What changed in this filing

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Item 1. Financial Statements

2022-06-14 compared with 2022-03-16 · 61 added, 57 removed, 325 unchanged (27% of the section changed)

6 unchanged sentences

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

PERIOD ENDED JANUARY 31, 2022

PERIOD ENDED APRIL 30, 2022

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS:

8 unchanged sentences

(Expressed in United States Dollars)

January 31, 2022

April 30, 2022

July 31, 2021

24 unchanged sentences

(Expressed in United States Dollars)

ended January

Accretion expense

Accretion expense (Note 8)

Directors' fees

7 unchanged sentences

Share-based compensation (Note 10)

Gain (loss) on fair value adjustment on derivative liability (Note 9)

Net income (loss) and comprehenisve loss for the period

Basic and diluted income (loss) per common share

Gain on fair value adjustment on derivative liability (Note 9)

Net loss and comprehensive loss for the period

Basic and diluted loss per common share

Weighted average number of common shares outstanding (basic and diluted)

4 unchanged sentences

(Expressed in United States Dollars)

FOR THE SIX MONTHS ENDED JANUARY 31,

FOR THE NINE MONTHS ENDED APRIL 30,

CASH FLOWS FROM OPERATING ACTIVITIES

4 unchanged sentences

Accretion expense

Gain on fair value adjustment on derivative liability

Loss on fair value adjustment on derivative liability

Non-cash working capital item changes:

16 unchanged sentences

Capital Stock

Additional Paid-

Additional Paid-in

Balance as at July 31, 2020

Shares issued for cash, net of issuance cost

Shares issued for cash, net of issuance costs

Share-based compensation

3 unchanged sentences

Balance as at January 31, 2021

Loss for the period

Balance as at April 30, 2021

Balance as at July 31, 2021

4 unchanged sentences

Balance as at January 31, 2022

Share-based compensation

Loss for the period

Balance as at April 30, 2022

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

2 unchanged sentences

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2022

FOR THE NINE-MONTH PERIOD ENDED APRIL 30, 2022

(Expressed in United States Dollars)

12 unchanged sentences

The accompanying condensed consolidated interim financial statements have been prepared on the going concern basis, which presumes that the Company will continue operations for the foreseeable future and will be able to realize assets and discharge liabilities in the normal course of business.

The Company has incurred a loss of $ 1,296,749 for the six-month period ended January 31, 2022 and has accumulated a deficit of $ 20,841,226 .

The Company has incurred a loss of $ 2,256,190 for the nine-month period ended April 30, 2022 and has accumulated a deficit of $ 21,800,667 .

The ability of the Company to continue as a going concern is dependent on the Company's ability to maintain continued support from its shareholders and creditors and to raise additional capital and implement its business plan.

3 unchanged sentences

The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

As at January 31, 2022, the Company had working capital of $ 2,181,572 (July 31, 2021 - $ 956,524 ).

As at April 30, 2022, the Company had working capital of $ 1,547,021 (July 31, 2021 - $ 956,524 ).

Furthermore, the novel coronavirus outbreak ("COVID-19") was declared a pandemic by the World Health Organization in 2020.

1 unchanged sentence

These impacts could include an impact on the Company's ability to obtain debt and equity financing to fund ongoing exploration activities as well as its ability to explore and conduct business.

These consolidated financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern.

These condensed consolidated financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern.

BASIS OF PREPARATION

4 unchanged sentences

Certain information and footnote disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such SEC rules and regulations.

The operating results for the six months ended January 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ended July 31, 2022.

The operating results for the nine months ended April 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ended July 31, 2022.

RISE GOLD CORP.

