Canex Metals Inc. (CANX) 2023年年度報告「TSX-V」.pdf

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1、 Annual Report Dear Shareholders;CANEX Metals is pleased to report substantial progress at the Companys Gold Range property,located in Northern Arizonas tier one mining jurisdiction.This district is emerging as an important near surface oxide heap-leach style bulk-tonnage gold opportunity.During 202

2、2 CANEX undertook 2 drill campaigns,conducted surface sampling and mapping over large areas,and added additional claims through staking and purchase agreements.Multiple significant discoveries were made during 2022 at Shaft,Central,WestGold,and the Excelsior Expansion Zone.Hole GR22-110 testing the

3、Shaft Target returned 27.4 metres grading 1.1 g/t gold,demonstrating strong gold mineralization at the mostly covered and largely untested Shaft Target.Hole GR22-91 at the Central Zone returned 9.15 metres grading 0.7 g/t gold and a second interval of 18.3 metres grading 0.6 g/t gold,highlighting th

4、e potential of the 1.5 kilometre long Central Zone gold-in-soil anomaly.Surface work during 2022 identified a 400 metre by 125 metre gold-in-soil anomaly at the WestGold Target with gold in soil values ranging from 0.1 to 0.6 g/t gold.This represents the strongest gold in soil anomaly identified on

5、the property to date,and the first drill test of the zone was conducted in April 2023.At the Excelsior Extension Zone multiple mineralized zones running parallel to the Excelsior Zone have been identified,and were drill also tested in April 2023.Highlights of 2022 drilling include hole GR22-81 which

6、 tested the Excelsior Zone and intersected 48.8 metres grading 1.0 g/t gold including a high-grade intercept of 1.5 metres grading 9.7 g/t gold.Hole GR22-83 intersected 44.2 metres grading 0.9 g/t gold including 10.7 metres grading 2.7 g/t gold.Strong exploration results continue to validate and de-

7、risk Gold Ranges exploration targets,with a 3.2 kilometre long mineralized target identified across the southern part of the claim block which has been expanding with each new exploration program.The Excelsior Zone is the most advanced target along the trend and is showing good potential for high gr

8、ade heap-leach style mineralization,returning 35.1 metres grading 1.6 g/t gold,24.2 metres grading 2.2 g/t gold,and 4.6 metres grading 8.2 g/t gold.During the coming year,the Company intends to continue aggressively advancing the Gold Range property;further exploring the bigger scale potential of th

9、e Gold Range gold system through targeted drilling.As of April,2023,a drill program focused on testing new exploration targets and expanding the Excelsior Zone along strike to the northeast is underway.Respectfully submitted on behalf of the Board of Directors “Shane Ebert”Shane Ebert,Ph.D.,P.Geo.Pr

10、esident Presidents Message CANEX Metals Inc.Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2022 and 20211ContentsPageAuditors Report2Consolidated Statements of Financial Position5Consolidated Statements of Loss andComprehensive Loss6Consolidated Statements of Cash Flows

11、7Consolidated Statement of Changes in Equity8Notes to the Consolidated Financial Statements9 BDO Canada LLP,a Canadian limited liability partnership,is a member of BDO International Limited,a UK company limited by guarantee,and forms part of the International BDO network of independent member firms.

12、BDO Canada LLP 903 8th Avenue SW,Suite 620 Calgary AB T2P 0P7 CanadaTel:403 266 5608 Fax:403 233 7833 www.bdo.ca Independent Auditors ReportTo the Shareholders of CANEX Metals Inc.:OpinionWe have audited the consolidated financial statements of CANEX Metals Inc.and its subsidiaries(the Group),which

13、comprise the consolidated statements of financial position as at September 30,2022 and September 30,2021,and the consolidated statements of loss and comprehensive loss,changes in equity and cash flows for the years then ended,and notes to the consolidated financialstatements,including a summary of s

14、ignificant accounting policies.In our opinion,the accompanying consolidated financial statements present fairly,in all materialrespects,the consolidated financial position of the Group as at September 30,2022 and 2021,andits consolidated financial performance and its consolidated cash flows for the

15、years then ended inaccordance with International Financial Reporting Standards(IFRSs).Basis for OpinionWe conducted our audit in accordance with Canadian generally accepted auditing standards.Ourresponsibilities under those standards are further described in the Auditors Responsibilities forthe Audi

16、t of the Consolidated Financial Statements section of our report.We are independent ofthe Group in accordance with the ethical requirements that are relevant to our audit of theconsolidated financial statements in Canada,and we have fulfilled our other ethical responsibilitiesin accordance with thes

17、e requirements.We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our opinion.Material Uncertainty Related to Going ConcernWe draw attention to Note 1 in the consolidated financial statements,which indicates that theGroup incurred a net loss of$76

18、7,455 during the year ended September 30,2022 and,as of thatdate,accumulated deficit of$17,020,963.These conditions,along with other matters as set forthin Note 1,indicate that a material uncertainty exists that may cast significant doubt on the Groupsability to continue as a going concern.Our opini

19、on is not modified in respect of this matter.Other InformationManagement is responsible for the other information.The other information comprises theinformation included in the Management Discussion and Analysis.Our opinion on the consolidated financial statements does not cover the other informatio

20、n and wedo not express any form of assurance conclusion thereon.In connection with our audit of theconsolidated financial statements,our responsibility is to read the other information identifiedabove and,in doing so,consider whether the other information is materially inconsistent with theconsolida

21、ted financial statements or our knowledge obtained in the audit,or otherwise appears tobe materially misstated.We obtained the Management Discussion and Analysis prior to the date of this auditors report.If,based on the work we have performed on this other information,we conclude that there is amate

22、rial misstatement of this other information,we are required to report that fact in thisauditors report.We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the ConsolidatedFinancial StatementsManagement is responsible for the preparation and f

23、air presentation of the consolidated financialstatements in accordance with IFRSs,and for such internal control as management determines isnecessary to enable the preparation of consolidated financial statements that are free frommaterial misstatement,whether due to fraud or error.In preparing the c

24、onsolidated financial statements,management is responsible for assessing theGroups ability to continue as a going concern,disclosing,as applicable,matters related to goingconcern and using the going concern basis of accounting unless management either intends toliquidate the Group or to cease operat

25、ions,or has no realistic alternative but to do so.Those charged with governance are responsible for overseeing the Groups financial reportingprocess.Auditors Responsibilities for the Audit of the Consolidated Financial StatementsOur objectives are to obtain reasonable assurance about whether the con

26、solidated financialstatements as a whole are free from material misstatement,whether due to fraud or error,and toissue an auditors report that includes our opinion.Reasonable assurance is a high level ofassurance,but is not a guarantee that an audit conducted in accordance with Canadian generallyacc

27、epted auditing standards will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if,individually or in theaggregate,they could reasonably be expected to influence the economic decisions of users takenon the basis of these cons

28、olidated financial statements.As part of an audit in accordance with Canadian generally accepted auditing standards,we exerciseprofessional judgment and maintain professional skepticism throughout the audit.We also:Identify and assess the risks of material misstatement of the consolidated financial

29、statements,whether due to fraud or error,design and perform audit procedures responsive to those risks,and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.The risk of not detecting a material misstatement resulting from fraud is higher than for oneresultin

30、g from error,as fraud may involve collusion,forgery,intentional omissions,misrepresentations,or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances,but not for the purpose of e

31、xpressing anopinion on the effectiveness of the Groups internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by management.Conclude on the appropriateness of managements use of the going concern basis of a

32、ccountingand,based on the audit evidence obtained,whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Groups ability to continue as agoing concern.If we conclude that a material uncertainty exists,we are required to drawattention in our auditor

33、s report to the related disclosures in the consolidated financialstatements or,if such disclosures are inadequate,to modify our opinion.Our conclusions arebased on the audit evidence obtained up to the date of our auditors report.However,futureevents or conditions may cause the Group to cease to con

34、tinue as a going concern.Evaluate the overall presentation,structure and content of the consolidated financialstatements,including the disclosures,and whether the consolidated financial statementsrepresent the underlying transactions and events in a manner that achieves fair presentation.Obtain suff

35、icient appropriate audit evidence regarding the financial information of the entitiesor business activities within the Group to express an opinion on the consolidated financialstatements.We are responsible for the direction,supervision and performance of the groupaudit.We remain solely responsible f

36、or our audit opinion.We communicate with those charged with governance regarding,among other matters,the plannedscope and timing of the audit and significant audit findings,including any significant deficienciesin internal control that we identify during our audit.We also provide those charged with

37、governance with a statement that we have complied withrelevant ethical requirements regarding independence,and to communicate with them allrelationships and other matters that may reasonably be thought to bear on our independence,andwhere applicable,related safeguards.The engagement partner on the a

38、udit resulting in this independent auditors report is John Leavitt.Chartered Professional AccountantsCalgary,AlbertaDecember 19,2022 CANEX Metals Inc.Consolidated Statements of Financial Position(Expressed in Canadian Dollars)As at September 30520222021ASSETSCurrent Assets Cash(Note 5)$1,458,563$1,1

39、98,099 Accounts receivable(Note 6)6,3005,248 Prepaid expenses36,20970,417 Short-term investments(Note 7)309,842619,6861,810,9141,893,450Non-current Assets Exploration and evaluation asset advances anddeposits(Note 8)42,96637,874 Exploration and evaluation assets(Note 8)3,913,0411,947,701 Equipment(N

