Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Nov. 30, 2019
Aug. 31, 2019
Current assets    
Cash $ 31,807 $ 50,719
Trade and other receivables 142,866 144,013
Current portion of advanced royalty payments 475,340 446,362
Ore inventory 141,792 176,792
Other inventory 43,090 39,038
Current portion of notes receivable 86,296 85,359
Prepaid expenses and other current assets 2,055,120 1,499,120
Total Current Assets 2,976,311 2,441,403
Non-Current assets    
Advanced royalty payments 360,417 421,667
Notes receivable 1,249,369 760,384
Mineral leases 34,911,143 34,911,143
Investments 75,000
Property, plant and equipment 35,432,604 33,613,650
Intangible assets 707,671 707,671
Total Non-Current Assets 72,736,204 70,414,515
Total Assets 75,712,515 72,855,918
Current liabilities    
Accounts payable 3,333,779 2,081,756
Accrued expenses 2,241,702 2,048,399
Ore Sale advances 283,976 283,976
Current portion of long-term debt 857,092 1,057,163
Current portion of convertible debentures 6,579,409 6,188,872
Derivative liability 94,556
Related party payables 184,505 50,000
Total Current Liabilities 13,575,019 11,710,166
Non-Current liabilities    
Long-term debt 175,341 215,695
Convertible debentures 362,856 140,597
Reclamation and restoration provision 2,970,497 2,970,497
Total Non-Current Liabilities 3,508,694 3,326,789
Total Liabilities 17,083,713 15,036,955
Commitments and contingencies
SHAREHOLDERS’ EQUITY    
Share capital 139,724,435 135,472,795
Subscription receipts 372,320 631,450
Deficit (81,467,953) (78,285,282)
Total Shareholders’ Equity 58,628,802 57,818,963
Total Liabilities and Shareholders’ Equity $ 75,712,515 $ 72,855,918