1 unchanged sentence

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2022

FOR THE NINE-MONTH PERIOD ENDED APRIL 30, 2022

(Expressed in United States Dollars)

13 unchanged sentences

PREPAID EXPENSES

January 31, 2022

April 30, 2022

July 31, 2021

2 unchanged sentences

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2022

FOR THE NINE-MONTH PERIOD ENDED APRIL 30, 2022

(Expressed in United States Dollars)

2 unchanged sentences

Idaho-Maryland,

July 31, 2021 and January 31, 2022

July 31, 2021 and April 30, 2022

Title to mineral properties

2 unchanged sentences

The Company received a title opinion on the mineral rights of the Idaho-Maryland Mine property which concludes that ownership belongs to Rise Grass Valley Inc.

As at January 31, 2022, the Company holds title to the Idaho-Maryland Gold Mine Property.

As of January 31, 2022, based on management's review of the carrying value of mineral rights, management determined that there is no evidence that the cost of these acquired mineral rights will not be fully recovered and accordingly, the Company determined that no adjustment to the carrying value of mineral rights was required.

As at April 30, 2022, the Company holds title to the Idaho-Maryland Gold Mine Property.

As of April 30, 2022, based on management's review of the carrying value of mineral rights, management determined that there is no evidence that the cost of these acquired mineral rights will not be fully recovered and accordingly, the Company determined that no adjustment to the carrying value of mineral rights was required.

As of the date of these consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and has incurred only acquisition and exploration costs.

14 unchanged sentences

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2022

FOR THE NINE-MONTH PERIOD ENDED APRIL 30, 2022

(Expressed in United States Dollars)

8 unchanged sentences

On May 14, 2018, the Company completed the purchase of the surface rights totalling approximately 82 acres by making the final payment of $ 1,300,000 .

As at January 31, 2022, the Company has incurred cumulative exploration expenditures of $ 7,428,221 on the Idaho-Maryland Gold Mine property as follows:

Six months ended

January 31, 2022

As at April 30, 2022, the Company has incurred cumulative exploration expenditures of $ 7,507,353 on the Idaho-Maryland Gold Mine property as follows:

Nine months ended

April 30, 2022

July 31, 2021

6 unchanged sentences

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2022

FOR THE NINE-MONTH PERIOD ENDED APRIL 30, 2022

(Expressed in United States Dollars)

2 unchanged sentences

At July 31, 2021

At January 31, 2022

At April 30, 2022

Accumulated depreciation

1 unchanged sentence

At July 31, 2021

At January 31, 2022

At April 30, 2022

Total carrying value, July 31, 2021

Total carrying value, January 31, 2022

Total carrying value, April 30, 2022

During the year ended July 31, 2014, the Company entered into a binding letter of intent ("LOI") with Wundr Software Inc.

9 unchanged sentences

b) Director fees of $ 60,000 (2021 - $ 60,000 ) to directors of the Company.

c) During the period ended January 31, 2022, the Company paid $ 71,338 (2021 - $ 68,992 ) in professional and consulting fees to a company controlled by a director of the Company.

d) Share-based compensation of $ Nil (2021 - $ 560,792 ) for options granted during the period ended January 31, 2022.

e) As at January 31, 2022 and July 31, 2021, $ 28,308 and $ 82,332 were owed to related parties, respectively.

c) During the period ended April 30, 2022, the Company paid $ 105,535 (2021 - $ 104,740 ) in professional and consulting fees to a company controlled by a director of the Company.

d) Share-based compensation of $ 406,790 (2021 - $ 560,792 ) for options granted during the period ended April 30, 2022.

e) As at April 30, 2022 and July 31, 2021, $ 20,262 and $ 34,010 were owed to related parties, respectively.

RISE GOLD CORP.

1 unchanged sentence

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2022

FOR THE NINE-MONTH PERIOD ENDED APRIL 30, 2022

(Expressed in United States Dollars)

14 unchanged sentences

Accretion expense

Balance, January 31, 2022

Balance, April 30, 2022

RISE GOLD CORP.

