Enmienda - Resultados financieros del año completo 2023
TORONTO, ONTARIO, March 26, 2024 (GLOBE NEWSWIRE) -- Enmienda - Resultados financieros del año completo 2023
Amendments have been made to the ‘2023 Full Year Financial Results’ announcement released on 26 March 2024 at 07:00 in the Financial Results table.
Todos los demás detalles permanecen sin cambios. El texto completo enmendado se muestra a continuación.
(“Amaroq” o la “Corporación” o la “Compañía”)
Resultados financieros del año completo 2023
Well-funded and on track to progress development of Nalunaq in 2024
TORONTO, ONTARIO – 26 March 2024 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets in Southern Greenland, is presents its Q4 and FY 2023 financials and provide an update on its planned operational activities for 2024. All dollar amounts are expressed in Canadian dollars unless otherwise noted.
A remote presentation for sell-side analysts and investors will be held remotely at 14:00 GMT today, followed by an opportunity to ask questions.
Analysts and investors who wish to participate in the webcast are requested to register via the link here: https://brrmedia.news/AMRQ_FY23
Eldur Olafsson, CEO de Amaroq, comentó:
“Following our successful Fundraising in February 2024, we have increased the scope of the Nalunaq gold project development to account for accelerating the transition of the process plant to nameplate capacity of 300 tonnes per day.
“We experienced some operational and procurement delays towards the end of 2023 due to adverse weather conditions, which continued into the start of 2024. This situation has now significantly improved and we are making good operational progress.
“Greenland offers significant potential for improving the security of supply of raw materials for Europe. We are particularly encouraged by recent developments following the recent signing of two new collaboration agreements to strengthen the EU-Greenland Partnership and the opening of a new EU office in Nuuk. 2024 is a crucial year for Amaroq as we focus on bringing Nalunaq into production, whilst accelerating exploration activities across our wider precious and strategic metals portfolio. We look forward to providing further updates on the Nalunaq development programme at a planned Capital Markets event in early Summer.”
FY 2023 Corporate Highlights
- Amaroq group liquidity of C$78.2 million (cash (gold and strategic minerals businesses) loan and overrun facility) as of December 31, 2023
- Gold business working capital of C$37.6 million as of December 31, 2023 (C$59 million as at September 30, 2023)
- Strategic minerals business available liquidity of C$18.7 million as of December 31 (C$22.5 million as at September 30, 2023)
- Successful transfer of Icelandic listing to Iceland Nasdaq Main Market in 2023 and admission to the OMX Iceland 15 Index, effective in January 2024
- Completion of most successful drilling program at Nalunaq to date and discovery of new 75 vein, underpinning potential for faster resource growth
- Awarded two additional licences in South Greenland, increasing the Corporation's total licence holding to 9,785.56 km2, making it the largest licence holder any mining company in Greenland
- Geological interpretation and advanced data science at the Nanoq target have expanded its potential size and have indicated a 25km corridor linking it to the Jokum's Shear project
- Promising results from 2023 Strategic Minerals exploration programme, with significant new nickel-copper discovery at Stendalen
- Post-period, in February 2024, the Company completed a Fundraising, raising net proceeds of approximately $75 million, to accelerate mining of the Target Block at the Nalunaq and associated works to enable a smoother transition of the process plant to nameplate capacity of 300 tonnes of ore processed per day.
- Amaroq achieved score of “Good” by Icelandic ratings agency Reitun it their first ESG assessment of the Company. Amaroq was placed it in category B3, with a score of 68 points. The rating is based on the Company’s performance in environmental, social and governance (ESG) matters.
Aspectos operativos destacados del primer trimestre de 4
- Contrataciones y Adquisiciones: At the end of Q4 2023, 80% of the key contracts for the processing plant were concluded and procurement was 80% completed. Thyssen Schachtbau GMBH is contracted on the underground development and mining while Halyard Inc. is the engineering consultant in the staged construction of the processing plant
- Ingeniería: Process plant engineering was 77% complete at the end of Q4 2023 based on the updated project scope
- Construcción: Two wings were added to the camp, increasing the accommodation capacity by 60 beds. The overall construction status of the processing plant was 16% at the end of Q4 2023 based on the updated project scope and 23% as at the end of February 2024
- Minería: Mine rehabilitation works were continued in Q4 2023. This work lays the foundation for safe and efficient trial mining to commence at the end of Q1 2024 or early Q2 2024
- Exploración Nalunaq: New underground samples beyond the historically mined areas of Target Block, Nalunaq's largest historic mining block, confirmed continuation of high-grade mineralisation into modelled extension area with grades of up to 48.3g/t Au over 1m. Additional intersections of the newly discovered 75 Vein provide further confidence in its thickness and continuity
- Minerales estratégicos: Provisional results from Sava 2023 Drilling programme further indicate the existence of a new 120km long copper district in South Greenland. The Stendalen Drilling programme in 2023 resulted in a significant new Ni-Cu discovery at the Stendalen Project.
KPI del proyecto Nalunaq
- 45,384 hours worked during Q4 2023. 107,184 total hours worked during FY 2023
- Daily average of 33 people working on site at Nalunaq in Q4 2023
- One Lost Time Injury (LTI) in 2023
- Amaroq remains committed to ensuring local representation among the workforce, with the ratio of Greenlandic personnel at Nalunaq standing at 61% for 2023
2024 Outlook
- Permisos: The public consultation for the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) for Nalunaq closed on 1st March 2024. The Company is following the process agreed with the Government of Greenland to respond to the small number of comments received
- Ingeniería: Engineering for the processing plant is expected to be completed in Q2 2024
- Contracting and Procurement: The remaining contracts are expected to be concluded in Q2 2024. The only outstanding major contract is the installation of the processing plant components. The quotes of different bidders are currently being evaluated and the contract will then be awarded
- Construcción: Placement of the process plant foundations is nearing completion. The erection of the steel structure of the process plant building is expected to commence in April 2024 and the installation of the mechanical and electrical process plant components is scheduled for the second half of 2024
- Minería: The rehabilitation of the ramp from the 300 level portal to the Mountain Block is nearing completion and will be followed by the development of a ramp extending higher up into the Mountain Block. Rehabilitation of the mine will progress based on the location of future planned mining activities. The Company expects to mine first gold in 2024 and plans to provide a progress update with timings for guidance for the project at an investor event in June 2024. First production guidance for 2025 will be provided towards the end of 2024.
- Infraestructura de apoyo: In 2024 additional containers will be added, which will allow Amaroq to accommodate in total up to 120 persons
- Exploración Nalunaq: Underground focused exploration will continue to target extension of the Mountain and Target Blocks as well as further delineating the newly discovered 75 Vein
- Minerales estratégicos: Ni-Cu exploration will continue at the Stendalen discovery with an expanded drilling programme targeting sulphide zone. Exploration at Target West will look to further expand the identified copper mineralisation and assess high grade potential. Regional exploration will focus on additional copper targeting within the Copper belt, Ni-Cu sulphide target similar to Stendalen and rare earth element (REE) targeting at Nunarsuit
2024 Operational Workplan
Plan de trabajo de desarrollo de Nalunaq
- nalunaq
- The main ramp will be developed from 720 level upwards into the Mountain Block. Starting from the ramp, crosscuts will be driven into the main vein at different levels and then drifts will be developed following the strike of the vein. At a later stage the ore between these ore drifts will be mined using the long-hole stoping method. Later in 2024, development and exploration drilling activities will be carried out in the Target Block in parallel to the aforementioned works. Rehabilitation of the mine will continue depending on the locations, where future mining activities are planned.
Proyectos de exploración de oro
- nalunaq
- Following the underground rehabilitation, exploration will now switch to underground drilling to target continued extensions of both the Mountain and Target Blocks while simultaneously targeting further intersections into the 75 vein.
- nanoq
- Following the expansion of the mineral potential at Nanoq in 2023, the Company will construct facilities and finalise exploration plans allowing Amaroq the option to conduct a maiden core drilling programme across the first target at Nanoq. In addition, ground studies will be conducted to further establish the additional targets generated by the geophysical and modelling work completed in 2023.
- Vagar and Surrounding Areas
- Amaroq intends to conduct a target generation programme across the Vagar licence, including Vagar Ridge and other priority areas in the local vicinity such as Eagle’s Nest, aimed at delineating accessible high-grade material. Management believes that this material could constitute future high-grade feed to the Nalunaq plant as it develops and expands.
Proyectos Estratégicos de Minerales (Amaroq 51%)
- Cinturón de cobre de Sava (Sava/Sava del Norte)
- Exploration at Target West will concentrate on further defining Unit 1, which hosts observed copper mineralisation. Mapping, sampling and a limited drilling programme will look to expand the footprint of Unit 1 and test for higher grade material at depth.
- Target generation programmes will continue across Sava, North Sava and the full extent of the Copper Belt assessing high priority porphyry and IOCG targets on the ground. The aim of this programme will be to define new areas for scout drilling.
- Stendalen
- Following the new Ni-Cu discovery made at Stendalen, Amaroq intends to mobilise three drill rigs and a semi-permanent camp to site to facilitate an expanded drilling programme. Drilling will focus on intersecting further target areas at the base of the Stendalen intrusion including the interpreted Feeder Zone targeting massive sulphide mineralisation.
- The Company plans to conduct further ground geophysics to provide further confidence to the overall extend and geometry of the intrusion and associated sulphide mineralisation.
- Leveraging off the data from this discovery, ground studies will also assess the potential for further target areas with Stendalen and more regionally.
- kobberminebugt
- Amaroq will continue to review the results of the detailed geophysical programme conducted over the Kobberminebugt licence in 2023. Specific geophysical targets will be followed up in the field with detailed mapping and surface sampling ahead of defining more definitive targets for future scout drilling.
- Traje de nunar
- Geophysical data collected during 2023 is currently being fully assessed and Amaroq aim to conduct a targeted field programme on the licence during the summer of 2024. Initial targets will include specific geophysical anomalies as well as outcropping niobium bearing pegmatites.
Resultados financieros de Amaroq
The following selected financial data is extracted from the Financial Statements for the three months ended December 31, 2023.
Resultados financieros
Tres meses terminados el 31 de diciembre | Año terminado Diciembre 31 | |||
2023 $ | 2022 $ | 2023 $ | 2022 $ | |
Gastos de exploración y evaluación | 879,326 | 1,697,334 | 6,616,652 | 12,700,526 |
Costos de desarrollo del sitio | 690,179 | - | 2,515,743 | - |
General y administrativo | 5,616,655 | 3,203,588 | 13,631,912 | 10,150,020 |
(Ganancia) por pérdida de control de la subsidiaria | - | - | (31,340,880) | - |
Participación de la pérdida a 3 y 12 meses de un acuerdo conjunto contabilizado según el método de la participación | 2,871,156 | - | 7,892,387 | - |
Utilidad (pérdida) neta y utilidad (pérdida) integral | (14,259,099) | (4,426,345) | (833,513) | (21,898,963) |
Utilidad (pérdida) básica y diluida por acción ordinaria | (0.050) | (0.020) | (0.003) | (0.11) |
Situación financiera
A diciembre de 31 | A septiembre de 30 | |
2023 $ | 2023 $ | |
Dinero en mano | 21,014,633 | 53,655,954 |
los activos totales | 106,953,183 | 111,193,232 |
Pasivos corrientes totales (antes del pasivo por notas convertibles) | 6,354,185 | 2,818,672 |
Capital contable | 64,278,637 | 77,982,519 |
Capital de trabajo (antes del pasivo por pagarés convertibles) | 37,614,068 | 58,690,730 |
Gold business liquidity (excludes $18.7M and $22.5M ring-fenced for strategic mineral exploration as of Dec 31, 2023 and Sept 30, 2023 respectively) | 59,514,633 | 92,353,824 |
###
Consultas:
Amaroq Minerals Ltd.
Eldur Olafsson, Director Ejecutivo y CEO
GME@dhr-rgv.com
Eddie Wyvill, Desarrollo Corporativo
44 0 7713
GME@dhr-rgv.com
Stifel Nicolaus Europe Limited (Asesor designado y asesor conjunto Broker)
callum stewart
Varun Talwar
simon mensley
Campo de clanes de Ashton
+44 0 20 7710 7600
Panmure Gordon (Reino Unido) Limited (Conjunto Broker)
Hugo rico
dougie mcleod
+44 0 20 7886 2500
Camarco (relaciones públicas financieras)
billy clegg
Elfie Kent
charlie dingwall
+44 0 20 3757 4980
Para actualizaciones de la empresa:
Siga a @Amaroq_minerals en Twitter
Siga a Amaroq Minerals Inc. en LinkedIn
Más información:
Acerca de Amaroq Minerals
Los principales objetivos comerciales de Amaroq Minerals son la identificación, adquisición, exploración y desarrollo de propiedades de oro y metales estratégicos en Groenlandia. El principal activo de la Compañía es una participación del 100% en el Proyecto Nalunaq, una propiedad en etapa de desarrollo con una licencia de explotación que incluye la mina de oro Nalunaq que operaba anteriormente. La Corporación tiene una cartera de activos de oro y metales estratégicos en el sur de Groenlandia que cubren los dos cinturones de oro conocidos de la región. Amaroq Minerals está constituida en virtud de la Ley de Sociedades Comerciales de Canadá y es propietaria total de Nalunaq A/S, constituida en virtud de la Ley de Sociedades Públicas de Groenlandia.
Ciertas declaraciones contenidas en este comunicado constituyen "declaraciones prospectivas" o "información prospectiva" en el sentido de las leyes de valores aplicables. Dichas declaraciones e información implican riesgos, incertidumbres y otros factores conocidos y desconocidos que pueden causar que los resultados, el desempeño o los logros reales de la empresa, sus proyectos o los resultados de la industria sean materialmente diferentes de cualquier resultado, desempeño o logro futuro expresado o implícito. por dichas declaraciones o información prospectiva. Tales declaraciones pueden identificarse mediante el uso de palabras como "podría", "podría", "hará", "pretende", "espera", "cree", "planifica", "anticipa", "estima". ", "programado", "pronosticado", "predecir" y otra terminología similar, o declarar que ciertas acciones, eventos o resultados "podrían", "podrían", "podrían", "podrían" o "se tomarán, ocurrirán" o lograrse. Estas declaraciones reflejan las expectativas actuales de la Compañía con respecto a eventos, desempeño y resultados futuros y se refieren únicamente a la fecha de este comunicado.
Las declaraciones e información a futuro implican riesgos e incertidumbres importantes, no deben leerse como garantías de desempeño o resultados futuros y no serán necesariamente indicadores precisos de si se lograrán o no dichos resultados. Una serie de factores podrían causar que los resultados reales difieran materialmente de los resultados analizados en las declaraciones o información prospectiva, incluidos, entre otros: cambios materiales adversos, cambios inesperados en las leyes, reglas o regulaciones, o su aplicación por parte de las autoridades aplicables. ; el incumplimiento de las partes de los contratos con la empresa de cumplir lo acordado; malestar social o laboral; cambios en los precios de las materias primas; y el fracaso de los programas o estudios de exploración, remodelación, desarrollo o minería para entregar resultados anticipados o resultados que justifiquen y respalden la exploración, los estudios, el desarrollo o las operaciones continuas.
Ni TSX Venture Exchange ni su Proveedor de servicios de regulación (como se define ese término en las políticas de TSX Venture Exchange) aceptan responsabilidad por la idoneidad o precisión de este comunicado.
Glosario
Ag | plata |
Au | ORO |
Cu | cobre |
EIA | Evaluación de Impacto Ambiental |
EU | Unión Europea |
g | gramos |
g / t | gramos por tonelada |
COIG | Iron Ore, Copper, Gold |
km | kilómetros |
Koz | mil onzas |
LTI | Lesión por tiempo perdido |
m | metros |
Mo | molibdeno |
MRE | Estimación de recursos minerales |
Nb | niobio |
Ni | níquel |
oz | onzas de |
REE | Elementos de tierras raras |
SIA | Evaluación de Impacto Social |
t | toneladas |
Ti | Titanio |
t / m3 | tonelada por metro cúbico |
U | uranio |
V | Vanadio |
Zn | zinc |
Información interna
Este anuncio contiene información privilegiada a efectos del artículo 7 de la versión del Reino Unido del Reglamento (UE) n.º 596/2014 sobre abuso de mercado ("UK MAR"), ya que forma parte de la legislación nacional del Reino Unido en virtud de la Unión Europea ( Retiro) Ley 2018, y Reglamento (UE) No. 596/2014 sobre Abuso de Mercado ("EU MAR").
Declaración de persona calificada
La información técnica presentada en este comunicado de prensa ha sido aprobada por James Gilbertson CGeol, vicepresidente de exploración de Amaroq Minerals y geólogo colegiado de la Sociedad Geológica de Londres y, como tal, persona calificada según lo define NI 43-101.
