Auxico Resources posts statements for sale of commodities

Auxico Resources Canada Inc. [AUAG-CSE; AUXIF-OTC] filed its audited annual financial statements and corresponding management’s discussion and analysis for the year ended September 30, 2021, including the CEO and CFO certifications.

The year ended September 30, 2021 is the first year in which the company generated revenues from the sale of commodities, which amounted to $768,544. The cash position of the company is strong. At September 30, 2021, Auxico had $2,563,533 in cash and cash equivalents and $3,847,383 in working capital. On January 19, 2022, subsequent to year-end, Auxico raised $1,771,200 in a private placement (please consult news release of that same date).

In addition, at September 30, 2021, the company had prepaid expenses of $1,546,960 and inventory of $126,776, which represent manganese and columbite ores, respectively, that it expects to sell in this current fiscal year.

Due to the accounting requirements of the International Financial Reporting Standards, a non-cash charge of $23,734,924 was recognized in connection with the convertible debentures issued by Asante Gold. The principal amount of the debentures outstanding at September 30, 2021 was $3,650,000; this is the amount that would be paid in cash to investors upon maturity of the debentures, if it will not have been converted into common equity.

Montreal-based Auxico is engaged in the acquisition, exploration and development of mineral properties in Colombia, Brazil, Mexico, Bolivia and the Democratic Republic of the Congo. The company is focused on the trading and the production of high-value metals such as tantalum, niobium, iridium and rare earths.