Canex Metals Inc. (CANX) 2021年年度報告「TSX-V」.pdf

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1、 Annual Report Dear Shareholders;CANEX Metals is pleased to report continued exploration and land consolidation during the year at the Companys Gold Range property,located in Northern Arizonas tier one mining jurisdiction.This district is emerging as an important heap-leach style bulk-tonnage gold o

2、pportunity.The 2021 Gold Range programs included mapping,surface sampling,and 2 drill campaigns,and continue to add to our understanding of these mineralized zones.Strong reverse-circulation drill results continue to validate and de-risk Gold Ranges exploration targets,with a three kilometre long mi

3、neralized target identified across the southern part of the claim block.This target stretches from CANEXs 2020 Eldorado discovery on the west,through the historic Malco Mine,to the historic Excelsior Mine on the east.2021 drilling highlights the potential scale of this target,including intercepts of

4、 1.3 g/t gold over 21.3 metres at the Eldorado Zone and 1.0 g/t gold over 59.5 metres at the Excelsior Zone,located three kilometres to the East.The Excelsior Zone is showing good potential for high grade heap-leach style mineralization,returning values of 1.6 g/t gold over 35.1 metres,2.2 g/t gold

5、over 24.2 metres,and 8.2 g/t gold over 4.6 metres.2021 Metallurgical test work on 8 bottle roll samples from the Gold Range Project returned final cyanide soluble gold recoveries ranging from 94 to 99%,averaging 97%.This preliminary test work was conducted on drill samples from across the project an

6、d at a range of depths.These results further strengthen and de-risk Gold Ranges potential as a heap-leach style,bulk-tonnage exploration target.In the coming year the Company intends to continue aggressively advancing the Gold Range property.The ongoing current drill program is focused on expanding

7、and delineating known mineralized zones along strike and to depth,and will test new targets.With continued exploration success,the Company will expand drilling efforts during 2022 to potentially support a first resource estimate on the Gold Range property.Respectfully submitted on behalf of the Boar

8、d of Directors “Shane Ebert”Shane Ebert,Ph.D.,P.Geo.President Presidents Message CANEX Metals Inc.Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 1 Contents Page Auditors Report 2 Consolidated Statements of Financial Position 5 Consolidated Statements of Lo

9、ss and Comprehensive Loss 6 Consolidated Statements of Cash Flows 7 Consolidated Statement of Changes in Equity 8 Notes to the Consolidated Financial Statements 9 BDO Canada LLP,a Canadian limited liability partnership,is a member of BDO International Limited,a UK company limited by guarantee,and fo

10、rms part of theInternational BDO network of independent member firms.BDO Canada LLP903 8th Avenue SW,Suite 620Calgary AB T2P 0P7CanadaTel:403 266 5608Fax:403 233 7833www.bdo.caCANEX Metals Inc.Consolidated Statements of Financial Position(Expressed in Canadian Dollars)As at September 30 5 2021 2020

11、ASSETS Current Assets Cash(Note 4)$1,198,099$448,978 Accounts receivable(Note 5)5,248 7,498 Mining exploration tax credit receivable(Note 16)-4,450 Prepaid expenses 70,417 36,811 Short-term investments(Note 6)619,686 551,271 1,893,450 1,049,008 Non-current Assets Exploration and evaluation asset adv

12、ances and deposits(Note 7)37,874 37,874 Exploration and evaluation assets(Note 7)1,947,701 1,411,604 Equipment(Note 8)30 48 1,985,605 1,449,526 TOTAL ASSETS$3,879,055$2,498,534 EQUITY AND LIABILITIES Current Liabilities Accounts payable and accrued liabilities(Note 9)$186,395$98,089 Non-current Liab

13、ilities Decommissioning obligation(Note 10)47,306 33,300 TOTAL LIABILITIES 233,701 131,389 EQUITY Share capital(Note 11)17,789,834 15,747,739 Reserves 2,109,028 2,067,399 Deficit (16,253,508)(15,447,993)TOTAL EQUITY 3,645,354 2,367,145 TOTAL EQUITY AND LIABILITIES$3,879,055$2,498,534 Nature of opera

14、tions and continuance of operations(Note 1)Subsequent events(Note 23)Approved by the Board “Shane Ebert”Director “Jean-Pierre Jutras”Director See accompanying notes to consolidated financial statements.CANEX Metals Inc.Consolidated Statements of Loss and Comprehensive Loss(Expressed in Canadian Doll

15、ars)For the years ended September 30 6 2021 2020 Expenses General and administrative(Note 13)$(449,531)$(408,622)Reporting to shareholders (18,466)(4,984)Professional fees (44,435)(39,504)Stock exchange and transfer agent fees (12,348)(10,136)Depreciation (18)(31)Pre-acquisition costs -(6,169)Impair

16、ment(Note 7)(473,527)(17,847)Loss before other items (998,325)(487,293)Other items Dividend income -98,575 Interest and other 2,769 (852)Gain from short-term investments 190,041 191,530 192,810 289,253 Net loss and comprehensive loss for the year$(805,515)$(198,040)Basic and diluted loss per share(N

17、ote 15)$(0.01)$0.00 Weighted average shares outstanding-basic and diluted(Note 15)68,164,460 47,497,321 See accompanying notes to the consolidated financial statements.CANEX Metals Inc.Consolidated Statements of Cash Flows(Expressed in Canadian Dollars)For the years ended September 30 7 2021 2020 De

18、crease in cash and cash equivalents Operating activities Cash paid to suppliers and contractors(Note 18)$(481,982)$(464,033)Cash used in operating activities (481,982)(464,033)Investing activities Interest and other items(expended)received 2,769 (852)Cash received on sale of short-term investments 1

19、21,626 92,550 Cash received from government grants 4,450 -Cash expended on exploration and evaluation assets(Note 18)(797,342)(767,447)Cash expended on exploration advances and deposits -(305)Cash used by investing activities (668,497)(676,054)Financing activities Share capital and warrant issue pro

20、ceeds 1,700,000 1,206,039 Options exercised -15,000 Warrants exercised 230,000 249,079 Cash share issuance and transaction costs (30,400)(15,402)Cash provided by financing activities 1,899,600 1,454,716 Increase in cash and cash equivalents 749,121 314,629 Cash(Note 4):Beginning of period 448,978 13

21、4,349 End of period$1,198,099$448,978 Supplementary information:Interest and taxes No cash was expended on interest or taxes during the years ended September 30,2021 and September 30,2020.Non-cash transactions 2021 During the year ended September 30,2021,the Company issued 185,185 common shares valu

22、ed at$25,000 pursuant to an option agreement on the Gibson property.Additionally,the Company issued 750,000 common shares pursuant to an option agreement on the Gold Range Property.(See Note 7 “Exploration and evaluation assets”for more information).The Company granted stock options to officers,dire

23、ctors and consultants and recorded a non-cash charge for stock-based payments of$74,749 that is included in general and administrative expenses(Note 13).Refer to Note 14 “Share-based compensation transactions”for further information.2020 During the year ended September 30,2020,the Company granted st

24、ock options to officers,directors and consultants and recorded a non-cash charge for stock-based payments of$37,416 included in general and administrative expenses(Note 13).Refer to Note 14 “Share-based compensation transactions”for more information regarding this transaction.Additionally,the Compan

25、y issued 121,951 common shares valued at$25,000 pursuant to an option agreement on the Gibson property.The acquisition was valued using the closing share price on the transaction date.See Note 7 “Exploration and evaluation assets”for more information.See accompanying notes to the consolidated financ

26、ial statements.CANEX Metals Inc.Consolidated Statement of Changes in Equity(Expressed in Canadian Dollars)As at September 30 8 Reserves Common share capital Equity settled share based payments Warrants Other Reserves*Total Reserves Deficit Total$Balance,September 30,2019 14,243,517 123,716 44,695 1,

27、886,077 2,054,488(15,249,953)1,048,052 Net and comprehensive loss for the year-(198,040)(198,040)Options issued-37,417-37,417-37,417 Private placement share issue 606,000-606,000 Share issuance costs(6,441)-(6,441)Options exercised 11,490(5,490)-(5,490)-6,000 Warrants exercised 258,956-(10,289)-(10,

28、289)-248,667 Share issuance costs(1,953)-(1,953)Share issuance property acquisition(Note 7)25,000-25,000 Share issuance costs(1,504)-(1,504)Private placement share issue 600,039-600,039 Share issuance costs(5,164)-(5,164)Warrants exercised 904-(492)-(492)-412 Option exercised 17,235(8,235)-(8,235)-9

29、,000 Share issuance costs(340)-(340)Balance,September 30,2020 15,747,739 147,408 33,914 1,886,077 2,067,399(15,447,993)2,367,145 Net and comprehensive loss for the year-(805,515)(805,515)Warrants exercised 230,000-230,000 Share issuance January 2021 1,700,000-1,700,000 Share issuance property acquis