40、ote 9)-303,956,0071,985,605TOTAL ASSETS$5,766,921$3,879,055EQUITY AND LIABILITIESCurrent LiabilitiesAccounts payable and accrued liabilities(Note 10)$93,180$186,395Non-current LiabilitiesDecommissioning obligation(Note 11)51,90647,306TOTAL LIABILITIES145,086233,701EQUITY Share capital(Note 12)20,431

41、,39117,789,834 Reserves2,225,3142,109,028 Deficit(17,034,870)(16,253,508)TOTAL EQUITY5,621,8353,645,354TOTAL EQUITY AND LIABILITIES$5,766,921$3,879,055Nature of operations and continuance of operations(Note 1)Subsequent events(Note 23)Approved by the Board“Shane Ebert”Director“Jean-Pierre Jutras”Dir

42、ectorSee accompanying notes to consolidated financial statements.CANEX Metals Inc.Consolidated Statements of Loss and Comprehensive Loss(Expressed in Canadian Dollars)For the years ended September 30620222021ExpensesGeneral and administrative(Note 14)$(638,669)$(449,531)Reporting to shareholders(19,

43、493)(18,466)Professional fees(42,268)(44,435)Stock exchange and transfer agent fees(12,768)(12,348)Depreciation(30)(18)Impairment(Note 8)-(473,527)Loss before other items(713,228)(998,325)Other itemsDividend income231,232-Interest and other3,1272,769(Loss)gain from short-term investments(302,493)190

44、,041(68,134)192,810Net loss and comprehensive loss for theyear$(781,362)$(805,515)Basic and diluted loss per share(Note 16)$(0.01)$(0.01)Weighted average shares outstanding-basicand diluted(Note 16)80,617,33168,164,460See accompanying notes to the consolidated financial statements.CANEX Metals Inc.C

45、onsolidated Statements of Cash Flows(Expressed in Canadian Dollars)For the years ended September 30720222021Increase in cash and cash equivalentsOperating activitiesCash paid to suppliers and contractors(Note 19)$(528,571)$(481,982)Cash used in operating activities(528,571)(481,982)Investing activit

46、iesInterest and other items(expended)received3,1272,769Cash received on sale of short-term investments238,583121,626Cash received from government grants-4,450Cash expended on exploration and evaluation assets(Note 19)(2,066,388)(797,342)Cash expended on exploration advances and deposits(5,092)-Cash

47、used by investing activities(1,829,770)(668,497)Financing activitiesShare capital and warrant issue proceeds2,500,0211,700,000Options exercised24,000-Warrants exercised112,670230,000Cash share issuance and transaction costs(17,886)(30,400)Cash provided by financing activities2,618,8051,899,600Increa

48、se in cash and cash equivalents260,464749,121Cash(Note 5):Beginning of period1,198,099448,978End of period$1,458,563$1,198,099Supplementary information:Interest and taxesNo cash was expended on interest or taxes during the years ended September 30,2022 and September 30,2021.Non-cash transactions2022

49、During the year ended September 30,2022,the Company received a dividend in-kind of 79,188 common shares ofCanada Nickel Company Inc.(“Canada Nickel”or“CNC”)valued at$2.92 per share for a total value of$231,232.Refer to Note 7 “Short-term investments”for more information regarding this transaction.Th

50、e Company alsogranted 1,525,000 stock options to officers,directors and consultants and recorded a non-cash charge for stockbased payments of$139,038 that is included in general and administrative expenses(Note 14).Refer to Note 15“Share-based payment transactions”for further information.2021During

51、the year ended September 30,2021,the Company issued 185,185 common shares valued at$25,000pursuant to an option agreement on the Gibson property.Additionally,the Company issued 750,000 common sharespursuant to an option agreement on the Gold Range Property.(See Note 8 “Exploration and evaluation ass

52、ets”formore information).The Company granted stock options to officers,directors and consultants and recorded a non-cash charge for stock-based payments of$74,749 that is included in general and administrative expenses(Note 14).Refer to Note 15 “Share-based compensation transactions”for further info

53、rmation.See accompanying notes to the consolidated financial statements.CANEX Metals Inc.Consolidated Statement of Changes in Equity(Expressed in Canadian Dollars)As at September 308ReservesCommonsharecapitalEquity settledshare basedpaymentsWarrantsOtherReserves*TotalReservesDeficitTotal$Balance,Sep

54、tember 30,202015,747,739147,40833,9141,886,0772,067,399(15,447,993)2,367,145Net and comprehensive loss for the year-(805,515)(805,515)Warrants exercised230,000-230,000Share issuance January 20211,700,000-1,700,000Share issuance property acquisition(Note 8)25,000-25,000Warrants expired March 202133,1

55、20-(33,120)-(33,120)-Share issuance property acquisition(Note 8)84,375-84,375Options issued July 2021-74,749-74,749-74,749Share issuance costs(30,400)-(30,400)Balance,September 30,202117,789,834222,1577941,886,0772,109,028(16,253,508)3,645,354Net and comprehensive loss for the year-(781,362)(781,362

56、)Warrants exercised-April 202240,000-40,000Options issued May 2022-139,038-139,038-139,038Share issuance May 20222,500,021-2,500,021Warrants exercised May 202210,666-10,666Warrants exercised June 202262,798-(794)-(794)-62,004Options exercised June 202245,958(21,958)-(21,958)-24,000Options expired Ju

57、ly 2022-(28,819)-28,819-Share issuance costs(17,886)-(17,886)Balance,September 30,202220,431,391310,418-1,914,8962,225,314(17,034,870)5,621,835*Other reserves is comprised of the aggregate of options and warrants that expired or were fully vested and forfeited without exercise.These values were reli

58、eved from commonshare capital,share based payment reserve and warrants reserve respectively upon the expiry of the equity instrument.See accompanying notes to the consolidated financial statementsCANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the ye

59、ar ended September 30,202291.Nature of operations and continuance of operationsCANEX Metals Inc.(CANEX or the Company)is engaged in the business of mineral exploration anddevelopment in Canada.The Company was originally incorporated under the laws of the Province of Quebec,Canada and has been contin

60、ued under the Alberta Business Corporations Act,Canada.The address of itsprimary office is Suite 815,808-4th Avenue SW,Calgary,Alberta,Canada,T2P 3E8.The Companys commonshares are listed on the TSX Venture Exchange under the trading symbol CANX.Since inception,the efforts of the Company have been de

61、voted to the acquisition,exploration and developmentof mineral properties.To date the Company has not received any revenue from mining operations and has notdetermined whether its mineral exploration properties contain ore reserves that are economically recoverable.The Company incurred a net loss of

62、$781,362 during the year ended September 30,2022.The Company hasa deficit of$17,034,870 at September 30,2022 and a working capital surplus of$1,717,734.Operatingexpenses beyond September 30,2023,increases in expenditures over budget for the twelve month periodended September 30,2023,exploration prog

63、rams and new property acquisitions will require additionalfinancing.There can be no assurance that the Company will be successful in obtaining financing.These materialuncertainties cast significant doubt on the Companys ability to continue as a going concern.These financialstatements do not include

64、any adjustments which could be significant should the Company be unable to continueas a going concern.2.Basis of presentationa)Basis of presentationThese consolidated financial statements have been prepared in accordance with International FinancialReporting Standards(IFRS)as issued by the Internati

65、onal Accounting Standards Board(IASB)andinterpretations of the International Reporting Interpretations Committee(IFRIC),effective for the periods endedSeptember 30,2022 and 2021,using the significant accounting policies outlined in Note 3.The consolidatedstatements were authorized for issue by the b

66、oard of directors on December 19,2022.These consolidated financial statements have been prepared on a historical cost basis except for certainfinancial instruments described in Note 13 and decommissioning obligation described in Note 11.In addition,these statements have been prepared using the accru

67、al basis of accounting except for cash flow information.The presentation and functional currency of the Company is the Canadian dollar.b)Principles of consolidationThese consolidated financial statements include the accounts of the Company and its wholly-owned USsubsidiary,Canexco Inc.(“Canexco”).Ca

68、nexco was incorporated by the Company on June 5,2019 in Arizona,USA,to conduct its exploration and development business in the USA,(refer to Note 8-“Exploration andevaluation assets”for more information).All intercompany transactions and balances have been eliminated onconsolidation.Subsidiaries are

69、 those entities that the Company controls through its power to govern the financialand operating policies of the subsidiary.Subsidiaries are fully consolidated from the date control is obtained andare de-consolidated from the date control ceases.3.Significant accounting policesa)New accounting polic

70、iesCANEX did not adopt any new accounting policies during the year ended September 30,2022.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,2022103.Significant accounting polices(continued)b)Financial InstrumentsThe Company

71、s financial instruments consist of the following:Financial AssetsClassificationCashFinancial asset measured at amortized costAccounts receivableFinancial asset measured at amortized costShort-term investmentsFinancial asset measured at fair valueFinancial LiabilitiesClassificationAccounts payable an

72、d accrued liabilitiesFinancial liabilities measured at amortized costThe Company records financial assets initially at fair value and subsequently measures these financial assetsat either amortized cost or fair value on the basis of both the Companys business model for managing thefinancial assets a

73、nd the contractual cash flow characteristics of the financial asset.A financial asset is measuredat amortized cost if both of the following conditions are met:1)the asset is held within a business model whose objective is to hold assets in order to collectcontractual cash flows;and2)the contractual

74、terms of the financial asset give rise on specified dates to cash flows that are solelypayments of principal and interest on the principal amount outstanding.If the financial asset is not measured at amortized cost as per the above,the financial asset is measured at fairvalue.Financial assets measur

75、ed at fair valueFinancial assets measured at fair value are carried at fair value at each period end,with the related gains andlosses recognized in profit or loss.The sale of equity investments is accounted for using trade date accounting.Financial assets measured at amortized costFinancial assets m

76、easured at amortized cost are recorded at fair value upon initial recognition,plus anyapplicable transaction costs that are directly attributable to the acquisition of the financial asset,andsubsequently carried at amortized cost,using the effective interest method.A gain or loss on a financial asse

77、tthat is measured at amortized cost is recognized in profit or loss when the financial asset is derecognized,impaired,or reclassified.Financial liabilities measured at amortized costFinancial liabilities measured at amortized cost are recorded at fair value upon initial recognition,less anyapplicabl

78、e transaction costs that are directly attributable to the acquisition of the financial liability,and aresubsequently measured at amortized cost using the effective interest method.A gain or loss on a financialliability that is measured at amortized cost is recognized in profit or loss when the finan

79、cial liability isderecognized.Impairment of financial assetsThe Company recognizes a loss allowance for expected credit losses on financial assets that are measured atamortized cost using the“simplified method”.At each reporting date,the Company measures the loss allowancefor the financial asset at

80、an amount equal to the lifetime expected credit losses if the credit risk on the financialasset has increased significantly since initial recognition.If at the reporting date,the financial asset has notincreased significantly since initial recognition,the Company measures the loss allowance for the

81、financial assetat an amount equal to the twelve month expected credit losses.The Company shall recognize in theconsolidated statements of loss and comprehensive loss as an impairment gain or loss,the amount of expectedCANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canad

82、ian Dollars)For the year ended September 30,2022113.Significant accounting polices(continued)b)Financial Instruments(continued)credit losses that is required to adjust the loss allowance at the reporting date to the amount that is required tobe recognized.The carrying amount of financial assets is r

83、educed by any impairment loss directly except in the case of accountsreceivable,where the carrying amount is reduced through the use of an allowance account.When an accountreceivable is considered uncollectible,it is written-off against the allowance account.Subsequent recoveries ofaccounts receivab

84、le previously written off are credited against the allowance account.Changes in the carryingamount of the allowance account are recognized in earnings.If,in a subsequent period,the amount of the impairment loss decreases for financial assets except accountsreceivable,and the decrease can be related

85、objectively to an event occurring after the impairment wasrecognized,the reversal is recognized in profit or loss and is limited to the carrying amount that would havebeen determined had no impairment loss been recognized in prior years.CashCash includes cash held in Canadian dollar and US dollar cu

86、rrent accounts,highly liquid Canadian dollardenominated investments in bankers acceptances or term deposits,with terms to maturity of 90 days or lesswhen acquired and cash held in short-term investment accounts.The counter-parties are financial institutions.c)ProvisionsProvisions are recognized when

87、 the Company has a present obligation,whether legal or constructive,as a resultof a past event for which it is probable that an outflow of resources embodying economic benefits will be requiredto settle the obligation and a reliable estimate can be made of the amount of the obligation.Provisions are

88、measured at the present value of the expenditures expected to be required to settle the obligation discountedusing the pre-tax,risk-free rate,updated at each reporting date.d)Decommissioning obligationDecommissioning obligation includes obligations related to future removal of property and equipment

89、,and siterestoration costs.A liability,for the fair value of environmental and site restoration obligations,is recorded inaccordance with the broader policy described in c)Provisions above.Provisions for restoration costs do notinclude any additional obligations that are expected to arise from futur

90、e disturbance.The amortization orunwinding of the discount applied in establishing the net present value of provisions is charged to earnings in asystematic manner.Other movements in the provision,including those from new disturbance,updated costestimates,changes to the lives of operations and revis

91、ions to discount rates are capitalized to exploration andevaluation assets.The amounts included in capitalized costs are depleted using the unit-of-production methodat such point that the mineral property achieves commercial production,or the costs will be written-off at suchtime that management con

92、siders that the value of the related property has been impaired.e)Exploration and evaluation assetsThe Company is in the exploration stage with respect to its investment in mineral properties.The Companycapitalizes costs directly related to the acquisition,exploration and evaluation of mineral prope

93、rties.Such costsinclude,but are not restricted to,geological,geophysical,drilling,trenching and sampling costs including thesupport costs and supplies required in relation thereto.These assets are recorded at cost as adjusted forimpairments in value.Impairment is assessed when facts and circumstance

94、s suggest that the carrying amountof the asset may exceed its recoverable amount.In assessing impairment,exploration and evaluation assetsare grouped into Cash Generating Units(CGUs),on the basis of areas of interest.Management groupsmineral claims that are contiguous and specific to an area that en

95、compasses the same prospective minerals,CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,2022123.Significant accounting polices(continued)e)Exploration and evaluation assets(continued)into one area of interest and assigns a

96、 name to this mineral property.Each named mineral property is consideredan area of interest and a CGU.Exploration and evaluation assets are reviewed for impairment if there is an indication that the carrying amountmay not be recoverable.When a review for impairment is conducted,the recoverable amoun

97、t is assessed byreference to the higher of value in use(being the net present value of expected future cash flows of the relevantcash generating unit(CGU),or fair value less costs to sell”.Where there is no binding sale agreement oractive market,fair value less costs to sell is based on the best inf

98、ormation available to reflect the amount theCompany could receive for the assets in an arms length transaction.The discount rate applied in calculating net present value of expected future cash flows,is based upon pre-taxdiscount rates that reflect current market assessments of the time value of mon

99、ey and the risks associated withthe relevant cash flows,to the extent that such risks are not reflected in the forecasted cash flows.If the carrying amount of the asset exceeds its recoverable amount,the asset impairment loss is charged toearnings and reduces the carrying amount of the asset.A previ

100、ously recognized impairment loss is reversed ifthe recoverable amount increases as a result of a reversal of the conditions that originally precipitated theimpairment.This reversal is recognized in profit or loss and is limited to the carrying amount that would havebeen determined,net of depreciatio

101、n,had no impairment loss been recognized in prior years.An impairment loss may be reversed in a situation where there is a change in the circumstances that had initiallydictated that an impairment had occurred.An example of such a situation might include,but not be limited to,the re-commencement of

102、exploration activity on a mineral property due to a significant change in commodityprices.Although not an exhaustive list,one or more of the following facts and circumstances indicate that a specificCGU should be tested for impairment:The period for which the entity has the right to explore in the s

103、pecific area has expired during the financialstatement period or will expire in the near future and is not expected to be renewed.Substantive expenditure on further exploration for,and evaluation of,mineral resources in the specificarea is neither budgeted nor planned.Exploration for and evaluation

104、of mineral resources in the specific area has not led to the discovery ofcommercially viable quantities of mineral resources and the entity has decided to discontinue suchactivities in the specific area.Sufficient data exists to indicate that,although a development in the specific area is likely to

105、proceed,thecarrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successfuldevelopment or sale.Where the Companys exploration commitments for a CGU are performed under option agreements with a thirdparty,the proceeds of any option payments under such agreem

106、ents are applied to the CGU to the extent ofcosts incurred.The excess,if any,is credited to operations.Option payments made by the Company arerecorded as exploration and evaluation assets.Options are exercisable entirely at the discretion of the optioneeand accordingly,are recorded as exploration an

107、d evaluation assets or recoveries when the payments are madeor received.The proceeds on the sale of exploration and evaluation assets are applied to the area of interestto the extent of costs incurred and the excess,if any,is credited to operations.In some circumstances optionpayments received by or

108、 made by the Company are made in whole or in part through the issuance of commonshares.The value of these share-based payments is calculated using the closing price of the shares on the dateof issue as determined by the public exchange upon which they are listed as this is the most readily determina

109、blevalue.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,2022133.Significant accounting polices(continued)e)Exploration and evaluation assets(continued)When the Company enters the development stage for a CGU,the exploratio

110、n and evaluation costs aretransferred into mine development costs and all subsequent expenditures on the construction,installation orcompletion of infrastructure net of incidental revenue,is capitalized.Upon commencement of commercialproduction,all mine development assets for the relevant CGU are tr

111、ansferred to producing mine assets at whichpoint the costs will commence being charged to earnings on a unit-of-production basis.f)EquipmentOn initial recognition,equipment assets are valued at cost,being the purchase price plus the directly attributablecosts of acquisition to bring the assets to th

112、e location and condition necessary for the assets to be put into use.Subsequent to acquisition,these assets are recorded at cost less accumulated depreciation.Depreciationmethods and rates by significant categories of property and equipment that are calculated to write off the costof the assets,less

113、 estimated residual values,over their useful lives.The method and rates used by categoryare as follows:Depreciation methodDepreciation rateComputer equipment and software Declining balance50%Residual values and useful lives are reviewed,and adjusted if appropriate,at each balance sheet date.Changes

114、to estimated residual values or useful lives are accounted for prospectively as a change in estimates.Equipment is reviewed for impairment if there is an indication that the carrying amount may not be recoverable.When a review for impairment is conducted,the recoverable amount is assessed by referen

115、ce to the higher ofvalue in use(being the net present value of expected future cash flows of the relevant cash generating unit(CGU),or fair value less costs to sell).Where there is no binding sale agreement or active market,fair valueless costs to sell is based on the best information available to r

116、eflect the amount the Company could receive forthe assets in an arms length transaction.When calculating“value in use”,the discount rate applied in calculating net present value of expected futurecash flows,is based upon pre-tax discount rates that reflect current market assessments of the time valu

117、e ofmoney and the risks associated with the relevant cash flows,to the extent that such risks are not reflected inthe forecasted cash flows.If the carrying amount of the asset exceeds its recoverable amount,the asset impairment loss is charged toearnings and reduces the carrying amount of the asset.

