Financial Performance - Net loss for the six months ended December 31, 2024, was CAD 2,357,257, compared to CAD 2,317,843 for the same period in 2023, indicating a slight increase in losses of 2%[4] - Total expenses for the six months ended December 31, 2024, were CAD 3,836,124, down 3% from CAD 3,945,774 in the prior year[4] - The company reported a net loss per share of CAD 0.08 for the six months ended December 31, 2024, compared to CAD 0.12 for the same period in 2023[4] - For the six months ended December 31, 2024, the Company incurred a net loss of $2,357,257, compared to a net loss of $2,317,843 in 2023, representing an increase in loss of approximately 1.7%[10] - The Company reported negative cash flow from operations of $2,554,578 for the six months ended December 31, 2024, compared to $2,299,013 in 2023, indicating a decline of about 11.1%[10] - Total stock-based compensation for the six months ended December 31, 2024, was $169,066, a decrease of 73% from $630,689 in 2023[96] Assets and Liabilities - Total assets increased to CAD 62,165,990 as of December 31, 2024, compared to CAD 29,916,083 as of June 30, 2024, representing a growth of 107%[2] - Total liabilities increased to CAD 11,136,912 from CAD 4,418,628, reflecting a rise of 152%[2] - As of December 31, 2024, the Company had an accumulated deficit of $28,905,495, up from $26,548,238 as of June 30, 2024, reflecting an increase of approximately 8.9%[10] - As of December 31, 2024, trade payables amounted to $2,475,840 and accrued liabilities totaled $7,257,994, leading to total accounts payable of $9,733,834[45] - Current liabilities as of December 31, 2024, totaled $11,136,912, compared to $1,941,111 as of June 30, 2024[105] Cash Flow and Financing Activities - Cash balance rose significantly to CAD 28,396,150 from CAD 2,526,957, marking an increase of 1,025%[2] - Cash flows from financing activities totaled CAD 32,178,836 for the six months ended December 31, 2024, compared to CAD 6,927,526 in 2023, an increase of 365%[6] - The company raised gross proceeds of $9,276,199 from the issuance of 15,750,000 common shares at a price of USD $0.41 per share in a public offering on December 20, 2024[77] - The company issued 2,133,979 common shares at a price of $3.6117 per share, raising gross proceeds of $7,707,292 on September 21, 2023[68] - The total share issue costs incurred during the equity financings amounted to $8,931,771[78] Share Capital and Equity - The weighted average number of outstanding shares increased to 30,612,210 for the six months ended December 31, 2024, from 19,384,510 in the prior year[4] - As of December 31, 2024, the total number of common shares outstanding increased to 76,419,516, up from 25,766,065 as of June 30, 2024, reflecting significant equity issuances[67] - The company has 440,000 restricted share units (RSUs) outstanding as of December 31, 2024, unchanged from June 30, 2024[82] - The company had 807,771 stock options outstanding as of December 31, 2024, with a weighted average exercise price of $4.14[84] Exploration and Acquisition Activities - Exploration and evaluation assets increased to CAD 32,189,196 from CAD 26,612,758, a growth of 21%[2] - The Company entered into an option agreement with ACME Lithium Inc. to earn up to a 90% interest in the Shatford Lake Lithium Project, requiring total payments of $800,000 and E&D expenditures of $1,800,000 over two years[33][34] - The Company acquired an initial 80% interest in the Engo Valley Uranium Project, with plans to incur an additional $800,000 in exploration expenditures by June 30, 2025, to secure a total of 85% interest[36][37] - The acquisition of Global Uranium included a cash payment of $250,000 and a minimum of $200,000 in exploration expenditures, along with the issuance of 2,024,496 common shares[38][39] - Snow Lake has entered into a binding letter of intent to acquire 100% of Bazooka Resources Ltd for an initial cash payment of $50,000 and a closing cash payment of $200,000[125][126] Management and Operational Considerations - Management believes there is sufficient capital to meet the Company's business obligations for at least the next 12 months, considering expected cash flows and financing activities[18] - The Company has not yet placed any of its mineral properties into production, which raises uncertainties regarding its ability to continue as a going concern[10] - The Company is managing liquidity risk by maintaining adequate cash reserves and monitoring cash flows for a rolling period of 12 months[106] Tax and Derivative Liabilities - The Company recorded a provision of $800,000 for estimated Part XII.6 tax payable and potential investor compensation related to unspent amounts from flow-through shares[65] - The total balance of derivative liabilities increased from $305,025 at the beginning of the period to $352,437 by December 31, 2024[59] - The fair value of the derivative liability related to the Incentive Warrants decreased to $841 as of December 31, 2024, with a fair value decrease of $10,913 recorded during the six months[51]
Snow Lake Resources .(LITM) - 2025 Q2 - Quarterly Report