30、ition(Note 7)25,000-25,000 Warrants expired March 2021 33,120-(33,120)-(33,120)-Share issuance property acquisition(Note 7)84,375-84,375 Options issued July 2021-74,749-74,749-74,749 Share issuance costs(30,400)-(30,400)Balance,September 30,2021 17,789,834 222,157 794 1,886,077 2,109,028(16,253,508)

31、3,645,354 *Other reserves is comprised of the aggregate of options and warrants that expired or were forfeited without exercise.These values were relieved from common share capital,share based payment reserve and warrants reserve respectively upon the expiry of the equity instrument.See accompanying

32、 notes to the consolidated financial statements CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 9 1.Nature of operations and continuance of operations CANEX Metals Inc.(CANEX or the Company)is engaged in the business of mineral

33、 exploration and development in Canada.The Company was originally incorporated under the laws of the Province of Quebec,Canada and has been continued under the Alberta Business Corporations Act,Canada.The address of its primary office is Suite 815,808-4th Avenue SW,Calgary,Alberta,Canada,T2P 3E8.The

34、 Companys common shares are listed on the TSX Venture Exchange under the trading symbol CANX.Since inception,the efforts of the Company have been devoted to the acquisition,exploration and development of mineral properties.To date the Company has not received any revenue from mining operations and h

35、as not determined whether its mineral exploration properties contain ore reserves that are economically recoverable.The Company incurred a net loss of$805,515 during the year ended September 30,2021.The Company has a deficit of$16,253,508 at September 30,2021.Operating expenses beyond September 30,2

36、022,increases in expenditures over budget for the twelve month period ended September 30,2022,exploration programs and new property acquisitions will require additional financing.There can be no assurance that the Company will be successful in obtaining financing.These material uncertainties cast si

37、gnificant doubt on the Companys ability to continue as a going concern.These financial statements do not include any adjustments which could be significant should the Company be unable to continue as a going concern.2.Basis of presentation a)Basis of presentation These consolidated financial stateme

38、nts have been prepared in accordance with International Financial Reporting Standards(IFRS)as issued by the International Accounting Standards Board(IASB)and interpretations of the International Reporting Interpretations Committee(IFRIC),effective for the periods ended September 30,2021 and 2020,usi

39、ng the significant accounting policies outlined in Note 3.The consolidated statements were authorized for issue by the board of directors on December 22,2021.These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments described in No

40、te 12 and decommissioning obligation described in Note 10.In addition,these statements have been prepared using the accrual basis of accounting except for cash flow information.The presentation and functional currency of the Company is the Canadian dollar.b)Principles of consolidation These consolid

41、ated financial statements include the accounts of the Company and its wholly-owned US subsidiary,Canexco Inc.(“Canexco”).Canexco 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 7-“Exploration and evaluation a

42、ssets”for more information).All intercompany transactions and balances have been eliminated on consolidation.Subsidiaries are those entities that the Company controls through its power to govern the financial and operating policies of the subsidiary.Subsidiaries are fully consolidated from the date

43、control is obtained and are de-consolidated from the date control ceases.3.Significant accounting polices a)New accounting policies CANEX did not adopt any new accounting policies during the year ended September 30,2021.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Can

44、adian Dollars)September 30,2021 and 2020 10 3.Significant accounting polices(continued)b)Financial Instruments The Companys financial instruments consist of the following:Financial Assets Classification Cash Financial asset measured at amortized cost Accounts receivable Financial asset measured at a

45、mortized cost Short-term investments Financial asset measured at fair value Financial Liabilities Classification Accounts payable and accrued liabilities Financial liabilities measured at amortized cost The Company records financial assets initially at fair value and subsequently measures these fina

46、ncial assets at either amortized cost or fair value on the basis of both the Companys business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.A financial asset is measured at amortized cost if both of the following conditions are met:1)th

47、e asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows;and 2)the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.If

48、 the financial asset is not measured at amortized cost as per the above,the financial asset is measured at fair value.Financial assets measured at fair value Financial assets measured at fair value are carried at fair value at each period end,with the related gains and losses recognized in profit or

49、 loss.The sale of equity investments is accounted for using trade date accounting.Financial assets measured at amortized cost Financial assets measured at amortized cost are recorded at fair value upon initial recognition,plus any applicable transaction costs that are directly attributable to the ac

50、quisition of the financial asset,and subsequently carried at amortized cost,using the effective interest method.A gain or loss on a financial asset that is measured at amortized cost is recognized in profit or loss when the financial asset is derecognized,impaired,or reclassified.Financial liabiliti

51、es measured at amortized cost Financial liabilities measured at amortized cost are recorded at fair value upon initial recognition,less any applicable transaction costs that are directly attributable to the acquisition of the financial liability,and are subsequently measured at amortized cost using

52、the effective interest method.A gain or loss on a financial liability that is measured at amortized cost is recognized in profit or loss when the financial liability is derecognized.Impairment of financial assets The Company recognizes a loss allowance for expected credit losses on financial assets

53、that are measured at amortized cost using the“simplified method”.At each reporting date,the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recogn

54、ition.If at the reporting date,the financial asset has not increased significantly since initial recognition,the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses.The Company shall recognize in the consolidated statements of los

55、s and comprehensive loss as an impairment gain or loss,the amount of expected CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 11 3.Significant accounting polices(continued)b)Financial Instruments(continued)credit losses that is

56、 required to adjust the loss allowance at the reporting date to the amount that is required to be recognized.The carrying amount of financial assets is reduced by any impairment loss directly except in the case of accounts receivable,where the carrying amount is reduced through the use of an allowan

57、ce account.When an account receivable is considered uncollectible,it is written-off against the allowance account.Subsequent recoveries of accounts receivable previously written off are credited against the allowance account.Changes in the carrying amount of the allowance account are recognized in e

58、arnings.If,in a subsequent period,the amount of the impairment loss decreases for financial assets except accounts receivable,and the decrease can be related objectively to an event occurring after the impairment was recognized,the reversal is recognized in profit or loss and is limited to the carry

59、ing amount that would have been determined had no impairment loss been recognized in prior years.Cash Cash includes cash held in Canadian dollar and US dollar current accounts,highly liquid Canadian dollar denominated investments in bankers acceptances or term deposits,with terms to maturity of 90 d

60、ays or less when acquired and cash held in short-term investment accounts.The counter-parties are financial institutions.c)Provisions Provisions are recognized when the Company has a present obligation,whether legal or constructive,as a result of a past event for which it is probable that an outflow

61、 of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.Provisions are measured at the present value of the expenditures expected to be required to settle the obligation discounted using the pre-tax,risk-

62、free rate,updated at each reporting date.d)Decommissioning obligation Decommissioning obligation includes obligations related to future removal of property and equipment,and site restoration costs.A liability,for the fair value of environmental and site restoration obligations,is recorded in accorda

63、nce with the broader policy described in c)Provisions above.Provisions for restoration costs do not include any additional obligations that are expected to arise from future disturbance.The amortization or unwinding of the discount applied in establishing the net present value of provisions is charg

64、ed to earnings in a systematic manner.Other movements in the provision,including those from new disturbance,updated cost estimates,changes to the lives of operations and revisions to discount rates are capitalized to exploration and evaluation assets.The amounts included in capitalized costs are dep

65、leted using the unit-of-production method at such point that the mineral property achieves commercial production,or the costs will be written-off at such time that management considers that the value of the related property has been impaired.e)Exploration and evaluation assets The Company is in the

66、exploration stage with respect to its investment in mineral properties.The Company capitalizes costs directly related to the acquisition,exploration and evaluation of mineral properties.Such costs include,but are not restricted to,geological,geophysical,drilling,trenching and sampling costs includin

67、g the support costs and supplies required in relation thereto.These assets are recorded at cost as adjusted for impairments in value.Impairment is assessed when facts and circumstances suggest that the carrying amount of the asset may exceed its recoverable amount.In assessing impairment,exploration

68、 and evaluation assets are grouped into Cash Generating Units(CGUs),on the basis of areas of interest.Management groups mineral claims that are contiguous and specific to an area that encompasses the same prospective minerals,CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed

69、in Canadian Dollars)September 30,2021 and 2020 12 3.Significant accounting polices(continued)e)Exploration and evaluation assets(continued)into one area of interest and assigns a name to this mineral property.Each named mineral property is considered an area of interest and a CGU.Exploration and eva

70、luation assets are 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 reference to the higher of value in use(being the net present value of expected future cash flows of th

71、e relevant cash generating unit(CGU),or fair value less costs to sell”.Where there is no binding sale agreement or active market,fair value less costs to sell is based on the best information available to reflect the amount the Company could receive for the assets in an arms length transaction.The d

72、iscount rate applied in calculating net present value of expected future cash flows,is based upon pre-tax discount rates that reflect current market assessments of the time value of money and the risks associated with the relevant cash flows,to the extent that such risks are not reflected in the for

73、ecasted cash flows.If the carrying amount of the asset exceeds its recoverable amount,the asset impairment loss is charged to earnings and reduces the carrying amount of the asset.A previously recognized impairment loss is reversed if the recoverable amount increases as a result of a reversal of the