1 unchanged sentence

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2022

FOR THE NINE-MONTH PERIOD ENDED APRIL 30, 2022

(Expressed in United States Dollars)

12 unchanged sentences

Fair value adjustment

Balance, January 31, 2022

For the six-month period ended January 31, 2022, the Company recorded a total gain on fair value of derivative liability of $ 64,672 during the period (January 31, 2021 -$ 1,333,140 ).

The following weighted average assumptions were used for the Black-Scholes pricing model valuation of warrants as at January 31, 2022 and July 31, 2021:

January 31, 2022

Balance, April 30, 2022

For the nine-month period ended April 30, 2022, the Company recorded a total gain on fair value of derivative liability of $ 252,324 during the period (April 30, 2021 -$ 1,560,945 ).

The following weighted average assumptions were used for the Black-Scholes pricing model valuation of warrants as at April 30, 2022 and July 31, 2021:

April 30, 2022

July 31, 2021

10 unchanged sentences

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2022

FOR THE NINE-MONTH PERIOD ENDED APRIL 30, 2022

(Expressed in United States Dollars)

12 unchanged sentences

The options can be granted for a maximum term of 5 years with vesting determined by the board of directors.

During the period ended April 30, 2022, the Company granted a total of 805,000 stock options with a fair value of $ 406,790 (2021:

$ 560,792 ) to employees, officers, directors, and consultants of the Company, exercisable at a weighted average price of $ 0.65 (C$ 0.82 ) per share for a period of five years .

On September 22, 2020, the Company granted a total of 1,338,500 stock options to the Company's President and CEO, Benjamin Mossman.

1 unchanged sentence

The Company recorded share-based compensation of $ 560,792 in connection with this grant.

The following incentive stock options were outstanding and exercisable as at January 31, 2022:

The following incentive stock options were outstanding and exercisable as at April 30, 2022:

Average Exercise

March 17, 2023

3 unchanged sentences

September 22, 2025

As at January 31, 2022, the aggregate intrinsic value of the Company's stock options is $ 3,750 (July 31, 2021 - $ 1,313 ).

February 7, 2027

As at April 30, 2022, the aggregate intrinsic value of the Company's stock options is $ 6,000 (July 31, 2021 - $ 1,313 ).

RISE GOLD CORP.

1 unchanged sentence

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2022

FOR THE NINE-MONTH PERIOD ENDED APRIL 30, 2022

(Expressed in United States Dollars)

8 unchanged sentences

Balance outstanding and exercisable, July 31, 2021

Balance outstanding and exercisable, January 31, 2022

Subsequent to the period ended January 31, 2022, the Company granted a total of 805,000 stock options to employees, officers and directors of the Company.

The stock options are exercisable at a price of $ 0.65 per share until February 7, 2027.

The following warrants were outstanding at January 31, 2022:

Options granted

Balance outstanding and exercisable, April 30, 2022

The following warrants were outstanding at April 30, 2022:

August 19, 2022

3 unchanged sentences

January 28, 2024

During the period ended January 31, 2022, a total of 488,438 warrants with an exercise price of C$ 1.20 expired unexercised.

During the period ended April 30, 2022, a total of 488,438 warrants with an exercise price of C$ 1.20 expired unexercised.

RISE GOLD CORP.

1 unchanged sentence

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2022

FOR THE NINE-MONTH PERIOD ENDED APRIL 30, 2022

(Expressed in United States Dollars)

14 unchanged sentences

Warrants expired

Balance, January 31, 2022

Balance, April 30, 2022

SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

During the six-month periods ended January 31, 2022 and 2021, the Company had the following non-cash financing and investing activities:

For the period ended January 31, 2022:

During the nine-month periods ended April 30, 2022 and 2021, the Company had the following non-cash financing and investing activities:

For the period ended April 30, 2022:

a) The Company recorded $ 85,943 of accretion and $ 194,952 of interest expense as part of the outstanding balance of loan payable.

For the period ended January 31, 2021:

For the period ended April 30, 2021:

b) Company recorded $ 85,944 of accretion and $ 88,226 of interest expense as part of the outstanding balance of loan payable.

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements