$PRMLF
Premium Resources Ltd.

2024 Q2 Form 10-K Financial Statement

#000110465924076291 Filed on June 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.780M $6.359M $2.457M
YoY Change 13.15% 83.95% -50.81%
% of Gross Profit
Research & Development $5.548M $29.87K $33.64K
YoY Change 16391.56% -56.94%
% of Gross Profit
Depreciation & Amortization 369.7K cads $78.78K $44.00K
YoY Change 740.17% -17.65% 4300.0%
% of Gross Profit
Operating Expenses 9.044M cads $3.306M $2.731M
YoY Change 231.17% -17.58% -45.47%
Operating Profit
YoY Change
Interest Expense 21.16K cads -$618.7K -$561.1K
YoY Change -103.77% 97.51% -97.08%
% of Operating Profit
Other Income/Expense, Net -$182.0K
YoY Change
Pretax Income -$9.793M -$4.673M -$3.292M
YoY Change 197.48% -111.16% -86.42%
Income Tax -$524.5K
% Of Pretax Income
Net Earnings -9.793M cads -$4.149M -$3.292M
YoY Change 197.48% -109.91% -86.42%
Net Earnings / Revenue
Basic Earnings Per Share $0.06 $0.07
Diluted Earnings Per Share $0.06 -$0.03 -$0.03
COMMON SHARES
Basic Shares Outstanding 185.7M 121.3M shares
Diluted Shares Outstanding 155.0M shares 121.3M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.08M $19.25M $21.61M
YoY Change 29.96% 272.76% 1535.72%
Cash & Equivalents 28.08M cads $19.25M 21.61M cads
Short-Term Investments
Other Short-Term Assets $628.6K $900.3K $486.2K
YoY Change 29.3% 91.26% -47.49%
Inventory $1.204M $212.1K
Prepaid Expenses 628.6K cads $900.3K
Receivables
Other Receivables 939.3K cads $532.8K
Total Short-Term Assets 30.85M cads $20.68M $22.94M
YoY Change 34.52% 221.18% 770.77%
LONG-TERM ASSETS
Property, Plant & Equipment 7.981M cads $55.69M $42.71M
YoY Change -81.31% 58.13% 8.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets 16.68M cads $55.69M $42.71M
YoY Change -60.94% 58.13% 8.87%
TOTAL ASSETS
Total Short-Term Assets 30.85M cads $20.68M $22.94M
Total Long-Term Assets 16.68M cads $55.69M $42.71M
Total Assets 47.53M cads $76.37M $65.64M
YoY Change -27.59% 83.33% 56.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable 2.804M cads $2.383M $3.058M
YoY Change -8.32% -34.89% 144.47%
Accrued Expenses 1.300M cads $1.803M $235.8K
YoY Change 451.24% 460.06% -28.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.307M $1.611M $1.270M
YoY Change 2.89% 17.97%
Total Short-Term Liabilities 5.580M cads $5.891M $4.665M
YoY Change 19.62% -52.73% 182.89%
LONG-TERM LIABILITIES
Long-Term Debt $18.64M $18.30M $14.14M
YoY Change 31.86% 1240.01%
Other Long-Term Liabilities $4.649M $1.395M $3.696M
YoY Change 25.78% 117.72%
Total Long-Term Liabilities 23.29M cads $19.70M $17.83M
YoY Change 30.6% 881.68%
TOTAL LIABILITIES
Total Short-Term Liabilities 5.580M cads $5.891M $4.665M
Total Long-Term Liabilities 23.29M cads $19.70M $17.83M
Total Liabilities 28.87M cads $25.59M $22.50M
YoY Change 28.32% 76.84% 1264.28%
SHAREHOLDERS EQUITY
Retained Earnings -123.7M cads -$104.6M
YoY Change 44.85%
Common Stock 0.000 cads $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity 18.67M cads $50.78M $43.14M
YoY Change
Total Liabilities & Shareholders Equity 47.53M cads $76.37M $65.64M
YoY Change -27.59% 83.33% 56.82%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023 Q2
OPERATING ACTIVITIES
Net Income -9.793M cads -$4.149M -$3.292M
YoY Change 197.48% -109.91% -86.42%
Depreciation, Depletion And Amortization 369.7K cads $78.78K $44.00K
YoY Change 740.17% -17.65% 4300.0%
Cash From Operating Activities -$15.41M -$624.0K -$3.252M
YoY Change 373.88% 34.42% 420.28%
INVESTING ACTIVITIES
Capital Expenditures -$6.110M $6.849M $4.283M
YoY Change -242.65% 3.9% 5766.92%
Acquisitions
YoY Change
Other Investing Activities $71.27K
YoY Change
Cash From Investing Activities $6.110M -$6.778M -$4.283M
YoY Change -242.65% 2.81% -440.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.14M $18.80M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 27.66M 18.08M 24.34M
YoY Change 13.64% 127.78%
NET CHANGE
Cash From Operating Activities -15.41M -624.0K -3.252M
Cash From Investing Activities 6.110M -6.778M -4.283M
Cash From Financing Activities 27.66M 18.08M 24.34M
Net Change In Cash 18.36M 10.68M 16.81M
YoY Change 9.25% 1113.64% 2563.42%
FREE CASH FLOW
Cash From Operating Activities -$15.41M -$624.0K -$3.252M
Capital Expenditures -$6.110M $6.849M $4.283M
Free Cash Flow -$9.300M -$7.474M -$7.535M
YoY Change 23.43% 5.9% 979.46%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:18pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.</b></span>NATURE OF OPERATIONS AND GOING CONCERN</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Premium Nickel Resources Ltd. (TSXV: PNRL) (the “<b style="font-weight:bold;">Company</b>” or “<b style="font-weight:bold;">PNRL</b>”) was founded upon the closing of a reverse takeover transaction (the “<b style="font-weight:bold;">RTO</b>”) whereby Premium Nickel Resources Corporation (“<b style="font-weight:bold;">PNRC</b>”) and 1000178269 Ontario Inc. (“<b style="font-weight:bold;">NAN Subco</b>”), a wholly-owned subsidiary of North American Nickel Inc. (“<b style="font-weight:bold;">NAN</b>”), amalgamated by way of a triangular amalgamation (the “<b style="font-weight:bold;">Amalgamation</b>”) under the <i style="font-style:italic;">Business Corporations Act</i> (Ontario) (the “<b style="font-weight:bold;">OBCA</b>”) on August 3, 2022 (Note 4). The common shares of PNRL are now listed and posted for trading on the TSX Venture Exchange (the “<b style="font-weight:bold;">TSXV</b>”) under the symbol “PNRL”.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Prior to the RTO, PNRC was a private company existing under the OBCA. PNRC was incorporated to evaluate, acquire, improve and reopen, assuming economic feasibility, a combination of certain assets of BCL Limited (“<b style="font-weight:bold;">BCL</b>”) and Tati Nickel Mining Company (“<b style="font-weight:bold;">TNMC</b>”) that were in liquidation in Botswana.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In connection with the RTO, the Company was continued under the OBCA and changed its name from “North American Nickel Inc.” to “Premium Nickel Resources Ltd.”