118、A previously recognized impairment loss is reversed ifthe recoverable amount increases as a result of a reversal of the conditions that originally precipitated theimpairment.This reversal is recognized in profit or loss and is limited to the carrying amount that would havebeen determined,net of depr

119、eciation,had no impairment loss been recognized in prior years.Gains or losses on disposals of equipment are determined by comparing the proceeds with the carrying amountof the asset and are included in other gains and losses in the statements of loss and comprehensive income(loss).g)Gains and losse

120、s on short-term investmentsThe Company maintains an investment portfolio of publicly traded securities.These investments are recordedat fair value at year end and differences are recorded in income.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the

121、year ended September 30,2022143.Significant accounting polices(continued)h)Foreign currenciesBoth the presentation currency and functional currency of the Company is the Canadian dollar.The functionalcurrency of its wholly owned US subsidiary is the Canadian dollar.Transactions in currencies other t

122、han thefunctional currency are recorded at the rates of exchange prevailing on the transaction dates.At each financialstatement reporting date,monetary assets and liabilities that are denominated in foreign currencies aretranslated at the rates prevailing on the date of the statements of financial p

123、osition.Non-monetary items that aremeasured in terms of historical cost in a foreign currency are not retranslated.Non-monetary items that arecarried at fair value and were measured in a foreign currency are translated at the rate prevailing at the datewhen the fair value was determined.Foreign exch

124、ange gains and losses on the foregoing transactions arerecorded in profit or loss.i)Share-based payment transactionsThe fair value of stock options granted to employees is recognized as an expense over the vesting period witha corresponding increase in the equity-settled share based payment reserve

125、in equity.Employees,for thepurpose of this calculation,also include individuals who provide services similar to those performed by a directemployee,including directors and consultants of the Company.The fair value of the options granted is measuredusing the Black-Scholes Option Pricing Model taking

126、into account the terms and conditions upon which theoptions were granted.Consideration received on the exercise of stock options is recorded as share capital andthe related equity-settled share based payment amount is transferred to share capital.If options expire or arecancelled without being exerc

127、ised,the value associated therewith is transferred from equity-settled share basedpayment reserve to other reserves.j)Loss per shareBasic loss per common share is computed by dividing the net earnings loss attributable to common shareholdersby the weighted average number of common shares outstanding

128、 for the period.Diluted per share amountsreflect the potential dilution that could occur if securities or other contracts to issue common shares wereexercised or converted to common shares.Only“in-the-money”dilutive instruments impact the dilutioncalculations and potentially dilutive instruments sha

129、ll only be treated as dilutive when their conversion increasesloss per share.Refer to Note 12 for a summary of options and warrants outstanding that could potentially dilutebasic earnings per share in the future,but were excluded from the calculation in the periods disclosed becausetheir effect was

130、anti-dilutive.Refer to Note 16 for calculations of loss per share.k)Income taxesIncome tax on net earnings or loss for the periods presented is comprised of current and deferred tax asapplicable.Tax on income in interim periods is accrued using the tax rate that would be applicable to expectedtotal

131、annual earnings.Income tax pertaining to earnings or loss is recognized in earnings or loss;income taxespertaining to items recognized directly in equity is recorded through equity.Current tax is the tax expected to bepayable on the taxable income for the year calculated using rates that have been e

132、nacted or substantivelyenacted by the balance sheet date.It includes adjustments for tax expected to be payable or recoverable inrespect of previous periods.Deferred tax is provided using the balance sheet liability method,providing for temporary differences betweenthe carrying amounts of assets and

133、 liabilities for financial reporting purposes and the amounts used for taxationpurposes.Temporary differences are not provided for goodwill,not deductible for tax purposes,and the initialrecognition of assets or liabilities that affect neither accounting nor taxable profit.The amount of deferred tax

134、provided is based on the expected manner of realization or settlement of the carrying amount of assets andliabilities,using tax rates enacted or substantively enacted at the statement of financial position date.Deferredtax assets are only recognized to the extent that it is probable that the deducti

135、ble temporary differences willCANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,2022153.Significant accounting polices(continued)k)Income taxes(continued)reverse in the foreseeable future and future taxable profit will be av

136、ailable against which the temporary differencecan be utilized.l)LeasesThe Company assesses whether a contract is or contains a lease,at inception of a contract.The Companyrecognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements inwhich it is the less

137、ee,at the commencement of the lease,with the following exceptions:(a)the Company haselected not to recognize right-of-use assets and liabilities for leases where the total lease term is less than orequal to 12 months,or(b)for leases of low value.The payments for such leases are recognized in thecons

138、olidated statement of loss and comprehensive loss on a straight-line basis over the lease term.TheCompany leases office space pursuant to a sublease agreement that meets the exception critera noted aboveand therefore the lease obligations are recognized as an expense on a straight-line basis over th

139、e term of thelease.m)Government incentivesThrough its exploration,the Company has benefited from government grants.These incentives are notrepayable provided that the Company meets the requirements of the agreement,the most significant of whichis that the incentives apply to qualifying expenditures.

140、Qualifying expenditures are defined broadly within theagreement as all reasonable expenses for contracted services,machinery rental,transportation of machinery,personnel and supplies or other approved costs in connection with specific exploration programs.Thegovernment grants are recognized when the

141、re is reasonable assurance that the Company will comply with theconditions of the grant and the grants will be received.The incentives reduce the mineral property costs to whichthey pertain in the period that the qualifying exploration expenditures are incurred or when collectability isreasonably as

142、sured if this is later.These government incentives are subject to review by the relevant grantingauthorities,and by their nature are subject to measurement uncertainty.Adjustments,if any,resulting from sucha review are recorded in the period during which the final grant payment amount is assessed by

143、 the governingagency.n)Valuation of equity units issued in private placementsEquity instruments are contracts that give a residual interest in the net assets of the Company.TheCompanys common shares and warrants are classified as equity instruments.The fair value of commonshare units issued in priva

144、te placements is measured using the closing bid price on the announcement date.The full amount of each share unit is allocated to share capital;the Company does not value warrantsseparately with respect to the measurent of shares and warrants issued a private placement units.4.Critical accounting ju

145、dgments and estimatesThe preparation of financial statements requires management to make certain estimates,judgments andassumptions that affect the reported amounts of assets,liabilities and disclosure of contingent assets andliabilities at the date of the financial statements and the reported amoun

146、ts of revenues and expenses during thereporting period.Actual outcomes could differ from these estimates.Circumstances could arise over the yearsthat would require material revisions to these estimates.Changes in assumptions could have a material effecton the fair value of estimates.These financial

147、statements include estimates that,by their nature,are uncertain.The impacts of such estimatesare pervasive throughout the financial statements and may require accounting adjustments based on futureoccurrences.Adjustments resulting from revisions to accounting estimates are recognized in the period i

148、n whichthe estimate is revised,and future periods if the revision affects both current and future periods.These estimatesCANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,2022164.Critical accounting judgments and estimates(c

149、ontinued)are based on historical experience,current and future economic conditions and other factors,includingexpectation of future events that are believed to be reasonable under the circumstances.Critical estimates include:a)The carrying values of exploration and evaluation assets that are include

150、d in the statement of financialposition,including the assumptions that are incorporated into the impairment assessments,and theamount of impairments that are included in the statement of loss and comprehensive loss.(Refer toNote 1-Nature of operations and continuance of operations)b)The estimate of

151、the amount of asset retirement obligation and the inputs used in determining the netpresent value of the liabilities for asset retirement obligations included in the statement of financialposition.c)The estimated fair value of share purchase options and broker warrants requires determining the mosta

152、ppropriate model as well as the applicable inputs.d)Judgment is required in determining whether or not deferred tax assets are recognized on thestatement of financial position.e)Estimates are required in determining the amount of government incentives.Judgment is also requiredto determine the recove

153、rability of the government incentives.f)Managements assessment of the Companys ability to continue as a going concern involves makingjudgements as to whether suitable conditions and events exist to support the Companys futureoperations and is reassessed at each reporting period.5.CashCash is compris

154、ed of:Sept 30,2022Sept 30,2021Current bank accounts$1,440,507$881,132Cash held in foreign currencies18,056316,967$1,458,563$1,198,0996.Accounts receivableSept 30,2022Sept 30,2021Due from related parties$18$237Sales tax receivables6,2825,011$6,300$5,2487.Short-term investmentsSept 30,2022Sept 30,2021

155、Spruce Ridge Resources Ltd.Common shares$309,842$619,686The 5,633,500 common shares of Spruce Ridge Resources Ltd.,were valued at their fair value,based on theirrespective period-end trading prices,at September 30,2022 and September 30,2021,resulting in an unrealizedloss of$309,843 and gain of$138,3

156、30 at each respective year end.On October 22,2021,Spruce Ridge declared a dividend in-kind of common shares of Canada Nickel that waspayable on or before November 5,2021.The dividend was paid on October 29,2021,to shareholders of SpruceRidge at the close of business on October 29,2021,the record dat

157、e.One Canada Nickel share was paid underthe dividend declared for every 71.14 Spruce Ridge shares held.At October 29,2021,the Company held5,633,500 Spruce Ridge shares.As a result,the Company received a dividend of 79,189 Canada Nickel sharesat$2.92 per share valued on October 29,2021,for a total va

158、lue of$231,232.During the year ended September30,2022,the Company sold 100%of its Canada Nickel holdings for net proceeds of$238,583,incurring arealized gain on the sale of$7,350.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended Septembe

