Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Nov. 30, 2021
Aug. 31, 2021
Current assets    
Cash $ 68,662 $ 1,012,929
Trade and other receivables 17,303 17,303
Ore inventory 16,800 16,800
Other inventory 90,176 90,176
Notes receivable – related party 93,907 92,959
Notes receivable 430,000
Prepaid expenses and other current assets 2,694,120 2,539,120
Total Current Assets 2,980,968 4,199,287
Non-Current assets    
Mineral leases 34,911,143 34,911,143
Property, plant and equipment 41,038,035 41,049,417
Right of use asset 155,402 167,048
Intangible assets 707,671 707,671
Total Non-Current Assets 76,812,251 76,835,279
Total Assets 79,793,219 81,034,566
Current liabilities    
Accounts payable 2,374,380 2,105,449
Accrued expenses 1,579,460 1,564,616
Ore Sale advances 283,976 283,976
Promissory notes payable 23,298 23,298
Current portion of convertible debentures, net of discount of $498,203 and $529,372, respectively 1,023,371 5,255,874
Current portion of Federal relief loans 161,404 291,332
Finance lease liabilities 28,210 75,058
Current portion of operating lease liabilities 50,071 48,376
Related party payables 436,203 493,549
Derivative liability 322,186
Total Current Liabilities 5,960,373 10,463,714
Non-Current liabilities    
Convertible debentures, net of discount of $3,105,453 and $3,449,338, respectively 1,199,219 891,662
Federal relief loans 435,988 437,096
Operating lease liabilities 105,331 118,672
Reclamation and restoration provision 2,970,497 2,970,497
Total Non-Current Liabilities 4,711,035 4,417,927
Total Liabilities 10,671,408 14,881,641
Commitments and contingencies
SHAREHOLDERS’ EQUITY    
Share capital 171,805,651 166,291,517
Deficit (102,683,840) (100,138,592)
Total Shareholders’ Equity 69,121,811 66,152,925
Total Liabilities and Shareholders’ Equity $ 79,793,219 $ 81,034,566