Amaroq Minerals Ltd.
ESTADOS FINANCIEROS CONSOLIDADOS AUDITADOS
Por los años terminados el 31 de diciembre de 2023 y 2022
Al 31 de diciembre de | Al 31 de diciembre de | ||
Notas | 2023 | 2022 | |
$ | $ | ||
BIENES | |||
Activos circulantes | |||
efectivo | 21,014,633 | 50,137,569 | |
Adeudado por una parte relacionada | 21.1 | 3,521,938 | - |
Impuesto sobre las ventas por cobrar | 69,756 | 95,890 | |
Gastos prepagos y otros | 5 | 18,681,568 | 450,290 |
Inventario | 680,358 | - | |
Total de activos corrientes | 43,968,253 | 50,683,749 | |
Activos no corrientes | |||
Depósitar | 27,944 | 27,944 | |
Cuenta de depósito en garantía para monitoreo ambiental | 6 | 598,939 | 427,120 |
Inversión en acuerdo conjunto contabilizado por el método de la participación | 7 | 23,492,811 | - |
Propiedades minerales | 8 | 48,821 | 85,579 |
Activo por derecho de uso | 11.1 | 574,856 | 655,063 |
Bienes de capital | 9 | 38,241,559 | 13,216,606 |
Total del activo no corriente | 62,984,930 | 14,412,312 | |
LOS ACTIVOS TOTALES | 106,953,183 | 65,096,061 | |
COMPROMISOS Y EQUIDAD | |||
Pasivo circulante | |||
Cuentas por pagar y pasivos acumulados | 6,273,979 | 1,138,961 | |
Notas convertibles | 10 | 35,743,127 | - |
Lease liabilities – current portion | 11 | 80,206 | 71,797 |
Total pasivo corriente | 42,097,312 | 1,210,758 | |
Pasivos no corrientes | |||
Pasivos por arrendamiento | 11 | 577,234 | 657,440 |
Total pasivo no corriente | 577,234 | 657,440 | |
Pasivos totales | 42,674,546 | 1,868,198 | |
Equidad | |||
Capital social | 12 | 132,117,971 | 131,708,387 |
Excedente contribuido | 13 | 6,725,568 | 5,250,865 |
Otras pérdidas integrales acumuladas | (36,772) | (36,772) | |
Déficit | (74,528,130) | (73,694,617) | |
Equidad total | 64,278,637 | 63,227,863 | |
TOTAL PASIVO Y PATRIMONIO | 106,953,183 | 65,096,061 | |
Eventos subsecuentes | 23 | ||
Las notas adjuntas son parte integral de estos estados financieros consolidados.
Approved on Behalf of the Board of Directors
(s) Eldur Olafsson | (s) Line Frederiksen | |
Eldur Olafsson | Línea Frederiksen | |
Director | Director |
Notas | 2023 | 2022 | |
$ | $ | ||
Gastos | |||
Gastos de exploración y evaluación | 16 | 6,616,652 | 12,700,526 |
Costos de desarrollo del sitio | 2,515,743 | - | |
General y administrativo | 17 | 13,631,912 | 10,150,020 |
Pérdida por enajenación de activos de capital | 37,791 | 100,536 | |
Pérdida (ganancia) cambiaria | (306,705) | (849,773) | |
Pérdida operativa | 22,495,393 | 22,101,309 | |
Otros gastos (ingresos) | |||
Ingresos por intereses | (1,069,559) | (239,869) | |
Ingresos por gestión de proyectos | 21.1 | (1,714,559) | - |
Ganancia por pérdida de control de la filial | 7 | (31,340,880) | - |
Share of net losses of joint arrangement | 7 | 7,892,387 | - |
Unrealised loss on derivative liability | 10 | 4,536,411 | - |
Costos financieros | 18 | 34,320 | 37,523 |
Pérdida neta y pérdida integral | (833,513) | (21,898,963) | |
Weighted average number of common shares outstanding - basic and diluted | 272,623,548 | 191,575,781 | |
Pérdida básica y diluida por acción ordinaria | 20 | (0.003) | (0.11) |
Las notas adjuntas son parte integral de estos estados financieros consolidados.
Notas | Número de acciones ordinarias excepcional | Capital en stock | Excedente contribuido | Otras pérdidas integrales acumuladas | Déficit | Total equidad | |
$ | $ | $ | $ | $ | |||
Balance, 1 de enero de 2022 | 177,098,737 | 88,500,205 | 3,300,723 | (36,772) | (51,795,654) | 39,968,502 | |
Pérdida neta y pérdida integral | - | - | - | - | (21,898,963) | (21,898,963) | |
Emisión de acciones bajo una recaudación de fondos | 85,714,285 | 46,313,551 | - | - | - | 46,313,551 | |
Costos de emisión de acciones | - | (3,331,569) | - | - | - | (3,331,569) | |
Opciones ejercidas | 260,000 | 226,200 | (96,200) | - | - | 130,000 | |
Compensación basada en acciones | 13.1 | - | - | 2,046,342 | - | - | 2,046,342 |
Saldo al 31 de diciembre de 2022 | 263,073,022 | 131,708,387 | 5,250,865 | (36,772) | (73,694,617) | 63,227,863 | |
Balance, 1 de enero de 2023 | 263,073,022 | 131,708,387 | 5,250,865 | (36,772) | (73,694,617) | 63,227,863 | |
Pérdida neta y pérdida integral | - | - | - | - | (833,513) | (833,513) | |
- | - | - | - | - | - | ||
Emisión de acciones bajo una recaudación de fondos | - | - | - | - | - | - | |
Costos de emisión de acciones | - | - | - | - | - | - | |
Opciones ejercidas, netas | 597,029 | 409,584 | (433,600) | - | - | (24,016) | |
Compensación basada en acciones | 13.1 | - | - | 1,908,303 | - | - | 1,908,303 |
Saldo al 31 de diciembre de 2023 | 263,670,051 | 132,117,971 | 6,725,568 | (36,772) | (74,528,130) | 64,278,637 |
Las notas adjuntas son parte integral de estos estados financieros consolidados.
Notas | 2023 | 2022 | |
$ | $ | ||
Actividades de explotación | |||
Pérdida neta | (833,513) | (21,898,963) | |
Ajustes para: | |||
Depreciación | 9 | 698,273 | 770,492 |
Amortización del activo ROU | 11.1 | 80,207 | 80,207 |
Compensación basada en acciones | 13.1 | 1,908,303 | 2,046,342 |
Pérdida no realizada en pasivo derivado | 10 | 4,536,411 | - |
Convertible note transaction cost expensed | 10.2 | 641,528 | - |
Ganancia por pérdida de control de la filial | 7 | (31,340,880) | - |
Share of net losses of joint arrangement | 7 | 7,892,387 | - |
Otros gastos | - | 2,785 | |
Pérdida por enajenación de activos de capital | 37,791 | 100,536 | |
Divisas | (365,324) | (882,897) | |
(16,744,817) | (19,781,498) | ||
Cambios en elementos de capital de trabajo distintos del efectivo: | |||
Impuesto sobre las ventas por cobrar | 26,133 | (44,640) | |
Adeudado por una parte relacionada | (3,521,938) | - | |
Gastos prepagos y otros | (19,043,990) | (183,673) | |
Cuenta de depósito en garantía para monitoreo ambiental | 6 | (168,140) | - |
Comerciales y otras cuentas a pagar | 5,093,572 | (864,477) | |
(17,614,363) | (1,092,790) | ||
Flujo de efectivo utilizado en actividades operativas | (34,359,180) | (20,874,288) | |
Actividades de inversión | |||
Adquisición de propiedades minerales | 8 | - | (23,335) |
Adquisición de bienes de capital | 9 | (24,303,517) | (301,957) |
Disposition of capital assets | 9 | - | 63,325 |
Flujo de caja utilizado en actividades de inversión | (24,303,517) | (261,967) | |
Actividades de financiación | |||
Emisión de acciones | - | 46,313,551 | |
Costos de emisión de acciones | - | (3,331,569) | |
Convertible note issue | 10 | 30,431,180 | - |
Convertible note transaction costs | 10.2 | (1,004,030) | - |
Amortización del principal – pasivos por arrendamiento | 11 | (71,797) | (50,722) |
Ejercicio de opciones de almacenaje | - | 130,000 | |
Flujo de caja de actividades de financiación | 29,355,353 | 43,061,260 | |
Cambio neto en efectivo antes de los efectos de las variaciones del tipo de cambio en el efectivo | (29,307,344) | 21,925,005 | |
Efectos de las variaciones del tipo de cambio en el efectivo | 184,408 | 888,105 | |
Cambio neto en efectivo | (29,122,936) | 22,813,110 | |
Efectivo, comenzando | 50,137,569 | 27,324,459 | |
Efectivo, terminando | 21,014,633 | 50,137,569 | |
Información complementaria de flujo de efectivo | |||
Borrowing costs capitalised to capital assets (note 9,10) | 1,457,638 | - | |
Interés recibido | 1,069,559 | 239,869 | |
Las notas adjuntas son parte integral de estos estados financieros consolidados.
1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Amaroq Minerals Ltd. (la “Corporación”) fue constituida el 22 de febrero de 2017 bajo el Ley de Corporaciones Comerciales de Canadá. La oficina central de la Corporación está situada en 3400, One First Canadian Place, P.O. Box 130, Toronto, Ontario, M5X 1A4, Canadá. La Corporación opera en un segmento de la industria: la adquisición, exploración y desarrollo de propiedades minerales. Posee participaciones en propiedades ubicadas en Groenlandia. El año financiero de la Corporación finaliza el 31 de diciembre. Desde julio de 2017, las acciones de la Corporación cotizan en la TSX Venture Exchange (la “TSX-V”), desde julio de 2020, las acciones de la Corporación también cotizan en el mercado AIM de la Bolsa de Valores de Londres. Exchange ("AIM") y desde el 1 de noviembre de 2022, en Nasdaq First North Growth Market Islandia, que se transfirieron el 21 de septiembre de 2023 en Nasdaq Main Market Islandia ("Nasdaq") bajo el símbolo AMRQ.
These consolidated financial statements (“Financial Statements”) were reviewed and authorized for issue by the Board of Directors on March 26, 2024.
2. ADOPCIÓN DE NORMAS NUEVAS Y REVISADAS
2.1 New and amended accounting standards effective for the current year
In the current year, the Corporation has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that have an effective date of 1 January 2023. The adoption of these standards has not had any material impact on the disclosures and amounts reported in these financial statements.
Modificaciones a la NIC 1 Presentation of Financing Statements y el Documento de Práctica de las NIIF 2 Making Materiality Judgments – Divulgación de Políticas Contables
The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information in the Corporation’s consolidated financial statements, can reasonable be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. IFRS Practice Statement 2 offers additional optional guidance using a systematic four-step process to help companies make material judgments when preparing financial statements.
The Corporation has adopted the amendments to IAS 1 by disclosing material accounting policy information.
2. ADOPCIÓN DE NORMAS NUEVAS Y REVISADAS (CONTINUACIÓN)
Modificaciones a la NIC 8 Políticas contables, cambios en las estimaciones contables y errores – Definition of Accounting Estimates
This amendment to IAS 8 eliminate the definition of a change in accounting estimate and replaces it with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to estimation uncertainty”.
2.2 Normas contables emitidas pero aún no efectivas
La Corporación aún no ha adoptado ciertas normas, interpretaciones a las normas existentes y enmiendas que se han emitido pero que tienen una fecha de vigencia posterior al 1 de enero de 2023. No se espera que muchas de estas actualizaciones tengan un impacto significativo en la Corporación y, por lo tanto, son no discutido aquí.
- Amendment to IFRS 10 and IAS 28 Venta o contribución de activos entre un inversor y su asociada o empresa conjunta
- Modificaciones a la NIC 1 Clasificación de pasivos como corrientes o no corrientes
- Modificaciones a la NIC 1 Pasivos no corrientes con convenios
- Modificaciones a la NIC 7 y la NIIF 7 Acuerdos financieros con proveedores
- Modificaciones a la NIIF 16 Responsabilidad por arrendamiento en una venta con arrendamiento posterior
The Corporation does not expect that the adoption of the Standards listed above will have a material impact on the financial statements except as indicated below.
Modificaciones a la NIIF 10 Estado financiero consolidado y NIC 28 Investments in Associates and Joint Ventures - Venta o contribución de activos entre un inversor y su asociada o empresa conjunta
These amendments apply to situations in which there is a sale or contribution of assets between an investor and its associate or joint venture. According to the amendments, gains or losses arising from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture accounted for under the equity method, are recognised in the parent’s profit or loss only to the extent of the unrelated investors’ interest in that associate or joint venture. Similarly, gains and losses resulting from the remeasurements of an investment retained in a former subsidiary are recognised in the former parent’s profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture.
An effective date for these amendments has not been set yet. The Corporation anticipates that these amendments may impact the Corporation’s consolidated financial statements in future periods if such transactions were to occur.
Modificaciones a la NIC 1 Presentation of Financial Statements – Clasificación de pasivos como corrientes o no corrientes
These amendments, published in January 2020, only affect the presentation of liabilities in the statement of financial position by clarifying that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period, regardless of expectations regarding the exercise of the right to defer settlement. Furthermore, the amendments explain that are rights are in existence if covenants are complied with at the end of the reporting period and define settlement as the transfer to the counter party of cash, equity instruments, other assets or services.
The amendments are applied retrospectively for annual periods beginning on or after 1 January 2024. Earlier application is permitted but requires that the 2022 IAS 1 amendments are applied early as well.
2. ADOPCIÓN DE NORMAS NUEVAS Y REVISADAS (CONTINUACIÓN)
The Corporations expects that the application of these amendments may have an impact on the consolidated financial statements.
Modificaciones a la NIC 1 Presentation of Financial Statements – Pasivos no corrientes con convenios
These amendments, published in October 2022, indicate that only covenants that must be complied with on or before the end of the reporting period affect the right to defer settlement of a liability for at least twelve months after the reporting date and must be considered in assessing the classification of the liability as current or non-current. The right to defer settlement is not affected if the covenants must be complied with after the reporting period, however, if the right to defer settlement of a liability is subject to complying with covenants within twelve months after the reporting period, disclosures must be made to enable users to understand the risk of the liabilities becoming repayable within twelve months after the reporting period.
The amendments are applied retrospectively for annual periods beginning on or after 1 January 2024. Earlier application is permitted but requires that the 2020 IAS 1 amendments are applied early as well.
The Corporations expects that the application of these amendments may have an impact on the consolidated financial statements.
3. MATERIAL ACCOUNTING POLICIES
3.1 Bases de contabilidad
The Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee. (“IFRIC”).
The Financial Statements have been prepared on the historical cost basis, except for financial instruments at fair value.
3.2 Preocupación continua
The Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
3. MATERIAL ACCOUNTING POLICIES (CONTINUACIÓN)
3.3 Base de consolidación
The Financial Statements include the accounts of the Corporation and those of its subsidiary Nalunaq A/S, corporation incorporated under the Ley de empresas públicas de Groenlandia, propiedad al 100%.
Control is defined by the authority to direct the financial and operating policies of a business in order to obtain benefits from its activities. The amounts presented in the consolidated financial statements of subsidiary have been adjusted, if necessary, so that they meet the accounting policies adopted by the Corporation.
Profit or loss or other comprehensive loss of subsidiary set up, acquired or sold during the year are recorded from the actual date of acquisition or until the effective date of the sale, if any. All intercompany transactions, balances, income and expenses are eliminated at consolidation.
3.4 Investments in joint venture
Los resultados financieros de las inversiones de la Corporación en su acuerdo conjunto se incluyen en los resultados de la Corporación utilizando el método de participación. Bajo el método de participación, la inversión se reconoce inicialmente al costo y el valor en libros se incrementa o disminuye para reconocer la participación de la Corporación en la utilidad o pérdida integral del negocio conjunto después de la fecha de adquisición. La participación de la Corporación en las ganancias o pérdidas se reconoce en el estado de resultados intermedio condensado.
La Corporación evalúa al final de cada período si existe alguna evidencia objetiva de que sus inversiones en negocios conjuntos estén deterioradas. Si se deteriora, el valor en libros de la participación de la Corporación en los activos subyacentes del negocio conjunto se reduce a su monto recuperable estimado (siendo el mayor entre el valor razonable menos los costos de disposición y el valor en uso) y se carga al estado de resultados ( pérdida).
3.5 Functional and presentation currency – Foreign currency transactions
La moneda funcional y de presentación de la Corporación es el dólar canadiense (“CAD”). La moneda funcional de Nalunaq A/S y Gardaq A/S es CAD. La moneda funcional de Nalunaq A/S y Gardaq A/S se determina utilizando la moneda de la fuente principal de actividad económica y utilizando la moneda que sea más representativa del efecto económico de las financiaciones, transacciones, eventos y condiciones subyacentes.
