What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2022-06-14 compared with 2022-03-16 · 28 added, 24 removed, 141 unchanged (27% of the section changed)

16 unchanged sentences

In the past, we have held several other potential mineral properties in British Columbia, Canada, which have been written off based on the strength of the I-M Mine Project.

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 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.

15 unchanged sentences

Business Development

Developments in our Company's business during the July 31, 2021 fiscal year and the six-month period ended January 31, 2022 include the following:

On January 31, 2022, the Company completed a non-brokered private placement for gross proceeds totalling of $2,407,000 through the issuance of 6,017,500 units at a price of $0.40 per Unit, where each Unit consists of one common share of common stock and one share purchase warrant.

Developments in our Company's business during the July 31, 2021 fiscal year and the nine-month period ended April 30, 2022 include the following:

On February 7, 2022, the Company granted a total of 805,000 stock options to employees, officers, directors, and consultants of the Company, exercisable at a price of $0.65 (C$0.82) per share with an expiry date of February 7, 2022.

On January 31, 2022, the Company completed a non-brokered private placement for gross proceeds totalling $2,407,000 through the issuance of 6,017,500 units at a price of $0.40 per Unit, where each Unit consists of one common share of common stock and one share purchase warrant.

Each whole warrant entitles the holder to acquire one additional common share at an exercise price of $0.60 until January 28, 2024.

8 unchanged sentences

Plan of Operations

As at January 31, 2022, the Company had a cash balance of $1,927,697, compared to a cash balance of $773,279 as of July 31, 2021.

As at April 30, 2022, the Company had a cash balance of $1,382,403, compared to a cash balance of $773,279 as of July 31, 2021.

Our plan of operations for the next 12 months is to complete the Use Permit process in Nevada County California, to allow the re-opening of the Idaho-Maryland gold mine at the I-M Mine Property.

6 unchanged sentences

2) Draft EIR is published for public comment;

(Completed on April 4, 2022)

3) Raney publishes a Final EIR which includes responses to public comments on the Draft EIR;

2 unchanged sentences

The report's release represents a major milestone toward the approval of the Company's Use Permit application to reopen the historic past-producing Idaho-Maryland Gold Mine.

The public comment period ended on April 4 th , 2022 and the preparation of the Final EIR is currently in progress.

Project Design

17 unchanged sentences

Results of Operations

For the Periods Ended January 31, 2022 and 2021

The Company's operating results for the periods ended January 31, 2022 and 2021 are summarized as follows:

ended January

For the Periods Ended April 30, 2022 and 2021

The Company's operating results for the periods ended April 30, 2022 and 2021 are summarized as follows:

30, 2022 Three

30, 2021 Nine months

30, 2022 Nine months

Accretion expense $ 28,017 $ 28,018 $ 85,943 $ 85,944

Consulting 128,605 131,488 399,351 323,788

Directors' fees 20,000 20,000 60,000 60,000

7 unchanged sentences

Share-based compensation 406,790 - 406,790 560,792

Gain (loss) on fair value adjustment on derivative liability

Gain on settlement of equipment loan

Net income (loss) for the period

Cumulative translation adjustment

Net income (loss) and comprehensive loss for the period

Salaries 33,750 30,465 101,250 103,422

$ (1,161,076 ) $ (599,138 ) $ (2,537,404 ) $ (2,593,637 )

Gain on fair value adjustment on derivative liability (Note 9) 201,655 277,805 266,327 1,560,945

Other income (20 ) 473 14,887 4,280

Net loss and comprehensive loss for the period $ (959,441 ) $ (320,860 ) $ (2,256,190 ) $ (1,028,412 )

Basic and diluted loss per common share $ (0.03 ) $ (0.01 ) $ (0.08 ) $ (0.04 )

2 unchanged sentences

Working Capital

2022 At July 31, 2021 At July 31, 2020

Current Assets $ 1,733,491 1,156,426 $ 3,762,515

1 unchanged sentence

Working Capital $ 1,547,021 956,524 $ 3,267,744

For the six-month

January 31, 2022

For the six-month

January 31, 2021

For the nine-month

period ended April

30, 2022 For the nine-month

period ended April

Net Cash used in Operating Activities $ (1,783,874 ) $ (2,092,090 )

2 unchanged sentences

Net increase (decrease) in Cash During the Period $ 609,124 $ (1,843,892 )

As of January 31, 2022, the Company had $1,927,697 in cash, $2,301,287 in current assets, $7,013,824 in total assets, $119,715 in current liabilities and $1,534,855 in non-current liabilities, a working capital of $2,181,572 and an accumulated deficit of $20,841,226.

During the six-month period ended January 31, 2022, the Company used $1,238,580 (2021 - $1,514,256) in net cash on operating activities.

The difference in net cash used in operating activities during the two periods was largely due to a revaluation adjustment of the derivative liability during the prior period which was lower in 2022.

The Company had no investing activities during the six-month periods ending January 31, 2022 (January 31, 2021 - $Nil).

The Company received net cash of $2,392,998 (2021 - $248,198) from financing activities related to the private placement during the six-month period ended January 31, 2022.

As of April 30, 2022, the Company had $1,382,403 in cash, $1,733,491 in current assets, $6,439,997 in total assets, $186,470 in current liabilities and $1,446,924 in non-current liabilities, a working capital of $1,547,021 and an accumulated deficit of $21,800,667.

During the nine-month period ended April 30, 2022, the Company used $1,783,874 (2021 - $2,092,090) in cash on operating activities.

The difference in cash used in operating activities during the two periods was largely due to a revaluation adjustment of the derivative liability during the prior period which was lower in 2022.

The Company had no investing activities during the nine-month period ending April 30, 2022 (April 30, 2021 - $Nil).

The Company received cash of $2,392,998 (2021 - $248,198) from financing activities related to the private placement during the nine-month period ended April 30, 2022.

The Company expects to operate at a loss for at least the next 12 months.

44 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 2. Management’s Discussion and Analysis