Almaden Minerals(AAU)2023-03-23 16:00Financial Performance - The net loss for the year 2022 was CAD 11,846,560, compared to a net loss of CAD 2,668,254 in 2021, indicating a significant increase in losses[11]. - Basic and diluted net loss per share for 2022 was CAD (0.09), compared to CAD (0.02) in 2021[11]. - Total comprehensive loss for the year 2022 was CAD 11,846,560, compared to CAD 2,668,254 in 2021, indicating a worsening financial position[11]. - The net loss attributable to common shareholders for the year ended December 31, 2022, was 2,668,254 in 2021 and 10,505,375 for the year ended December 31, 2022[166]. Assets and Liabilities - Total assets decreased from CAD 87,232,290 in 2021 to CAD 78,050,210 in 2022, a decline of approximately 10.0%[8]. - Total liabilities increased from CAD 7,048,153 in 2021 to CAD 8,234,533 in 2022, an increase of approximately 16.8%[8]. - Cash and cash equivalents decreased from CAD 10,170,376 in 2021 to CAD 6,658,076 in 2022, representing a decrease of about 34.0%[8]. - The deferred income tax liability increased significantly from CAD 1,749,023 in 2021 to CAD 3,090,208 in 2022, an increase of about 76.8%[8]. - The company’s deficit increased to CAD 93,771,350 by the end of 2022, up from CAD 81,924,790 in 2021[15]. Revenue - Total revenue for the company decreased from 70.16 million in 2022, a decline of about 7.4%[194]. - Canada revenue decreased from 472.44 million in 2022, a decline of approximately 19.5%[194]. - United States revenue dropped significantly from 6.57 billion in 2022, representing a decrease of about 52.9%[194]. - Mexico revenue increased from 63.12 million in 2022, showing a growth of approximately 2.8%[194]. Exploration and Evaluation Assets - Exploration and evaluation assets increased from CAD 61,431,639 in 2021 to CAD 63,115,076 in 2022, an increase of approximately 2.7%[8]. - The company incurred CAD 1,681,790 in exploration and evaluation asset costs in 2022, a decrease from CAD 2,784,645 in 2021[13]. - The recoverability of exploration and evaluation assets is dependent on the discovery of economically recoverable reserves and the ability to obtain financing for development[41]. - The company’s principal asset is the Ixtaca precious metals project located in Mexico, which is still in the exploration stage[18]. - The company has not yet determined whether the Ixtaca project has economically recoverable mineral reserves, which is critical for future operations[18]. Expenses - Professional fees for 2022 were CAD 864,051, up from CAD 772,887 in 2021, reflecting an increase of about 11.8%[11]. - Salaries and benefits increased to CAD 1,923,952 in 2022 from CAD 1,876,911 in 2021, a rise of approximately 2.5%[11]. - Share-based payments for 2022 amounted to CAD 1,478,100, down from CAD 1,870,800 in 2021[15]. - The company recorded occupancy expenses of 40,542 in 2021, an increase of 5.2%[79]. Cash Flow - Net cash used in operating activities for 2022 was CAD 1,653,398, slightly higher than CAD 1,600,250 in 2021[13]. - Cash and cash equivalents at the end of 2022 were CAD 6,658,076, down from CAD 10,170,376 at the end of 2021, reflecting a decrease of approximately 34.5%[13]. - Cash and cash equivalents as of December 31, 2022, totaled 2,133,076 in 2021, while term deposits decreased from 5,115,120 in 2022[162]. Stock Options and Warrants - The total number of warrants outstanding and exercisable as of December 31, 2022, was 17,448,504, down from 22,168,504 in 2021, a reduction of 21.2%[124]. - The weighted average exercise price of warrants outstanding decreased to 0.95 in 2021[124]. - The company had reserved 1,192,141 stock options that may be granted as of December 31, 2022[133]. - The company issued 6,375,000 stock options during the year ended December 31, 2022[135]. - The company reported a total of 1,975,000 options exercised during the year ended December 31, 2022[135]. Impairment and Valuation - The company recognized an impairment of 306,084 in 2022 from 974,397 as of December 31, 2022, up from (2,836,451), with non-deductible share-based payments amounting to (3,090,208) in 2022 from 25,487,951 as of December 31, 2022, compared to 38,000[175]. - A 1% change in commodity prices would change the company's net loss by $10,000, highlighting exposure to commodity price risk[185]. - The company has sufficient cash and cash equivalents to meet its current liabilities, indicating low liquidity risk[180].