Las transacciones en moneda extranjera se convierten a la moneda funcional de la entidad subyacente utilizando las tasas de cambio adecuadas vigentes en las fechas de dichas transacciones. Los activos y pasivos monetarios denominados en moneda extranjera se convierten al tipo de cambio de la moneda funcional vigente al final de cada período sobre el que se informa. Las ganancias y pérdidas cambiarias resultantes de la liquidación de tales transacciones se reconocen en la utilidad o pérdida neta.
3. MATERIAL ACCOUNTING POLICIES (CONTINUACIÓN)
3.6 Mineral properties and exploration and evaluation expenses
Las propiedades minerales incluyen los derechos sobre propiedades mineras, pagados o adquiridos mediante una combinación de negocios o una adquisición de activos, y los costos relacionados con la búsqueda inicial de yacimientos minerales con potencial económico o para obtener más información sobre los yacimientos minerales existentes.
Todos los costos incurridos antes de obtener los derechos legales para emprender la exploración y evaluación en un área de interés se registran como gastos cuando se incurren.
Los derechos mineros se registran al costo de adquisición oa su monto recuperable en el caso de una devaluación causada por un deterioro de valor. Los derechos mineros y las opciones para adquirir participaciones indivisas en derechos mineros se deprecian solo a medida que estas propiedades se ponen en producción comercial. Los ingresos por la venta de propiedades minerales se aplican como una reducción de los costos de mantenimiento relacionados y cualquier exceso o déficit se registra como una ganancia o pérdida en el estado consolidado de resultados integrales.
Exploration and evaluation expenses (“E&E expenses”) also typically include costs associated with prospecting, sampling, trenching, drilling and other work involved in searching for ore such as topographical, geological, geochemical and geophysical studies. Generally, expenditures relating to exploration and evaluation activities are expensed as incurred.
Los gastos de E&E incluyen los costos relacionados con el establecimiento de la viabilidad técnica y comercial de extraer un recurso mineral identificado a través de la exploración o adquirido a través de una combinación de negocios o adquisición de activos. E&E incluye el costo de:
- establecer el volumen y la ley de los depósitos a través de la perforación de muestras de núcleo, excavación de zanjas y actividades de muestreo en un cuerpo de mineral que se clasifica como un recurso mineral o una reserva probada y probable;
- determining the optimal methods of extraction and metallurgical and treatment processes, including the separation process, for Corporation’ mining properties;
- estudios relacionados con los requisitos de topografía, transporte e infraestructura;
- actividades de permisos; y
- economic evaluations to determine whether development of the mineralized material is commercially justified.
Technical feasibility and commercial viability of an exploration and evaluation asset are demonstrated when considering the facts and circumstances relating to the asset under assessment. These facts and circumstances include, but are not limited to, the following:
- The life of mine plan and economic modeling support the economic extraction of such resources and/or reserves;
- The operating and environment permits for the area to be mined exist or are reasonably assured as obtained; and
- The Board has approved the decision to proceed to the development phase
E&E incluye los gastos generales directamente atribuibles a las actividades relacionadas.
3. MATERIAL ACCOUNTING POLICIES (CONTINUACIÓN)
3.7 Bienes de capital
Capital assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of an asset. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefit associated with the item will flow to the Corporation and the cost can be measured reliably. The carrying amount of a replaced asset is derecognized when replaced.
Los activos intangibles incluyen software con vida útil definida. Los activos se capitalizan y amortizan en forma lineal en el estado consolidado de resultados integrales. Los activos intangibles se evalúan por deterioro siempre que exista un indicio de que los activos intangibles pueden estar deteriorados.
La depreciación se calcula para amortizar el costo de los bienes de capital menos sus valores residuales durante sus vidas útiles estimadas utilizando el método de línea recta y los siguientes períodos por categorías principales:
Field equipment and infrastructure related to exploration and evaluation activities | 3 a 10 años |
Vehículos y material rodante | 3 a 10 años |
Equipos | 3 a 10 años |
Software | 3 a 10 años |
Activos por derecho de uso | Plazo del arrendamiento |
Depreciation of capital assets, if related to exploration activities, is expensed consistently with the policy for exploration and evaluation expenses. For those which are not related to exploration and evaluation activities, depreciation expense is recognized directly in the consolidated statement of comprehensive loss. Assets capitalized under Construction in Progress are not depreciated as they are not available for use yet.
Los valores residuales, los métodos de depreciación y las vidas útiles de los activos se revisan anualmente y se ajustan si corresponde.
Proceeds from selling items before the related item of Property, plant and equipment is available for use are recognized in profit or loss, together with the costs of producing those items. The Corporation therefore distinguishes between the costs associated with producing and selling items before the item of Property, plant and equipment (pre-production revenue) is available for use and the costs associated with making the item of Property, plant and equipment available for its intended use. For the sale of items that are not part of the Corporation’s ordinary activities, the Corporation discloses separately the sales proceeds and related production cost recognized in profit or loss and specify the line items in which such proceeds and costs are included in the consolidated statement of comprehensive loss.
3. MATERIAL ACCOUNTING POLICIES (CONTINUACIÓN)
3.7.1 Nalunaq mine project
Management established that effective September 1, 2023, the Nalunaq Project is in the development phase. Accordingly, all expenditures related to the restart of the Nalunaq mine and the associated development of the initial processing plant and surface infrastructure are capitalized under Construction in Progress within Capital assets (see note 9). Capitalized expenditures will be carried at cost until the Nalunaq Project is placed into commercial production, sold, abandoned, or determined by management to be impaired in value. The mine and mobile equipment, process plant building and the Nalunaq mine are not yet available for use as intended by Management as at December 31, 2023, therefore, depreciation has not yet commenced.
3.8 Arrendamientos
En la fecha de comienzo de un arrendamiento, se reconoce un pasivo para realizar los pagos del arrendamiento (es decir, el pasivo por arrendamiento) y un activo que representa el derecho a usar el activo subyacente durante el plazo del arrendamiento (es decir, el activo por derecho de uso) se también reconocido. El gasto por intereses sobre el pasivo por arrendamiento se reconoce por separado del gasto por depreciación sobre el activo por derecho de uso.
The lease liability is remeasured upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). This remeasurement is generally recognized as an adjustment to the right-of-use asset. Leases of “low-value” assets and short-term leases (12 months or less) are recognized on a straight-line basis as an expense in the consolidated statement of comprehensive loss.
3.9 Costos de préstamos
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are added to the cost of those assets. Qualifying assets are assets that take a substantial period of time until they are ready for their intended use. Borrowing costs, less any temporary investment income on those borrowings, that are directly attributable to the acquisition, construction or production of a qualifying asset are included in the cost of that asset if it is probable that they will result in future economic benefits to the Corporation and the costs can be measured reliably. Borrowing costs that are incurred for general purposes are allocated to qualifying assets by applying a capitalisation rate to the expenditures on that asset. The capitalisation rate shall be the weighted average of the borrowing costs appliable to all borrowings of the Corporation that are outstanding during the period. Capitalisation of borrowing costs ceases when the all the activities necessary to prepare the qualifying asset for its intended use or sale are substantially complete.
Todos los demás costos por préstamos se reconocen en resultados en el período en el que se incurren.
3. MATERIAL ACCOUNTING POLICIES (CONTINUACIÓN)
3.10 Deterioro de activos no financieros
Mineral properties and capital assets are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. Assets under Construction in Progress are subject to an annual impairment test since it they are not depreciated yet. Mineral properties and capital assets are reviewed by area of interest. If any such indication is present, the recoverable amount of the asset is estimated in order to determine whether impairment exists. Where the asset does not generate cash flows that are independent from other assets, the Corporations estimates the recoverable amount of the asset group to which the asset belongs.
An asset’s recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted.
Si se estima que el valor recuperable de un activo o grupo de activos es menor que su valor en libros, el valor en libros se reduce al valor recuperable. El deterioro se reconoce inmediatamente en el estado consolidado de resultados integrales. Cuando posteriormente se revierte un deterioro, el valor en libros se incrementa a la estimación revisada del monto recuperable, pero solo en la medida en que este no exceda el valor en libros que se habría determinado si no se hubiera reconocido previamente ningún deterioro. Una reversión se reconoce como una reducción en el cargo por deterioro del período.
3.11 Environmental monitoring provision
Las provisiones se registran cuando existe una obligación presente, legal o implícita, como resultado de eventos pasados, cuando es probable que se requiera una salida de recursos que incorporen beneficios económicos para liquidar la obligación, y se puede hacer una estimación confiable del monto de la obligación. . La Corporación está sujeta a leyes y reglamentos relacionados con asuntos ambientales, incluida la recuperación de tierras y la descarga de materiales peligrosos y el control ambiental. Se puede determinar que la Corporación es responsable por los daños causados por los propietarios y operadores anteriores de sus intereses minerales no probados y en relación con los intereses que anteriormente tenía la Corporación.
En el reconocimiento inicial, el valor presente neto estimado de una provisión se registra como un pasivo y el monto correspondiente se agrega al costo capitalizado del activo no financiero relacionado o se carga al estado consolidado de resultados integrales si la propiedad se ha dado de baja. Las tasas de descuento que utilizan una tasa antes de impuestos que refleja el valor del dinero en el tiempo y el riesgo asociado con el pasivo se utilizan para calcular el valor presente neto. La provisión se evalúa al final de cada período sobre el que se informa por cambios en el monto estimado o en el momento de liquidación de la obligación.
3. MATERIAL ACCOUNTING POLICIES (CONTINUACIÓN)
3.12 Taxation
El gasto por impuesto a las ganancias representa la suma del impuesto a pagar corriente y el impuesto diferido.
Los activos y pasivos corrientes por impuesto a las ganancias del período actual y de períodos anteriores se miden por el monto que se espera recuperar o pagar a las autoridades fiscales. Las tasas impositivas y las leyes impositivas utilizadas para calcular el monto son las que están sustancialmente promulgadas a la fecha del estado consolidado de situación financiera.
Deferred income taxes are provided using the liability method on temporary differences at the date of the consolidated statement of financial position between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Se reconocen pasivos por impuesto sobre la renta diferido para todas las diferencias temporarias imponibles, excepto:
- cuando el pasivo por impuesto sobre la renta diferido surge del reconocimiento inicial de la plusvalía o de un activo o pasivo en una transacción que no es una combinación de negocios y, al momento de la transacción, no afecta la utilidad contable ni la utilidad fiscal; y
- con respecto a las diferencias temporarias imponibles asociadas con inversiones en subsidiarias, asociadas y participaciones en negocios conjuntos, cuando el momento de la reversión de las diferencias temporarias pueda controlarse y sea probable que las diferencias temporarias no se reviertan en un futuro previsible.
3.13 Equidad
El capital social representa la cantidad recibida por la emisión de acciones. Los warrants representan la asignación del monto recibido por las unidades emitidas, así como el cargo registrado por las broker warrants relativos a la financiación. Las opciones representan los cargos relacionados con las opciones sobre acciones hasta que se ejercen. El superávit aportado incluye los cargos relacionados con las opciones sobre acciones y los warrants vencidos y aún no ejercidos. El superávit aportado también incluye las aportaciones de los accionistas. El déficit incluye todas las ganancias o pérdidas retenidas del período actual y anterior y los gastos de emisión de acciones.
Los gastos de emisión de acciones y warrants se contabilizan en el ejercicio en que se incurren y se registran como una deducción del patrimonio en el ejercicio en que se emiten las acciones y warrants.
Los costos relacionados con acciones aún no emitidas se registran como costos diferidos de emisión de acciones. Estos costos se difieren hasta la emisión de las acciones a las que se refieren los costos, momento en el cual los costos se cargarán contra el capital social relacionado o se cargarán a operaciones si las acciones no se emiten.
Los ingresos de las colocaciones de unidades se asignan entre acciones y warrants emitidos sobre una base prorrateada de su valor dentro de la unidad utilizando el modelo de fijación de precios de Black-Scholes.
3.14 Ingresos por intereses
Interest income from financial assets is accrued, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount.
3. MATERIAL ACCOUNTING POLICIES (CONTINUACIÓN)
3.15 Compensación basada en acciones
Employees and consultants of the Corporation may receive a portion of their compensation in the form of share-based payment transactions, whereby employees or consultants render services as consideration for equity instruments (“equity-settled transactions”).
Los costos de las transacciones liquidadas con instrumentos de patrimonio con empleados y otros que presten servicios similares se miden por referencia al valor razonable a la fecha en que se otorgan.
The costs of equity-settled transactions are recognized, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (“the vesting date”). The cumulative expense is recognized for equity-settled transactions at each reporting date until the vesting date reflects the Corporation’ best estimate of the number of equity instruments that will ultimately vest. The profit or loss charge or credit for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and the corresponding amount is represented in contributed surplus.
No se reconoce ningún gasto por adjudicaciones que en última instancia no se otorgan, excepto aquellas adjudicaciones en las que la adjudicación está condicionada a una condición de mercado, que se tratan como otorgantes independientemente de si se cumple o no la condición de mercado, siempre que se cumplan todas las demás condiciones de desempeño y/o servicio. satisfecho.
Cuando se modifican los términos de una concesión liquidada mediante instrumentos de patrimonio, el gasto mínimo reconocido es el gasto como si los términos no se hubieran modificado. Se reconoce un monto adicional sobre la misma base que el monto de la adjudicación original por cualquier modificación que aumente el valor razonable total del acuerdo de pago basado en acciones, o que sea de otro modo beneficioso para el empleado según lo medido en la fecha de la modificación.
3.16 Pérdida por acción
The basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. The diluted loss per share reflects the potential dilution of common share equivalents, such as outstanding options, restricted share unit and warrants, in the weighted average number of common shares outstanding during the year, if dilutive. During 2023 and 2022, all the outstanding common share equivalents were anti-dilutive.
3. MATERIAL ACCOUNTING POLICIES (CONTINUACIÓN)
3.17 Instrumentos financieros
Los activos y pasivos financieros se reconocen cuando la Corporación se convierte en parte de las disposiciones contractuales del instrumento financiero.
Los activos y pasivos financieros se compensan y el monto neto se informa en el estado consolidado de situación financiera cuando existe un derecho incondicional y legalmente exigible de compensar los montos reconocidos y existe la intención de liquidarlos en forma neta, o realizar el activo y liquidar el pasivo simultáneamente.
Se requiere que todos los instrumentos financieros se midan a su valor razonable en el reconocimiento inicial. El valor razonable se basa en precios de mercado cotizados, a menos que los instrumentos financieros no se negocien en un mercado activo. En este caso, el valor razonable se determina utilizando técnicas de valoración como el modelo de valoración de opciones de Black-Scholes u otras técnicas de valoración.
3.17.1 Activos financieros
Los activos financieros se dan de baja cuando han expirado los derechos contractuales a recibir los flujos de efectivo del activo financiero, o cuando se han transferido el activo financiero y todos los riesgos y ventajas sustanciales. Un pasivo financiero se da de baja cuando se extingue, liquida, cancela o cuando vence.
Financial assets are initially measured at fair value. If the financial asset is not subsequently accounted for at fair value through profit or loss, then the initial measurement includes transaction costs that are directly attributable to the asset’s acquisition or origination. On initial recognition, the Corporation classifies its financial instruments in the following categories depending on the purpose for which the instruments were acquired.
Coste amortizado:
Financial assets at amortized cost are non-derivative financial assets with fixed or determinable payments constituted solely of payments of principal and interest that are held within a “held to collect” business model. Financial assets at amortized cost are initially recognized at the amount expected to be received, less, when material, a discount to reduce the financial assets to fair value. Subsequently, financial assets at amortized cost are measured using the effective interest method less a provision for expected losses. The Corporation’s cash, due from a related party, and escrow account for environmental monitoring are classified within this category.
Cualquier ganancia o pérdida que surja de la baja en cuentas se reconoce directamente en resultados y se presenta en otras ganancias/(pérdidas), junto con las ganancias y pérdidas cambiarias. Las pérdidas por deterioro se presentan como partida separada en el estado consolidado de resultados integrales.
3. MATERIAL ACCOUNTING POLICIES (CONTINUACIÓN)
3.17.2 Pasivos financieros y patrimonio
Un pasivo financiero se da de baja cuando se extingue, cancela, termina, cancela o vence.
Clasificación como deuda o patrimonio
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the contractual arrangements and the definitions of a financial liability and an equity instrument.
Pasivos financieros medidos a costo amortizado
Financial liabilities are initially measured at fair value. Transaction costs directly attributable to the issuance of the financial liability, other than financial liabilities at fair value through profit or loss, are deducted from the financial liability’s fair value on initial recognition. Transaction costs directly attributable to the issuance of financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Los pasivos financieros se miden posteriormente al costo amortizado utilizando el método de interés efectivo.
Instrumentos de capital
An equity instrument is a contract that evidences a residual interest in the assets of an entity net of its liabilities.
