Audited Annual Financial Statements — Year ended December 31, 2023
Filed Apr 29, 2024 · 64 pages · Annual Financial Statements
Document
Northpeak Lithium Corp.
- Filer ID
- 00043118
- Period ended
- December 31, 2023
- Date filed
- April 29, 2024
- Principal regulator
- British Columbia Securities Commission
Independent Auditor's Report
Opinion — We have audited the financial statements of Northpeak Lithium Corp., which comprise the statements of financial position as at December 31, 2023 and 2022, and the statements of loss and comprehensive loss, changes in equity, and cash flows for the years then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2023 and 2022, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards.
Material Uncertainty Related to Going Concern — We draw attention to Note 2 in the financial statements, which indicates the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Statements of Financial Position
| 2023 | 2022 | |
|---|---|---|
| Cash and equivalents | $482,913 | $1,806,551 |
| Receivables | $88,220 | $54,110 |
| Prepaid expenses | $41,802 | $36,914 |
| Total current assets | $612,935 | $1,897,575 |
| Exploration & evaluation assets | $4,208,441 | $3,712,004 |
| Total assets | $4,821,376 | $5,609,579 |
| Accounts payable and accrued liabilities | $1,024,110 | $488,220 |
| Total liabilities | $1,024,110 | $488,220 |
| Share capital | $18,712,441 | $18,244,180 |
| Contributed surplus | $1,884,220 | $1,712,004 |
| Deficit | $(16,799,395) | $(14,834,825) |
| Total equity | $3,797,266 | $5,121,359 |
| Total liabilities and equity | $4,821,376 | $5,609,579 |
Statements of Loss and Comprehensive Loss
| 2023 | 2022 | |
|---|---|---|
| Exploration expenditures | $(1,788,297) | $(1,214,882) |
| General and administrative | $(935,791) | $(781,552) |
| Share-based compensation | $(172,216) | $(212,004) |
| Interest income | $18,204 | $44,220 |
| Foreign exchange gain (loss) | $(3,470) | $8,110 |
| Net loss and comprehensive loss | $(2,881,570) | $(2,156,108) |
| Loss per share — basic and diluted | $(0.04) | $(0.03) |
Statements of Cash Flows
| 2023 | 2022 | |
|---|---|---|
| Cash used in operating activities | $(2,197,441) | $(1,822,110) |
| Cash used in investing activities | $(496,437) | $(688,220) |
| Cash from financing activities | $1,370,240 | $1,208,004 |
| Net change in cash | $(1,323,638) | $(1,302,326) |
| Cash, beginning of year | $1,806,551 | $3,108,877 |
| Cash, end of year | $482,913 | $1,806,551 |
Note 1 — Nature of Operations
Northpeak Lithium Corp. is a British Columbia company engaged in the acquisition, exploration, and evaluation of mineral properties, with a principal focus on the Slocan Ridge lithium brine project. The Company's common shares are listed on the TSX Venture Exchange under the symbol NPLI.
Note 2 — Going Concern
The accompanying financial statements have been prepared on a going concern basis, which assumes the Company will continue in operation for the foreseeable future.
As at December 31, 2023 the Company had a working capital deficiency of $411,175 (2022: working capital of $1,409,355) and an accumulated deficit of $16,799,395. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on obtaining additional financing sufficient to fund planned exploration and general and administrative expenditures.
Note 3 — Filing Date
These annual financial statements were filed on SEDAR+ on April 29, 2024. Filed 28 days after the 90-day deadline under NI 51-102. No management cease-trade order was applied for in respect of the delay.
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Metadata
- SEDAR+ ID
- SP-2024-04-29-NPLI-AFS-00461
- Issuer
- Northpeak Lithium Corp.
- Type
- Annual Financial Statements
- Filed
- Apr 29, 2024
- Period end
- Dec 31, 2023
- Pages
- 64