159、r 30,2022177.Short-term investments(continued)During the year ended September 30,2021,the Company disposed of 20,000 Commander Resources Ltd.shares,31,500 Maple Gold Mines Ltd.Shares and 54,867 Canada Nickel Co.Inc.shares for net cash proceedsof$2,540,$10,560 and$108,526 respectively,incurring a rea

160、lized gain of$51,711.8.Exploration and evaluation assetsMineral properties are recognized in these financial statements in accordance with the accounting policiesoutlined in Note 3(e)Exploration and evaluation assets.Accordingly,their carrying values represent costsincurred to date,net of recoveries

161、,abandonments and impairments.The recoverability of these amounts isdependent upon the existence of economically recoverable mineral reserves;the acquisition and maintenanceof appropriate permits,licenses and rights;the ability of the Company to obtain necessary financing to completethe development

162、of properties where necessary,and upon future profitable operations;or alternatively,uponthe Companys ability to recover its costs through a disposition of its interests in its mineral explorationproperties.Gold Range Property,Arizona,USAOn June 11,2019,the Companys wholly-owned subsidiary,Canexco I

163、nc.,entered into an arms lengthOption Agreement to acquire a 100%interest in the Gold Range Property,Arizona,USA from a Prospector,the“Optionor”.The Gold Range Property,under option,is comprised of three staked lode mineral claims witha total area of 61.98 acres and is located in Mohave County,Arizo

164、na,USA.Under the terms of the agreement,the Company is committed to make options payments and minimumexploration expenditures totaling US$90,000 and US$80,000 over four years,respectively.On June 11,2019,the Company paid US$10,000($13,405),on June 6,2020,the Company paid US$15,000($20,306),on June1,

165、2021,the Company paid US$15,000($18,423)and on June 2,2022,the Company paid US$20,000($25,536)in accordance with the agreement.The Company met its minimum exploration expenditurecommitment during the year ended September 30,2020.In addition,the Optionor will retain a 2%NSR,halfof which can be bought

166、 back by the Company for US$500,000;the remaining half can be bought back forUS$1,000,000.As at September 30,2022,under the terms of the Agreement,the Company is committed to the following cashpayments:Option PaymentsDue dateUS$June 11,202330,000The remaining committed option payments of US$30,000 w

167、ould equate to$41,121 using the September 29,2022 Bank of Canada exchange rate.An increase or decrease of 10%to the exchange rate would result inan increase or decrease in required option payments of$4,112.On February 24,2020,the Companys wholly-owned subsidiary,Canexco Inc.,entered into an arms len

168、gthOption Agreement to acquire a 100%interest in the Never Get Left Claim,Mohave County,Arizona,USAfrom Onyx Exploration Inc.,the“Optionor”which is adjacent to the Companys Pit Zone target on the GoldRange Property.The Never Get Left Claim,under option,is comprised of one staked lode mineral claim w

169、itha total area of 20.99 acres and is located in Mohave County,Arizona,USA.Under the terms of the agreement,the Company is committed to make options payments totaling US$90,000over four years.On February 24,2020,the Company paid US$10,000($13,397),on February 18,2021,theCompany paid US$15,000($19,06

170、3),and on February 10,2022,the Company paid US$15,000($18,993)inaccordance with the agreement.In addition,the Optionor will retain a 2%NSR,half of which can be boughtback by the Company for US$500,000;the remaining half can be bought back for US$500,000.Additionally,CANEX Metals Inc.Notes to the Con

171、solidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,2022188.Exploration and evaluation assets(continued)Gold Range Property,Arizona,USA(continued)the Company must pay 10%of any profits realized from the processing and recovery of metals from theexisting leach

172、 pad materials located within the Optionors claim.As at September 30,2022,under the terms of the Agreement,the Company is committed to the following cashpayments:OptionPaymentsDue dateUS$February 24,202320,000February 24,202430,000Total committed cash payments50,000The remaining committed option pay

173、ments of US$50,000 would equate to$68,535 using the September 29,2022 Bank of Canada exchange rate.An increase or decrease of 10%to the exchange rate would result inan increase or decrease in required option payments of$6,854.On January 12,2021,the Company and its wholly owned subsidiary,Canexco Inc

174、.,signed a Letter of Intent(“LOI”)allowing the Company to earn into the Excelsior Mine Property(“the Property”)from a private vendorover 3 stages.The definitive agreement was signed on June 2,2021 and received TSXV approval on June17,2021.During stage 1,CANEX can earn a 25%interest in the Property b

175、y issuing 750,000 common sharesof CANEX and spending US$500,000 on exploration.During stage 2,CANEX can earn 51%interest in theProperty by issuing 1 million shares of CANEX,spending US$2,000,000 and paying a bonus paymentequivalent to 1%of the gold price on recoverable gold equivalent ounces defined

176、 in the measured andindicated resource categories.Stages 1 and 2 must be completed over 2.5 years(refer to Note 23)“Subseqent events”b)for further information).On June 25,2021,the Company issued 750,000 commonshares valued at$84,375,in accordance with the agreement.During stage 3 CANEX can earn a 90

177、%interest in the Property by issuing 1,000,000 CANEX shares andspending US$2,000,000 on exploration and development including an economic study.To complete thestage 3 earn in,CANEX must make another bonus payment to the Vendors equivalent to 1.5%of the goldprice on recoverable gold equivalent ounces

178、 defined in the proven and probable reserve categories.CANEX has 2 years to complete the stage 3 earn in once Stage 2 is complete.Once CANEX has earned a90%interest in the Property,the Vendors can elect to maintain their 10%ownership by contributing their 10%share to exploration and development or t

179、o give up 100%ownership to CANEX and revert to a 1.5%NSR.As at September 30,2022,under the terms of the Agreement,the Company is committed to the following shareissuances and minimum exploration expenditures:Option payments(Common Shares)Minimum explorationexpenditures(US$)Earn in oncompletion ofobl

180、igation(%)Stage 1750,000500,00025Stage 21,000,0002,000,00026Stage 31,000,0002,000,00039Total2,750,0004,500,00090Less obligations fulfilled toSeptember 30,2022(750,000)(1,473,700)-Total remainingcommitments atSeptember 30,20222,000,0003,026,300CANEX Metals Inc.Notes to the Consolidated Financial Stat

181、ements(Expressed in Canadian Dollars)For the year ended September 30,2022198.Exploration and evaluation assets(continued)Gold Range Property,Arizona,USA(continued)The remaining committed minimum exploration expenditures of US$3,026,300 equate to$4,148,149 usingthe September 29,2022 Bank of Canada ex

182、change rate.An increase or decrease of 10%to the exchangerate would result in an increase or decrease in required option payments of$414,815.As at September 30,2022,the Company holds 243 lode mining claims and 2 patented claims(1,504hectares)in respect of the Gold Range Property,including acquisitio

183、ns via the option agreements notedabove as well as staking.The gross costs and impairments recorded to the Gold Range Property atSeptember 30,2022 are$3,913,041 and$Nil respectively(September 30,2021-$1,947,701 and$Nil).Gibson Prospect,British ColumbiaOn April 4,2017,the Company announced it had sig

184、ned a Letter of Intent to acquire a 100%interest in theGibson property from Altius Resources Inc.(Altius),a wholly held subsidiary of Altius Minerals Corp.(TSX:ALS),which is an arms length party.Gibson is 887 Ha in size and located in central British Columbia,approximately 95 kilometres northwest of

185、 Fort St.James.The option purchase agreement(the“Agreement”)was executed on May 12,2017;and received Exchange approval on May 17,2017.The Company alsoassumed the obligations of an underlying option agreement with Steven Scott,an arms length party(the“Underlying Agreement”).Under the terms of the Agr

186、eement,the Company is committed to issue a maximum of 3,545,000 commonshares to Altius in three stages plus incur minimum exploration expenditures up to$500,000 within 18 months,and make$90,000 in cash or share equivalent payments to Steven Scott.Upon approval of the Agreement,theCompany issued 1,12

187、5,000 common shares to Altius valued at$78,750 and paid$5,000 to Steven Scott.OnFebruary 14,2018,the Company paid$15,000 to Steven Scott pursuant to the Underlying Agreement.OnOctober 5,2018,the Company issued 1,180,000 common shares to Altius valued at$82,600 pursuant to theAgreement.On February 21

188、,2019,the Company issued 400,000 common shares to Steven Scott valued at$20,000,on February 27,2020,the Company issued 121,951 shares to Steven Scott valued at$25,000 and onFebruary 26,2021,the Company issued 185,185 common shares to Steven Scott valued at$25,000 pursuantto the Underlying Agreement.