Instrumentos compuestos
The terms of a convertible note are evaluated to determine whether it contains both a liability and an equity component. These components are classified separately as financial liabilities, financial assets or equity instruments. A conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the parent company’s equity instruments is an equity instrument
The fair value of the liability component of the convertible note instrument is estimated using market interest rates for similar non-convertible instruments. This amount is recorded as a liability on an amortised cost basis using the effective interest method until the instrument’s maturity date or conversion.
The value of the conversion option classified as equity is determined by subtracting the financial liability component’s fair value from the compound instrument as a whole. The conversion option is then included in equity and is not subsequently re-measured.
Transaction costs that relate to the issue of the convertible notes are allocated to the liability and equity components in proportion to the allocation of the gross proceeds, with the transaction costs related to the equity component being allocated to equity, while the transaction costs related to the liability component are included in the carrying amount of the liability component and amortised over the life of the convertible loan note.
Derivados implícitos
Embedded derivatives are components of hybrid contracts. Hybrid contracts contain a non-derivative host and an embedded derivative which impacts the combined instrument in a way similar to a stand-alone derivative.
Derivatives that are embedded in hybrid contracts whose non-derivative host is not a financial asset (for example, a financial liability) are recognised as separate derivatives if they meet the definition of a derivative and their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at fair value through profit or loss. Embedded derivatives that are separated from a financial liability host contract are measured at fair value. The residual value of the hybrid contract is then allocated to the financial liability host contract.
3. MATERIAL ACCOUNTING POLICIES (CONTINUACIÓN)
3.17.3 Deterioro de activos financieros
Coste amortizado:
At each reporting date, the Corporation assesses, on a forward‐looking basis, the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
The expected loss is the difference between the amortized cost of the financial asset and the present value of the expected future cash flows, discounted using the instrument’s original effective interest rate. The carrying amount of the asset is reduced by this amount either directly or indirectly through the use of an allowance account. Provisions for expected losses are adjusted upwards or downwards in subsequent periods if the amount of the expected loss increases or decreases.
3.18 Información a revelar por segmentos
The Corporation operates in one industry segment, being the acquisition, exploration and evaluation of mineral properties. All of the Corporation’ activities are conducted in Greenland.
4. JUICIOS Y SUPUESTOS CONTABLES CRÍTICOS
La preparación de estos estados financieros requiere que la Gerencia haga juicios y formule suposiciones que afectan los montos informados de activos y pasivos a la fecha de los estados financieros y los montos informados de gastos durante el período de informe. De manera continua, la Administración evalúa sus juicios en relación con los activos, pasivos y gastos. La gerencia usa la experiencia histórica y varios otros factores que considera razonables bajo las circunstancias dadas como base para sus juicios. Los resultados reales pueden diferir de estas estimaciones bajo diferentes supuestos y condiciones. A continuación se describen los juicios críticos ejercidos en la aplicación de políticas contables con el efecto más significativo sobre los montos reconocidos en los Estados Financieros.
SENTENCIAS
4.1 Impairment of mineral properties and capital assets
Determinar si existen hechos y circunstancias que indiquen una pérdida por deterioro o una reversión de las pérdidas por deterioro es un proceso subjetivo que implica juicio y una serie de estimaciones e interpretaciones en muchos casos.
4.1.2 Impairment of capital assets
Determining whether to test for impairment of capital assets requires Management’s judgement, among other factors, regarding the following: whether capital assets have been in use and depreciated, did market value of capital assets decline, whether net assets of the Corporation are higher than the market capitalization, was there any obsolescence or physical damage recorded to the capital assets, was there an increase to market interest rates.
4. JUICIOS Y SUPUESTOS CONTABLES CRÍTICOS (CONTINUACIÓN)
When an indication of impairment loss or a reversal of an impairment loss exists, the recoverable amount of the individual asset must be estimated. If it is not possible to estimate the recoverable amount of the individual asset, the recoverable amount of the cash-generating unit to which the asset belongs must be determined. Identifying the cash-generating units requires considerable management judgment. In testing an individual asset or cash-generating unit for impairment and identifying a reversal of impairment losses, Management estimates the recoverable amount of the asset or the cash-generating unit. This requires management to make several assumptions as to future events or circumstances. These assumptions and estimates are subject to change if new information becomes available. Actual results with respect to impairment losses or reversals of impairment losses could differ in such a situation and significant adjustments to the Corporation’ assets and earnings may occur during the next period.
With regards to the annual impairment test on Construction in Progress, the Management has assessed that the replacement cost approach is the most appropriate for determining the recoverable value of individual assets under CIP. The Corporation has conducted the analysis based on the enquiry of the current market prices obtained from suppliers for each asset under the CIP category as well as the assessment of the recoverable value based on the general Machinery and Equipment as well as Industrial Producer Price index changes from 2021 to 2023. As a result of this analysis, the replacement value of the assets under CIP category has produced a recoverable value that was at least 20% higher than the carrying value of assets under CIP as of December 31, 2023.
4.2 Determinación de la moneda funcional
In accordance with IAS 21 “The Effects of Changes in Foreign Exchange Rates”, Management determined that the functional currency of the Corporation and its subsidiary is the Canadian dollar.
4.3 Capitalización de costos por préstamos
The Corporation makes judgments on the amount of borrowing costs that are directly attributable to the acquisition of a qualifying asset.
4.4 Technical Feasibility and Commercial Viability (“TFCV”)
Management uses significant judgment to determine when TFCV is demonstrable. Technical feasibility refers to the ability to physically construct and operate a mineral project in a technically sound manner to produce a saleable mineral product while commercial viability refers to the ability to mine the mineral asset to generate a reasonable return on investment. Key considerations used to determine if TFCV has been reached included the establishment of confidence about mineralization, results and status of studies, probability of obtaining key permits, the existence of other barriers that may impact mining and the ability to generate a return on investment, confidence of project potential by the Management and the Board of Directors.
Based on the criteria described above, Management has concluded that sufficient evidence existed on September 1, 2023, for the Corporation to declare TFCV for the Nalunaq Project. September 1, 2023, was aligned with the date that the Board of Directors approved and closed the Financing package deal (note 10), thus supporting the commercial viability of the project.
4. JUICIOS Y SUPUESTOS CONTABLES CRÍTICOS (CONTINUACIÓN)
ESTIMACIONES Y SUPUESTOS
4.5 Environmental monitoring costs
The provisions for environmental monitoring costs are based on estimated future costs using information available at the financial reporting date. Determining these obligations requires significant estimates and assumptions due to the numerous factors that affect the amount ultimately payable. Such factors include estimates of the scope and cost of restoration activities, legislative amendments, known environmental impacts, the effectiveness of reparation and restoration measures and changes in the discount rate. This uncertainty may lead to differences between the actual expense and the provision. At the date of the consolidated statement of financial position, environmental monitoring costs represent Management’s best estimate of the charge that will result when the actual obligation is terminated.
4.6 Restricted Share Units (“RSU”)
For the purpose of determining the fair market value of restricted share unit awards and a number of assumptions are required for input in the pricing model. Determining these assumptions requires significant level of estimates and Management’s judgement.
For equity-settled awards, assumptions must be determined at the date of the grant. Such assumptions include grant calculation date, projection period, share price at grant, exercise price, risk-free rate of interest, dividends, share price volatility and forfeitures. The uncertainty related to the choice of assumptions may lead to differences between the actual value of restricted share unit awards and their estimated fair value based on the Monte-Carlo simulation run. At the date of the consolidated statement of financial position, restricted share units award and embedded derivative value represents Management's best estimate of awards fair value vesting at measurement dates stipulated under the RSU award contract.
4.7 Embedded Derivative
For the purpose of determining the fair market value of the embedded derivative a number of assumptions are required for input in the pricing model. Determining these assumptions requires significant level of estimates and Management’s judgement.
Assumptions must be determined at the reporting date. Such assumptions include term, share price on the reporting date, risk-free rate of interest and volatility.
The uncertainty related to the choice of assumptions may lead to differences between the actual value of the embedded derivative and its estimated fair value based on the Black-Scholes pricing model.
5. PREPAID EXPENSES AND OTHERS
2023 | 2022 | |
$ | $ | |
Advance payments to suppliers and mining contractors | 17,848,780 | 157,501 |
Prepaid credit facility costs | 408,792 | - |
Seguro prepagado | 169,416 | 160,876 |
Prepaid exploration work | 87,968 | 87,968 |
Otros prepagos | 166,612 | 43,945 |
Total prepaid expenses and others | 18,681,568 | 450,290 |
6. ESCROW ACCOUNT FOR ENVIRONMENTAL MONITORING
On behalf of Nalunaq’s licence holder, an escrow account has been set up with the holder of the licence as holder of the account and the Government of Greenland as beneficiary. The funds in the escrow account have been provided in favour of the Government of Greenland as security for fulfilling the environmental monitoring expenses following the closure of the Nalunaq mine. This environmental monitoring program was completed in 2020.
2023 | 2022 | |
$ | $ | |
Saldo inicial | 427,120 | 424,637 |
Adiciones | 168,140 | |
Efecto de la traducción | 3,679 | 2,483 |
Saldo final | 598,939 | 427,120 |
Non-current portion – escrow account for environmental monitoring | (598,939) | (427,120) |
Current portion – escrow account for environmental monitoring | - | - |
7. INVESTMENT IN EQUITY-ACCOUNTED JOINT ARRANGEMENT
Como en Diciembre 31, 2023 | Como en Diciembre 31, 2022 | |
$ | $ | |
Saldo al inicio del período | - | - |
Inversión original en Gardaq ApS | 7,422 | - |
Transferencia de licencias de minerales estratégicos distintos del oro al costo | 36,896 | - |
Inversión en la conversión de Gardaq ApS a Gardaq A/S | 55,344 | - |
Ganancia en el reconocimiento del VF de una inversión contabilizada según el método de participación en un negocio conjunto | 31,285,536 | - |
Inversión retenida a valor razonable - 51% de participación | 31,385,198 | - |
Share of joint venture’s net losses- for the year ended December 31, 2023 | (7,892,387) | - |
Balance al final del periodo | 23,492,811 | - |
El 10 de junio de 2022, la Corporación anunció que había firmado un acuerdo de términos no vinculante con ACAM para establecer un vehículo de propósito especial (el "SPV") y creó una empresa conjunta (el "JV") para la exploración y desarrollo. de sus activos de Minerales Estratégicos por una contribución combinada de $62.0 millones (GBP 36.7 millones). Sujeto a los términos finales de la empresa conjunta, ACAM invirtió 30.1 millones de dólares (18 millones de libras esterlinas) a cambio de una participación del 49% en la SPV, y Amaroq poseía el 51%. Amaroq contribuyó con sus licencias estratégicas de minerales no preciosos (es decir, no oro) y deberá realizar una contribución en especie durante un período de tres años, valorada, en conjunto, en 31.4 millones de dólares (18.7 millones de libras esterlinas) en la forma de soporte del sitio, logística y costos generales asociados con la utilización de su infraestructura existente en el sur de Groenlandia para respaldar las actividades de la empresa conjunta. La transferencia de estas licencias ha sido aprobada por el Gobierno de Groenlandia el 13 de abril de 2023.
El valor en libros de las licencias estratégicas de minerales no preciosos transferidas a Gardaq A/S es de $36,896 (Nota 7).
7. INVESTMENT IN EQUITY-ACCOUNTED JOINT ARRANGEMENT (CONTINUACIÓN)
Upon execution of the Subscription and Shareholders’ Agreement (“SSHA”) on April 13, 2023, the Corporation has ceased the control of Gardaq on that date. As a result of the Corporation losing control over the subsidiary:
- La Corporación da de baja los activos y pasivos de la subsidiaria del estado consolidado de situación financiera,
- Reconoce el valor razonable de la contraprestación recibida de la transacción que ha resultado en la pérdida de control,
- Reconoce cualquier inversión retenida en la antigua subsidiaria a su valor razonable una vez que se pierde el control y posteriormente contabiliza la misma y cualquier monto adeudado por o a la antigua subsidiaria de acuerdo con las NIIF pertinentes. El valor razonable se considerará como valor razonable del reconocimiento inicial de la inversión en el negocio conjunto.
- Posteriormente reconoce la participación del negocio conjunto en las ganancias o pérdidas netas proporcionalmente a la participación retenida de la inversión durante los períodos sobre los que se informa.
Given that the relevant activities of Gardaq require unanimous consent of its shareholders in accordance with the SSHA, Management has determined that it has joint control and as such the Corporation performed deconsolidation of Gardaq A/S as at April 13, 2023, the date when control was lost. The fair value of the 51% equity investment retained in Gardaq A/S was determined to be $31,385,198 (GBP 18.7million). The fair value of Gardaq A/S was measured based on the cash consideration received in exchange for 49% of the outstanding shares.
The Corporation has determined that it has a joint control in Gardaq A/S as decisions around relevant activities require unanimous shareholder approval. Effective April 13, 2023, the Corporation’s investment was accounted for as an investment in joint venture using the equity method. The equity method involves recording the initial investment at cost and subsequently adjusting the carrying value of the investment for the Corporation’s proportionate share of the profit or loss, other comprehensive income or loss and any other changes in the joint venture’s net assets, such as further investments or dividends. For the year ended December 31, 2023 the Corporation recorded the 51% proportion of net loss from Gardaq of $7,892,387.
7. INVESTMENT IN EQUITY-ACCOUNTED JOINT ARRANGEMENT (CONTINUACIÓN)
The following tables summarize the financial information of Gardaq A/S as of December 31, 2023.
Como en Diciembre 31, 2023 | |
$ | |
Efectivo y su equivalente en efectivo | 18,377,850 |
Gastos pre-pagados y otros | 351,752 |
Total de activos corrientes | 18,729,602 |
propiedad mineral | 92,239 |
Activos totales | 18,821,841 |
Cuentas por pagar y pasivos acumulados | 4,036,532 |
Debido a partes relacionadas | 13,641 |
Capital social | 30,246,937 |
Déficit | (15,475,269) |
Equidad total | 14,771,668 |
Total pasivos y patrimonio | 18,821,841 |
Para el año terminado Diciembre 31, 2023 | |
$ | |
Gastos de Exploración y Evaluación | 13,950,672 |
Interest expense (income) | (2,651) |
Pérdida (ganancia) cambiaria | (187,011) |
Pérdida operativa | 13,761,010 |
Otros gastos (ingresos) | 1,714,260 |
Pérdida neta y pérdida integral | 15,475,270 |
8. PROPIEDADES MINERALES
Como en Diciembre 31, 2022 | Mudanzas (Nota 6) | Como en Diciembre 31, 2023 | ||
$ | $ | $ | ||
Nalunaq - Au | 1 | - | 1 | |
Tartoq - Es | 18,431 | - | 18,431 | |
Vágar - Au | 11,103 | - | 11,103 | |
Nuna Nutaaq - Au | 6,076 | - | 6,076 | |
Anoritooq - Au | 6,389 | - | 6,389 | |
Siku - Au | 6,821 | - | 6,821 | |
Naalagaaffiup Portornga - Minerales Estratégicos | 6,334 | (6,334) | - | |
Saarloq - Minerales Estratégicos | 7,348 | (7,348) | - | |
Sava - Minerales Estratégicos | 6,562 | (6,562) | - | |
Kobberminebugt - Minerales estratégicos | 6,840 | (6,840) | - | |
Stendalen - Minerales Estratégicos | 4,837 | (4,837) | - | |
Sava del Norte - Minerales estratégicos | 4,837 | (4,837) | - | |
Propiedades minerales totales | 85,579 | (36,758) | 48,821 |
8. PROPIEDADES MINERALES (CONTINUACIÓN)
Como en Diciembre 31, 2021 | Adiciones | Como en Diciembre 31, 2022 | ||
$ | $ | $ | ||
Nalunaq - Au | 1 | - | 1 | |
Tartoq - Es | 18,431 | - | 18,431 | |
Vágar - Au | 11,103 | - | 11,103 | |
Nuna Nutaaq - Au | 6,076 | - | 6,076 | |
Anoritooq - Au | 6,389 | - | 6,389 | |
Siku - Au | - | 6,821 | 6,821 | |
Naalagaaffiup Portornga - Minerales Estratégicos | 6,334 | - | 6,334 | |
Saarloq - Minerales Estratégicos | 7,348 | - | 7,348 | |
Sava - Minerales Estratégicos | 6,562 | - | 6,562 | |
Kobberminebugt - Minerales estratégicos | - | 6,840 | 6,840 | |
Stendalen - Minerales Estratégicos | - | 4,837 | 4,837 | |
Sava del Norte - Minerales estratégicos | - | 4,837 | 4,837 | |
Propiedades minerales totales | 62,244 | 23,335 | 85,579 |
8.1 Nalunaq - Au
Nalunaq A/S holds the gold exploitation licence number 2003/05 on the Nalunaq property (the “Nalunaq Licence”) located in South West Greenland. The licence expires in April 2033 with an extension possible up to 20 years.