</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Currently, the Company’s principal business activity is the exploration and evaluation of mineral properties in Botswana through its wholly-owned subsidiaries.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The following corporate structure chart sets out details of the direct and indirect ownership of the principal subsidiaries of the Company:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><img alt="Graphic" src="pnrlf-20231231x10k011.jpg" style="display:inline-block;height:320.21pt;width:480.68pt;"/></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Notes</b><b style="font-weight:bold;">:</b></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:8pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-style:normal;font-weight:normal;">Premium Nickel Group Proprietary Limited owns the Selkirk Assets (as defined below).</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:8pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-style:normal;font-weight:normal;">Premium Nickel Resources Proprietary Limited owns the Selebi Assets (as defined below).</span></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has its head and registered office at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario, Canada M5X 1A4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The principal assets of the Company are the Selebi and Selebi North nickel-copper-cobalt (“<b style="font-weight:bold;">Ni-Cu-Co</b>”) mines (the “<b style="font-weight:bold;">Selebi Mines</b>”) in Botswana and related infrastructure (together, the “<b style="font-weight:bold;">Selebi Assets</b>”), as well as the nickel, copper, cobalt, platinum-group elements (“<b style="font-weight:bold;">Ni-Cu-Co-PGE</b>”) Selkirk mine (the “<b style="font-weight:bold;">Selkirk Mine</b>”) in Botswana, together with associated infrastructure and four surrounding prospecting licenses (collectively, the “<b style="font-weight:bold;">Selkirk Assets</b>”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Going Concern</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company, being in the exploration stage, is subject to risks and challenges similar to companies in a comparable stage of exploration and development. These risks include the challenges of securing adequate capital for exploration, development and operational risks inherent in the mining industry, and global economic and metal price volatility and there is no assurance management will be successful in its endeavors. As at December 31, 2023, the Company had no source of operating cash flows, nor any credit line currently in place. The Company incurred a net loss of $32,376,069 for the year ended December 31, 2023, and $27,306,350 for the year ended December 31, 2022. The Company’s committed cash obligations and expected level of expenses will vary depending on its operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">These consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. The ability of the Company to continue operations as a going concern is ultimately dependent upon achieving profitable operations and its ability to obtain adequate financing. To date the Company has not generated profitable operations from its resource activities and will need to invest additional funds in carrying out its planned evaluation, development and operational activities. It is not possible to predict whether financing efforts will be successful or if the Company will attain a profitable level of operations. These material uncertainties cast substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities and the reported expenses and comprehensive loss that might be necessary should the Company be unable to continue as a going concern. These adjustments could be material.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The properties in which the Company currently has an interest are in pre-revenue stage. As such, the Company is dependent on external financing to fund its activities. In order to carry out the planned development and cover administrative costs, the Company will use its existing working capital and raise additional amounts as needed. Although the Company has been successful in its past fundraising activities, there is no assurance as to the success of future fundraising efforts or as to the sufficiency of funds raised in the future. The Company will continue to assess new properties and seek to acquire interests in additional properties if there is sufficient geologic or economic potential and if adequate financial resources are available to do so.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:18pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">18.</b></span>CONTINGENT LIABILITIES</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">There are no environmental liabilities associated with the Selebi Assets and the Selkirk Assets as at the acquisition dates as all liabilities prior to the acquisitions are the responsibility of the sellers, BCL and TNMC, respectively. The Company has an obligation for the rehabilitation costs arising subsequent to the acquisitions. As of December 31, 2023, management is not aware of or anticipating any contingent liabilities that could impact the financial position or performance of the Company related to its exploration and evaluation assets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s exploration and evaluation assets are affected by the laws and environmental regulations that exist in the various jurisdictions in which the Company operates. It is not possible to estimate the future contingent liabilities and the impact on the Company’s operating results due to future changes in Company’s exploration and development of its projects or future changes in such laws and environmental regulations.</p>
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