189、Under the terms of the underlying agreement with Steven Scott,effective February26,2021,the Company fulfilled its obligations with respect to cash or cash equivalent payments and minimumexploration expenditures.On November 12,2018,the Company was granted an extension to meet its minimumexploration e

190、xpenditures of$500,000 by November 12,2018 to July 15,2019,as lack of access during 2018,in part,prevented the Company from completing the required expenditures within the allotted time.TheCompany was subsequently granted further extensions to meet its minimum exploration expenditures of$500,000.The

191、 agreement has been amended to allow the Company to meet minimum exploration expendituresby August 30,2023.All other terms of the agreement remain unchanged.As at September 30,2021,theCompany determined that further exploration of the Gibson Prospect would not be a priority unless a third partypartn

192、er could be found to further the exploration program.However,the Company,will continue to hold propertyclaims which will expire January 2029.Accordingly,the Company recorded an impairment of the full amount ofexploration expenditures to September 30,2021.The gross costs and impairments recorded to t

193、he GibsonProspect as at September 30,2022 are$Nil and$Nil respectively(September 30,2021-$473,527 and$473,527).CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,2022208.Exploration and evaluation assets(continued)A summary o

194、f exploration and evaluation expenditures by category for the years ended September 30,2022and September 30,2021 appear below:Arizona,USAYear ended September 30,2022Gold RangeProperty$Exploration expenditures:Balance,September 30,20211,587,159Geological consulting214,979Field costs30,163Equipment re

195、ntal1,932Travel89,319Geochemical535,707Drilling956,050Decommissioning4,600Balance,September 30,20223,419,909Property acquisition costsBalance,September 30,2021360,542Acquisition costs incurred132,590Balance,September 30,2022493,132Total exploration and evaluation assets,September30,20223,913,041CANE

196、X Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,2022218.Exploration and evaluation assets(continued)BritishColumbiaArizona,USAYear ended September 30,2021TotalGibsonPropertyGold RangeProperty$Exploration expenditures:Balance,S

197、eptember 30,20201,026,751220,531806,220Geological consulting152,538-152,538Field costs31,246-31,246Travel20,887-20,887Equipment rental3,674-3,674Geochemical178,710-178,710Excavating8,367-8,367Geophysical survey192-192Drilling371,319-371,319Decommissioning14,006-14,006Impairment(220,531)(220,531)-Bal

198、ance,September 30,20211,587,159-1,587,159Property acquisition costsBalance,September 30,2020384,853227,496157,357Acquisition costs incurred228,68525,500203,185Impairment(252,996)(252,996)-Balance,September 30,2021360,542-360,542Total exploration and evaluation assets,September 30,20211,947,701-1,947

199、,701From time to time the Company is required to advance amounts to service providers prior to their commencingexploration work on the mineral interest.The advance is applied to the invoiced services,generally throughthe final invoice.As these advances pertain to costs that form part of the long-ter

200、m exploration and evaluationassets,they are classified as long-term.At September 30,2022,the Company held$10,000 in respect of theGibson Prospect and$32,966 in respect of the Gold Range Project in exploration and evaluation assetadvances and deposits(September 30,2021-$10,000 and$27,874 respectively

201、).9.EquipmentComputer equipment and softwareSept 30,2022Sept 30,2021CostBalance,beginning and end of year$9,685$9,685Accumulated depreciationBalance,beginning of period9,6559,637Depreciation3018Balance,end of year9,6859,655Net book value$-$30CANEX Metals Inc.Notes to the Consolidated Financial State

202、ments(Expressed in Canadian Dollars)For the year ended September 30,20222210.Accounts payable and accrued liabilitiesSept 30,2022Sept 30,2021Trade payables$45,064$140,738Due to related parties20,61518,146Accrued liabilities27,50027,500Commodity taxes payable111$93,180$186,39511.Decommissioning oblig

203、ationChanges in the decommissioning obligation:Sept 30,2022Sept 30,2021Balance,beginning of year$47,306$33,300Accretion4,60014,006Balance,end of year$51,906$47,306The provision noted above represents estimated costs to restore the Companys mineral property which includesthe cost of filling trenches

204、and revegetation as applicable.Management believes that there are no othersignificant legal and constructive obligations as at the respective year end dates for current and futuredecommissioning obligations.The year end present value of the decommissioning obligation was determinedusing a risk-free

205、rate of 3.79%(September 30,2021 0.53%).The estimated total undiscounted amount,usingan inflation rate of 6.84%(September 30,2021 2.77%)for the year ended September 30,2022 is$52,903(2021-$49,964).The timing of future decommissioning costs is uncertain,as the costs will not be incurred untilthe Compa

206、ny gives up its legal right to explore the property or the current land use permits expire,at which timethe reclamation has to have been completed.12.Share capital,stock options and warrantsa)AuthorizedUnlimited number of common shares without par value.b)Issued and outstanding common share capitalS

207、haresValue$Balance,as at September 30,202173,442,23417,789,834Warrants exercised April 2022500,00040,000Share issuance May 27,202219,230,9272,500,021Warrants exercised May 2022133,33010,666Warrants exercised June 2022780,07662,798Options exercised June 2022400,00045,958Share issuance costs-(17,886)B

208、alance,as at September 30,202294,486,56720,431,391CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,20222312.Share capital,stock options and warrants(continued)b)Issued and outstanding common share capital(continued)SharesVa

209、lue$Balance,as at September 30,202053,207,04915,747,739Warrants exercised October 15,20202,300,000230,000Share issuance costs-(830)Share issuance January 7,202116,292,5001,629,250Share issuance January 11,2021707,50070,750Share issuance property acquisition185,18525,000Share issuance costs-(27,292)W

210、arrant expiry March 23,2021-33,120Share issuance property acquisition750,00084,375Share issuance costs-(2,278)Balance,as at September 30,202173,442,23417,789,8342022On April 29,2022,500,000 warrants exercisable at$0.08 per share,expiring June 6,2022,were exercised fortotal proceeds of$40,000.On May

211、27,2022,the Company closed a non-brokered private placement financing of 19,230,927 units(“Common Units”)at a price of$0.13 per Common Unit for gross proceeds of$2,500,021.Each Common Unitconsists of one common share and one-half of one common share purchase warrant.Each whole commonshare purchase w

212、arrant will entitle the holder to purchase one common share at a price of$0.18 per share fora period to two years,May 27,2024.After a 6-month non-callable period,the warrants will be subject toacceleration at the Companys discretion if at any time the Companys 20-day volume weighted average sharepri

213、ce trades above$0.25.On May 30,2022,133,330 warrants exercisable at$0.08 per share,expiring June 6,2022,were exercised fortotal proceeds of$10,666.On June 2,2022,133,330 warrants exercisable at$0.08 per share,expiring June 6,2022,were exercised and13,416 warrants exercisable at$0.05 per share,expiri

214、ng June 6,2022 were exercised,for total proceeds of$11,338.On June 3,2022,633,330 warrants exercisable at$0.08 per share,expiring June 6,2022,were exercised fortotal proceeds of$50,666.On June 29,2022,400,000 options exercisable at$0.06 per share,expiring July 6,2022,were exercised fortotal proceeds

215、 of$24,000.During the subsequent period,from October 1,2022 and up to December 19,2022,the approval date of thesefinancial statements,1,000,000 common shares were issued in accordance with the Excesior Mine Propertyoption(Note 8 -“Exploration and evaluation assets”and Note 23 “Subsequent events”).Th

216、ere were no furthershares issued,and none cancelled and returned to treasury.2021On October 15,2020,2,300,000 warrants exercisable at$0.10 per share,expiring October 20,2020,wereexercised for total proceeds of$230,000 including 100,000 exercised by related parties,comprised of officersand directors.

217、CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,20222412.Share capital,stock options and warrants(continued)b)Issued and outstanding common share capital(continued)On January 7,2021,the Company closed the first tranche of

218、its non-brokered private placement,issuing16,292,500 common shares at$0.10 per share for aggregate gross proceeds of$1,629,250.On January 11,2021,the Company closed the final tranche of its non-brokered private placement,issuing 707,500 commonshares at$0.10 per share for aggregate gross proceeds of$

219、70,750.A total of$16,500 was paid in findersfees in connection with this financing.On February 26,2021,the Company issued 185,185 common shares valued at$25,000 pursuant to an optionagreement on the Gibson property.The share issuance was valued using the closing share price on thetransaction date.Se

220、e Note 8 “Exploration and evaluation assets”for more information.On March 23,2021,460,000 warrants,exercisable at$0.25 per share,expired without exercise.On June 25,2021,the Company issued 750,000 common shares valued at$84,375 pursuant to optionagreement on the Gold Range property.The share issuanc

221、e was valued using the closing share price on thetransaction date.See Note 8 “Exploration and evaluation assets”for more information.c)Stock options outstandingNumber of optionsExerciseExpirySept 30,2022Sept 30,2021PriceJune 26,2022*-925,000$0.06July 27,20241,575,0001,575,000$0.15September 23,20241,

222、200,0001,200,000$0.06October 4,2024710,000710,000$0.055May 1,20271,525,000-$0.185,010,0004,410,000*The expiry date of 925,000 options originally expiring June 26,2022 was extended to July 6,2022 due to a blackout period,which automatically extended the expiry date.The Company has an option plan(the

223、Plan),under which up to 10%of the issued and outstanding commonshares are reserved for issuance.Under the Plan,the options that have been granted expire at the earlier offive years from the grant date,the date at which the Directors determine,or 60 days from the date on which theoptionee ceases to b

224、e a director,officer,employee or consultant.The exercise price of the options grantedunder the Plan will not be less than that from time to time permitted under the rules of the stock exchange orexchanges on which the shares are then listed,which price reflects trading values at that time.All of the

225、 optionsoutstanding at the respective period ends have vested.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,20222512.Share capital,stock options and warrants(continued)d)Stock option transactionsNumber ofoptionsWeighted

226、averageexercise priceBalance,September 30,20214,410,000$0.09Issued1,525,000$0.18Exercised(400,000)$0.06Expired(525,000)$0.06Balance,September 30,20225,010,000$0.12Number ofoptionsWeighted averageexercise priceBalance,September 30,20202,835,000$0.059Issued1,575,000$0.15Balance,September 30,20214,410,

227、000$0.09On May 1,2022,the Company issued 1,525,000 options exerciseable at$0.18 per share to May 1,2027.All ofthe options have vested as of September 30,2022 with the exception of 200,000 vesting May 1,2023 and200,000 vesting May 1,2024.The weighted average exercise price of vested options at Septem