8.1.1 Collaboration agreement and project schedule
Cyrus Capital Partners LP was the main creditor of Angel Mining PLC, the parent company of Angel Mining (Gold) A/S. Angel Mining PLC went into administration in February 2013 and as part of the Administrator’s restructuring process, FBC Mining (Holdings) Ltd. (“FBC Mining”) and Arctic Resources Capital S.à r.l. (“ARC”) agreed to enter into a collaboration agreement (“Collaboration Agreement”) (signed July 15, 2015) to progress the Nalunaq exploration project. FBC Mining is a 100% subsidiary of FBC Holdings S.à r.l which is managed by Cyrus Capital Partners LP.
In addition, ARC, FBC Mining and AEX Gold Limited (previously known as FBC Mining (Nalunaq) Limited) (a 100% subsidiary of FBC Mining) signed on July 17, 2015 the Nalunaq project schedule (“2015 Project Schedule”) which was continued following the signature with Nalunaq A/S on March 31, 2017 of the 2016-2017 Nalunaq Project Schedule (“2016-2017 Project Schedule”), (collectively “Project Schedules”).
8. PROPIEDADES MINERALES (CONTINUACIÓN)
Finally, the conditions relating to a processing plant located on the Nalunaq Licence (“Processing Plant”) and a royalty payment were outlined in the 2015 Project Schedule and formalized in the processing plant and royalty agreement (“Processing Plant and Royalty Agreement”) signed on March 31, 2017 and the conditions are as follows:
a) AEX Gold Limited transfers the Processing Plant to Nalunaq A/S under the following conditions:
i) An initial purchase price of US$1;
ii) A deferred consideration of US$1,999,999 (“Deferred Consideration”) on a pay as you go basis until the Deferred Consideration is paid in full. If only part of the Processing Plant is used, then the Deferred Consideration payable shall be reduced by an amount to be agreed by the parties to reflect the value of the part of the Processing Plant used.
iii) The Deferred Consideration may be reduced to the extent that the Processing Plant or any part which is being used requires repairs, is not in good working condition or will not be capable of doing the work for which it was designed.
iv) Nalunaq A/S may dispose or otherwise deal with the Processing Plant or any part of it at its own cost. If any disposal proceeds (defined as proceeds received minus costs of dealing with the disposal) are received, that disposal proceeds shall be paid to AEX Gold Limited and such amount shall be deemed to be Deferred Consideration. If there are any disposal proceeds remaining after the Deferred Consideration has been paid in full, the disposal proceeds remaining may be retained by Nalunaq A/S.
b) Nalunaq A/S shall pay to AEX Gold Limited a 1% royalty on Nalunaq A/S’ net revenue generated on the Nalunaq Licence (total revenue minus production, transportation and refining costs), provided that in respect to the last completed calendar year, the operating profit per ounce of gold exceeded US$500. The cumulative royalty payments over the life of mine are capped at a maximum of US$1,000,000.
8.1.2 Realeza del gobierno de Groenlandia
La Licencia Nalunaq y los Anexos posteriores no tienen una cláusula de regalías. Sin embargo, según el Anexo 3 de la Ley de Recursos Minerales enacted on July 1, 2014, the Greenland Government may set terms on the licensee’s payment of royalty or consideration, if the Greenland Government and the licensee agree, since the Nalunaq Licence was granted before July 1, 2014. Nalunaq A/S may have to pay to the Government of Greenland a sales royalty of up to 2.5% of the value of the minerals. Nalunaq A/S may on certain terms offset an amount equal to paid corporate income tax and corporate dividend tax against the sales royalty to be paid.
8.1.3 Exploration commitments and exploitation milestones
After Nalunaq A/S has submitted its statements of expenses for the Nalunaq Licence for the 2017 and 2018 years, the MLSA has approved Nalunaq A/S’ transition to the subsequent period (sub period 4) without a rollover of the unspent amount.
The Government of Greenland has been confirmed with Addendum No. 5 dated March 2020 which was signed by the Government of Greenland and therefore became effective on March 13, 2020, to extend the requirement dates to perform the following tasks. No later than December 31, 2022, the licensee shall prepare an environmental impact assessment, make a social impact assessment and perform an impact benefit agreement. The time limit for commencement of exploitation is January 1, 2023. As these deadlines have passed, the Government of Greenland has completed Addendum No. 6.
8. PROPIEDADES MINERALES (CONTINUACIÓN)
On the 14th and 15th December 2022 the Corporation signed Addendum 6 to the Nalunaq licence which amended certain of the milestone dates pertaining to the licence including commencing exploitation by 1 January 2026; preparing an Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) by December 2023; negotiating, concluding and performing an Impact Benefit Agreement (“IBA”) by 31 December 2024. Prior to commencement of exploitation and no later than December 31, 2025 the licence will be amended to include terms on royalty.
On September 21, 2023 and October 13, 2023 the Corporation signed Addendum 7 to the Nalunaq Licence which amended certain of the Milestones pertaining to the licence including preparing an Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) by 30 June 2024. . The addendum became effective on November 6, 2023, when it was signed by the Government of Greenland. Failure to satisfy any of the conditions set forth in the addendums to the Nalunaq Licence may result in the MLSA revoking the Nalunaq Licence without further notice.
8.2 Tartoq - Au
8.2.1 Purchase of the Tartoq Licence
Nalunaq A/S firmó el 6 de julio de 2016 un acuerdo de compraventa para comprar de Nanoq Resources Ltd. la licencia de exploración de Tartoq número 2015/17 ubicada en el suroeste de Groenlandia, por un monto total de $7,221. La licencia expiró originalmente el 31 de diciembre de 2024 con derecho a una extensión de 5 años. La renovación por un período de cinco años se confirmó con el Anexo No. 3 con fecha de febrero de 2020, que fue firmado por Nalunaq A/S el 13 de febrero de 2020 y entró en vigencia el 13 de marzo de 2020 cuando fue firmado por el Gobierno de Groenlandia. En respuesta a la pandemia de COVID 19, el Gobierno de Groenlandia otorgó una extensión del período de licencia para todas las licencias de exploración por dos años, por lo que la licencia vence el 31 de diciembre de 2026.
8.2.2 Compromisos de exploración
For the exploration licence, Nalunaq A/S 2023 obligation is DKK 2.031.600 of exploration activities in 2023, which together with the carried forward 2022 licence obligation of DKK 742,143 will result in DKK 2,773,743 ($543,942 using the exchange rate as at December 31, 2023) exploration obligation in 2023 before an approval of 2023 incurred expenses by MLSA. For the purpose of crediting expenditures against the amounts set forth in the Tartoq Licence, actual expenditures are multiplied by a factor of between 1.5 and 3, depending upon the type of expenditures made. If these obligations are not met, certain measures may be taken by the licence holder to rectify the situation, including reducing the area of the licence proportionately to the spending shortfall or rolling over the exploration commitment to the next period subject to approval from the MLSA. Nalunaq A/S will submit statements of expenses for the Tartoq exploration licence for the 2023 year to the MLSA by April 1, 2024.
8.3 Vágar - Au
8.3.1 Purchase of the Vagar Licence
Nalunaq A/S entered into a sale and purchase agreement with NunaMinerals A/S, acting through its bankruptcy receiver, on February 6, 2017 to acquire the Vagar exploration licence number 2006/10 (“Vagar Licence") located in Western Greenland, along with all mineral exploration and mining-related data, maps and reports pertaining to the Vagar Licence, studies and reports, for a purchase price of $9,465 (DKK 50,000). Upon the approval of the Greenland authorities received on October 30, 2017, Nalunaq A/S signed the paperwork to complete the licence transfer, which became effective upon the Greenland authorities executing the document on January 18, 2018. The licence originally expired December 31, 2021 with a possible 6-year extension. In response to the COVID 19 pandemic, the Government of Greenland gave an extension of the licence period for all exploration licences by two years, therefore the licence expired December 31, 2023.
8. PROPIEDADES MINERALES (CONTINUACIÓN)
The Corporation has applied for an additional 3 years extension and a licence reduction to a total area of 197 km2 and are awaiting final documentation from the Government.
8.3.2 Compromisos de exploración
For the exploration licence, Nalunaq A/S shall complete DKK 16,353,000 of exploration activities in 2023. 2022 carried forward balance was DKK5,716,001, resulting in DKK 22,069,001 ($4,327,819 using the exchange rate as at December 31, 2023) exploration obligation in 2023 before an approval of 2023 incurred expenditures by MLSA. For the purpose of crediting expenditures against the amounts set forth in the Vagar Licence, actual expenditures are multiplied by a factor of between 1.5 and 3,
depending upon the type of expenditures made. If these obligations are not met, certain measures may be taken by the licence holder to rectify the situation, including reducing the area of the licence proportionately to the spending shortfall or rolling over the exploration commitment to the next period subject to approval from the MLSA. Nalunaq A/S will submit its statements of expenses for the Vagar exploration licence for the 2023 year to the MLSA by April 1, 2024.
8.4 Nuna Nutaaq - Au
8.4.1 Purchase of the Nuna Nutaaq Licence
The Corporation has acquired the right to conduct exploration activities on approximately 244km2 de tierra en un área de Itillersuaq cerca de Narsaq en el sur de Groenlandia. Los derechos de exploración se otorgaron a la Corporación en virtud de una nueva Licencia de exploración separada 2019/113 Nuna Nutaaq. La solicitud de licencia fue aprobada y toda la documentación requerida fue firmada por la Corporación el 13 de septiembre de 2019 y la licencia entró en vigencia el 26 de septiembre de 2019 cuando fue firmada por el Gobierno de Groenlandia. La licencia expiró originalmente el 31 de diciembre de 2023 con derecho a una extensión de 5 años. En respuesta a la pandemia de COVID 19, el Gobierno de Groenlandia otorgó una extensión del período de licencia para todas las licencias de exploración por dos años, por lo que la licencia vence el 31 de diciembre de 2025.
8.4.2 Compromisos de exploración
In 2023 Nalunaq A/S shall complete DKK 2,637,920 of exploration activities, received an approval of 2022 exploration expenses of 3,832,527 and 2022 carried forward credits of 2,344,489 which results in a total credit of DKK 3,229,826 for 2023 (credit of $633,382 using the exchange rate as at December 31, 2023) so there is no exploration obligation in 2023 which was confirmed by MLSA. For the purpose of crediting expenditures against the amounts set forth in the Nuna Nutaaq Licence, actual expenditures are multiplied by a factor of between 1.5 and 3, depending upon the type of expenditures made. If these obligations are not met, certain measures may be taken by the licence holder to rectify the situation, including reducing the area of the licence proportionately to the spending shortfall or rolling over the exploration commitment to the next period subject to approval from the MLSA. Nalunaq A/S will submit statements of expenses for the Nuna Nutaaq exploration licence for the 2023 year to the MLSA by April 1, 2024.
8. PROPIEDADES MINERALES (CONTINUACIÓN)
8.5 Anoritooq - Au
8.5.1 Purchase of the Anoritooq Licence
La Corporación adquirió el derecho de realizar actividades de exploración en aproximadamente 1,185 km2 de tierra en las áreas de Anoritooq y Kangerluluk en el sur de Groenlandia. Los derechos de exploración se otorgaron a la Corporación en virtud de una nueva Licencia de Exploración separada 2020/36, denominada Anoritooq. La solicitud de licencia fue aprobada y toda la documentación requerida fue firmada por la Corporación el 11 de junio de 2020 y la licencia entró en vigencia el 24 de junio de 2020 cuando fue firmada por el Gobierno de Groenlandia. En octubre de 2020, se otorgó a la Corporación una adenda a la Licencia Anoritooq, aumentando el tamaño de la licencia a 1,889 km.2 y entró en vigencia el 6 de noviembre de 2020 cuando fue firmado por el Gobierno de Groenlandia. La licencia expiró originalmente el 31 de diciembre de 2024 con una posible extensión de 5 años. En respuesta a la pandemia de COVID 19, el Gobierno de Groenlandia otorgó una extensión del período de licencia para todas las licencias de exploración por dos años, por lo que la licencia vence el 31 de diciembre de 2026.
8.5.2 Compromisos de exploración
In 2023 Nalunaq A/S shall complete DKK 3,421,080 of exploration activities, received an approval of 2022 exploration expenses of DKK 969,834 and carry forward of 2022 credits of DKK 738,610 which results in total of DKK 2,682,470 ($526,043 using the exchange rate as at December 31, 2023) exploration obligation in 2023 before an approval of 2023 expenses by MLSA. For the purpose of crediting expenditures against the amounts set forth in the Anoritooq Licence, actual expenditures are multiplied by a factor of between 1.5 and 3, depending upon the type of expenditures made. If these obligations are not met, certain measures may be taken by the licence holder to rectify the situation, including reducing the area of the licence proportionately to the spending shortfall or rolling over the exploration commitment to the next period subject to approval from the MLSA. Nalunaq A/S will submit its statements of expenses for the Anoritooq exploration licence for the 2023 year to the MLSA by April 1, 2024.
8.6 Siku - Au
8.6.1 Purchase of the Siku Licence
La Corporación adquirió el derecho de realizar actividades de exploración en aproximadamente 251 km2 of land in an areas between the Nanoq and Jokum’s Shear project on the east coast of South Greenland. The exploration rights have been granted to the Corporation under a new separate Exploration Licence 2022/08, referred to as Siku. The licence application has been approved and all required documentation was signed by the Corporation on May 10, 2022 and the licence became effective on June 3, 2022 when it was signed by the Government of Greenland. The licence expires December 31, 2026 with a possible 5-year extension.
8.6.2 Compromisos de exploración
For the exploration licence, Nalunaq A/S shall complete DKK 603,720 of exploration activities in 2023 and carried forward DKK 296,595 from 2022 resulting in total obligation balance of DKK 900,315 ($176,555 using the exchange rate as at December 31, 2023). For the purpose of crediting expenditures against the amounts set forth in the Siku Licence, actual expenditures are multiplied by a factor of between 1.5 and 3, depending upon the type of expenditures made. If these obligations are not met, certain measures may be taken by the licence holder to rectify the situation, including reducing the area of the licence proportionately to the spending shortfall or rolling over the exploration commitment to the next period subject to approval from the MLSA. Nalunaq A/S will submit its statements of expenses for the Siku exploration licence for the 2023 year to the MLSA by April 1, 2024.
8. PROPIEDADES MINERALES (CONTINUACIÓN)
8.7 genex
On September 26, 2019, Nalunaq A/S was granted a prospecting licence number 2019/146 covering East Greenland, in this context defined as areas south of 75ºN and east of 44ºW. It is valid for a term of five years until December 31, 2023. Nalunaq A/S intends to reapply for the prospecting license over East Greenland. Nalunaq A/S is not obligated to spend exploration expenses regarding this licence area during this period.
On October 28, 2022, Nalunaq A/S was awarded a prospecting licence number 2022/77 covering West Greenland, in this context defined as areas south of 78ºN and west of 44ºW. It is valid for a term of five years until December 31, 2027. Nalunaq A/S is not obligated to spend exploration expenses regarding this licence area during this period.
9. BIENES DE CAPITAL
Equipo e infraestructura de campo | Vehículos y material rodante | Equipo (incluido el software) | Construcción en progreso | Total | |
$ | $ | $ | $ | $ | |
2022 | |||||
Valor neto contable de apertura | 1,989,114 | 4,304,709 | 156,011 | 7,452,668 | 13,902,502 |
Adiciones | - | - | 179,040 | 69,417 | 248,457 |
Disposiciones | - | (123,360) | (40,501) | - | (163,861) |
del Riesgo | - | - | - | - | - |
Depreciación | (253,362) | (438,965) | (78,165) | - | (770,492) |
Valor neto contable de cierre | 1,735,752 | 3,742,384 | 216,385 | 7,522,085 | 13,216,606 |
Al 31 de diciembre de 2022 | |||||
Cost | 2,351,041 | 4,466,971 | 313,214 | 7,522,085 | $14,653,311 |
Depreciación acumulada | (615,289) | (724,587) | (96,829) | - | (1,436,705) |
Valor neto contable de cierre | 1,735,752 | 3,742,384 | 216,385 | 7,522,085 | 13,216,606 |
2023 | |||||
Valor neto contable de apertura | 1,735,752 | 3,742,384 | 216,385 | 7,522,085 | 13,216,606 |
Adiciones | - | - | - | 25,761,155 | 25,761,155 |
Disposiciones | - | - | (80,983) | - | (80,983) |
del Riesgo | - | - | 43,054 | - | 43,192 |
Depreciación | (198,373) | (430,266) | (69,634) | - | (698,273) |
Valor neto contable de cierre | 1,537,379 | 3,312,118 | 108,822 | 33,283,240 | 38,241,559 |
Al 31 de diciembre de 2023 | |||||
Cost | 2,351,041 | 4,466,971 | 232,231 | 33,283,240 | $40,333,483 |
Depreciación acumulada | (813,662) | (1,154,853) | (123,409) | - | (2,091,786) |
Valor neto contable de cierre | 1,537,379 | 3,312,118 | 108,822 | 33,283,240 | 38,241,559 |
9. BIENES DE CAPITAL (CONTINUACIÓN)
Depreciation of capital assets related to exploration and evaluation properties is being recorded in exploration and evaluation expenses in the consolidated statement of comprehensive loss, under depreciation. Depreciation of $635,773 ($721,072 – 2022) was expensed as exploration and evaluation expenses in 2023.
