Cover
Cover | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K/A |
Amendment Flag | true |
Amendment Description | This Amendment to the Report on Form 6-K for the month of August 2021, filed with the Securities and Exchange Commission on August 12, 2021 (the “Form 6-K”), is being filed solely for the purposes of furnishing the Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T. Other than as expressly set forth above, this Report on Form 6-K/A does not, and does not purport to, amend, update or restate the information in any other item of the Form 6-K, or reflect any events that have occurred after the Form 6-K was originally filed. |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-40416 |
Entity Registrant Name | Nouveau Monde Graphite Inc. |
Entity Central Index Key | 0001649752 |
Entity Address, Address Line One | 481 rue Brassard |
Entity Address, Address Line Two | Saint-Michel-des-Saints |
Entity Address, City or Town | Quebec |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | J0K 3B0 |
Consolidated statements of fina
Consolidated statements of financial position (Unaudited) - CAD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT | ||
Cash | $ 86,457 | $ 4,520 |
Grants and other receivables | 2,408 | 829 |
Restricted cash | 158 | |
Sales taxes receivable | 1,382 | 736 |
Tax credits receivable | 3,958 | 3,958 |
Prepaid expenses | 1,243 | 215 |
Total current assets | 95,448 | 10,416 |
NON-CURRENT | ||
Tax credits receivable | 4,071 | 3,802 |
Property, plant and equipment assets | 16,437 | 4,207 |
Intangible assets | 675 | 920 |
Right-of-use assets | 2,450 | 1,067 |
Restricted cash and deposits | 2,385 | 744 |
Total non-current assets | 26,018 | 10,740 |
Total assets | 121,466 | 21,156 |
CURRENT | ||
Accounts payables and accrued liabilities | 13,011 | 6,988 |
Deferred grants | 1,511 | |
Current portion of lease liabilities | 380 | 295 |
Borrowings | 200 | 1,793 |
Total current liabilities | 13,591 | 10,587 |
NON-CURRENT | ||
Asset retirement obligation | 851 | 621 |
Borrowings | 1,862 | |
Lease liabilities | 2,108 | 781 |
Convertible bond | 14,619 | 14,505 |
Total non-current liabilities | 19,440 | 15,907 |
Total liabilities | 33,031 | 26,494 |
EQUITY (DEFICIENCY) | ||
Share capital | 169,408 | 60,537 |
Contributed surplus | 15,985 | 10,761 |
Equity component of convertible bond | 364 | 364 |
Deficit | (97,322) | (77,000) |
Total equity (deficiency) | 88,435 | (5,338) |
Total liabilities and equity (deficiency) | $ 121,466 | $ 21,156 |
Consolidated statements of loss
Consolidated statements of loss and comprehensive loss (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
EXPENSES | ||||
Exploration and evaluation expenses | $ 2,499 | $ 2,033 | $ 5,007 | $ 5,130 |
LiB1 Anode Plant project expenses | 908 | 692 | 1,191 | 1,244 |
General and administrative expenses | 9,370 | 1,137 | 13,382 | 2,630 |
Other revenues | (56) | (56) | ||
Operating loss | 12,721 | 3,862 | 19,524 | 9,004 |
Net financial costs | 157 | 145 | 798 | 244 |
Net loss and comprehensive loss | $ 12,878 | $ 4,007 | $ 20,322 | $ 9,248 |
Basic and diluted loss per share | $ 0.34 | $ 0.15 | $ 0.57 | $ 0.35 |
Weighted average number of shares outstanding | 37,709,064 | 26,181,781 | 35,757,150 | 26,180,022 |
Consolidated statements of chan
Consolidated statements of changes in equity (Unaudited) - CAD ($) $ in Thousands | Issued capital [member] | Contributed Surplus [Member] | Equity Component Of Convertible Bond [Member] | Retained earnings [member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 56,184 | $ 9,592 | $ (59,022) | $ 6,754 | |
Beginning Balance, Shares at Dec. 31, 2019 | 26,178,281 | ||||
IfrsStatementLineItems [Line Items] | |||||
Warrants expired | |||||
Options exercised | $ 46 | (19) | 27 | 27 | |
Options exercised, shares | 15,000 | ||||
Share-based compensation | 127 | 127 | 127 | ||
Net loss and comprehensive loss | (9,248) | (9,248) | (9,248) | ||
Ending balance, value at Jun. 30, 2020 | $ 56,230 | 9,700 | (68,270) | (2,340) | |
Ending balance, shares at Jun. 30, 2020 | 26,193,281 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 60,537 | 10,761 | 364 | (77,000) | (5,338) |
Beginning Balance, Shares at Dec. 31, 2020 | 27,299,332 | ||||
IfrsStatementLineItems [Line Items] | |||||
Shares issued from placements | $ 95,939 | 95,939 | |||
Shares issued from placements, shares | 9,501,227 | ||||
Warrants expired | $ 17,825 | (198) | 17,627 | ||
Warrants expired, shares | 7,821,700 | ||||
Options exercised | $ 1,476 | (517) | 959 | ||
Options exercised, shares | 331,251 | ||||
Shares issued for interest payment | $ 797 | 797 | |||
Shares issued for interest payment, shares | 76,635 | ||||
Share-based compensation | 5,939 | 5,939 | |||
Share issue costs | (7,166) | (7,166) | |||
Net loss and comprehensive loss | (20,322) | (20,322) | |||
Ending balance, value at Jun. 30, 2021 | $ 169,408 | $ 15,985 | $ 364 | $ (97,322) | $ 88,435 |
Ending balance, shares at Jun. 30, 2021 | 45,030,145 |
Consolidated statements of cash
Consolidated statements of cash flow (Unaudited) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net loss | $ (20,322) | $ (9,248) |
Depreciation and amortization | 558 | 600 |
Unrealized foreign exchange gain | (566) | |
Loss on disposal of investment | 6 | |
Share-based compensation | 5,939 | 345 |
Financial costs | 1,303 | 163 |
Net change in working capital | (697) | 2,389 |
Cash flows used in operating activities | (13,785) | (5,745) |
INVESTING ACTIVITIES | ||
Additions to property, plant, and equipment assets | (11,752) | (348) |
Restricted cash and deposits | (1,483) | (269) |
Tax credits and grants received | 1,468 | |