74、 conditions that originally precipitated the impairment.This reversal is recognized in profit or loss and is limited to the carrying amount that would have been determined,net of depreciation,had no impairment loss been recognized in prior years.An impairment loss may be reversed in a situation wher

75、e there is a change in the circumstances that had initially dictated that an impairment had occurred.An example of such a situation might include,but not be limited to,the re-commencement of exploration activity on a mineral property due to a significant change in commodity prices.Although not an ex

76、haustive list,one or more of the following facts and circumstances indicate that a specific CGU should be tested for impairment:The period for which the entity has the right to explore in the specific area has expired during the financial statement period or will expire in the near future and is not

77、 expected to be renewed.Substantive expenditure on further exploration for,and evaluation of,mineral resources in the specific area is neither budgeted nor planned.Exploration for and evaluation of mineral resources in the specific area has not led to the discovery of commercially viable quantities

78、of mineral resources and the entity has decided to discontinue such activities in the specific area.Sufficient data exists to indicate that,although a development in the specific area is likely to proceed,the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full

79、 from successful development or sale.Where the Companys exploration commitments for a CGU are performed under option agreements with a third party,the proceeds of any option payments under such agreements are applied to the CGU to the extent of costs incurred.The excess,if any,is credited to operati

80、ons.Option payments made by the Company are recorded as exploration and evaluation assets.Options are exercisable entirely at the discretion of the optionee and accordingly,are recorded as exploration and evaluation assets or recoveries when the payments are made or received.The proceeds on the sale

81、 of exploration and evaluation assets are applied to the area of interest to the extent of costs incurred and the excess,if any,is credited to operations.In some circumstances option payments received by or made by the Company are made in whole or in part through the issuance of common shares.The va

82、lue of these share-based payments is calculated using the closing price of the shares on the date of issue as determined by the public exchange upon which they are listed as this is the most readily determinable value.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canad

83、ian Dollars)September 30,2021 and 2020 13 3.Significant accounting polices(continued)e)Exploration and evaluation assets(continued)When the Company enters the development stage for a CGU,the exploration and evaluation costs are transferred into mine development costs and all subsequent expenditures

84、on the construction,installation or completion of infrastructure net of incidental revenue,is capitalized.Upon commencement of commercial production,all mine development assets for the relevant CGU are transferred to producing mine assets at which point the costs will commence being charged to earni

85、ngs on a unit-of-production basis.f)Equipment On initial recognition,equipment assets are valued at cost,being the purchase price plus the directly attributable costs of acquisition to bring the assets to the location and condition necessary for the assets to be put into use.Subsequent to acquisitio

86、n,these assets are recorded at cost less accumulated depreciation.Depreciation methods and rates by significant categories of property and equipment that are calculated to write off the cost of the assets,less estimated residual values,over their useful lives.The method and rates used by category ar

87、e as follows:Depreciation method Depreciation rate Computer equipment and software Declining balance 50%Residual values and useful lives are reviewed,and adjusted if appropriate,at each balance sheet date.Changes to estimated residual values or useful lives are accounted for prospectively as a chang

88、e 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 reference to the higher of value in use(being the net present value of expected future cash fl

89、ows 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 value less costs to sell is based on the best information available to reflect the amount the Company could receive for the assets in an arms length transact

90、ion.The discount rate applied in calculating net present value of expected future cash flows,is based upon pre-tax discount rates that reflect current market assessments of the time value of money and the risks associated with the relevant cash flows,to the extent that such risks are not reflected i

91、n the forecasted cash flows.If the carrying amount of the asset exceeds its recoverable amount,the asset impairment loss is charged to earnings and reduces the carrying amount of the asset.A previously recognized impairment loss is reversed if the recoverable amount increases as a result of a revers

92、al of the conditions that originally precipitated the impairment.This reversal is recognized in profit or loss and is limited to the carrying amount that would have been determined,net of depreciation,had no impairment loss been recognized in prior years.Gains or losses on disposals of equipment are

93、 determined by comparing the proceeds with the carrying amount of the asset and are included in other gains and losses in the statements of loss and comprehensive income(loss).g)Gains and losses on short-term investments The Company maintains an investment portfolio of publicly traded securities.The

94、se investments are recorded at fair value at year end and differences are recorded in income.h)Foreign currencies Both the presentation currency and functional currency of the Company is the Canadian dollar.The functional currency of its wholly owned US subsidiary is the Canadian dollar.Transactions

95、 in currencies other than the functional currency are recorded at the rates of exchange prevailing on the transaction dates.At each financial CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 14 3.Significant accounting polices(c

96、ontinued)h)Foreign currencies(continued)statement reporting date,monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing on the date of the statements of financial position.Non-monetary items that are measured in terms of historical cost in a

97、 foreign currency are not retranslated.Non-monetary items that are carried at fair value and were measured in a foreign currency are translated at the rate prevailing at the date when the fair value was determined.Foreign exchange gains and losses on the foregoing transactions are recorded in profit

98、 or loss.i)Critical accounting judgments and estimates The preparation of financial statements requires management to make certain estimates,judgments and assumptions that affect the reported amounts of assets,liabilities and disclosure of contingent assets and liabilities at the date of the financi

99、al statements and the reported amounts of revenues and expenses during the reporting period.Actual outcomes could differ from these estimates.Circumstances could arise over the years that would require material revisions to these estimates.Changes in assumptions could have a material effect on the f

100、air value of estimates.These financial statements include estimates that,by their nature,are uncertain.The impacts of such estimates are pervasive throughout the financial statements and may require accounting adjustments based on future occurrences.Adjustments resulting from revisions to accounting

101、 estimates are recognized in the period in which the estimate is revised,and future periods if the revision affects both current and future periods.These estimates are based on historical experience,current and future economic conditions and other factors,including expectation of future events that

102、are believed to be reasonable under the circumstances.Critical estimates include:a)The carrying values of exploration and evaluation assets that are included in the statement of financial position,including the assumptions that are incorporated into the impairment assessments,and the amount of impai

103、rments that are included in the statement of loss and comprehensive loss.(Refer to Note 1-Nature of operations and continuance of operations)b)The estimate of the amount of asset retirement obligation and the inputs used in determining the net present value of the liabilities for asset retirement ob

104、ligations included in the statement of financial position.c)The estimated fair value of share purchase options and broker warrants requires determining the most appropriate model as well as the applicable inputs.d)Judgment is required in determining whether or not deferred tax assets are recognized

105、on the statement of financial position.e)Estimates are required in determining the amount of government incentives.Judgment is also required to determine the recoverability of the government incentives.j)Share-based payment transactions The fair value of stock options granted to employees is recogni

106、zed as an expense over the vesting period with a corresponding increase in the equity-settled share based payment reserve in equity.Employees,for the purpose of this calculation,also include individuals who provide services similar to those performed by a direct employee,including directors and cons

107、ultants of the Company.The fair value of the options granted is measured using the Black-Scholes Option Pricing Model taking into account the terms and conditions upon which the options were granted.Consideration received on the exercise of stock options is recorded as share capital and the related

108、equity-settled share based payment amount is transferred to share capital.If options expire without being exercised,the value associated therewith is transferred from equity-settled share based payment reserve to other reserves.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expresse

109、d in Canadian Dollars)September 30,2021 and 2020 15 3.Significant accounting polices(continued)k)Loss per share Basic loss per common share is computed by dividing the net earnings loss attributable to common shareholders by the weighted average number of common shares outstanding for the period.Dil

110、uted per share amounts reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted to common shares.Only“in-the-money”dilutive instruments impact the dilution calculations and potentially dilutive instruments shall only be treat

111、ed as dilutive when their conversion increases loss per share.Refer to Note 11 for a summary of options and warrants outstanding that could potentially dilute basic earnings per share in the future,but were excluded from the calculation in the periods disclosed because their effect was anti-dilutive

112、.Refer to Note 15 for calculations of loss per share.l)Income taxes Income tax on net earnings or loss for the periods presented is comprised of current and deferred tax as applicable.Tax on income in interim periods is accrued using the tax rate that would be applicable to expected total annual ear

113、nings.Income tax pertaining to earnings or loss is recognized in earnings or loss;income taxes pertaining to items recognized directly in equity is recorded through equity.Current tax is the tax expected to be payable on the taxable income for the year calculated using rates that have been enacted o

114、r substantively enacted by the balance sheet date.It includes adjustments for tax expected to be payable or recoverable in respect of previous periods.Deferred tax is provided using the balance sheet liability method,providing for temporary differences between the carrying amounts of assets and liab

115、ilities for financial reporting purposes and the amounts used for taxation purposes.Temporary differences are not provided for goodwill,not deductible for tax purposes,and the initial recognition of assets or liabilities that affect neither accounting nor taxable profit.The amount of deferred tax pr

116、ovided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities,using tax rates enacted or substantively enacted at the statement of financial position date.Deferred tax assets are only recognized to the extent that it is probable that the deducti

117、ble temporary differences will reverse in the foreseeable future and future taxable profit will be available against which the temporary difference can be utilized.m)Leases The Company leases office space pursuant to a sublease agreement that does not transfer substantially all the risks and rewards

118、 incidental to ownership.The lease obligations are recognized as an expense on a straight-line basis over the term of the lease.n)Government incentives Through its exploration,the Company has benefited from government grants.These incentives are not repayable provided that the Company meets the requ

119、irements of the agreement,the most significant of which is that the incentives apply to qualifying expenditures.Qualifying expenditures are defined broadly within the agreement as all reasonable expenses for contracted services,machinery rental,transportation of machinery,personnel and supplies or o

120、ther approved costs in connection with specific exploration programs.The government grants are recognized when there is reasonable assurance that the Company will comply with the conditions of the grant and the grants will be received.The incentives reduce the mineral property costs to which they pe

121、rtain in the period that the qualifying exploration expenditures are incurred or when collectability is reasonably assured if this is later.These government incentives are subject to review by the relevant granting authorities,and by their nature are subject to measurement uncertainty.Adjustments,if

122、 any,resulting from such a review are recorded in the period during which the final grant payment amount is assessed by the governing agency.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 16 4.Cash Cash is comprised of:Sept 30

123、,2021 Sept 30,2020 Current bank accounts$881,132$269,361 Cash investment accounts -77,115 Cash held in foreign currencies 316,967 102,502$1,198,099$448,978 5.Accounts receivable Sept 30,2021 Sept 30,2020 Trade receivables$-$656 Due from related parties 237$246 Sales tax receivables 5,011 6,596$5,248

124、$7,498 6.Short-term investments Sept 30,2021 Sept 30,2020 Spruce Ridge Resources Ltd.Common shares(Sept 30,2021 5,633,500,Sept 30,2020 5,633,500)$619,686$450,680 Commander Resources Ltd.Common shares(Sept 30,2021 nil,Sept 30,2020 20,000)-2,200 Maple Gold Mines Ltd.Common shares(Sept 30,2021-nil,Sept

125、 30,2020-31,500)-4,568 Canada Nickel Co.Inc.Common shares(Sept.30,2021 nil,Sept 30,2020 54,867)-93,823$619,686$551,271 The common shares of Spruce Ridge Resources Ltd.(“Spruce Ridge”),Commander Resources Ltd.,Maple Gold Mines Ltd and Canada Nickel Co.Inc.were valued at their fair value,based on thei

126、r respective period-end trading prices,at September 30,2021 and September 30,2020.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 proceeds of$2,540,$10,560 and

127、$108,526 respectively.During the year ended September 30,2020,the Company disposed of 200,000 Spruce Ridge shares for cash proceeds of$15,433 net of commissions and 50,000 Canada Nickel Co.Inc.for cash proceeds of$77,117 net of commissions.On June 23,2020 Spruce Ridge declared a dividend-in-kind of

128、common shares of Canada Nickel Company Inc.(“Canada Nickel”or“CNC”).The dividend was paid on September 4,2020 to shareholders of Spruce Ridge at the close of business on July 6,2020,the record date.One CNC share was paid under the dividend declared for every 53.72 Spruce Ridge shares held.At July 6,

129、2020,the Company held 5,633,500 Spruce Ridge shares.As a result,the Company received a dividend of 104,867 CNC shares at$0.94 per share valued on July 6,2020 for total value of$98,575.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and

130、2020 17 7.Exploration and evaluation assets Mineral properties are recognized in these financial statements in accordance with the accounting policies outlined in Note 3(e)Exploration and evaluation assets.Accordingly,their carrying values represent costs incurred to date,net of recoveries,abandonme

131、nts and impairments.The recoverability of these amounts is dependent upon the existence of economically recoverable mineral reserves;the acquisition and maintenance of appropriate permits,licenses and rights;the ability of the Company to obtain necessary financing to complete the development of prop

132、erties where necessary,and upon future profitable operations;or alternatively,upon the Companys ability to recover its costs through a disposition of its interests in its mineral exploration properties.Gold Range Property,Arizona,USA On June 11,2019,the Companys wholly-owned subsidiary,Canexco Inc.,

133、entered into an arms length Option 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 with a total area of 61.98 acres and is located in Mohave County,Arizona

134、,USA.Under the terms of the agreement,the Company is committed to make options payments and minimum exploration 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)and on June

135、 1,2021,the Company paid US$15,000($18,423)in accordance with the agreement.In addition,the Optionor will retain a 2%NSR,half of which can be bought back by the Company for US$500,000;the remaining half can be bought back for US$1,000,000.As at September 30,2021,under the terms of the Agreement,the

136、Company is committed to the following cash payments and minimum exploration expenditures:Option Payments Minimum Exploration Expenditures Due date US$US$June 11,2022 20,000 20,000 June 11,2023 30,000 30,000 Total committed cash payments and minimum exploration expenditures 50,000 50,000 Exploration

137、expenditures to September 30,2021 -(1,190,800)Total remaining commitment as of September 30,2021 50,000 -The remaining committed option payments of US$50,000 would equate to$63,705 using the September 30,2021 Bank of Canada exchange rate.An increase or decrease of 10%to the exchange rate would resul

138、t in an increase or decrease in required option payments of$6,371.On February 24,2020,the Companys wholly-owned subsidiary,Canexco Inc.,entered into an arms length Option Agreement to acquire a 100%interest in the Never Get Left Claim,Mohave County,Arizona,USA from Onyx Exploration Inc.,the“Optionor

139、”which is adjacent to the Companys Pit Zone target on the Gold Range Property.The Never Get Left Claim,under option,is comprised of one staked lode mineral claim with a 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

140、make options payments totaling US$90,000 over four years.On February 24,2020,the Company paid US$10,000($13,397)and on February 18,2021,the Company paid US$15,000($19,063)in accordance with the agreement.In addition,the Optionor will retain a 2%NSR,half of which can be bought back by the Company for

141、 US$500,000;the remaining half can CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 18 7.Exploration and evaluation assets(continued)Gold Range Property,Arizona,USA(continued)be bought back for US$500,000.Additionally,the Compan

142、y must pay 10%of any profits realized from the processing and recovery of metals from the existing leach pad materials located within the Optionors claim.As at September 30,2021,under the terms of the Agreement,the Company is committed to the following cash payments:Option Payments Due date US$Febru

143、ary 24,2022 15,000 February 24,2023 20,000 February 24,2024 30,000 Total committed cash payments 65,000 The remaining committed option payments of US$65,000 would equate to$82,817 using the September 30,2021 Bank of Canada exchange rate.An increase or decrease of 10%to the exchange rate would result

144、 in an increase or decrease in required option payments of$8,282.On January 12,2021,the Company and its wholly owned subsidiary,Canexco Inc.,signed a Letter of Intent(“LOI”)allowing the Company to earn into the Excelsior Mine Property(“the Property”)from a private vendor over 3 stages.The definitive

145、 agreement was signed on June 2,2021 and received TSXV approval on June 17,2021.During stage 1,CANEX can earn a 25%interest in the Property by issuing 750,000 common shares of CANEX and spending US$500,000 on exploration.During stage 2,CANEX can earn 51%interest in the Property by issuing 1 million

146、shares of CANEX,spending US$2,000,000 and paying a bonus payment equivalent to 1%of the gold price on recoverable gold equivalent ounces defined in the measured and indicated resource categories.Stages 1 and 2 must be completed over 2.5 years.On June 25,2021,the Company issued 750,000 common shares

147、valued at$84,375,in accordance with the agreement.During stage 3 CANEX can earn a 90%interest in the Property by issuing 1,000,000 CANEX shares and spending US$2,000,000 on exploration and development including an economic study.To complete the stage 3 earn in CANEX must make another bonus payment t

148、o the Vendors equivalent to 1.5%of the gold price on recoverable gold equivalent ounces 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 a 90%interest in the Property,the Vendors can elect to mainta

149、in their 10%ownership by contributing their 10%share to exploration and development or to give up 100%ownership to CANEX and revert to a 1.5%NSR.As at September 30,2021,under the terms of the Agreement,the Company is committed to the following share issuances and minimum exploration expenditures:Opt

150、ion payments(Common Shares)Minimum exploration expenditures(US$)Earn in on completion of obligation(%)Stage 1 750,000 500,000 25 Stage 2 1,000,000 2,000,000 26 Stage 3 1,000,000 2,000,000 39 Total 2,750,000 4,500,000 90 Less obligations fulfilled to September 30,2021(750,000)(374,000)-Total remainin

151、g commitments to September 30,2021 2,000,000 4,126,000 CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 19 7.Exploration and evaluation assets(continued)Gold Range Property,Arizona,USA(continued)The remaining committed minimum e

152、xploration expenditures of US$4,126,000 equate to$5,256,937 using the September 30,2021 Bank of Canada exchange rate.An increase or decrease of 10%to the exchange rate would result in an increase or decrease in required option payments of$525,694.As at September 30,2021,the Company holds 202 lode mi

153、ning claims and 2 patented claims(1,504 hectares)in respect of the Gold Range Property,including acquisitions via the option agreements noted above as well as staking.The area has seen historic lode and placer gold production,but limited modern lode gold exploration.The gross costs and impairments r