As of December 31, 2023, the amount of $33,283,240 ($7,522,085 as at December 31, 2022) of construction in progress is related to equipment and infrastructure received or in storage and which will be installed at the appropriate time. Equipment and infrastructure include process plant components that are not yet available for use.
As at December 31, 2023, the Corporation had capital commitments, of $56,681,735. These commitments relate to the development of Nalunaq Project, rehabilitation of the Nalunaq mine, construction of processing plant, purchases of mobile equipment and establishment of surface infrastructure.
During 2023 the Company capitalised borrowing costs of $1,457,638 to construction in progress, which are included in additions.
10. CONVERTIBLE NOTES
Préstamo de notas convertibles | Derivados implícitos en FVTPL | Total | |
$ | $ | $ | |
Saldo al 31 de diciembre de 2022 | - | - | - |
Gross proceeds from issue | 30,431,180 | - | 30,431,180 |
Embedded derivative component | (19,443,663) | 19,443,663 | - |
Costos de transacción (nota 10.2) | (362,502) | - | (362,502) |
Accretion of discount | 949,062 | - | 949,062 |
Interés acumulado | 508,576 | - | 508,576 |
Cambio de valor razonable | - | 4,536,411 | 4,536,411 |
Pérdida (ganancia) cambiaria | (319,600) | - | (319,600) |
Balance as at December 31, 2023 | 11,763,053 | 23,980,074 | 35,743,127 |
Porción no corriente | - | - | - |
Porción actual | 11,763,053 | 23,980,074 | 35,743,127 |
10.1 Línea de Crédito Rotativo
Una línea de crédito rotativo (“RCF”) de $25 millones (USD 18.5 millones) proporcionada por Landsbankinn hf. y Fossar Investment Bank, con un plazo de dos años y un precio de SOFR más 950 puntos básicos. Los intereses se capitalizan y son pagaderos al final del plazo.
La línea de crédito está denominada en dólares estadounidenses y la tasa de interés SOFR se determina con referencia a las tasas SOFR a plazo de CME publicadas por CME Group Inc. The Landsbankinn hf. y la línea de crédito renovable de Fossar conlleva (i) una tarifa de compromiso del 0.40% anual calculada sobre el monto de la línea no utilizada y (ii) una tarifa de apertura del 2.00% sobre el monto de la línea donde el 1.5% debe pagarse en o antes de la fecha de cierre. del crédito y el 0.50% se pagará en o antes del primer retiro. La facilidad no es convertible en ningún valor de la Corporación.
The facility will be secured by (i) a bank account pledge from the Corporation and Nalunaq A/S, (ii) share pledges over all current and future acquired shares in Nalunaq A/S and Gardaq A/S held by the Corporation pursuant to the terms of share pledge agreements, (iii) a proceeds loan assignment agreement, (iv) a pledge agreement in respect of owner’s mortgage deeds and (v) a licence transfer agreement. The Corporation has not yet drawn on this facility.
10. CONVERTIBLE NOTES (CONTINUACIÓN)
Billetes convertibles 10.2
Convertible notes represent $30.4 million (US$22.4 million) notes issued to ECAM LP (US$16 million), JLE Property Ltd. (US$4 million) and Livermore Partners LLC (US$2.4 million) with a four-year term and a fixed interest rate of 5%. The conversion price of $0.90 per common share is the closing Canadian market price of the Amaroq shares on the day, prior to the closing day of the Debt Financing.
The convertible notes are denominated in US Dollars and will mature on September 30, 2027, being the date that is four years from the convertible note offering closing date. The principal amount of the convertible notes will be convertible, in whole or in part, at any time from one month after issuance into common shares of the Corporation ("Common Shares") at a conversion price of $0.90 (£0.525) per Common Share for a total of up to 33,812,401 Common Shares. The Corporation may repay the convertible notes and accrued interest at any time, in cash, subject to providing 30 days’ notice to the relevant noteholders, with such noteholders having the option to convert such convertible notes into Common Shares at the conversion price up to 5 days prior to the redemption date. If the Corporation chooses to redeem some but not all of the outstanding convertible notes, the Corporation shall redeem a pro rata share of each noteholder's holding of convertible notes. The Corporation shall pay a commitment fee to the holders of the convertible notes of, in aggregate, $5,511,293 (US$4,484,032), which shall be paid pro rata to each noteholder's holding of convertible notes. The commitment fee is payable on the earlier of (a) the date falling 20 business days after all amounts outstanding under the Bank Revolving Credit Facility have been repaid in full, but no earlier than the date that is 24 months after the date of issuance of the notes; and (b) the date falling 30 (thirty) months after the date of the subscription agreement in respect of the notes, irrespective of whether or not notes have converted at that date or been repaid.
Los pagarés convertibles estarán garantizados por (i) acuerdos de prenda de cuentas bancarias de la Corporación y Nalunaq A/S, (ii) prendas de acciones sobre todas las acciones adquiridas actuales y futuras en Nalunaq A/S y Gardaq A/S mantenidas por la Corporación de conformidad con a los términos de los contratos de prenda de acciones, (iii) un contrato de cesión de préstamo de fondos, (iv) un contrato de prenda con respecto a las escrituras hipotecarias del propietario y (v) un contrato de transferencia de licencia.
The convertible notes represent hybrid financial instruments with embedded derivatives requiring separation. The debt host portion (the “Host”) of the instrument is classified at amortized cost, whereas the aggregate conversion and repayment options (the “Embedded Derivatives”) are classified at fair value through profit and loss (FVTPL).
The fair value of the convertible notes at inception was recognized at $30.4 million (US$22.4 million) and $19.4 million (US$14.3 million) embedded derivative component was isolated and determined using a Black Scholes valuation model which required the use of significant unobservable inputs (note 22.4). As of December 31, 2023 the Corporation identified the fair value of embedded derivative associated with the early conversion option to be $24.0 million. The change in fair value of embedded derivative in the period from September 1, 2023 to December 31, 2023 has been recognized in the statement of Income (loss) and comprehensive income (loss). The Host liability component at inception, before deducting transaction costs, was recognized to be the residual amount of $10.9 million (US$8.1 million) which is subsequently measured at amortized cost. Transaction costs incurred on the issuance of the convertible note amounted to $1,004,030, of which $362,502 was allocated to, and deducted from, the host liability component, and $641,528 was allocated to the embedded derivative component and charged to profit and loss.
10. CONVERTIBLE NOTES (CONTINUACIÓN)
10.3 Línea de sobrecostos
$13.5 millones (US$10 millones) de línea de crédito rotativo de sobrecostos de JLE Property Ltd. en los mismos términos que la línea de crédito rotativa del banco.
El Overrun Facility está denominado en dólares estadounidenses con un plazo de dos años y devengará intereses a las tasas CME Term SOFR de CME Group Inc. y tendrá un margen del 9.5% anual. El Fondo de Overrun conlleva una comisión stand-by del 2.5% sobre el monto de los fondos comprometidos. La Línea de Overrun no es convertible en ningún título de la Corporación.
The Overrun Facility will be secured by (i) bank account pledge agreements from the Corporation and Nalunaq A/S, (ii) share pledges over all current and future acquired shares in Nalunaq A/S and Gardaq A/S held by the Corporation pursuant to the terms of share pledge agreements, (iii) a proceeds loan assignment agreement, (iv) a pledge agreement in respect of owner’s mortgage deeds and (v) a licence transfer agreement. The Corporation has not yet drawn on this facility.
11. ARRENDAMIENTO DE PASIVOS
Como en Diciembre 31, 2023 | Como en Diciembre 31, 2022 | |
$ | $ | |
Saldo inicial | 729,237 | 763,913 |
Pago de arrendamiento | (105,894) | (88,245) |
Interés | 34,097 | 37,523 |
del Riesgo | - | 16,046 |
Saldo final | 657,440 | 729,237 |
Porción no corriente – pasivos por arrendamiento | (577,234) | (657,440) |
Porción circulante – pasivos por arrendamiento | 80,206 | 71,797 |
Análisis de madurez:
2024 | 108,345 |
2025 | 108,836 |
2026 | 108,836 |
2027 | 108,836 |
2028 | 108,836 |
Adelante | 235,809 |
Pagos de arrendamiento sin descuento | 779,498 |
Menos: interés no ganado | (122,058) |
657,440 |
11. ARRENDAMIENTO DE PASIVOS (CONTINUACIÓN)
11.1 Activo por derecho de uso
Como en | Como en | |
Diciembre 31, | Diciembre 31, | |
2023 | 2022 | |
$ | $ | |
Valor neto contable de apertura | 655,063 | 740,150 |
Adiciones | - | - |
Disposiciones | - | - |
del Riesgo | - | (4,880) |
Amortización | (80,207) | (80,207) |
Valor neto contable de cierre | 574,856 | 655,063 |
Cost | 836,200 | 836,200 |
Amortización acumulada | (261,344) | (181,137) |
Valor neto contable de cierre | 574,856 | 655,063 |
La Corporación tiene un contrato de arrendamiento para su oficina. En octubre de 2020, la Corporación inició el contrato de arrendamiento por cinco años y cinco meses, incluidos cinco meses de renta libre durante este período. La renta mensual es de $8,825 hasta marzo de 2024 y $9,070 por el saldo del arriendo. La Corporación tiene la opción de renovar el contrato de arrendamiento por un período adicional de cinco años a una renta mensual de $9,070 indexada anualmente al aumento del índice de precios al consumidor del año anterior para el área de Montreal.
A right-of-use asset of $841,080 and an equivalent long term lease liability was recorded as of October 1, 2020, with a 5% incremental borrowing rate and considering that the renewal option would be exercised. Amortisation of right-of-use assets is being recorded in general and administrative expenses in the consolidated statement of comprehensive loss, under depreciation. Amortisation of $80,207 ($80,207 in 2022) was expensed as general and administration expenses in 2023.
12. CAPITAL SOCIAL
12.1 Capital social
La Corporación está autorizada a emitir un número ilimitado de acciones ordinarias con derecho a voto y un número ilimitado de acciones preferidas emitidas en serie, todas sin expresión de valor nominal.
12.2 Cotización en el mercado principal del Nasdaq en Islandia
Después de la aprobación por parte del Banco Central de Islandia (la “FSA”) y el cumplimiento de todos los requisitos del Nasdaq Main Market, la Corporación transfirió todos los recibos de depósito del Nasdaq First North Growth Market al Nasdaq Main Market con el primer día de negociación en septiembre. 21 de enero de 2023. La cotización en la placa base en Islandia no afecta a las acciones negociadas en AIM o TSX-V.
13. COMPENSACIÓN BASADA EN ACCIONES
13.1 Opciones de alamcenaje
An incentive stock option plan (the “Plan”) was approved initially in 2017 and renewed by shareholders on June 15, 2023. The Plan is a “rolling” plan whereby a maximum of 10% of the issued shares at the time of the grant are reserved for issue under the Plan to executive officers, directors, employees and consultants. The Board of directors grants the stock options and the exercise price of the options shall not be less than the closing price on the last trading day, preceding the grant date. The options have a maximum term of ten years. Options granted pursuant to the Plan shall vest and become exercisable at such time or times as may be determined by the Board, except options granted to consultants providing investor relations activities shall vest in stages over a 12-month period with a maximum of one-quarter of the options vesting in any three-month period. The Corporation has no legal or constructive obligation to repurchase or settle the options in cash.
On January 17, 2022, the Corporation granted its officers, employees and consultant 4,100,000 stock options with an exercise price of $0.60 and expiry date of January 17, 2027. The stock options vested 100% at the grant date. The options were granted at an exercise price equal to the closing market price of the shares the day prior to the grant. Total stock-based compensation costs amount to $1,435,000 for an estimated fair value of $0.35 per option.
El 20 de abril de 2022, la Corporación otorgó a un empleado senior 73,333 opciones sobre acciones con un precio de ejercicio de $0.75 y fecha de vencimiento el 20 de abril de 2027. Las opciones sobre acciones se otorgaron al 100% en la fecha de otorgamiento. Las opciones se otorgaron con un precio de ejercicio igual al precio de cierre de mercado de las acciones el día anterior al otorgamiento. Los costos totales de compensación basados en acciones ascienden a $32,267 por un valor justo estimado de $0.44 por opción. El valor razonable de las opciones otorgadas se estimó utilizando el modelo Black-Scholes sin dividendo esperado, volatilidad esperada del 68.9%, tasa de interés libre de riesgo del 2.7% y un plazo de 5 años. La vida esperada y la volatilidad esperada se estimaron comparando empresas comparables a la Corporación.
El 14 de julio de 2022, la Corporación otorgó a un empleado 39,062 opciones sobre acciones con un precio de ejercicio de $0.64 y fecha de vencimiento el 14 de julio de 2027. Las opciones sobre acciones se otorgaron al 100 % en la fecha de concesión. Las opciones se otorgaron con un precio de ejercicio igual al precio de cierre de mercado de las acciones el día anterior al otorgamiento. Los costos totales de compensación basados en acciones ascienden a $14,844 por un valor justo estimado de $0.38 por opción. El valor razonable de las opciones otorgadas se estimó utilizando el modelo Black-Scholes sin dividendo esperado, volatilidad esperada del 69%, tasa de interés libre de riesgo del 3.1% y un plazo de 5 años. La vida esperada y la volatilidad esperada se estimaron comparando empresas comparables a la Corporación.
On December 30, 2022, the Corporation granted its employees and consultant 1,330,000 stock options with an exercise price of $0.70 and expiry date of December 30, 2027. The stock options vested 100% at the grant date. The options were granted at an exercise price equal to the closing market price of the shares the day prior to the grant. Total stock-based compensation costs amount to $545,300 for an estimated fair value of $0.41 per option.
On July 24, 2023, the Corporation granted an on-hire incentive stock option award to a new senior employee of Amaroq. The option award gives the employee the right to acquire up to 19,480 common shares under the Corporation's stock option Plan. The option has an exercise price of $0.77 per share which vested on October 24, 2023. The option will expire if it remains unexercised five years from the date of the award.
13. COMPENSACIÓN BASADA EN ACCIONES (CONTINUACIÓN)
On December 20, 2023, the Corporation granted its employees 61,490 stock options with an exercise price of $1.09 and expiry date of December 20, 2028. The stock options vested 100% at the grant date. The options were granted at an exercise price equal to the closing market price of the shares the day prior to the grant. Total stock-based compensation costs amount to $36,894 for an estimated fair value of $0.60 per option.
The fair value of each option granted was estimated at the time of grant using the Black-Scholes option pricing model. Black-Scholes is a pricing model used to determine the fair price or theoretical value for a call or a put option based on the following assumptions at the measurement date:
Diciembre 31, 2023 | Diciembre 31, 2022 | |
Tasa libre de riesgo | 3.1% - 3.7% | 1.5% - 3.3% |
Vida esperada (años) | 5 años | 5 años |
Volatilidad | 68.0% - 61.6% | 68.9% - 69.4% |
Precio de la acción en la fecha de concesión | 0.77 $ - $ 1.09 | 0.60 $ - $ 0.75 |
Valor razonable por opción | 0.46 $ - $ 0.60 | 0.35 $ - $ 0.44 |
The total share-based payment expenses related to the options and the amount credited to contributed surplus were $52,303 ($2,046,342 for the year ended December 31, 2022). The following table outlines the activity for stock options for the years ended December 31, 2023, and 2022:
Los cambios en las opciones sobre acciones son los siguientes:
2023 | 2022 | |||
Numero de opciones | Precio de ejercicio promedio ponderado | Numero de opciones | Precio de ejercicio promedio ponderado | |
$ | $ | |||
Saldo, principio | 10,717,395 | 0.57 | 6,935,000 | 0.51 |
Concedido | 80,970 | 1.01 | 5,542,395 | 0.63 |
Expirados | - | - | (1,500,000) | 0.53 |
Ejercido | (1,610,000) | 0.46 | (260,000) | 0.50 |
Equilibrio, final | 9,188,365 | 0.59 | 10,717,395 | 0.57 |
Equilibrio, extremo ejercitable | 9,188,365 | 0.59 | 10,684,062 | 0.57 |
From the options exercised during the period ended December 31, 2023, 1,012,971 shares were withheld to cover the stock option grant price and related taxes.