228、ber 30,2022 is$0.12(September 30,2021-$0.09).Refer to Note 15 “Share-based payment transactions”for more informationregarding the options issued during the years ended Septemer 30,2022 and September 30,2021.On June 29,2022,400,000 options exercisable at$0.06 per share,expiring July 6,2022,were exerc

229、ised for totalproceeds of$24,000.On July 6,2022,525,000 options exercisable at$0.06 per share,expired without exercise.During the subsequent period from to October 1,2022 and up to December 19,2022,the approval date of thesefinancial statements,no stock options were issued nor expired and none were

230、exercised.e)Warrant transactions and warrants outstandingThe warrants summarized below may be exercised to acquire an equal number of common shares.Year ended September 30,2022ExercisePriceExpiryBalanceSept 30,2021WarrantsExercisedWarrantsIssuedBalanceSept 30,2022$0.08June 6,20221,399,990(1,399,990)

231、-$0.05June 6,202213,416(13,416)-$0.18May 27,2024-9,615,4589,615,4581,413,406(1,413,406)9,615,4589,615,458CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,20222612.Share capital,stock options and warrants(continued)e)Warrant

232、 transactions and warrants outstanding(continued)Year ended September 30,2021ExercisePriceExpiryBalanceSept 30,2020WarrantsExercisedWarrantsExpiredBalanceSept 30,2021$0.10October 16,20202,300,000(2,300,000)-$0.25March 23,2021460,000-(460,000)-$0.08June 6,20221,399,990-1,399,990$0.05June 6,202213,416

233、-13,4164,173,406(2,300,000)(460,000)1,413,406Subsequent to September 30,2022 and up to December 19,2022,the date of these financial statements nowarrants were issued and none expired,nor were exercised.13.Financial instrumentsFinancial instruments recorded at fair value are classified using a fair v

234、alue hierarchy that prioritizes the inputsto fair value measurements.The three levels of fair value are summarized below:Level 1-Unadjusted quoted prices in active markets for identical assets or liabilities;Level 2-Inputs other than quoted prices that are observable for assets or liabilities either

235、 directly,(i.e.prices),or indirectly,(i.e.derived from prices);and Level 3-Inputs that are not based on observable market data.Level 1 has been utilized to value common shares included in short-term investments.The following summarizes the categories of the various financial instruments:Sept 30,2022

236、Sept 30,2021Carrying ValueFinancial AssetsFinancial assets measured at fair value:Short-term investments$309,842$619,686Financial assets measured at amortized cost:Cash1,458,5631,198,099Accounts receivable18237$1,458,581$1,198,336Financial LiabilitiesFinancial liabilities measured at amortized cost:

237、Accounts payable and accrued liabilities$93,179$186,384The above noted financial instruments are exclusive of any sales tax.The carrying value of financial assets and liabilities measured at amortized cost approximates fair value due tothe short-term nature of the instruments.Unless otherwise noted,

238、it is managements opinion that the Companyis not exposed to significant interest or credit risks arising from these financial instruments.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,20222713.Financial instruments(conti

239、nued)The Company undertakes transactions denominated in US currency through its exploration in the US;consequently,it is exposed to exchange rate fluctuations.The Company will acquire US funds from time totime to settle US$denominated liabilities.At September 30,2022,the Company had US$13,173($18,05

240、6)(2021-US$248,777($316,967)in a US denominated bank account.The effect of a foreign currencyincrease or decrease of 10%on this cash holding would result in an increase or decrease of$1,806(2021-$31,697).Additionally,at September 30,2022,accounts payable and accrued liabilities include liabilities o

241、fUS$32,829($44,999)(2021-US$106,101($135,183),that must be settled in US$.The effect of a foreigncurrency increase or decrease of 10%on this liability would result in an increase or decrease of$4,500(2021-$13,518)to the amount payable.14.General and administrativeSept 30,Sept 30,20222021Administrati

242、ve consulting fees$350,145$234,026Share-based compensation(Note 15)139,03874,749Occupancy costs18,78918,789Office,secretarial,supplies and other53,92956,628Insurance13,4628,845Directors fees4,5003,600Computer network and website maintenance1,9292,312Travel and promotion56,87750,582$638,669$449,53115

243、.Share-based payment transactionsDuring the year ended September 30,2022,the Company issued 1,525,000 options that may be exercised at$0.18 per share to May 1,2027.All of the options have vested as of September 30,2022 with the exception of200,000 options vesting May 1,2023 and 200,000 options vesti

244、ng May 1,2024.The options were valued at$139,068,$24,105 and$6,490 respectively,using the Black-Scholes Options Pricing model assuming a 5-yearterm volatility of 102.32%,a risk free discount rate of 2.75%and a dividend rate of 0%,on the grant date,May 1,2022.During the year ended September 30,2021,t

245、he Company issued 1,575,000 options that may be exercised at$0.15 per share to July 27,2024.The options were valued at$74,749 using the Black-Scholes Options Pricingmodel assuming a 3-year term,volatility of 83.86%,a risk free discount rate of 0.55%and a dividend rate of 0%.16.Loss per shareBasic lo

246、ss per share is calculated using the weighted average number of common shares outstanding duringthe period.Diluted loss per share is computed using the treasury stock method.Stock options and warrantsoutstanding are not included in the computation of diluted loss per share if their inclusion would b

247、e anti-dilutive.The following adjustments were made in arriving at diluted weighted average number of common shares forthe years ended September 30:Weighted average number of common shares:20222021Basic and Diluted80,617,33168,164,460Loss per share Basic and diluted$(0.01)$(0.01)CANEX Metals Inc.Not

248、es to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,20222817.Income tax informationRate reconciliation:The combined provision for taxes in the consolidated statement of loss and other comprehensive loss reflectsan effective tax rate which differs

249、 from the expected statutory rate as follows:20222021Income(loss)before income taxes$(781,362)$(805,515)Computed expected expense(recovery)based on acombined rate of 23.00%(2021 23.00%)(179,713)(185,268)Change resulting from:Differential tax rate of foreign jurisdiction3,308(676)Non-deductible(taxab

250、le)items and other(125,508)(28,908)Change in tax rate(2,130)-Unrecognized deferred tax asset304,043214,852Income tax expense$-$-The combined statutory rate is 23.00%for 2022(2021 23.00%).The deferred combined statutory rate isexpected to be 23.00%for 2022 and subsequent years(2021 23.00%).Temporary

251、differences and tax loss not recognized for accounting purposes:20222021Non-capital loss carry-forwards$4,139,877$3,617,692Capital loss carry-forwards782,935782,935Share issuance costs42,24641,042US net operating loss2,970,5381,258,295Property and equipment-18,300Mineral properties2,813,0144,175,419

252、Short-term investments99,760(55,162)Interest39,9074,696Total$10,888,277$9,843,217As future taxable profits of the Company are uncertain,no deferred tax asset has been recognized.As atSeptember 30,2022,the Company had unused non-capital loss carry forwards of approximately$4.14 millionthat expire bet

253、ween the years 2026 and 2042.Capital loss carry-forwards may be carried forward indefinitely.The Company has unused US net operating loss carry forwards of approximately$2,167,000USD($2,971,000)(2021-$988,000USD($1,258,000)that may be carried forward indefinitely.CANEX Metals Inc.Notes to the Consol

254、idated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,20222918.Related party balances and transactions and key management remunerationThe Company is considered a related party to Jade Leader Corp.(Jade Leader)because of its commondirectors,officers and key managem

255、ent personnel that have some direct financial interest in both the Companyand Jade Leader.In addition,related parties include members of the board of directors,officers and their closefamily members.Vector Resources Inc.,a company controlled by Shane Ebert,President and director ofCANEX Metals;and 6

256、35280 Alberta Ltd.,a company controlled by Jean Pierre Jutras,an officer and director ofCANEX Metals are also considered related parties.The Company incurred the following amounts charged to(by)related parties:Sept 30,2022Sept 30,2021Key management remunerationPresident and directora$(77,350)$(73,50

257、0)Corporate secretaryb(39,375)(41,160)Chief Financial Officerc(1,200)(1,150)Directors feesd(4,500)(3,600)Total Management remuneration$(122,425)$(119,410)Sept 30,2022 Sept 30,2021Other related party transactionsJade LeaderOffice rent and operating costs paide$(18,789)$(18,789)General and administrat

258、ive and secretarial costs paide$(9,638)$(5,971)General and administrative and secretarial costs received e$695$1,056635280 Alberta Ltd.Geological consulting servicesf$(18,462)$(1,563)The following amounts were due to or receivable from related parties at the respective year ends:Balances Receivable(

259、Payable)Sept 30,2022Sept 30,2021Consulting fees:President and directora$(5,513)$(10,106)Chief Financial Officerc$(1,200)$(1,208)Exploration and evaluation assetsPresident and directora$-$(588)Office rent and operating costsJade Leadere$(4,932)$(4,932)General and administrative and secretarial costs:

260、Jade Leadere$(951)$(1,312)Jade Leadere$18$237President and directora$(8,019)$-Management compensation payable to key management personnel during the years ended September 30,2022 and 2021 is reflected in the table above and consists of consulting fees paid to the President,the CFO,fees for the Corpo

261、rate Secretary and directors fees.Officers and directors are also compensated throughthe granting of options from time-to-time.During the year ended September 30,2022,the Company grantedstock options to officers,directors and consultants and recorded a non-cash charge for stock-based paymentsof$125,

262、131,(September 30,2021-$74,749)that is recorded in general administrative expenses(Note 14)(Note 15-Share based payment transactions).There were no other benefits granted to officers,directorsand consultants during the years ended September 30,2022 and 2021.Key management personnel aredefined as tho