154、ecorded to the Gold Range Property at September 30,2021 are$1,947,701 and$nil respectively(September 30,2020-$963,577 and$nil).Gibson Prospect,British Columbia On April 4,2017,the Company announced it had signed a Letter of Intent to acquire a 100%interest in the Gibson property from Altius Resource

155、s 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 Fort St.James.The option purchase agreement(the“Agreement”)was executed on May 12,2017;and

156、 received Exchange approval on May 17,2017.The Company also assumed the obligations of an underlying option agreement with Steven Scott,an arms length party(the“Underlying Agreement”).Under the terms of the Agreement,the Company is committed to issue a maximum of 3,545,000 common shares to Altius in

157、 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,the Company issued 1,125,000 common shares to Altius valued at$78,750 and paid$5,000 to Steven Scott.On Februar

158、y 14,2018,the Company paid$15,000 to Steven Scott pursuant to the Underlying Agreement.On October 5,2018,the Company issued 1,180,000 common shares to Altius valued at$82,600 pursuant to the Agreement.On February 21,2019,the Company issued 400,000 common shares to Steven Scott valued at$20,000,on Fe

159、bruary 27,2020,the Company issued 121,951 shares to Steven Scott valued at$25,000 and on February 26,2021,the Company issued 185,185 common shares to Steven Scott valued at$25,000 pursuant to the Underlying Agreement.Under the terms of the underlying agreement with Steven Scott,effective February 26

160、,2021,the Company has fulfilled its obligations with respect to cash or cash equivalent payments and minimum exploration expenditures.On November 12,2018,the Company was granted an extension to meet its minimum exploration expenditures of$500,000 by November 12,2018 to July 15,2019,as lack of access

161、 during 2018,in part,prevented the Company from completing the required expenditures within the allotted time.The Company was subsequently granted further extensions to meet its minimum exploration expenditures of$500,000.The agreement has been amended to allow the Company to meet minimum exploratio

162、n expenditures by August 30,2022.All other terms of the agreement remain unchanged.As at September 30,2021,the Company has determined that further exploration of the Gibson Prospect will not be a priority unless a third party partner can be found to further the exploration program.However,the Compan

163、y,will continue to hold the property claims which will expire between February 2022 and January 2029.Accordingly,the Company has impaired the full amount of exploration expenditures to September 30,2021.The gross costs and impairments recorded to the Gibson Prospect as at September 30,2021 are$473,5

164、27 and$473,527,respectively(September 30,2020-$448,027 and$nil).CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 20 7.Exploration and evaluation assets(continued)Gibson Prospect,British Columbia(continued)As at September 30,2021

165、,under the terms of the Agreement,the Company is committed to the following remaining share issuances,cash payments and minimum exploration expenditures:Altius Remaining commitments under the terms of the Agreement are as follows:Share issues Minimum exploration expenditures(1)($)Expenditure Commitm

166、ent on or before August 30,2022-500,000 Following the completion of the Expenditure Commitment 1,240,000-Total 1,240,000 500,000(1)As at September 30,2021,the Company has incurred exploration expenditures of$293,500 Prior to 2019,Shane Ebert through his company,Vector Resources Inc.(see Note 17-Rela

167、ted parties and transactions and key management remuneration),provided consulting services to Altius regarding British Columbia project generation activities.Vector Resources Inc.is entitled to 5%of the compensation,177,250 shares,due to Altius under the Gibson agreement.In addition,Altius will reta

168、in a right to purchase an underlying 1.5%Net Smelter Royalty(NSR)and preferential rights on any future royalties or streams granted on the Property.If the Company achieves a measured and indicated mineral resource in excess of 1 million gold equivalent ounces,a Milestone Payment of 1,275,000 shares

169、will be issued to Altius.Pursuant to the underlying option agreement,Steven Scott is also entitled to the additional milestone bonuses 1)$25,000 in cash or securities upon a Bankable Feasibility Study;and 2)$50,000 in cash or securities upon Commercial Production.Echo,Fulton,Red and Beal properties,

170、British Columbia On June 21,2018,the Company signed a Definitive Agreement granting the Company an option to acquire a 100%interest in five mineral exploration properties in British Columbia from Altius,named Ace,Echo,Fulton,Red and Beal.The Ace property was subsequently dropped from the definitive

171、agreement as exploration was conditional upon satisfactory resolution of a property access issue by August 15,2018,which was not resolved.To earn a 100%interest in the remaining properties,the Company was required to spend a minimum of$30,000 on exploration on or before September 21,2019 and issue t

172、o Altius 500,000 common shares for each project.In addition,Altius would retain a 1.75%Gross Smelter Royalty(GSR)on all properties within a 5 km area of interest.For each property that achieved a measured and indicated mineral resource in excess of 0.5 million gold equivalent ounces,a Milestone Paym

173、ent of 1.5 million shares would be issued to Altius.The results from field programs conducted during fiscal 2019 did not support further exploration on the Fulton,Red and Beal properties.As a result,the Company returned the respective properties to the vendor and impaired the full amount of expendit

174、ures on each respective property as of September 30,2019.However,the Company was granted an extension on the expenditure deadline to December 31,2019 to allow the Company time to conduct further work and evaluations on the Echo property.During the three-month period ended December 31,2019,the Compan

175、y conducted a ground magnetic survey at Echo.After thorough analysis of the results of this program,the Company,unable to identify clear targets for advancement,terminated the option,returning the Echo property to the vendor,fully impairing the remaining expenditures as of September 30,2020.The gros

176、s costs and impairments recorded to the Echo,Fulton,Red and Beal properties combined as at September 30,2021 are$23,001 and$23,001(September 30,2020-$23,001 and$23,001).CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 21 7.Explo

177、ration and evaluation assets(continued)A summary of exploration and evaluation expenditures by category for the years ended September 30,2021,and September 30,2020 appear below:British Columbia Arizona,USA Year ended September 30,2021 Total Gibson Property Gold Range Property$Exploration expenditure

178、s:Balance,September 30,2020 1,026,751 220,531 806,220 Geological consulting 152,538-152,538 Field costs 31,246-31,246 Travel 20,887-20,887 Equipment rental 3,674-3,674 Geochemical 178,710-178,710 Excavating 8,367-8,367 Geophysical survey 192-192 Drilling 371,319-371,319 Decommissioning 14,006-14,006

179、 Impairment(220,531)(220,531)-Balance,September 30,2021 1,587,159-1,587,159 Property acquisition costs Balance,September 30,2020 384,853 227,496 157,357 Acquisition costs incurred 228,685 25,500 203,185 Impairment(252,996)(252,996)-Balance,September 30,2021 360,542-360,542 Total exploration and eval

180、uation assets,September 30,2021 1,947,701 -1,947,701 CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 22 7.Exploration and evaluation assets(continued)British Columbia Arizona,USA Year ended September 30,2020 Total Gibson Proper

181、ty Echo Property Gold Range Property$Exploration expenditures:Balance,September 30,2019 283,389 220,531 4,156 58,702 Geological consulting 174,334-2,100 172,234 Field costs 13,102-151 12,951 Travel 43,009-43,009 Geochemical 143,276-1,952 141,324 Excavating 58,374-58,374 Geophysical survey 61,580-10,

182、515 51,065 Archeology 13,199-13,199 Drilling 235,404-235,404 Equipment rental 13,774-116 13,658 Decommissioning 6,300-6,300 Impairment(18,990)-(18,990)-Balance,September 30,2020 1,026,751 220,531-806,220 Property acquisition costs Balance,September 30,2019 226,879 201,996 3,307 21,576 Acquisition co

183、sts incurred 161,281 25,500-135,781 Impairment(3,307)-(3,307)-Balance,September 30,2020 384,853 227,496-157,357 Total exploration and evaluation assets,September 30,2020 1,411,604 448,027 -963,577 From time to time the Company is required to advance amounts to service providers prior to their commen

184、cing exploration work on the mineral interest.The advance is applied to the invoiced services,generally through the final invoice.As these advances pertain to costs that form part of the long-term exploration and evaluation assets,they are classified as long-term.At September 30,2021,the Company hel

185、d$10,000 in respect of the Gibson Prospect and$27,874 in respect of the Gold Range Project in exploration and evaluation asset advances and deposits(September 30,2020-$10,000 and 27,874 respectively).8.Equipment Computer equipment and software Cost Balance at September 30,2021 and 2020$9,685 Accumul

186、ated depreciation Balance,September 30,2020 9,637 Depreciation 18 Balance September 30,2021$9,655 Net book value September 30,2020$48 September 30,2021$30 CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 23 9.Accounts payable an

187、d accrued liabilities Sept 30,2021 Sept 30,2020 Trade payables$140,738$39,453 Due to related parties 18,146 33,124 Accrued liabilities 27,500 25,500 Commodity taxes payable 11 12$186,395$98,089 10.Decommissioning obligation Changes in the decommissioning obligation:Sept 30,2021 Sept 30,2020 Balance,