Cash flows used in investing activities | (11,767) | (617) |
FINANCING ACTIVITIES | ||
Proceeds from the issuance of placements | 95,939 | |
Proceeds from debt, net of issue costs | 1,025 | 3,575 |
Repayment of borrowings and lease liabilities | (2,108) | (256) |
Proceeds from the exercise of warrants | 17,627 | |
Proceeds from the exercise of stock options | 959 | 27 |
Share issue costs | (6,528) | |
Cash flows from financing activities | 106,914 | 3,346 |
Effect of exchange rate changes on cash | 575 | |
Net change in cash | 81,937 | (3,016) |
Cash at the beginning of the period | 4,520 | 4,077 |
Cash at the end of the period | $ 86,457 | $ 1,061 |
1. NATURE OF OPERATIONS AND LIQ
1. NATURE OF OPERATIONS AND LIQUIDITY RISK | 6 Months Ended |
Jun. 30, 2021 | |
Nature Of Operations And Liquidity Risk | |
1. NATURE OF OPERATIONS AND LIQUIDITY RISK | 1. NATURE OF OPERATIONS AND LIQUIDITY RISK Nouveau Monde Graphite Inc. (the “Company”) was established on December 31, 2012, under the Canada Business Corporations Act The Company’s shares are listed under the symbol NMG on the New York Stock Exchange (“NYSE”), NOU on the TSX Venture Exchange, and NM9A on the Frankfurt Stock Exchange. The Company’s registered office is located at 481 Brassard Street, Saint-Michel-des-Saints, Québec, Canada, J0K 3B0. As at June 30, 2021, the difference between the Company’s current assets and currents liabilities was $ 81,857 , the Company had an accumulated deficit of $ 97,322 , and had incurred a loss of $ 20,322 for the six-month period then ended. Current assets included current tax credits receivable of $ 3,958 and cash of $ 86,457 . With the financing completed in the first half of 2021, management believes that the Company has sufficient funds to meet its obligations and planned expenditures for the ensuing twelve months as they fall due. In assessing whether the going concern assumption is appropriate, management considers all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period. The Company’s ability to continue future operations and fund its exploration, evaluation and development activities is dependent on management’s ability to secure additional financing in the future, which may be completed in several ways including, but not limited to, a combination of strategic partnership, project debt finance, offtake financing, royalty financing and other capital markets alternatives. Management will pursue such additional sources of financing when required, and while management has been successful in securing financing in the past, there can be no assurance it will be able to do so in the future or that these sources of funding or initiatives will be available for the Company or that they will be available on terms which are acceptable to the Company. |
2. BASIS OF PREPARATION AND STA
2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE | 6 Months Ended |
Jun. 30, 2021 | |
Basis Of Preparation And Statement Of Compliance | |
2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE | 2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE The Company’s condensed consolidated interim financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) published by the International Accounting Standards Board (“IASB”), including IAS 34 Interim Financial Reporting The condensed consolidated interim financial statements for the three and six-month periods ended June 30, 2021 were approved and authorized for publication by the Board of Directors on August 12, 2021. |
3. ESTIMATES, JUDGEMENTS AND AS
3. ESTIMATES, JUDGEMENTS AND ASSUMPTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Estimates Judgements And Assumptions | |
3. ESTIMATES, JUDGEMENTS AND ASSUMPTIONS | 3. ESTIMATES, JUDGEMENTS AND ASSUMPTIONS In preparing its condensed consolidated interim financial statements, management makes several judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, revenues, and expenses. Information about the significant estimates and assumptions that have the greatest impact on the recognition and measurement of assets, liabilities, revenues, and expenses is presented below. Actual results may differ significantly. Technical Feasibility and Commercial Viability The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors. By its nature, this assessment requires significant judgment. Following the events of the quarter ended March 31, including the receipt of the Governmental authorisation (“Decree”) for the Matawinie Project, management determined that the technical feasibility and commercial viability for the Matawinie Project was established as at March 31, 2021 and as a result, the project entered the development phase during the second quarter of 2021. |
4. SIGNIFICANT ACCOUNTING POLIC
4. SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies | |
4. SIGNIFICANT ACCOUNTING POLICIES | 4. SIGNIFICANT ACCOUNTING POLICIES Matawinie Mine project Management has established that during the second quarter of 2021, the Matawinie mine project has now reached the development phase. Accordingly, all expenditures related to the development of the mine are capitalized under Miner under construction The costs related to the operation of the Matawinie Demonstration Plant will continue to be expensed as incurred under exploration and evaluation expenses property, plant and equipment Intangible asset. LiB Anode Plant project Costs incurred in the construction and development of the Company’s LiB Anode Plant project are capitalized under LiB Anode Plant The costs related to the operation of the LiB Anode Demonstration Plant will continue to be expensed as incurred under LiB Anode Plant project expenses property, plant and equipment Intangible asset. |
