Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Aug. 31, 2020
Aug. 31, 2019
Current assets    
Cash $ 62,404 $ 50,719
Trade and other receivables 12,830 144,013
Current portion of advanced royalty payments   446,362
Ore inventory 14,749 176,792
Other inventory 12,250 39,038
Current portion of notes receivable 89,159 85,359
Prepaid expenses and other current assets 2,043,510 1,499,120
Total Current Assets 2,234,902 2,441,403
Non-Current assets    
Advanced royalty payments   421,667
Notes receivable 760,384
Mineral leases 34,911,143 34,911,143
Property, plant and equipment 35,582,512 33,613,650
Right of use asset 209,101
Intangible assets 707,671 707,671
Total Non-Current Assets 71,410,427 70,414,515
Total Assets 73,645,329 72,855,918
Current liabilities    
Accounts payable 2,406,665 2,081,756
Accrued expenses 1,769,749 2,048,399
Ore Sale advances 283,976 283,976
Promissory notes payable 8,000
Debt 683,547 867,230
Current portion of convertible debentures 8,227,257 6,188,872
Current portion of Federal relief loans 74,383
Current portion of finance lease liabilities 172,374 189,933
Current portion of operating lease liabilities 42,053
Related party payables 680,647 50,000
Derivative liability 841,385
Total Current Liabilities 15,190,036 11,710,166
Non-Current liabilities    
Convertible debentures 607,067 140,597
Federal relief loans 505,969
Finance lease liabilities 75,058 215,695
Operating lease liabilities 167,048
Reclamation and restoration provision 2,970,497 2,970,497
Total Non-Current Liabilities 4,325,639 3,326,789
Total Liabilities 19,515,675 15,036,955
Commitments and contingencies
SHAREHOLDERS’ EQUITY    
Share capital 144,794,003 136,104,245
Deficit (90,664,349) (78,285,282)
Total Shareholders’ Equity 54,129.654 57,818,963
Total Liabilities and Shareholders’ Equity $ 73,645,329 $ 72,855,918