Almaden Minerals(AAU) - 2021 Q4 - Annual Report

Financial Performance - Almaden Minerals Ltd. reported a net loss of CAD 2,668,254 for the year ended December 31, 2021, an improvement from a net loss of CAD 3,129,368 in 2020, representing a reduction of 14.7%[10]. - The basic and diluted net loss per share improved to CAD (0.02) in 2021 from CAD (0.03) in 2020[10]. - The total comprehensive loss for the year 2021 was CAD 2,668,254, compared to CAD 3,129,368 in 2020, showing a decrease of approximately 14.7%[15]. - The company reported a net loss before income taxes of CAD 2,354,113 for the year ended December 31, 2021, compared to a loss of CAD 3,129,368 in 2020, reflecting a 25.7% improvement[146]. - The net loss for the year 2021 was CAD 2,668,254, an improvement from a net loss of CAD 3,129,368 in 2020, and CAD 3,763,075 in 2019, indicating a reduction of approximately 14.7% year-over-year[12]. Assets and Liabilities - Almaden Minerals Ltd. reported total assets of CAD 87,232,290 as of December 31, 2021, an increase of 14.5% from CAD 76,448,771 in 2020[7]. - Total liabilities increased to CAD 7,048,153 in 2021 from CAD 5,271,337 in 2020, reflecting a rise of 33.7%[7]. - The company’s total equity increased to CAD 80,184,137 in 2021, up from CAD 71,177,434 in 2020, indicating a growth of 12.5%[7]. - The company’s total reserves increased to CAD 21,068,273 by the end of 2021, up from CAD 19,243,992 in 2020, reflecting an increase of approximately 9.5%[15]. - The company had a net deferred tax liability of CAD 1,749,021 as of December 31, 2021, an increase from CAD 1,434,882 in 2020[148]. Cash Flow and Financing - The company raised CAD 11,610,581 through the issuance of shares in 2021, a substantial increase from CAD 3,850,209 in 2020[15]. - The company’s cash flow from financing activities in 2021 was CAD 12,044,408, compared to CAD 4,633,564 in 2020, indicating a growth of approximately 160%[12]. - The company reported net cash used in operating activities of CAD 1,613,580 in 2021, compared to CAD 1,253,362 in 2020, reflecting an increase of approximately 28.8%[12]. - Cash and cash equivalents at the end of 2021 increased to CAD 10,170,376 from CAD 2,534,698 in 2020, representing a significant increase of 300%[12]. Exploration and Evaluation Assets - Almaden's exploration and evaluation assets grew to CAD 61,431,639 in 2021, compared to CAD 58,605,829 in 2020, a rise of 4.9%[7]. - The company’s exploration and evaluation assets costs for 2021 were CAD 2,784,645, an increase from CAD 1,750,935 in 2020, representing a rise of about 58.9%[12]. - The closing balance of deferred exploration costs was CAD 50,219,882 as of December 31, 2021, compared to CAD 48,286,318 in 2020, indicating an increase of about 4%[85]. - The company incurred total deferred exploration costs of CAD 1,933,564 during 2021, a significant rise from CAD 773,583 in 2020, reflecting an increase of approximately 150%[85]. Share-Based Payments and Stock Options - The company reported share-based payments of CAD 1,870,800 in 2021, which is an increase from CAD 1,784,500 in 2020[9]. - The total share-based payments expenses for options granted and vested in 2021 amounted to CAD 1,870,800, compared to CAD 1,784,500 in 2020 and CAD 933,120 in 2019[133]. - The company had reserved 1,732,141 stock options that may be granted under its stock option plan as of December 31, 2021[120]. - The total options outstanding and exercisable increased from 11,542,000 in 2020 to 11,990,000 in 2021[127]. Legal and Regulatory Matters - The Supreme Court of Justice of Mexico ruled that Almaden's mineral titles are ineffective until the Ministry of the Economy consults with indigenous communities[172]. - The final decision from the Supreme Court is expected to be officially notified to the Company in April 2022[172]. Management and Personnel - The total compensation paid to key management personnel in 2021 was CAD 2,164,872, an increase from CAD 1,707,500 in 2020[135]. - The company accrued CAD 72,130 payable to Almadex for exploration and drilling services in Mexico as of December 31, 2021, compared to CAD 37,689 in 2020[139]. Other Financial Information - The company recognized $394,654 of right-of-use (ROU) assets and lease liabilities upon transition to IFRS 16[71]. - The total lease liabilities as of December 31, 2021, were$548,607, compared to $170,731 in 2020, indicating a significant increase[74]. - The company recorded interest expense of$13,330 on lease liabilities for the year ended December 31, 2021[74]. - The company received a VAT recovery of CAD 506,394 during 2021, contributing to other income of CAD 446,184 related to prior years' VAT refunds[94].