5. PROPERTY, PLANT AND EQUIPMEN
5. PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2021 | |
Changes in property, plant and equipment [abstract] | |
5. PROPERTY, PLANT AND EQUIPMENT | 5. PROPERTY, PLANT AND EQUIPMENT Schedule of property, plant and equipment For the six-month period ended June 30, 2021 Land $ Buildings $ Equipment $ Computers $ Furniture $ Rolling stock $ Mine under construction $ LiB Anode Demonstration Plant under construction Total $ COST As at January 1, 2021 507 2,642 - 56 70 24 - 1,206 4,505 Additions 1,878 114 163 34 - - 2,300 7,820 12,309 As at June 30, 2021 2,385 2,756 163 90 70 24 2,300 9,026 16,814 ACCUMULATED DEPRECIATION As at January 1, 2021 - 219 - 39 32 8 - - 298 Depreciation - 53 8 9 7 2 - - 79 As at June 30, 2021 - 272 8 48 39 10 - - 377 Net book value as at June 30, 2021 2,385 2,484 155 42 31 14 2,300 9,026 16,437 For the year ended December 31, 2020 Land $ Buildings $ Equipment $ Computers $ Furniture $ Rolling stock $ LiB Anode Demonstration Plant under construction Total $ COST As at January 1, 2020 467 2,430 63 47 70 9 - 3,086 Additions 40 212 - 9 - 15 1,206 1,482 Write-Off/Disposals - - (63) - - - - (63) As at December 31, 2020 507 2,642 - 56 70 24 1,206 4,505 ACCUMULATED DEPRECIATION As at January 1, 2020 - 118 59 14 19 4 - 214 Depreciation - 101 2 25 13 4 - 145 Write-Off/Disposals - - (61) - - - - (61) As at December 31, 2020 - 219 - 39 32 8 - 298 Net book value as at December 31, 2020 507 2,423 - 17 38 16 1,206 4,207 The Lib Anode Plant under construction presented net of grants received of $ 1,830 and $ 3,578 for the three and six-month periods ended June 30, 2021, respectively (three and six-month periods ended June 30, 2020: $ 72 and $ 153 ). |
6. RIGHT-OF-USE ASSETS
6. RIGHT-OF-USE ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
Right-of-use Assets | |
6. RIGHT-OF-USE ASSETS | 6. RIGHT-OF-USE ASSETS Schedule of Right-Of-Use Assets For the six-month period ended June 30, 2021 Buildings Equipment Rolling stocks Total COST As at January 1, 2021 1,297 339 273 1,909 New leases 1,617 - - 1,617 End of leases (253) (312) (109) (674) As at June 30, 2021 2,661 27 164 2,852 ACCUMULATED DEPRECIATION As at January 1, 2021 386 321 135 842 Depreciation 208 3 23 234 End of leases (253) (312) (109) (674) As at June 30, 2021 341 12 49 402 Net book value as at June 30, 2021 2,320 15 115 2,450 For the year ended December 31, 2020 Buildings Equipment Rolling stocks Total COST As at January 1, 2020 457 339 158 954 New leases 840 - - 840 Remeasurement of lease - - 115 115 As at December 31, 2020 1,297 339 273 1,909 ACCUMULATED DEPRECIATION As at January 1, 2020 157 167 67 391 Depreciation 229 154 68 451 As at December 31, 2020 386 321 135 842 Net book value as at December 31, 2020 911 18 138 1,067 Depreciation of right-of-use assets included in the exploration and evaluation expenses for the period are $ 54 and $ 107 for the three and six-month periods ended June 30, 2021, respectively (three and six-month periods ended June 30, 2020: $ 93 and $ 186 ). Depreciation of right-of-use assets included in the LiB Anode Plant project are $ 40 and $ 81 (three and six-month periods ended June 30, 2020: 0 nil). |
7. LEASE LIABILITIES
7. LEASE LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Lease liabilities [abstract] | |
7. LEASE LIABILITIES | 7. LEASE LIABILITIES Schedule of lease liabilities For the six-month period ended June 30, 2021 $ For the year ended December 31, 2020 $ Opening balance 1,076 609 New liabilities and modifications of leases 1,617 955 Principal repayment (205) (488) Ending balance 2,488 1,076 Current portion 380 295 Non-current portion 2,108 781 |
8. BORROWINGS
8. BORROWINGS | 6 Months Ended |
Jun. 30, 2021 | |
Borrowings [abstract] | |
8. BORROWINGS | 8. BORROWINGS Schedule of borrowings For the six-month period ended June 30, 2021 $ For the year ended December 31, 2020 Opening balance 1,793 4,502 New borrowing 2,162 3,803 Repayments (1,902) (2,419) Issue costs - (21) Accretion of issue costs 9 25 Interest capitalized - 209 Debts settled in exchange of Royalty - (4,306) Ending balance 2,062 1,793 Current portion 200 1,793 Non-current portion 1,862 - During the three and six-month periods ended June 30, 2021, the Company has paid interests to its lenders for a total of $ 33 and $ 60 , respectively (three and six-month periods ended June 30, 2020: $ 36 and $ 72 ). On January 29, 2021, the Company financed the purchase of a land located in Bécancour, Québec, through a financing agreement with the vendor, for a total of $ 1,137 . The financed portion bears interest at 8 % per annum and shall be repaid by December 2025. The Company may pay the balance of principal, in whole or in part, at any time without penalty. During March 2021, the Company received $ 1,350 as part of a repayable contribution agreement with the Canada Economic Development for Quebec Regions. This contribution agreement bears no interest and will be repayable in 60 equal monthly installments starting September 2023. The loan was measured at the present value of all future payments discounted using a 5.50 % interest rate, thus resulting in a loan valued at $ 1,025 . The difference between the carrying value of the contribution and the discounted loan value was recognized as a grant of $ 325 . On June 30, 2021, the Company fully reimbursed its loan of $ 1,802 |
9. ASSET RETIREMENT OBLIGATION
9. ASSET RETIREMENT OBLIGATION | 6 Months Ended |
Jun. 30, 2021 | |
Asset Retirement Obligation | |