188、beginning of year$33,300$27,000 Gold Range Property additions 14,006 6,300 Balance,end of year$47,306$33,300 The provision noted above represents estimated costs to restore the Companys mineral property which includes the cost of filling trenches and revegetation as applicable.Management believes th

189、at there are no other significant legal and constructive obligations as at the respective year end dates for current and future decommissioning obligations.The year end present value of the decommissioning obligation was determined using a risk-free rate of 0.53%(September 30,2020 0.25%).The estimat

190、ed total undiscounted amount,using an inflation rate of 2.77%(September 30,2020 0.73%)for the year ended September 30,2021 is$49,964(2020-$34,116).The timing of future decommissioning costs is uncertain,as the costs will not be incurred until the Company gives up its legal right to explore the prope

191、rty or the current land use permits expire,at which time the reclamation has to have been completed.No accretion expense has been recorded in the current year because the amount is considered to be immaterial.11.Share capital,stock options and warrants a)Authorized Unlimited number of common shares

192、without par value.b)Issued and outstanding common share capital Shares Value$Balance,as at September 30,2020 53,207,049 15,747,739 Warrants exercised October 15,2020 2,300,000 230,000 Share issuance costs-(830)Share issuance January 7,2021 16,292,500 1,629,250 Share issuance January 11,2021 707,500

193、70,750 Share issuance property acquisition 185,185 25,000 Share issuance costs-(27,292)Warrant expiry March 23,2021-33,120 Share issuance property acquisition 750,000 84,375 Share issuance costs-(2,278)Balance,as at September 30,2021 73,442,234 17,789,834 CANEX Metals Inc.Notes to the Consolidated F

194、inancial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 24 11.Share capital,stock options and warrants(continued)b)Issued and outstanding common share capital(continued)Shares Value$Balance,as at September 30,2019 30,866,415 14,243,517 Private Placement October 29,2019 12,120,00

195、0 606,000 Share issuance costs-(6,441)Options exercised November 13,2019 100,000 11,490 Warrants exercised January 22,2020 100,000 8,000 Warrants exercised February 5,2020 369,334 31,584 Warrants exercised February 7,2020 1,450,000 116,000 Warrants exercised February 12,2020 1,150,000 92,000 Share i

196、ssuance property acquisition 121,951 25,000 Share issuance costs-(1,504)Warrants exercised March 3,2020 103,999 11,372 Share issuance costs-(1,953)Private Placement April 7,2020 6,667,100 600,039 Share issuance costs-(5,164)Warrants exercised July 9,2020 8,250 904 Options exercised August 27,2020 15

197、0,000 17,235 Share issuance costs-(340)Balance,as at September 30,2020 53,207,049 15,747,739 2021 On October 15,2020,2,300,000 warrants exercisable at$0.10 per share,expiring October 20,2020,were exercised for total proceeds of$230,000 including 100,000 exercised by related parties,comprised of offi

198、cers and directors.On January 7,2021,the Company closed the first tranche of its non-brokered private placement,issuing 16,292,500 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,i

199、ssuing 707,500 common shares at$0.10 per share for aggregate gross proceeds of$70,750.A total of$16,500 was paid in finders fees in connection with this financing.On February 26,2021,the Company issued 185,185 common shares valued at$25,000 pursuant to an option agreement on the Gibson property.The

200、share issuance was valued using the closing share price on the transaction date.See Note 7 “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

201、at$84,375 pursuant to option agreement on the Gold Range property.The share issuance was valued using the closing share price on the transaction date.See Note 7 “Exploration and evaluation assets”for more information.2020 On October 29,2019,the Company closed its non-brokered private placement,issui

202、ng 12,120,000 common shares for aggregate gross proceeds of$606,000.Related parties,comprised of officers and directors,acquired 300,000 of the total shares issued.On November 13,2019,100,000 options exercisable at$0.06 per share,expiring June 26,2022,were exercised for total proceeds of$6,000.CANEX

203、 Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 25 11.Share capital,stock options and warrants(continued)b)Issued and outstanding common share capital(continued)On January 22,2020,100,000 warrants exercisable at$0.08 per share were

204、exercised for total proceeds of$8,000.During February,2020,2,900,000 warrants exercisable at$0.08 per share,expiring June 6,2022 were exercised for total proceeds of$232,000 and 69,334 warrants exercisable at$0.05 per share,expiring June 6,2022 were exercised for total proceeds of$3,467.On February

205、27,2020,the Company issued 121,951 common shares valued at$25,000 pursuant to an option agreement on the Gibson property.The share issuance was valued using the closing share price on the transaction date.See Note 7 “Exploration and evaluation assets”for more information.On March 3,2020,103,999 warr

206、ants exercisable at$0.05 per share,expiring June 6,2022,were exercised for total proceeds of$5,200.On April 7,2020,the Company closed it non-brokered private placement,issuing 6,667,100 common shares for aggregate gross proceeds of$600,039.Related parties acquired 111,000 of the total shares issued.

207、On July 9,2020,8,250 warrants exercisable at$0.05 per share,expiring June 6,2022 were exercised for total proceeds of$412.On August 27,2020,150,000 options exercisable at$0.06 per share,expiring June 26,2020,were exercised for total proceeds of$9,000.On October 15,2020,2,300,000 warrants exercisable

208、 at$0.10 per share,expiring October 20,2020,were exercised for total proceeds of$230,000 including 100,000 warrants exercised by related parties.Subsequent to September 30,2021 and up to December 22,2021,the date of these financial statements,there were no shares issued,and none cancelled and return

209、ed to treasury.c)Stock options outstanding Number of options Exercise Expiry Sept 30,2021 Sept 30,2020 Price June 26,2022 925,000 925,000$0.06 July 27,2024 1,575,000 -$0.15 September 23,2024 1,200,000 1,200,000$0.06 October 4,2024 710,000 710,000$0.055 4,410,000 2,835,000 The Company has an option p

210、lan(the Plan),under which up to 10%of the issued and outstanding common shares are reserved for issuance.Under the Plan,the options that have been granted expire at the earlier of five years from the grant date,the date at which the Directors determine,or 60 days from the date on which the optionee

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

212、me.All of the options outstanding at the respective period ends have vested.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 26 11.Share capital,stock options and warrants(continued)d)Stock option transactions Number of options

213、Weighted average exercise price Balance,September 30,2020 2,835,000$0.059 Issued 1,575,000$0.15 Balance,September 30,2021 4,410,000$0.091 Number of options Weighted average exercise price Balance,September 30,2019 2,375,000$0.06 Issued 710,000$0.055 Exercised(250,000)$0.059 Balance,September 30,2020

214、 2,835,000$0.059 Refer to Note 14 “Share-based payment transactions”for more information regarding the options issued during the year.In addition,250,000 options,expiring June 22,2022 were exercised for total proceeds of$15,000 during the year ended September 30,2020.Subsequent to September 30,2021

215、and up to December 22,2021,the date of these financial statements,there were no stock options issued or exercised and none expired.e)Warrant transactions and warrants outstanding The warrants summarized below may be exercised to acquire an equal number of common shares.Year ended September 30,2021 E

216、xercise Price Expiry Balance Sept 30,2020 Warrants Exercised Warrants Expired Balance Sept 30,2021$0.10 October 16,2020 2,300,000(2,300,000)-$0.25 March 23,2021 460,000-(460,000)-$0.08 June 6,2022 1,399,990-1,399,990$0.05 June 6,2022 13,416-13,416 4,173,406(2,300,000)(460,000)1,413,406 Year ended Se

217、ptember 30,2020 Exercise Price Expiry Balance Sept 30,2019 Warrants Issued Warrants Exercised Balance Sept 30,2020$0.10 October 16,2020 2,300,000-2,300,000$0.25 March 23,2021 460,000-460,000$0.08 June 6,2022 4,399,990-(3,000,000)1,399,990$0.05 June 6,2022 194,999-(181,583)13,416 7,354,989-(3,181,583

218、)4,173,406 CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 27 11.Share capital,stock options and warrants(continued)e)Warrant transactions and warrants outstanding(continued)2021 On October 15,2020,2,300,000 warrants exercisabl

219、e at$0.10 per share,expiring October 20,2020,were exercised for total proceeds of$230,000 including 100,000 exercised by related parties and on March 23,2021,460,000 warrants exercisable at$0.25 per share,expired without exercise.2020 On January 22,2020,100,000 warrants exercisable at$0.08 per share

220、,expiring June 6,2022,were exercised for total proceeds of$8,000.During February,2020,2,900,000 warrants exercisable at$0.08 per share,expiring June 6,2022 were exercised for total proceeds of$232,000 and 69,334 warrants exercisable at$0.05 per share,expiring June 6,2022 were exercised for total pro

221、ceeds of$3,467.On March 3,2020,103,999 warrants exercisable at$0.05 per share,expiring June 6,2022,were exercised for total proceeds of$5,200.On July 9,2020,8,250 warrants exercisable at$0.05 per share,expiring June 6,2020,were exercised for total proceeds of$412.Subsequent to September 30,2021 and

