13,526) | |||
Cash used by investing activities | (282,665) | (888,912) | |||
Financing activities | |||||
Share capital and warrant issue proceeds | - | 600,000 | |||
Cash share issuance and transaction costs | (3,254) | (8,033) | |||
Cash provided by financing activities | (3,254) | 591,967 | |||
Increase in cash and cash equivalents | (537,819) | (762,651) | |||
Cash, beginning of period | 695,912 | 1,458,563 | |||
Cash, end of period | $ | 158,093 | $ | 695,912 |
See accompanying notes to the consolidated financial statements.
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CANEX Metals Inc.
Consolidated Statement of Changes in Equity
(Expressed in Canadian Dollars)
As at September 30
Balance, September 30, 2022
Net and comprehensive loss for the year Shares issuance - Property November 2022 Share issuance - April 2023
Options issued - May 2022 Options issued - July 2023 Share issuance costs
Balance, September 30, 2023
Net and comprehensive loss for the year Shares issuance - Property November 2023 Share issuance - Property April 2024 Options cancelled - November 2023 Options issued - July 2023
Options expiry - July 2024 Share issuance costs
Balance, September 30, 2024
Common | Equity settled | ||||
share | share based | Other | Total | ||
capital | payments | Reserves* | Reserves | Deficit | Total |
$ | $ | $ | $ | $ | $ |
20,431,391 | 310,418 | 1,914,896 | 2,225,314 | (17,034,870) | 5,621,835 |
- | - | - | - | (535,402) | (535,402) |
112,500 | - | - | - | - | 112,500 |
600,000 | - | - | - | - | 600,000 |
- | 24,105 | - | 24,105 | - | 24,105 |
- | 11,356 | - | 11,356 | - | 11,356 |
(8,033) | - | - | - | - | (8,033) |
21,135,858 | 345,879 | 1,914,896 | 2,260,775 | (17,570,272) | 5,826,361 |
- | - | - | - | (279,148) | (279,148) |
304,296 | - | - | - | - | 304,296 |
14,000 | - | - | - | - | 14,000 |
- | (16,583) | 16,583 | - | - | - |
- | 10,294 | - | 10,294 | - | 10,294 |
- | (124,301) | 124,301 | - | - | - |
(3,255) | - | - | - | - | (3,255) |
21,450,899 | 215,289 | 2,055,780 | 2,271,069 | (17,849,420) | 5,872,548 |
*Other reserves is comprised of the aggregate of options and warrants that expired or were fully vested and forfeited without exercise. These values were relieved from common share capital, share based payment reserve and warrants reserve respectively upon the expiry of the equity instrument.
See accompanying notes to the consolidated financial statements
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