9. ASSET RETIREMENT OBLIGATION | 9. ASSET RETIREMENT OBLIGATION Schedule of asset retirement obligation For the six-month period ended June 30, 2021 $ For the year ended December 31, 2020 Opening balance 621 621 New obligations 230 - Ending balance 851 621 The asset retirement obligation that arose during the three-month period ended June 30, 2021 represents the present value of the estimated amount of undiscounted cash flows required to satisfy the asset retirement obligation in respect of the Matawinie Mine. The estimation was made using a percentage of completion of the total budgeted cost of rehabilitation. The Company has determined the fair value of its rehabilitation obligation by using a discount rate of 3.72%, assuming reclamation work would be completed in 28 years. The liabilities accrete to their future value until the obligations are due. The estimated rehabilitation obligation will increase as the construction of the Matawinie Mine progresses. |
10. EQUITY
10. EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity | |
10. EQUITY | 10. EQUITY 10.1 SHARE CAPITAL Authorized share capital Unlimited number of common shares voting and participating, with no par value. Schedule of equity For the six-month period ended June 30, 2021 $ For the year ended December 31, 2020 Shares issued at the start of the period 27,299,332 26,178,281 Shares issued from placements 9,501,227 - Exercise of warrants 7,821,700 872,291 Exercise of options 331,251 145,000 Shares issued for interest payment 76,635 - Share based compensation - 103,760 Shares issued at the end of period 45,030,145 27,299,332 On January 20, 2021, the Company concluded an underwritten public offering agreement for 1,034,500 14.50 15 On February 12, 2021, the Company closed a private placement equity financing totaling $ 5.8 396,552 14.50 On March 24, 2021, the Company performed a ten-to-one share consolidation of the Company’s issued equity instruments including common shares, warrants and options. All information with respect to shares and share-based instruments and related per share amounts have been retrospectively adjusted on a 1:10 basis accordingly. On June 23, 2021, the Company concluded an underwritten public offering agreement for 7,000,000 9.22 64.5 10.2 SHARE-BASED PAYMENTS The Board of Directors determines the price per common share and the number of common shares which may be allocated to each director, officer, employee and consultant and all other terms and conditions of the option, subject to the rules of the TSXV. The plan has a policy that caps the maximum of total options that can be granted to 10% of the total outstanding shares of the Company. All share-based payments will be settled in equity. The Company has no legal or contractual obligation to repurchase or settle the options in cash. The Company’s share options are as follows: Schedule of share options For the six-month period ended June 30, 2021 For the year ended December 31, 2020 Number Weighted average exercise price $ Number Weighted average exercise price $ Opening balance 2,400,000 3.20 1,582,500 2.80 Granted 705,000 16.28 1,192,500 3.64 Exercised (331,251) 2.90 (145,000) 3.05 Expired - - (230,000) 2.66 Ending balance 2,773,749 6.56 2,400,000 3.20 Options that can be exercised 2,260,000 6.88 2,000,000 3.37 During the six-month period ended June 30, 2021 the weighted average share price at the date of exercise was $ 19.04 The weighted average fair value of the share options granted in the first half of 2021 were estimated using the Black-Scholes option pricing model based on the following average assumptions: ● Stock price when granted: $ 14.63 ● Expected life: 5 years ● Expected volatility: 68 % ● Risk-free rate: 0.80 % ● Expected dividend: nil |
11. EXPLORATION AND EVALUATION
11. EXPLORATION AND EVALUATION EXPENSES | 6 Months Ended |
Jun. 30, 2021 | |
Exploration And Evaluation Expenses | |
11. EXPLORATION AND EVALUATION EXPENSES | 11. EXPLORATION AND EVALUATION EXPENSES Schedule of exploration and evaluation expenses For the three-month periods ended For the six-month periods ended June 30, 2021 $ June 30, 2020 $ June 30, 2021 $ June 30, 2020 $ Wages and benefits 805 265 1,589 989 Share-based compensation 204 168 204 191 Engineering 632 1,098 1,802 2,220 Professional fees 95 118 127 332 Materials, consumables, and supplies 416 284 479 642 Subcontracting 248 209 641 774 Geology and drilling 72 80 114 194 Utilities 81 80 172 234 Depreciation and amortization 54 93 107 185 Other 32 39 76 167 Grants (36 ) - (36 ) - Tax credits (104 ) (401 ) (268 ) (798 ) Exploration and evaluation expenses 2,499 2,033 5,007 5,130 The exploration and evaluation expenses relate to the Matawinie Mine in Quebec. The wages and benefits are net of the grants received as part of the Canada Emergency Wage Subsidy program of $ 305 and $ 473 for the three and six-month periods ended June 30, 2021, respectively (three and six-month periods ended June 30, 2020: $ 173 and $ 173 ). |
12. LiB ANODE PLANT PROJECT EXP
12. LiB ANODE PLANT PROJECT EXPENSES | 6 Months Ended |
Jun. 30, 2021 | |
Lib Anode Plant Project Expenses | |
12. LiB ANODE PLANT PROJECT EXPENSES | 12. LiB ANODE PLANT PROJECT EXPENSES Schedule of lib anode plant project expenses For the three-month periods ended For the six-month periods ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 $ $ $ $ Wages and benefits 185 105 312 298 Engineering 492 574 558 1,319 Professional fees 332 110 422 196 Materials, consumables, and supplies 125 1 301 7 Subcontracting 49 71 89 234 Depreciation and amortization 44 - 85 - Other 13 47 16 59 Grants (332) (216) (592) (869) LiB Anode Plant project expenses 908 692 1,191 1,244 The wages and benefits are net of the grants received as part of the Canada Emergency Wage Subsidy program of $ 58 and $ 81 for the three and six-month periods ended June 30, 2021, respectively (three and six-month periods ended June 30, 2020: $ 47 and $ 47 ). |