13. COMPENSACIÓN BASADA EN ACCIONES (CONTINUACIÓN)
Las opciones sobre acciones en circulación y ejercitables al 31 de diciembre de 2023 son las siguientes:
Número de opciones pendientes | Número de opciones ejercitables | El Ejercicio precio | Fecha de caducidad |
$ | |||
1,670,000 | 1,670,000 | 0.38 | 31 de diciembre de 2025 |
1,395,000 | 1,395,000 | 0.70 | 31 de diciembre de 2026 |
100,000 | 100,000 | 0.50 | 13 de septiembre de 2026 |
3,600,000 | 3,600,000 | 0.60 | 17 de enero de 2027 |
73,333 | 73,333 | 0.75 | Abril 20, 2027 |
39,062 | 39,062 | 0.64 | 14 de Julio de 2027 |
1,330,000 | 1,330,000 | 0.70 | 30 de diciembre de 2027 |
900,000 | 900,000 | 0.59 | 31 de diciembre de 2027 |
19,480 | 19,480 | 0.77 | 24 de julio de 2028 |
61,490 | 61,490 | 1.09 | 20 de diciembre de 2028 |
9,188,365 | 9,188,365 |
13.2 Unidad de acciones restringidas
Conditional awards under the RSU
Descripción 13.2.1
Conditional awards were made in 2022 that give participants the opportunity to earn restricted share unit awards under the Corporation’s Restricted Share Unit Plan (“RSU Plan”) subject to the generation of shareholder value over a four-year performance period.
The awards are designed to align the interests of the Corporation’s employees and shareholders, by incentivising the delivery of exceptional shareholder returns over the long-term. Participants receive a 10% share of a pool which is defined by the total shareholder value created above a 10% per annum compound hurdle.
The awards comprise three tranches, based on performance measured from January 1, 2022, to the following three measurement dates:
- First Measurement Date: December 31, 2023;
- Second Measurement Date: December 31, 2024; and
- Third Measurement Date: December 31, 2025.
Las adjudicaciones de unidades de acciones restringidas otorgadas bajo el Plan RSU como resultado del logro de las condiciones de desempeño de rendimiento total para los accionistas están sujetas a un servicio continuo, con derechos adquiridos de la siguiente manera:
- Adjudicaciones otorgadas después de la Primera Fecha de Medición: 50% de consolidación después de un año, 50% de consolidación después de tres años.
- Adjudicaciones otorgadas después de la Segunda Fecha de Medición: 50% de consolidación después de un año, 50% de consolidación después de dos años.
- RSU otorgadas después de la Tercera Fecha de Medición: 100% consolidadas después de un año.
La duración máxima de los premios es, por tanto, de cuatro años desde su concesión.
13. COMPENSACIÓN BASADA EN ACCIONES (CONTINUACIÓN)
La capitalización de mercado inicial de la Corporación se basa en un precio de acción fijo de $0.552. El valor creado por el crecimiento del precio de las acciones y los dividendos pagados en cada fecha de medición se calculará con referencia al precio promedio de cierre de las acciones durante los tres meses que finalizan en esa fecha.
- After December 31, 2023, 100% of the pool value at the First Measurement Date is delivered as restricted share units under the RSU Plan, subject to the maximum number of shares that can be allotted not being exceeded.
- After December 31, 2024, the pool value at the Second Measurement Date is reduced by the pool value from the First Measurement Date (increased in line with share price movements between the First and Second Measurement Dates). 100% of the remaining pool value, if any, is delivered as restricted share units under the RSU Plan.
- After December 31, 2025, the pool value at the Third Measurement Date is reduced by the pool value from the Second Measurement Date (increased in line with share price movements between the Second and Third Measurement Dates), and then further reduced by the pool value from the First Measurement Date (increased in line with share price movements between the First Measurement Date and the Third Measurement Date). 100% of the remaining pool value, if any, is delivered as restricted share units under the RSU Plan.
13.2.2 RSU Plan Amendment
The RSU Plan was amended by a shareholders General Meeting on June 15, 2023. As a result of the amendment the number of shares that could be issued under the RSU Plan to satisfy the conditional awards and other share awards was increased from 10% of a fixed share capital amount of 177,098,740 shares to 10% of share capital at the time of award, amounting to 10% of 263,073,022 shares, reduced by the number of outstanding options at each calculation date. As a result, an additional expense based on the difference between the fair value of the conditional awards before and after the modification will be recognised over the service period. The incremental fair value was determined and incorporated info the valuation in 12.2.2.
13.2.3 New Conditional Award under RSU Plan
El 13 de octubre de 2023, Amaroq otorgó una adjudicación (la “Adjudicación”) en virtud del Plan RSU como se detalla a continuación. El Premio consiste en un derecho condicional a recibir valor si se cumplen los objetivos de desempeño futuro aplicables al Premio. Cualquier valor al que los participantes sean elegibles con respecto al Premio se otorgará como Unidades de Acciones Restringidas (cada una una “RSU”), y cada RSU dará derecho al participante a recibir acciones ordinarias de la Corporación. Cada RSU se otorgará y se regirá de acuerdo con las reglas del Plan de Unidades de Acciones Restringidas de la Corporación.
Fecha de premiación | 13 de octubre de 2023 |
Precio inicial | CAD 0.552 |
Tasa de obstáculo | 10% pa sobre el precio inicial |
Fondo total | 10% del crecimiento en valor por encima de la tasa Hurdle, sin exceder el 10% del capital social de la Corporación. El número de acciones se determinará en las Fechas de Medición. |
Proporción de participantes | Edward Wyvill, Desarrollo Corporativo 10% |
Período de ejecución | 1 de enero de 2022 al 31 de diciembre de 2025 (inclusive) |
Fechas de medición normales | Fecha de la primera medición: 31 de diciembre de 2023, el 50 % se adquiere en el primer aniversario de la concesión y el 50 % restante se concede en el tercer aniversario de la concesión. Fecha de segunda medición: 31 de diciembre de 2024, el 50 % se adquiere en el primer aniversario de la concesión y el 50 % restante se concede en el segundo aniversario de la concesión. Fecha de la tercera medición: 31 de diciembre de 2025, concesión en el primer aniversario de la concesión. |
13. COMPENSACIÓN BASADA EN ACCIONES (CONTINUACIÓN)
13.2.4 Valoración
The fair value of the award granted in December 2022 and modified June 2023, in addition to the award granted October 13, 2023, increased to $7,378,000 based on 90% of the available pool being awarded. A charge of $1,856,000 was recorded during the year ended December 31, 2023 (nil in the year ended December 31, 2022).
The fair value was obtained through the use of a Monte Carlo simulation model which calculates a fair value based on a large number of randomly generated projections of the Corporation’s share price.
Asunción | Valor |
Fecha de concesión | 30 de diciembre de 2022 |
Amendment date | Sábado, Junio 15, 2023 |
Additional award date | 13 de Octubre de 2023 |
Vida esperada (años) | 2.22 – 3.00 |
Precio de la acción en la fecha de concesión | 0.70 $ - $ 0.97 |
Precio de ejercicio | N/A |
Rentabilidad por dividendo | 0% |
Tasa libre de riesgo | 3.60% - 4.71% |
Volatilidad | 55% - 72% |
Fair value of awards - First Measurement Date | $4,420,000 |
Fair value of awards - Second Measurement Date | $1,946,000 |
Fair value of awards - Third Measurement Date | $1,012,000 |
Total fair value of awards (90% of pool) | $7,378,000 |
Expected volatility was determined from the daily share price volatility over a historical period prior to the date of grant with length commensurate with the expected life. A zero dividend yield has been used based on the dividend yield as at the date of grant.
14. LA GESTIÓN DEL CAPITAL
El capital de la Corporación se compone de las partidas incluidas en el patrimonio y los saldos del mismo y los cambios en el mismo se muestran en el estado consolidado de cambios en el patrimonio.
The Corporation’ objectives are to safeguard the Corporation’ ability to continue as a going concern in order to pursue its acquisition, exploration and evaluation activities and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk. The Corporation manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. As the Corporation does not have cash flow from operations, to maintain or adjust the capital structure, the Corporation may attempt to issue new shares, issue debt, acquire or dispose of assets or adjust the amount of cash. In order to maximize ongoing development efforts and to continue operations, the Corporation does not pay out dividends. The Corporation is not subject to externally imposed restrictions on capital.
15. REMUNERACIÓN DE LOS EMPLEADOS
Salarios
2023 | 2022 | |
$ | $ | |
Salarios | 4,635,391 | 3,502,513 |
honorarios del director | 631,667 | 628,000 |
Beneficios | 380,839 | 590,407 |
5,647,897 | 4,720,920 | |
Less: salaries and benefits presented in E&E expenses | (704,620) | (904,888) |
Salaries and directors’ fees disclosed in general and administrative gastos | 4,943,277 | 3,816,032 |
16. EXPLORATION AND EVALUATION EXPENSES
2023 | nalunaq | vagar | nuna nutaq | anoritooq | Saarloq | Sava | kobberminebugt | Stendalen | Sava del Norte | Total |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |
Geología | 385,796 | - | 30,056 | - | (1,921) | (59,660) | (16,914) | (20,202) | (34,913) | 282,242 |
Alojamiento y apoyo en el sitio | 305,808 | - | - | - | (854) | (29,413) | (5,737) | (5,676) | (8,791) | 255,337 |
Trío | 1,354,447 | - | - | - | - | (144,019) | - | - | - | 1,210,428 |
ECONOMÉTRICOS | 32,177 | 156 | - | - | (87) | (25,060) | (1,035) | (173) | - | 5,978 |
Encuesta de geofísica | - | - | - | - | - | - | - | - | (416,177) | (416,177) |
Transporte | 800,247 | 3,922 | - | - | (442) | (37,154) | (2,450) | (2,290) | (3,256) | 758,577 |
Suministros y equipo | 1,498,097 | - | - | - | (661) | (18,736) | (7,148) | (7,779) | (13,575) | 1,450,198 |
Helicopter charter | 1,210,601 | 14,007 | - | - | - | (241,390) | (13,072) | - | - | 970,146 |
Apoyo logístico | - | - | - | - | (3,316) | (16,275) | (12,479) | (9,796) | (9,643) | (51,509) |
Infraestructura de mantenimiento | 1,641,203 | 1,569 | - | - | (1,544) | (83,364) | (23,521) | (26,700) | (48,770) | 1,458,873 |
Costos de ingeniería del proyecto | 55,792 | - | - | - | - | - | - | - | - | 55,792 |
Tasas gubernamentales | - | 994 | - | - | - | - | - | - | - | 994 |
Exploración y evaluación gastos antes depreciación | 7,284,168 | 20,648 | 30,056 | - | (8,825) | (655,071) | (82,356) | (72,616) | (535,125) | 5,980,879 |
Depreciación | 635,773 | - | - | - | - | - | - | - | - | 635,773 |
Exploración y evaluation expenses | 7,919,941 | 20,648 | 30,056 | - | (8,825) | (655,071) | (82,356) | (72,616) | (535,125) | 6,616,652 |
2022 | nalunaq | vagar | nuna nutaq | anoritooq | Saarloq | Sava | kobberminebugt | Stendalen | Sava del Norte | Total |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |
Geología | 1,001,263 | 54,524 | 30,992 | 17,966 | 1,919 | 75,596 | 16,914 | 20,202 | 34,912 | 1,254,288 |
Alojamiento y apoyo en el sitio | 170,024 | 20,900 | 4,546 | 6,652 | 854 | 29,413 | 5,737 | 5,676 | 8,791 | 252,593 |
Trío | 2,962,491 | 611,610 | - | - | - | 144,019 | - | - | - | 3,718,120 |
ECONOMÉTRICOS | 205,304 | 86,765 | - | 1,208 | 87 | 25,060 | 1,035 | 173 | - | 319,632 |
Encuesta de geofísica | - | - | 364,827 | - | - | - | - | - | 416,177 | 781,004 |
Transporte | 222,546 | 84,644 | 2,028 | 3,052 | 442 | 37,154 | 2,450 | 2,290 | 3,256 | 357,862 |
Suministros y equipo | 484,461 | 21,247 | 5,211 | 7,178 | 661 | 20,959 | 7,148 | 7,779 | 13,575 | 568,219 |
Helicopter charter | 221,039 | 424,586 | - | 19,850 | - | 267,957 | 13,072 | - | - | 946,504 |
Apoyo logístico | 904,310 | 62,777 | 11,530 | 18,478 | 3,316 | 16,275 | 12,479 | 9,796 | 9,643 | 1,048,604 |
Infraestructura de mantenimiento | 2,401,358 | 62,431 | 16,437 | 21,886 | 1,544 | 83,558 | 23,521 | 26,700 | 48,770 | 2,686,205 |
Costos de ingeniería del proyecto | 35,946 | - | - | - | - | - | - | - | - | 35,946 |
Tasas gubernamentales | 2,584 | 7,893 | - | - | - | - | - | - | - | 10,477 |
Exploración y evaluación gastos antes depreciación | 8,611,326 | 1,437,377 | 435,571 | 96,270 | 8,823 | 699,991 | 82,356 | 72,616 | 535,124 | 11,979,454 |
Depreciación | 721,072 | - | - | - | - | - | - | - | - | 721,072 |
Exploración y evaluation expenses | 9,332,398 | 1,437,377 | 435,571 | 96,270 | 8,823 | 699,991 | 82,356 | 72,616 | 535,124 | 12,700,526 |
16. EXPLORATION AND EVALUATION EXPENSES (CONTINUACIÓN)
Exploration and Evaluation expenses for the period of twelve months ended December 31, 2023 are net of $1,353,993 of Exploration and Evaluation expenses incurred by Nalunaq A/S during the period from June 9 2022 to April 13, 2023 for the six non-gold strategic mineral licenses that have been transferred from Nalunaq A/S to Gardaq A/S (Note 21.1).
17. GENERAL AND ADMINISTRATIVE
2023 | 2022 | |
$ | $ | |
Salarios y beneficios | 4,311,610 | 3,188,032 |
honorarios del director | 631,667 | 628,000 |
Honorarios profesionales | 3,298,134 | 2,258,660 |
Marketing y participación de la industria. | 713,161 | 598,447 |
Seguros | 289,042 | 341,793 |
Viajes y otros gastos | 1,383,767 | 746,180 |
Tasas regulatorias | 953,521 | 212,939 |
General and administration before following elements | 11,580,902 | 7,974,051 |
Compensación basada en acciones (nota 13.1) | 1,908,303 | 2,046,342 |
Depreciación | 142,707 | 129,627 |
General y administrativo | 13,631,912 | 10,150,020 |
18. COSTOS FINANCIEROS
2023 | 2022 | |
$ | $ | |
Lease interest (note 11) | 34,097 | 37,523 |
Otros costos financieros | 223 | - |
Costos financieros | 34,320 | 37,523 |
19. IMPUESTOS SOBRE LA RENTA
El gasto fiscal difiere del monto calculado al aplicar las tasas impositivas sobre la renta estatutarias canadienses y groenlandesas combinadas, aplicables a la Corporación, a la pérdida antes de impuestos sobre la renta debida a lo siguiente:
2023 | 2022 | |
$ | $ | |
Pérdida neta antes de impuestos sobre la renta | (833,513) | (21,898,963) |
Tasas de impuesto sobre la renta | 26.5% | 26.5% |
Recuperación del impuesto sobre la renta | (220,881) | (5,803,225) |
Aumento (disminución) atribuible a: | ||
Gastos no deducibles | 1,971,160 | 547,829 |
Diferencia en la tasa impositiva legal | (234,138) | 213,652 |
Cambios en activos por impuestos diferidos no reconocidos | (1,516,141) | 5,041,744 |
Recuperación de impuestos | - | - |
19. IMPUESTOS SOBRE LA RENTA (CONTINUACIÓN)
The analysis of the Corporation’s deferred tax assets and liabilities as at December 31, 2023 and 2022 is as follows:
2023 | 2022 | |
$ | $ | |
Activos (pasivos) por impuestos diferidos: | ||
Bienes de capital | (718,851) | (636,131) |
Pérdidas no capitales | 718,851 | 636,131 |
- | - |
La Corporación registra activos por impuestos sobre la renta diferidos en la medida en que sea probable que se obtengan suficientes ingresos imponibles durante el período de arrastre para utilizar estos activos por impuestos futuros netos.
Los componentes significativos de las diferencias temporarias deducibles y pérdidas fiscales no utilizadas por los cuales no se han registrado beneficios en el estado de situación financiera consolidado al 31 de diciembre de 2023 son los siguientes:
Tierra Verde | Como en Diciembre 31, 2023 | |
$ | ||
Pérdidas que no son de capital traspasadas | 58,120,333 |
Dado que la Corporación es titular de una licencia minera, las pérdidas que no son de capital en Groenlandia no tienen fecha de vencimiento.