263、se persons having authority and responsibility for planning,directing and controlling theactivities of the entity,directly or indirectly,including any director of the Company.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30

264、,20223018.Related party balances and transactions and key management remuneration(continued)a)The President and director of the Company billed for consulting services that were either expensed or,when his services related directly to mineral property exploration,capitalized to exploration andevaluat

265、ion assets(Note 8).During the year ended September 30,2022,$33,775(2021-$35,100)wasexpensed through administrative expenses,$43,575(2021-$38,400)was capitalized to exploration andevaluation assets.b)The Corporate Secretary provides services to the Company on a contract basis.c)The Chief Financial Of

266、ficer provides services to the Company on a contract basis.d)Up to December 31,2020,the Company paid directors who were not officers of the Company$500 formeeting attendance in person and$300 for meeting attendance by telephone.Effective January 1,2021,the Company began paying directors$500 for meet

267、ing attendance regardless of whether it is attendedby phone or in person.There are three directors who are not officers and the amounts above reflectdirectors fees paid/payable for meetings attended during the above-noted periods.e)During the years ended September 30,2022 and September 30,2021,geolo

268、gical consulting services wereprovided by 635280 Alberta Ltd.Related party receivables pertain to billings plus applicable sales taxes for which payment has not been receivedand related party payables reflect billings plus applicable sales taxes that were not yet paid by the Company atthe respective

269、 period ends.Related party transactions were measured at the amounts agreed to by thetransacting parties.19.Supplemental disclosure statement of cash flowsReconciliation of cash used in operating activities to operating loss for the years ended:Sept 30,2022Sept 30,2021Loss and comprehensive loss$(78

270、1,362)$(805,515)Depreciation3018Stock-based compensation139,03874,749Mineral property impairments-473,527Dividend income(231,232)-Interest and other items(3,127)(2,769)Loss(gain)on short-term investments302,493(190,041)Changes in assets and liabilities pertaining to operations:Accounts receivable(74

271、1)853Prepaid expenses34,208(33,606)Accounts payable and accrued liabilities12,122802Cash paid to suppliers and contractors$(528,571)$(481,982)CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,20223119.Supplemental disclosure

272、 statement of cash flows(continued)Reconciliation of cash expended on exploration and evaluation assets for the years ended:Sept 30,2022Sept 30,2021Change in exploration and evaluation assets$(1,965,340)$(536,097)Property acquisition Share issuance-109,375Provision for decommissioning4,60014,006Mine

273、ral property impairments-(473,527)Changes in assets and liabilities pertaining toexploration and evaluationAccounts receivable(311)1,397Accounts payable and accrued liabilities(105,337)87,504Cash expended on exploration and evaluation assets$(2,066,388)$(797,342)20.Segment disclosuresDuring the year

274、s ended September 30,2022 and September 30,2021,the Company was only engaged inmineral exploration and all exploration activities were undertaken in Canada and/or the United States.Activitiesundertaken in both countries were similar in nature.As at September 30,2022,the value of non-current assetsas

275、sociated with United States operations is$3,946,007(2021-$1,975,575)including exploration and evaluationasset advances and deposits of$32,966(2021-$27,874)and exploration and evaluation assets of$3,913,041(2021-$1,947,701).All remaining non-current assets are associated with Canadian operations.Cons

276、equently,segmented information is not presented in these financial statements.Refer to Note 8 “Exploration andevaluation assets”for details of the carrying amounts of these assets at the respective period ends.21.CapitalThe Companys objective when managing capital is to continue as a going concern s

277、o that it can providevalue to shareholders by acquiring and conducting exploration on mineral exploration properties with theultimate objective of finding commercial quantities of base and/or precious metals.Capital is defined ascapital stock,warrants,contributed surplus and deficit.The Company has

278、traditionally financed through equityissues rather than debt and does not anticipate using debt to finance its continuing grass roots exploration.Should the Company evolve to the point where it is developing or operating a mine,debt options will beinvestigated.The Company will raise equity as cash f

279、low requirements dictate and will attempt,when able,totime financings with more favorable market conditions.The Company can scale back exploration,and to acertain extent,discretionary administrative costs during tighter equity markets.The Company invests capitalthat is surplus to its immediate opera

280、tional needs in short-term,liquid and highly-rated financial instrumentssuch as Bankers Acceptances and Term Deposits until such time as it required to pay operating expensesand mineral property costs,including option payments(Note 8).The Company objective is to manage itscapital to safeguard its ca

281、sh and its ability to continue as a going concern,and to utilize as much of itsavailable capital.22.Financial risk managementa)Credit riskCredit risk is the risk of financial loss to the Company if counterparties to a financial instrument fail to meettheir contractual obligations.The Companys financ

282、ial instruments that could be subject to credit risk consistof receivables,excluding sales tax.The Company has had a history of prompt receipt of its receivables andconsiders credit risk to be low on these instruments as at September 30,2022 and September 30,2021.CANEX Metals Inc.Notes to the Consol

283、idated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,20223222.Financial risk management(continued)b)Liquidity riskLiquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due.The Companys approach to managing liq

284、uidity risk is the utilization of budgets,to attempt to maintainsufficient liquidity in order to meet operational and exploration requirements as well as property acquisitioncommitments.The Company raises capital through equity issues and its ability to do so is dependent on anumber of factors inclu

285、ding market acceptance,stock price and exploration results.The Company iscontinually investigating financing options.The continuing operations of the Company are dependent uponits ability to obtain adequate financing or to commence profitable operations in the future.During the yearended September 3

286、0,2022,the Company closed a private placement financing for aggregate gross proceedsof$2,500,021.In addition,1,413,406 warrants were exercised for total proceeds of$112,670 and 400,000options were exercised for total proceeds of$24,000.Refer to Note 12 “Share capital,stock options andwarrants”for fu

287、rther details.Increases in activity levels,new property acquisitions and any level of explorationon its mineral properties may require additional financing.There can be no assurance that the Company willbe successful in obtaining financing.Refer to Note 1-Nature of operations and continuance of oper

288、ations.The Companys significant remaining contractual maturities for financial liabilities as at September 30,2022and 2021 are as follows:Accounts payable and accrued liabilities are due within one year.c)Market riskThe Companys equity investments are subject to market price risk.The investments in

289、common shares arerecorded at fair value at the respective period ends with the resultant gains or losses recorded in earnings.The price value of these investments can vary from period to period.During the year ended September 30,2022,the market price fluctuation on the investments held resulted in a

290、 net loss of$309,843(2021-net gainof$138,330)on short-term investments.In 2022,a 10%change in fair value of the Companys marketableinvestments would result in a charge to income of$30,984(2021-$61,969).The Company does not intendto hold these investments for more than one year.The Company has not ye

291、t developed producing mineral interests and as a result it is not exposed tocommodity price risk associated with developed properties at this time.d)Interest rate riskThe Company has no debt facilities and has minimal amounts of interest income,it is not exposed tosignificant interest rate risk at t

292、his time.All market risk is associated with the Companys investments incommon shares,which are recorded at fair value at the respective period ends with the resultant gains orlosses recorded in earnings.e)Foreign exchange riskThe Company undertakes transactions denominated in US currency;consequentl

293、y,it is exposed to exchangerate fluctuations.The Company has disclosed US$commitments pertaining to three option agreements inNote 8 “Exploration and evaluation assets”.Refer to Note 13 “Financial instruments for the foreignexchange risk associated with the foreign denominated cash balances held,as

294、well as accounts payable thatmust be settled in US$at September 30,2022 and September 30,2021.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)For the year ended September 30,20223323.Subsequent eventsa)On October 24,2022,the Company acquired one mineral

295、property mining lode claim(16.52 acres)fortotal consideration of US$20,000($27,444),situated in Mohave County,Arizona adjacent to the existingGold Range Property(Note 8).b)During the year ended September 30,2022,the Company fulfilled its Stage 1 minimum explorationobligation in accordance with the E

296、xcelsior Mine Property Option and on November 11,2022,the Companyalso issued 1,000,000 common shares valued at$112,500 in accordance with the agreement,signifyingthe beginning of Stage 2 obligations.(Note 8)On November 11,2022,the agreement was amended to extend the Stage 2 termination date by 10 mo

297、nthsfrom July 25,2023 to May 25,2024 for no additional consideration.Both the Company and the vendoragreed that an extension was warranted due to industry wide delays in exploration services,permitting andassay result turnaround times.All other terms of the agreement remain unchanged.Corporate Infor

298、mation Head Office:Legal Counsel:Suite 1620,734 7th Avenue S.W.TingleMerrett LLP Calgary,Alberta,T2P 3P8 1250 Standard Life Building Ph:403-233-2636 639-5th Avenue S.W.Fax:403-266-2606 Calgary,Alberta,T2P 0M9 Directors:Bank:Lesley Hayes*HSBC Bank Canada Shane Ebert 407-8th Avenue S.W.Jean Pierre Jut

299、ras Calgary,Alberta,T2P 1E5 Gregory Hanks*Blair Schultz*Audit Committee Members Officers:Auditors:Shane Ebert,President BDO Canada LLP Jean Pierre Jutras,Vice-President 620,903-8th Avenue SW Chantelle Collins,Chief Financial Officer Calgary,Alberta,T2P 0P7 Barbara ONeill,Secretary Transfer Agent&Registrar:Listed:Computershare Trust Company of Canada TSX Venture Exchange#800,324-8th Avenue S.W.Calgary,Alberta,T2P 2Z2 Website:Symbol:www.canexmetals.ca CANX Email:infocanexmetals.ca