13. GENERAL AND ADMINISTRATIVE
13. GENERAL AND ADMINISTRATIVE EXPENSES | 6 Months Ended |
Jun. 30, 2021 | |
Selling, general and administrative expense [abstract] | |
13. GENERAL AND ADMINISTRATIVE EXPENSES | 13. GENERAL AND ADMINISTRATIVE EXPENSES Schedule of general and administrative expenses For the three-month periods ended For the six-month periods ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 $ $ $ $ Wages and benefits 933 287 2,193 849 Share-based compensation 5,250 115 5,735 153 Professional fees 1,072 198 2,204 499 Consulting fees 155 27 435 75 Travelling, representation and convention 79 49 205 176 Office and administration 1,227 189 1,468 366 Stock exchange, authorities, and communication 477 38 760 39 Depreciation and amortization 168 207 365 414 Other financial fees 9 27 17 59 General and administrative expenses 9,370 1,137 13,382 2,630 |
14. NET FINANCIAL COSTS
14. NET FINANCIAL COSTS | 6 Months Ended |
Jun. 30, 2021 | |
Net Financial Costs | |
14. NET FINANCIAL COSTS | 14. NET FINANCIAL COSTS Schedule of net financial costs For the three-month periods ended For the six-month periods ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 $ $ $ $ Unrealized foreign exchange loss (gain) (511) - (521) 8 Interest income (53) (3) (97) (23) Interest expense on lease liabilities 28 7 58 16 Accretion and interest on borrowings and bond 689 139 1,349 237 Accretion of issue costs 4 - 9 - Loss on disposal of investment - 2 - 6 Net financial costs 157 145 798 244 |
15. ADDITIONAL CASH FLOW INFORM
15. ADDITIONAL CASH FLOW INFORMATION | 6 Months Ended |
Jun. 30, 2021 | |
Additional Cash Flow Information | |
15. ADDITIONAL CASH FLOW INFORMATION | 15. ADDITIONAL CASH FLOW INFORMATION Schedule of additional cash flow information For the six-month periods ended June 30, 2021 June 30, 2020 $ $ Grants receivable 531 143 Deferred grants (1,511) 1,607 Mining tax credits (269) (798) Sales taxes receivable (646) 48 Prepaid expenses (1,028) 230 Accounts payable and accrued liabilities 2,226 1,159 Total net change in working capital (697) 2,389 Items not affecting cash Property and equipment included in accounts payable and accrued liabilities. 2,767 177 Share issue costs included in accounts payables and accrued liabilities 638 - Shares issued for interest payment 797 - |
16. RELATED PARTY TRANSACTIONS
16. RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Related party transactions [abstract] | |
16. RELATED PARTY TRANSACTIONS | 16. RELATED PARTY TRANSACTIONS During the three and six-month periods ended June 30, 2021, share-based compensation expenses for directors and officers totalled $ 5.1 M and $ 5.5 M (three and six-month periods ended June 30, 2020: 0 nil). In January 2021, the Company issued 76,635 shares in repayment of accrued interests of $ 797 as at December 31, 2020 on the convertible bond concluded with Pallinghurst. Pallinghurst purchased 237,932 common shares as part of the financing closed on January 20,2021, 79,311 common shares as part of the financing closed on February 12,2021 and 66,666 common shares as part of the financing closed on June 23, 2021 (see note 10.1). Investissement Québec, acting as mandatory for the Government of Quebec, purchased 317,241 common shares as part of the financing closed on February 12, 2021. During the three and six-month periods ended June 30, 2021, the Company had accrued interests payable to Pallinghurst of $ 593 and $ 1,158 (three and six-month periods ended June 30, 2020: 0 nil). |
17. FINANCIAL INSTRUMENTS AND R
17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 6 Months Ended |
Jun. 30, 2021 | |
Financial Instruments And Risk Management | |
17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Fair value Certain of the Company's accounting policies and disclosures require the determination of fair value. Fair value represents the amount at which a financial instrument could be exchanged between willing parties, based on current markets for instruments with the same risk, principal, and remaining maturity. Fair value estimates are based on quoted market values and other valuation methods. Fair values have been determined for measurement and/or disclosure purposes based on the fair value hierarchy contained in the Company’s financial instrument accounting policy. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. For all financial assets and liabilities, their net carrying amount is a reasonable approximation of fair value given their relatively short maturities. Financial Risks The Company is exposed to various financial risks resulting from its operations. The Company does not enter into derivative financial instruments for speculative purposes. The main financial risks to which the Company is exposed as well as its policies for managing such risk are detailed below: Liquidity risk Liquidity risk is the risk that the Company encounters difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company manages its liquidity risk by using budgets that enable it to determine the amounts required to fund its exploration, evaluation, and development expenditure programs. The Company’s liquidity and operating results may be adversely affected if the Company’s access to the capital markets or other alternative forms of financing is hindered, whether because of a downturn in stock market conditions generally or related to matters specific