222、up to December 22,2021,the date of these financial statements no warrants were issued and none expired,nor were exercised.12.Financial instruments Financial instruments recorded at fair value are classified using a fair value hierarchy that prioritizes the inputs to fair value measurements.The three

223、 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 directly,(i.e.prices),or indirectly,(i.e.derived from prices);and Level 3-Inp

224、uts 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 30,2021 Sept 30,2020 Carrying Value Financial Assets Financial assets measured at fai

225、r value:Short-term investments$619,686$551,271 Financial assets measured at amortized cost:Cash 1,198,099 448,978 Accounts receivable 237 902$1,198,336$449,880 Financial Liabilities Financial liabilities measured at amortized cost:Accounts payable and accrued liabilities$186,384$98,077 CANEX Metals

226、Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 28 12.Financial instruments(continued)The above noted financial instruments are exclusive of any sales tax.The carrying value of financial assets and liabilities measured at amortized cost app

227、roximates fair value due to the short-term nature of the instruments.The carrying value of financial assets and liabilities measured at amortized cost approximates fair value due to the short-term nature of the instruments.Unless otherwise noted,it is managements opinion that the Company is not expo

228、sed to significant interest or credit risks arising from these financial instruments.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 to time to settle

229、 US$denominated liabilities.At September 30,2021,the Company had US$248,777($316,967)(2020-US$76,844($102,502)in a US denominated bank account.The effect of a foreign currency increase or decrease of 10%on this cash holding would result in an increase or decrease of$31,697(2020-$10,250).Additionally

230、,at September 30,2021,accounts payable and accrued liabilities include liabilities of US$106,101($135,183)(2020-US$26,890($35,869),that must be settled in US$.The effect of a foreign currency increase or decrease of 10%on this liability would result in an increase or decrease of$13,518(2020-$3,587)t

231、o the amount payable.13.General and administrative Sept 30,Sept 30,2021 2020 Administrative consulting fees$234,026$264,691 Share-based compensation(Note 14)74,749 37,416 Occupancy costs 18,789 18,347 Office,secretarial,supplies and other 56,628 50,087 Insurance 8,845 7,427 Directors fees 3,600 2,70

232、0 Computer network and website maintenance 2,312 2,458 Travel and promotion 50,582 25,496$449,531$408,622 14.Share-based payment transactions During the year ended September 30,2021,the Company issued 1,575,000 options that may be exercised at$0.15 per share to July 27,2024.The options were valued a

233、t$74,749 using the Black-Scholes Options Pricing model assuming a 3-year term,volatility of 83.86%,a risk free discount rate of 0.55%and a dividend rate of 0%.During the year ended September 30,2020,the Company issued 710,000 options that may be exercised at$0.055 per share to October 4,2024.The opt

234、ions were valued at$37,416 using the Black-Scholes Options Pricing Model assuming a 5-year term,volatility of 182.33%,a risk free discount rate of 1.25%and a dividend rate of 0%.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 2

235、9 15.Loss per share Basic loss per share is calculated using the weighted average number of common shares outstanding during the period.Diluted loss per share is computed using the treasury stock method.Stock options and warrants outstanding are not included in the computation of diluted loss per sh

236、are if their inclusion would be anti-dilutive.The following adjustments were made in arriving at diluted weighted average number of common shares for the years ended September 30:Weighted average number of common shares:2021 2020 Basic and Diluted 68,164,460 47,497,321 Loss per share Basic and dilut

237、ed$(0.01)$0.00 16.Income tax information Rate reconciliation:The combined provision for taxes in the consolidated statement of loss and other comprehensive loss reflects an effective tax rate which differs from the expected statutory rate as follows:2021 2020 Income(loss)before income taxes$(805,515

238、)$(198,040)Computed expected expense(recovery)based on a combined rate of 23.00%(2020 24.75%)(185,268)(49,015)Change resulting from:Differential tax rate of foreign jurisdiction (676)(49)Non-deductible(taxable)items and other (28,908)(38,454)Change in tax rate -5,466 Unrecognized deferred tax asset

239、214,852 107,779 Change in prior year estimates -(25,727)Income tax expense$-$-The combined statutory rate is 23.00%for 2021(2020 24.75%).The deferred combined statutory rate is expected to be 23.00%for 2021 and subsequent years(2020 23.00%).CANEX Metals Inc.Notes to the Consolidated Financial Statem

240、ents(Expressed in Canadian Dollars)September 30,2021 and 2020 30 16.Income tax information(continued)Temporary differences and tax loss not recognized for accounting purposes:2021 2020 Non-capital loss carry-forwards$3,617,692$3,216,870 Capital loss carry-forwards 782,935 782,935 Share issuance cost

241、s 41,042 25,564 US net operating loss 1,258,295 627,337 Property and equipment 18,300 18,281 Mineral properties 4,175,419 4,321,684 Short-term investments (55,162)14,003 Interest 4,696 3,175 Total$9,843,217$9,009,849 As future taxable profits of the Company are uncertain,no deferred tax asset has be

242、en recognized.As at September 30,2021,the Company had unused non-capital loss carry forwards of approximately$3.62 million that expire between the years 2026 and 2041.Capital loss carry-forwards may be carried forward indefinitely.The Company has unused US net operating loss carry forwards of approx

243、imately$988,000USD($1,258,000)(2020-$470,000USD($627,000)that may be carried forward indefinitely.During the year ended September 30,2021,the Company applied for a British Columbia mining exploration tax credit in the amount of$Nil(2020$4,450)for qualified expenditures made in 2021 totalling$Nil(202

244、0-$14,835)relating to its British Columbia properties(see Note 7-Exploration and evaluation assets).17.Related party balances and transactions and key management remuneration The Company is considered a related party to Jade Leader Corp.(Jade Leader)because of its common directors,officers and key m

245、anagement personnel that have some direct financial interest in both the Company and Jade Leader.In addition,related parties include members of the board of directors,officers and their close family members.Vector Resources Inc.,a company controlled by Shane Ebert,President and director of CANEX Met

246、als;and 635280 Alberta Ltd.,a company controlled by Jean Pierre Jutras,an officer and director of CANEX Metals are also considered related parties.The Company incurred the following amounts charged to(by)related parties:Sept 30,2021 Sept 30,2020 Key management remuneration President and director a$(

247、73,500)$(150,300)Corporate secretary b (41,160)(34,826)Chief Financial Officer c (1,150)(1,900)Directors fees d (3,600)(2,700)Total Management remuneration$(119,410)$(189,726)Sept 30,2021 Sept 30,2020 Other related party transactions Jade Leader Office rent and operating costs paid e$(18,789)$(18,34

248、8)General and administrative and secretarial costs paid e$(5,971)$(8,582)General and administrative and secretarial costs received e$1,056$2,613 635280 Alberta Ltd.Geological consulting services f$(1,563)$(1,200)CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Do

249、llars)September 30,2021 and 2020 31 17.Related party balances and transactions and key management remuneration The following amounts were due to or receivable from related parties at the respective year ends:Balances Receivable(Payable)Sept 30,2021 Sept 30,2020 Consulting fees:President and director

250、 a$(10,106)$(27,313)Chief Financial Officer c$(1,208)$-Exploration and evaluation assets President and director$(588)$-Office rent and operating costs Jade Leader d$(4,932)$(4,469)General and administrative and secretarial costs:Jade Leader d$(1,312)$(1,342)Jade Leader d$237$246 Management compensat

251、ion payable to key management personnel during the years ended September 30,2021 and 2020 is reflected in the table above and consists of consulting fees paid to the President,the CFO,fees for the Corporate Secretary and directors fees.Officers and directors are also compensated through the granting

252、 of options from time-to-time.During the year ended September 30,2021,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 recorded in general administrative expenses(Note 14-Share based payment transactions

253、).During the year ended September 30,2020,the Company granted stock options to officers,directors and consultants and recorded a non-cash charge for stock-based payments of$37,417,that is recorded in general administrative expenses(Note 14-Share based payment transactions).There were no other benefi

254、ts granted to officers,directors and consultants during the years ended September 30,2021 and 2020.Key management personnel are defined as those persons having authority and responsibility for planning,directing and controlling the activities of the entity,directly or indirectly,including any direct

255、or of the Company.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 and evaluation assets(Note 7).During the year ended September 30,2021,$35,100(2020-$

256、49,800)was expensed through administrative expenses,$38,400(2020-$100,500)was capitalized to exploration and evaluation assets.b)The Corporate Secretary provides services to the Company on a contract basis.c)The Chief Financial Officer provides services to the Company on a contract basis.d)Commencin

257、g January 1,2021,the Company increased payments to directors who are not officers of the Company to$500 for meeting attendance in person or by telephone.Prior to January 1,2021,the Company paid directors who were not officers$500 for meeting attendance in person and$300 for meeting attendance by tel

258、ephone.There are two directors who are not officers and the amounts above reflect directors feed paid or payable for meetings attended during the above-noted periods.e)Jade Leader incurred certain administrative expenses on the Companys behalf that were subsequently billed to the Company on a quarte