Ubicación: Canadá | Como en 31 de diciembre de 2023 | |
$ | ||
Pérdidas que no son de capital que vencen en 2038 | 965,032 | |
Pérdidas que no son de capital que vencen en 2039 | 1,272,338 | |
Pérdidas que no son de capital que vencen en 2040 | 1,210,348 | |
Pérdidas que no son de capital que vencen en 2041 | 5,622,490 | |
Pérdidas que no son de capital que vencen en 2042 | 8,261,231 | |
Pérdidas que no son de capital que vencen en 2043 | 7,680,772 | |
Pérdidas que no son de capital que vencen en 2044 | 10,153,386 |
20. PÉRDIDA NETA POR ACCIÓN
El cálculo de la pérdida neta básica y diluida por acción para el año terminado el 31 de diciembre de 2023 se basó en la pérdida neta atribuible a los accionistas de $833,513 ($21,898,963 para el año terminado el 31 de diciembre de 2022) y el número promedio ponderado de acciones ordinarias en circulación por el año terminado el 31 de diciembre de 2023 de 272,623,548 (191,575,781 por el año terminado el 31 de diciembre de 2022). Como resultado de la pérdida neta de los años terminados el 31 de diciembre de 2023 y 2022, todas las acciones ordinarias potencialmente dilusivas se consideran antidilutivas y, por lo tanto, la pérdida neta diluida por acción es igual a la pérdida neta básica por acción para estos períodos.
2023 | 2022 | ||
$ | $ | ||
Utilidad (pérdida) neta y utilidad (pérdida) integral | (833,513) | (21,898,963) | |
Número promedio ponderado de acciones ordinarias en circulación - básico | 272,623,548 | 191,575,781 | |
Número promedio ponderado de acciones ordinarias en circulación - diluido | 272,623,548 | 191,575,781 | |
Ganancias (pérdidas) básicas por acción | (0.003) | (0.11) | |
Ganancias (pérdidas) diluidas por acción ordinaria | (0.003) | (0.11) |
21. OPERACIONES CON PARTES RELACIONADAS Y COMPENSACIÓN DE LA ADMINISTRACIÓN CLAVE
21.1 Empresa conjunta Gardaq
2023 | 2022 | |
$ | $ | |
Ingresos por gestión de proyectos | 1,714,559 | - |
Gastos de E&E (Nota 16) | 4,352,897 | - |
6,067,456 | - |
As at December 31, 2023, the balance receivable from Gardaq amounted to $3,521,938 ($nil as at December 31, 2022). This receivable balance represents the current balance of project management costs and exploration and evaluation costs incurred by the Corporation for six strategic minerals licenses transferred from Nalunaq A/S to Gardaq A/S. The exploration and evaluation costs incurred by the Corporation are transferred to Gardaq A/S from Nalunaq A/S in accordance with the respective clauses of the SSHA. (Note 16).
21.2 Compensación de la gerencia clave
The Corporation’s key management are the members of the board of directors, the President and Chief Executive Officer, the Chief Financial Officer, the Vice President Exploration and the Corporate Secretary. Key management compensation is as follows:
2023 | 2022 | |
$ | $ | |
Beneficios a corto plazo | ||
Honorarios profesionales | - | - |
Salarios y beneficios | 3,209,409 | 2,104,440 |
Salaries and benefits included in the E&E expenses | - | - |
honorarios del director | 631,667 | 628,000 |
Beneficios a largo plazo | ||
Compensación basada en acciones (nota 13.1) | 1,716,000 | 1,117,000 |
Compensación total | 5,557,076 | 3,849,440 |
21. OPERACIONES CON PARTES RELACIONADAS Y COMPENSACIÓN DE LA ADMINISTRACIÓN CLAVE (CONTINUACIÓN)
Los gerentes clave están sujetos a contratos de trabajo que prevén pagos en caso de terminación, sin causa o después de un cambio de control, previendo pagos de hasta un salario base.
La remuneración de los directores es la siguiente:
2023 | 2022 | ||||||
Beneficios a corto plazo (A) | Compensación basada en acciones | Compensación total | Beneficios a corto plazo (A) | Compensación basada en acciones | Compensación total | ||
$ | $ | $ | $ | $ | $ | ||
Eldur Olafson | 1,553,155 | - | 1,553,155 | 801,935 | 385,000 | 1,186,935 | |
jaco crouse | 841,207 | - | 841,207 | 496,699 | 315,000 | 811,699 | |
graham stewart | 181,000 | - | 181,000 | 181,000 | - | 181,000 | |
Sigurbjörn Thorkelsson | 86,000 | - | 86,000 | 86,000 | - | 86,000 | |
liane kelly | 89,667 | - | 89,667 | 86,000 | - | 86,000 | |
Línea Frederiksen | 86,000 | - | 86,000 | 86,000 | - | 86,000 | |
david neuhauser | 86,000 | - | 86,000 | 86,000 | - | 86,000 | |
Warwick Morley-Jepson | 103,000 | - | 103,000 | 103,000 | - | 103,000 | |
Compensación total | 3,026,029 | - | 3,026,029 | 1,926,634 | 700,000 | 2,626,634 |
(A) Short-term benefits comprise salary, director fees as applicable, annual bonus and pension.
During 2023 certain directors acquired additional shares (net of shares withheld) by exercising their options. During 2022, the directors participated in the November 3, 2022 fundraising for $2,700,132. The director participation is as follows:
2023 | 2022 | |
Número de acciones nuevas | Número de acciones nuevas | |
Eldur Olafson | 228,571 | 814,162 |
jaco crouse | - | 285,714 |
graham stewart | 57,534 | 142,857 |
Sigurbjörn Thorkelsson | - | 1,444,424 |
david neuhauser | - | 2,285,714 |
Total | 286,105 | 4,972,871 |
During 2024, a director of the Company participating in the 13 February 2024 fundraiser and acquired an additional 2,700,000 new common shares in the Company as a result (Note 23).
22. INSTRUMENTOS DE FINANCIACIÓN
The Corporation is exposed to various financial risks resulting from both its operations and its investment activities. The Management manages financial risks. The Corporation does not enter into financial instruments agreements, including derivative financial instruments, for speculative purposes. The Corporation’s main financial risks exposure and its financial policies are described below.
22.1 Riesgo crediticio
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Corporation’s cash and escrow account for environmental monitoring are exposed to credit risk. Management believes the credit risk on cash and escrow account for environmental monitoring is small because the counterparties are chartered Canadian and Greenlandic banks.
22.2 Riesgo de liquidez
Liquidity risk is the risk that the Corporation will encounter difficulty in meeting obligations associated with financial liabilities. The Corporation seeks to ensure that it has sufficient capital to meet short-term financial obligations after taking into account its exploration and operating obligations and cash on hand. The Corporation anticipates seeking additional financing in order to fund general and administrative costs and exploration and evaluation costs. The Corporation’ options to enhance liquidity include the issuance of new equity instruments or debt.
La siguiente tabla resume los valores en libros y los vencimientos contractuales de los pasivos financieros:
Al 31 de diciembre de 2023 | Al 31 de diciembre de 2022 | |||||
Comerciales y otras cuentas a pagar | Notas convertibles | Pasivos por arrendamiento | Comerciales y otras cuentas a pagar | Pasivos por arrendamiento | ||
$ | $ | $ | $ | $ | ||
Dentro de 1 año | 6,273,978 | - | 108,345 | 1,138,961 | 105,894 | |
1 a 5 años | - | 35,743,127 | 544,178 | - | 434,852 | |
5 a 10 años | - | - | 126,975 | - | 344,646 | |
Total | 6,273,978 | 35,743,127 | 779,498 | 1,138,961 | 885,392 |
22. INSTRUMENTOS DE FINANCIACIÓN (CONTINUACIÓN)
22.3 Riesgo de cambio
As at December 31, 2023 and 2022, a portion of the Corporation’s transactions are denominated in DKK, Euros, US$ and British Pounds (GBP) to the extent such currencies are different from the relevant group entities’ functional currency.
La Corporación tenía los siguientes saldos en monedas:
Al 31 de diciembre de 2023 | en coronas danesas | en euros | En US $ | en libras esterlinas | |
efectivo | 3,307,004 | 511,458 | 9,913,039 | 3,106,964 | |
Cuenta de depósito en garantía para monitoreo ambiental | 3,054,191 | - | - | - | |
Gastos prepagos y otros | 7,868,890 | 7,637,896 | 680,855 | 3,092 | |
Comerciales y otras cuentas a pagar | (8,242,210) | (107,103) | (282,634) | (20,476) | |
Convertible notes loan (note 10) | - | - | (8,879,786) | - | |
5,987,875 | 8,042,251 | 1,431,474 | 3,089,580 | ||
Tipo de cambio | 0.1961 | 1.4620 | 1.3247 | 1.6863 | |
Equivalente a USD | 1,174,222 | 11,757,771 | 1,896,274 | 5,209,959 |
Sobre la base de las exposiciones netas anteriores al 31 de diciembre de 2023, y suponiendo que todas las demás variables permanezcan constantes, una apreciación o depreciación del 10 % del dólar canadiense frente a la corona danesa, el euro, el dólar estadounidense y la libra esterlina en un 10 % disminuiría/aumentaría las ganancias o pérdida por $2,003,823.
Al 31 de diciembre de 2022 | en coronas danesas | en euros | En US $ | en libras esterlinas | |
efectivo | 1,493,645 | 72,577 | 6,372,862 | 5,580,141 | |
Cuenta de depósito en garantía para monitoreo ambiental | 2,193,001 | - | - | - | |
Gastos prepagos y otros | 207,465 | - | - | - | |
Comerciales y otras cuentas a pagar | (1,440,197) | (81,970) | (112,718) | (57,639) | |
2,453,914 | (9,393) | 6,260,144 | 5,522,502 | ||
Tipo de cambio | 0.1948 | 1.4487 | 1.3541 | 1.6370 | |
Equivalente a USD | 478,022 | (13,608) | 8,476,861 | 9,040,336 |
Sobre la base de las exposiciones netas anteriores al 31 de diciembre de 2022, y suponiendo que todas las demás variables permanezcan constantes, una apreciación o depreciación del 10 % del dólar canadiense frente a la corona danesa, el euro, el dólar estadounidense y la libra esterlina en un 10 % disminuiría/aumentaría las ganancias o pérdida por $1,798,162.
22.4 Valor razonable
Los activos y pasivos financieros reconocidos o revelados a valor razonable se clasifican en la jerarquía del valor razonable con base en la naturaleza de los datos utilizados en la determinación del valor razonable. Los niveles de la jerarquía del valor razonable son:
• Nivel 1: precios cotizados (sin ajustar) en mercados activos para activos o pasivos idénticos
• Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices)
• Level 3 - Inputs for the asset or liability that are not based on observable market data (i.e., unobservable inputs)
22. INSTRUMENTOS DE FINANCIACIÓN (CONTINUACIÓN)
La siguiente tabla resume el valor en libros de los instrumentos financieros de la Corporación:
31 de diciembre de 2023 | 31 de diciembre de 2022 | |
$ | $ | |
efectivo | 21,014,633 | 50,137,569 |
Cuentas comerciales y otras cuentas por cobrar | 3,521,938 | - |
Impuesto sobre las ventas por cobrar | 69,756 | 95,890 |
Depósitar | 27,944 | 27,944 |
Inversión en acuerdo conjunto contabilizado por el método de la participación | 23,492,811 | - |
Cuenta de depósito en garantía para monitoreo ambiental | 598,939 | 427,120 |
Cuentas por pagar y pasivos acumulados | (6,273,979) | (1,138,961) |
Notas convertibles | (35,743,127) | - |
Pasivos por arrendamiento | (657,440) | (729,237) |
Due to the short-term maturities of cash, trade and other receivables, and accounts payable and accrued liabilities, the carrying amounts of these financial instruments approximate fair value at the respective balance sheet date.
The carrying value of the convertible note instrument approximates its fair value at maturity and includes the embedded derivative associated with the early conversion option and the host liability at amortized cost. The embedded derivative’s valuation model uses historical volatility as an estimate of current market expectations of volatility. Volatility is an unobservable input and changes in the estimate of volatility impacts the fair value of the embedded derivative and profit and loss. The follow table displays the sensitivity of the embedded derivative’s fair value to changes in the volatility estimate as of December 31, 2023:
Change in volatility | Volatilidad | Fair Value of Embedded Derivative | Cambio en el valor razonable | Impact on Profit and Loss |
% | % | $ | $ | $ |
0 | 63.73% | 23,980,074 | - | - |
+ 5% | 66.92% | 24,575,411 | 595,336 | (595,336) |
+ 15% | 73.29% | 25,741,602 | 1,761,527 | (1,761,527) |
+ 25% | 79.67% | 26,869,400 | 2,889,325 | (2,889,325) |
- 5% | 60.55% | 23,378,006 | (602,068) | 602,068 |
- 15% | 54.17% | 22,159,072 | (1,821,003) | 1,821,003 |
- 25% | 47.80% | 20,931,967 | (3,048,107) | 3,048,107 |
The carrying value of lease liabilities approximate their fair value based upon a discounted cash flows method using a discount rate that reflects the Corporation’s borrowing rate at the end of the period.
23. SEVENTOS SUBSIGUIENTES
23.1 Levantamiento de fondos
On February 13, 2024, the Company announced the successful completion of its oversubscribed fundraising which resulted in a total of 62,724,758 new common shares being conditionally placed with new and existing institutional investors at a placing price of 74 pence (CAD $1.25 at the closing exchange rate on 9 February 2024). The placing price represents a 5.7% premium to the closing share price on 9 February 2024 on the AIM exchange. The fundraising will consist of:
- A placing of new common shares with new and existing institutional investors at the placing price (the “UK Placing”). Stifel Nicolaus Europe Limited is acting as the sole bookrunner and broker on the UK Placing.
- A placing of new depository receipts representing new common shares with new and existing investors at the placing price (the “Icelandic Placing”). Landsbankinn hf. And Fossar fjarfestingarbanki hf. Are acting as joint bookrunners on the Icelandic Placing and Landsbankinn hf. Is acting as underwriter.
- A private placement of new common shares by certain existing institutional investors and a director of the Company at the placing price (the “Canadian Subscription”). The Director has committed to subscribe to approximately CAD $3.4 million (equivalent to GBP 2.0 million) in the fundraising.
As a result of the subscription, net proceeds of approximately GBP 44 million (CAD 75 million) have been raised, exceeding the initial targeted amount of GBP 30 million. The shares subscribed to, when issued, will be credited as fully paid and will rank al mismo ritmo in all respects with the existing common shares of the Company. Following the admission of the subscribed shares, Amaroq’s total issued share capital will consist of 326,455,446 common shares.
The proceeds of the fund will be used to further advance exploration at the Company’s Vagar and Nanoq licenses and to fund an additional capital injection into its Gardaq joint venture, as well as to accelerate mining and development of the Company’s Nalunaq gold project.
The Fundraising closed on February 23, 2024.
23.1.1 Related party transaction
Amaroq director, Sigurbjorn Throkelsson, has participated in the Canadian Subscription acquiring a total of 2,700,000 new common shares representing gross proceeds of CAD 3.4 million (GBP 2.0 million) via Klettar LP (in which he is a sole beneficiary).
23. SEVENTOS SUBSIGUIENTES (CONTINUACIÓN)
23.2 Awards under Restricted Share Units Plan (“RSU”)
On 23 February 2024, in alignment with the Company’s RSU plan dated 15 June 2023, the Company granted an award (the “Award”) to directors and employees of the Company as listed in the table below.
Conditional awards were granted to participants on 30 December 2022 and 13 October 2023. The performance period runs from 1 January 2022 to 31 December 2025 with measurement dates at 31 December 2023, 31 December 2024 and 31 December 2025.
Los detalles del Premio son los siguientes:
Fecha de premiación | 23 de febrero de 2024 | ||
Precio inicial | CAD 0.552 | ||
Tasa de obstáculo | 10% pa sobre el precio inicial | ||
Fondo total | 10% del crecimiento en valor por encima de la tasa Hurdle, sin exceder el 10% del capital social de la Compañía The number of shares is determined at the Measurement Dates | ||
Participants, proportions and number of shares subject to RSU | Partícipe | Proporción (%) | Number of shares subject to RSU |
Eldur Olafsson, CEO | 40% | Acciones 3,805,377 | |
Jaco Crouse, CFO | 20% | Acciones 1,902,688 | |
Joan Plant, Executive VP | 10% | Acciones 951,344 | |
James Gilbertson, VP Exploration | 10% | Acciones 951,344 | |
Edward Wyvill, Corporate Development | 10% | Acciones 951,344 | |
First Measurement Date: | 31 de diciembre 2023 50% of the Shares will vest on the first anniversary of grant, with the remaining 50% vesting on the third anniversary of grant. |