to the Company. The Company has historically generated cash flow primarily from its financing activities. As at June 30, 2021, all of the Company’s short-term liabilities totalled $ 13,591 ($ 10,587 as at December 31, 2020), have contractual maturities of less than one year and are subject to normal trade terms. The Company regularly evaluates its cash position to ensure preservation and security of capital as well as maintenance of liquidity. With the financing completed in the first and second quarter of 2021 and the exercise of warrants during the same period, management believes that the Company has sufficient funds to meet its obligation and planned expenditures for the ensuing twelve months as they fall due (see note 1). Schedule of financial instruments and risk management As at June 30, 2021 Carrying amount Contractual cash flows Remainder of the year Year 2022 Year 2023 2024 and Onward Account payables and accrued liabilities 13,011 13,011 13,011 - - - Lease liabilities 2,488 2,995 261 434 415 1,885 Borrowings 2,062 2,079 98 208 225 1,548 Convertible bond 14,619 20,250 1,268 2,427 16,555 - Credit risk Credit risk results from the possibility that a loss may occur from the failure of another party to perform according to the terms of the contract. The Company’s credit risk is primarily related to receivables and cash. The receivables consist mainly of the refund of the goods and services tax receivable from the governments of Canada and Quebec, as well as tax credits receivable from the Government of Quebec. The Company mitigates credit risk by maintaining cash with Canadian chartered banks. Currency risk Given that most of the Company’s expenditures are in Canadian dollars, the currency risk exposure is limited by maintaining most of its cash in Canadian dollars. The Company periodically carries a portion of its accounts payable and accrued liabilities in US dollars and Euros and is subject to currency risk on these balances. However, the Company considers this risk to be minimal. The balances of cash in currencies are as follows as at June 30, 2021 and December 31, 2020. Schedule of cash in currencies As at June 30, 2021 $ As at December 31, 2020 $ Cash in US dollar 18,636 - Canadian dollar equivalents 23,097 - |
18. COMMITMENTS
18. COMMITMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Capital commitments [abstract] | |
18. COMMITMENTS | 18. COMMITMENTS In the normal course of business, the Company enters into contracts that give rise to commitments. As at June 30, 2021, the Company had issued $ 12,118 of purchase orders for the acquisition of PPE and $ 3,638 in relation to the operations. |
19. SUBSEQUENT EVENTS
19. SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events | |
19. SUBSEQUENT EVENTS | 19. SUBSEQUENT EVENTS On July 21, 2021, the Company nominated SD Capital Advisory Limited (“SDCA”) and GKB Ventures Limited (“GKB”) as joint financial advisors to assist it with the structuring and arranging of project financing, with a focus on Export Credit Agencies (“ECA”), for the development of the Company’s flagship Matawinie Graphite Mining project in Québec, Canada. On July 23, 2021, the Company closed a private placement equity financing with Investissement Québec, acting as mandatory for the government of Québec, and issued a total of 1,978,750 common shares at a price of $9.25 per share for proceeds to the Company of $18.3M. This financing complemented the underwritten public offering agreement closed on June 23, 2021 (see note 10). |
4. SIGNIFICANT ACCOUNTING POL_2
4. SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies | |
Matawinie Mine project | Matawinie Mine project Management has established that during the second quarter of 2021, the Matawinie mine project has now reached the development phase. Accordingly, all expenditures related to the development of the mine are capitalized under Miner under construction The costs related to the operation of the Matawinie Demonstration Plant will continue to be expensed as incurred under exploration and evaluation expenses property, plant and equipment Intangible asset. |
LiB Anode Plant project | LiB Anode Plant project Costs incurred in the construction and development of the Company’s LiB Anode Plant project are capitalized under LiB Anode Plant The costs related to the operation of the LiB Anode Demonstration Plant will continue to be expensed as incurred under LiB Anode Plant project expenses property, plant and equipment Intangible asset. |
5. PROPERTY, PLANT AND EQUIPM_2
5. PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Changes in property, plant and equipment [abstract] | |
Schedule of property, plant and equipment | Schedule of property, plant and equipment For the six-month period ended June 30, 2021 Land $ Buildings $ Equipment $ Computers $ Furniture $ Rolling stock $ Mine under construction $ LiB Anode Demonstration Plant under construction Total $ COST As at January 1, 2021 507 2,642 - 56 70 24 - 1,206 4,505 Additions 1,878 114 163 34 - - 2,300 7,820 12,309 As at June 30, 2021 2,385 2,756 163 90 70 24 2,300 9,026 16,814 ACCUMULATED DEPRECIATION As at January 1, 2021 - 219 - 39 32 8 - - 298 Depreciation - 53 8 9 7 2 - - 79 As at June 30, 2021 - 272 8 48 39 10 - - 377 Net book value as at June 30, 2021 2,385 2,484 155 42 31 14 2,300 9,026 16,437 For the year ended December 31, 2020 Land $ Buildings $ Equipment $ Computers $ Furniture $ Rolling stock $ LiB Anode Demonstration Plant under construction Total $ COST As at January 1, 2020 467 2,430 63 47 70 9 - 3,086 Additions 40 212 - 9 - 15 1,206 1,482 Write-Off/Disposals - - (63) - - - - (63) As at December 31, 2020 507 2,642 - 56 70 24 1,206 4,505 ACCUMULATED DEPRECIATION As at January 1, 2020 - 118 59 14 19 4 - 214 Depreciation - 101 2 25 13 4 - 145 Write-Off/Disposals - - (61) - - - - (61) As at December 31, 2020 - 219 - 39 32 8 - 298 Net book value as at December 31, 2020 507 2,423 - 17 38 16 1,206 4,207 |
