Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
May 31, 2020
Aug. 31, 2019
Current assets    
Cash $ 39,096 $ 50,719
Trade and other receivables 16,831 144,013
Current portion of advanced royalty payments 424,583 446,362
Ore inventory 141,792 176,792
Other inventory 39,085 39,038
Current portion of notes receivable 88,202 85,359
Prepaid expenses and other current assets 2,099,120 1,499,120
Total Current Assets 2,848,709 2,441,403
Non-Current assets    
Advanced royalty payments 238,334 421,667
Notes receivable 631,531 760,384
Mineral leases 34,911,143 34,911,143
Investments
Property, plant and equipment 35,668,062 33,613,650
Intangible assets 707,671 707,671
Total Non-Current Assets 72,156,741 70,414,515
Total Assets 75,005,450 72,855,918
Current liabilities    
Accounts payable 2,507,573 2,081,756
Accrued expenses 2,808,632 2,048,399
Ore Sale advances 283,976 283,976
Promissory notes 353,114
Federal relief notes 267,490  
Current portion of long-term debt 1,089,237 1,057,163
Current portion of convertible debentures 7,351,238 6,188,872
Derivative liability 445,385
Related party payables 408,960 50,000
Total Current Liabilities 15,515,605 11,710,166
Non-Current liabilities    
Long-term debt 126,020 215,695
Convertible debentures 560,853 140,597
Reclamation and restoration provision 2,970,497 2,970,497
Total Non-Current Liabilities 3,657,370 3,326,789
Total Liabilities 19,172,975 15,036,955
Commitments and contingencies
SHAREHOLDERS’ EQUITY    
Share capital 141,540,694 135,472,795
Subscription receipts 85,950 631,450
Deficit (85,794,169) (78,285,282)
Total Shareholders’ Equity 55,832,475 57,818,963
Total Liabilities and Shareholders’ Equity $ 75,005,450 $ 72,855,918