259、rly basis.Further,the Company incurred certain administrative costs on behalf of Jade Leader that were billed on a quarterly basis.Effective April 1,2015,the Company commenced to lease office space from Jade Leader.Jade Leader and the Company share two common officers and two common directors.f)Duri

260、ng the years ended September 30,2021 and September 30,2020,geological consulting services were provided by 635280 Alberta Ltd.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 32 17.Related party balances and transactions and key

261、 management remuneration(continued)Related party receivables pertain to billings plus applicable sales taxes for which payment has not been received and related party payables reflect billings plus applicable sales taxes that were not yet paid by the Company at the respective period ends.Related par

262、ty transactions were measured at the amounts agreed to by the transacting parties.18.Supplemental disclosure statement of cash flows Reconciliation of cash used in operating activities to operating loss for the years ended:Sept 30,2021 Sept 30,2020 Loss and comprehensive loss$(805,515)$(198,040)Depr

263、eciation 18 31 Stock-based compensation 74,749 37,416 Mineral property impairments 473,527 17,847 Dividend income -(98,575)Interest and other items (2,769)852 Gain on short-term investments (190,041)(191,530)Changes in assets and liabilities pertaining to operations:Accounts receivable 853 (3,952)Pr

264、epaid expenses (33,606)(29,889)Accounts payable and accrued liabilities 802 1,807 Cash paid to suppliers and contractors$(481,982)$(464,033)Reconciliation of cash expended on exploration and evaluation assets for the years ended:Sept 30,2021 Sept 30,2020 Change in exploration and evaluation assets$(

265、536,097)$(901,336)Property acquisition Share issuance 109,375 25,000 Provision for decommissioning 14,006 6,300 Mineral property impairments (473,527)(17,847)Changes in assets and liabilities pertaining to exploration and evaluation Mining exploration tax credit receivable -58,673 Accounts receivabl

266、e 1,397 515 Accounts payable and accrued liabilities 87,504 61,248 Cash expended on exploration and evaluation assets$(797,342)$(767,447)19.Segment disclosures During the years ended September 30,2021 and September 30,2020,the Company was only engaged in mineral exploration and all exploration activ

267、ities were undertaken in Canada and/or the United States.Activities undertaken in both countries were similar in nature.As at September 30,2021,the value of non-current assets associated with United States operations is$1,975,575(2020-$991,451)including exploration and evaluation asset advances and

268、deposits of$27,874(2020-$27,874)and exploration and evaluation assets of$1,947,701(2020-$963,577).All remaining non-current assets are associated with Canadian operations.Consequently,segmented information is not presented in these financial statements.Refer to Note 7 “Exploration and evaluation ass

269、ets”for details of the carrying amounts of these assets at the respective period ends.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 33 20.Capital The Companys objective when managing capital is to continue as a going concern

270、so that it can provide value to shareholders by acquiring and conducting exploration on mineral exploration properties with the ultimate objective of finding commercial quantities of base and/or precious metals.Capital is defined as capital stock,warrants,contributed surplus and deficit.The Company

271、has traditionally financed through equity issues 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 be investigated.The Company will raise equity as

272、cash flow requirements dictate and will attempt,when able,to time financings with more favorable market conditions.The Company can scale back exploration,and to a certain extent,discretionary administrative costs during tighter equity markets.The Company invests capital that is surplus to its immedi

273、ate operational needs in short-term,liquid and highly-rated financial instruments such as Bankers Acceptances and Term Deposits until such time as it required to pay operating expenses and mineral property costs,including option payments(Note 7).The Company objective is to manage its capital to safe

274、guard its cash and its ability to continue as a going concern,and to utilize as much of its available capital.21.Financial risk management a)Credit risk Credit risk is the risk of financial loss to the Company if counterparties to a financial instrument fail to meet their contractual obligations.The

275、 Companys financial instruments that could be subject to credit risk consist of receivables,excluding sales tax.The Company has had a history of prompt receipt of its receivables and considers credit risk to be low on these instruments as at September 30,2021 and September 30,2020.b)Liquidity risk L

276、iquidity 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 liquidity risk is the utilization of budgets,to attempt to maintain sufficient liquidity in order to meet operational and exploration requirements as well

277、as property acquisition commitments.The Company raises capital through equity issues and its ability to do so is dependent on a number of factors including market acceptance,stock price and exploration results.The Company is continually investigating financing options.The continuing operations of th

278、e Company are dependent upon its ability to obtain adequate financing or to commence profitable operations in the future.On October 15,2020,2,300,000,warrants,expiring October 20,2020,were exercised for total proceeds of$230,000.Refer to Note 12 “Share capital,stock options and warrants”for further

279、details.The Company also closed a private placement financing on January 11,2021 for aggregate gross proceeds of$1,700,000.Increases in activity levels,new property acquisitions and any level of exploration on its mineral properties may require additional financing.There can be no assurance that the

280、 Company will be successful in obtaining financing.Refer to Note 1-Nature of operations and continuance of operations.The Companys significant remaining contractual maturities for financial liabilities as at September 30,2021 and 2020 are as follows:Accounts payable and accrued liabilities are due w

281、ithin one year.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 34 21.Financial risk management(continued)c)Market risk The Companys equity investments are subject to market price risk.The investments in common shares are record

282、ed 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 30,2021,the market price fluctuation on the investments held resulted in a net gain of$138,330(20

283、20-net gain of$164,065)on short-term investments.In 2021,a 10%change in fair value of the Companys marketable investments would result in a charge to income of$61,969(2020-$55,127).The Company does not intend to hold these investments for more than one year.The Company has not yet developed producin

284、g mineral interests and as a result it is not exposed to commodity price risk associated with developed properties at this time.d)Interest rate risk The Company has no debt facilities and has minimal amounts of interest income,it is not exposed to significant interest rate risk at this time.All mark

285、et risk is associated with the Companys investments in common shares,which are recorded at fair value at the respective period ends with the resultant gains or losses recorded in earnings.e)Foreign exchange risk The Company undertakes transactions denominated in US currency;consequently,it is expose

286、d to exchange rate fluctuations.The Company has disclosed US$commitments pertaining to three option agreements in Note 7 “Exploration and evaluation assets”.Refer to Note 12 “Financial instruments for the foreign exchange risk associated with the foreign denominated cash balances held,as well as acc

287、ounts payable that must be settled in US$at September 30,2021 and September 30,2020.22.Novel coronavirus pandemic In early January 2020,a human infection originating in China was traced to a novel strain of coronavirus.The virus subsequently spread to other parts of the world including North America

288、 and Europe,causing unprecedented disruptions in the global economy as efforts to contain the spread of the virus intensified.On March 11,2020,the World Health Organization declared this outbreak of coronavirus(“COVID-19”)as a pandemic as it spread throughout North America.The March 2020 exploration

289、 program on the Gold Range Property,Arizona,was ended prior to completion to comply with health and travel advisories related to COVID-19.Commencing July 1,2020,the Company continued its planned exploration programs for the summer of 2020,(refer to Note 7 “Exploration and evaluation assets”)as previ

290、ously imposed travel restrictions as a result of COVID-19 were lifted and the Company determined that work could safely resume in the targeted areas.The summer 2020 exploration program was completed by September 30,2020.The Company was able to continue its fiscal 2021 planned exploration programs th

291、rough out the year with minimal disruptions due to COVID-19.As the pandemic continues to spread throughout the world,the full extent and duration of the impact of COVID-19 on the Companys operations and financial performance is currently unknown,and depends on future developments that are uncertain

292、and unpredictable,including the duration and spread of the pandemic,its impact on capital and financial markets on a macro-scale and any new information that may emerge concerning the severity of the virus,its spread to other regions and the actions to contain the virus or treat its impact,among oth

293、ers.CANEX Metals Inc.Notes to the Consolidated Financial Statements(Expressed in Canadian Dollars)September 30,2021 and 2020 35 23.Subsequent events On October 22,2021 Spruce Ridge declared a dividend in-kind of common shares of Canada Nickel Company Inc.(“Canada Nickel”or“CNC”)that was payable on o

294、r before November 5,2021.The dividend was paid on October 29,2021 to shareholders of Spruce Ridge at the close of business on October 29,2021,the record date.One CNC share was paid under the dividend declared for every 71.14 Spruce Ridge shares held.At October 29,2021,the Company held 5,633,500 Spru

295、ce Ridge shares.As a result,the Company received a dividend of 79,189 CNC shares at$2.92 per share valued on October 29,2021 for total value of$231,232.On November 12,2021,the Company sold 39,189 CNC common shares for cash proceeds of$108,948,net of commissions,on November 16,2021,the Company sold a

296、n additional 20,000 CNC common shares for cash proceeds of$62,534 net of commissions and on November 22,2021,the Company sold the remaining 20,000 CNC common shares for cash proceeds of$67,100 net of commissions.Corporate Information Head Office:Legal Counsel:Suite 815,808-4th Avenue S.W.TingleMerre

297、tt LLP Calgary,Alberta,T2P 3E8 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 Jutras Calgary,Alberta,T2P 1E5 Gregory Hanks*Audit Committee Members Officers

298、: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