6. RIGHT-OF-USE ASSETS (Tables)
6. RIGHT-OF-USE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Right-of-use Assets | |
Schedule of Right-Of-Use Assets | Schedule of Right-Of-Use Assets For the six-month period ended June 30, 2021 Buildings Equipment Rolling stocks Total COST As at January 1, 2021 1,297 339 273 1,909 New leases 1,617 - - 1,617 End of leases (253) (312) (109) (674) As at June 30, 2021 2,661 27 164 2,852 ACCUMULATED DEPRECIATION As at January 1, 2021 386 321 135 842 Depreciation 208 3 23 234 End of leases (253) (312) (109) (674) As at June 30, 2021 341 12 49 402 Net book value as at June 30, 2021 2,320 15 115 2,450 For the year ended December 31, 2020 Buildings Equipment Rolling stocks Total COST As at January 1, 2020 457 339 158 954 New leases 840 - - 840 Remeasurement of lease - - 115 115 As at December 31, 2020 1,297 339 273 1,909 ACCUMULATED DEPRECIATION As at January 1, 2020 157 167 67 391 Depreciation 229 154 68 451 As at December 31, 2020 386 321 135 842 Net book value as at December 31, 2020 911 18 138 1,067 |
7. LEASE LIABILITIES (Tables)
7. LEASE LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Lease liabilities [abstract] | |
Schedule of lease liabilities | Schedule of lease liabilities For the six-month period ended June 30, 2021 $ For the year ended December 31, 2020 $ Opening balance 1,076 609 New liabilities and modifications of leases 1,617 955 Principal repayment (205) (488) Ending balance 2,488 1,076 Current portion 380 295 Non-current portion 2,108 781 |
8. BORROWINGS (Tables)
8. BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Borrowings [abstract] | |
Schedule of borrowings | Schedule of borrowings For the six-month period ended June 30, 2021 $ For the year ended December 31, 2020 Opening balance 1,793 4,502 New borrowing 2,162 3,803 Repayments (1,902) (2,419) Issue costs - (21) Accretion of issue costs 9 25 Interest capitalized - 209 Debts settled in exchange of Royalty - (4,306) Ending balance 2,062 1,793 Current portion 200 1,793 Non-current portion 1,862 - |
9. ASSET RETIREMENT OBLIGATION
9. ASSET RETIREMENT OBLIGATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Asset Retirement Obligation | |
Schedule of asset retirement obligation | Schedule of asset retirement obligation For the six-month period ended June 30, 2021 $ For the year ended December 31, 2020 Opening balance 621 621 New obligations 230 - Ending balance 851 621 |
10. EQUITY (Tables)
10. EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity | |
Schedule of equity | Schedule of equity For the six-month period ended June 30, 2021 $ For the year ended December 31, 2020 Shares issued at the start of the period 27,299,332 26,178,281 Shares issued from placements 9,501,227 - Exercise of warrants 7,821,700 872,291 Exercise of options 331,251 145,000 Shares issued for interest payment 76,635 - Share based compensation - 103,760 Shares issued at the end of period 45,030,145 27,299,332 |
Schedule of share options | Schedule of share options For the six-month period ended June 30, 2021 For the year ended December 31, 2020 Number Weighted average exercise price $ Number Weighted average exercise price $ Opening balance 2,400,000 3.20 1,582,500 2.80 Granted 705,000 16.28 1,192,500 3.64 Exercised (331,251) 2.90 (145,000) 3.05 Expired - - (230,000) 2.66 Ending balance 2,773,749 6.56 2,400,000 3.20 Options that can be exercised 2,260,000 6.88 2,000,000 3.37 |
11. EXPLORATION AND EVALUATIO_2
11. EXPLORATION AND EVALUATION EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Exploration And Evaluation Expenses | |
Schedule of exploration and evaluation expenses | Schedule of exploration and evaluation expenses For the three-month periods ended For the six-month periods ended June 30, 2021 $ June 30, 2020 $ June 30, 2021 $ June 30, 2020 $ Wages and benefits 805 265 1,589 989 Share-based compensation 204 168 204 191 Engineering 632 1,098 1,802 2,220 Professional fees 95 118 127 332 Materials, consumables, and supplies 416 284 479 642 Subcontracting 248 209 641 774 Geology and drilling 72 80 114 194 Utilities 81 80 172 234 Depreciation and amortization 54 93 107 185 Other 32 39 76 167 Grants (36 ) - (36 ) - Tax credits (104 ) (401 ) (268 ) (798 ) Exploration and evaluation expenses 2,499 2,033 5,007 5,130 |
12. LiB ANODE PLANT PROJECT E_2
12. LiB ANODE PLANT PROJECT EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Lib Anode Plant Project Expenses | |
Schedule of lib anode plant project expenses | Schedule of lib anode plant project expenses For the three-month periods ended For the six-month periods ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 $ $ $ $ Wages and benefits 185 105 312 298 Engineering 492 574 558 1,319 Professional fees 332 110 422 196 Materials, consumables, and supplies 125 1 301 7 Subcontracting 49 71 89 234 Depreciation and amortization 44 - 85 - Other 13 47 16 59 Grants (332) (216) (592) (869) LiB Anode Plant project expenses 908 692 1,191 1,244 |
13. GENERAL AND ADMINISTRATIV_2
13. GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Selling, general and administrative expense [abstract] | |
Schedule of general and administrative expenses | Schedule of general and administrative expenses For the three-month periods ended For the six-month periods ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 $ $ $ $ Wages and benefits 933 287 2,193 849 Share-based compensation 5,250 115 5,735 153 Professional fees 1,072 198 2,204 499 Consulting fees 155 27 435 75 Travelling, representation and convention 79 49 205 176 Office and administration 1,227 189 1,468 366 Stock exchange, authorities, and communication 477 38 760 39 Depreciation and amortization 168 207 365 414 Other financial fees 9 27 17 59 General and administrative expenses 9,370 1,137 13,382 2,630 |
14. NET FINANCIAL COSTS (Tables
14. NET FINANCIAL COSTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Net Financial Costs | |
Schedule of net financial costs | Schedule of net financial costs For the three-month periods ended For the six-month periods ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 $ $ $ $ Unrealized foreign exchange loss (gain) (511) - (521) 8 Interest income (53) (3) (97) (23) Interest expense on lease liabilities 28 7 58 16 Accretion and interest on borrowings and bond 689 139 1,349 237 Accretion of issue costs 4 - 9 - Loss on disposal of investment - 2 - 6 Net financial costs 157 145 798 244 |
15. ADDITIONAL CASH FLOW INFO_2
15. ADDITIONAL CASH FLOW INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Additional Cash Flow Information | |
Schedule of additional cash flow information | Schedule of additional cash flow information For the six-month periods ended June 30, 2021 June 30, 2020 $ $ Grants receivable 531 143 Deferred grants (1,511) 1,607 Mining tax credits (269) (798) Sales taxes receivable (646) 48 Prepaid expenses (1,028) 230 Accounts payable and accrued liabilities 2,226 1,159 Total net change in working capital (697) 2,389 Items not affecting cash Property and equipment included in accounts payable and accrued liabilities. 2,767 177 Share issue costs included in accounts payables and accrued liabilities 638 - Shares issued for interest payment 797 - |
17. FINANCIAL INSTRUMENTS AND_2
17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Financial Instruments And Risk Management | |
Schedule of financial instruments and risk management | Schedule of financial instruments and risk management As at June 30, 2021 Carrying amount Contractual cash flows Remainder of the year Year 2022 Year 2023 2024 and Onward Account payables and accrued liabilities 13,011 13,011 13,011 - - - Lease liabilities 2,488 2,995 261 434 415 1,885 Borrowings 2,062 2,079 98 208 225 1,548 Convertible bond 14,619 20,250 1,268 2,427 16,555 - |
Schedule of cash in currencies | Schedule of cash in currencies As at June 30, 2021 $ As at December 31, 2020 $ Cash in US dollar 18,636 - Canadian dollar equivalents 23,097 - |
1. NATURE OF OPERATIONS AND L_2
1. NATURE OF OPERATIONS AND LIQUIDITY RISK (Details Narrative) - CAD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Nature Of Operations And Liquidity Risk | ||||
Currents liabilities | $ 81,857 | |||
Retained earnings | 97,322 | $ 77,000 | ||
Profit (loss) | 20,322 | $ 9,248 | ||
Current tax assets, current | 3,958 | |||
Cash | $ 86,457 | $ 1,061 | $ 4,520 | $ 4,077 |
5. PROPERTY, PLANT AND EQUIPM_3
5. PROPERTY, PLANT AND EQUIPMENT (Details) - CAD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Other property, plant and equipment | $ 4,505 | $ 3,086 |
Increase (decrease) in property, plant and equipment | 12,309 | 1,482 |
Write-Off/Disposals | (63) | |
Other property, plant and equipment | 16,814 | 4,505 |
Accumulated depreciation Beginnig balance | 298 | 214 |
Depreciation expense | 79 | 145 |
Write-Off/Disposals | (61) | |
Accumulated depreciation ending balance | 377 | 298 |
Net book value | 16,437 | 4,207 |
Land [member] | ||
IfrsStatementLineItems [Line Items] | ||
Other property, plant and equipment | 507 | 467 |
Increase (decrease) in property, plant and equipment | 1,878 | 40 |
Write-Off/Disposals | ||
Other property, plant and equipment | 2,385 | 507 |
Accumulated depreciation Beginnig balance | ||
Depreciation expense | ||
Write-Off/Disposals | ||
Accumulated depreciation ending balance | ||
Net book value | 2,385 | 507 |
Buildings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Other property, plant and equipment | 2,642 | 2,430 |
Increase (decrease) in property, plant and equipment | 114 | 212 |
Write-Off/Disposals | ||
Other property, plant and equipment | 2,756 | 2,642 |
Accumulated depreciation Beginnig balance | 219 | 118 |
Depreciation expense | 53 | 101 |
Write-Off/Disposals | ||
Accumulated depreciation ending balance | 272 | 219 |
Net book value | 2,484 | 2,423 |
Office equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Other property, plant and equipment | 63 | |
Increase (decrease) in property, plant and equipment | 163 | |
Write-Off/Disposals | (63) | |
Other property, plant and equipment | 163 | |
Accumulated depreciation Beginnig balance | 59 | |
Depreciation expense | 8 | 2 |
Write-Off/Disposals | (61) | |
Accumulated depreciation ending balance | 8 | |
Net book value | 155 | |
Computer equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Other property, plant and equipment | 56 | 47 |
Increase (decrease) in property, plant and equipment | 34 | 9 |
Write-Off/Disposals | ||
Other property, plant and equipment | 90 | 56 |
Accumulated depreciation Beginnig balance | 39 | 14 |
Depreciation expense | 9 | 25 |
Write-Off/Disposals | ||
Accumulated depreciation ending balance | 48 | 39 |
Net book value | 42 | 17 |
Fixtures and fittings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Other property, plant and equipment | 70 | 70 |
Increase (decrease) in property, plant and equipment | ||
Write-Off/Disposals | ||
Other property, plant and equipment | 70 | 70 |
Accumulated depreciation Beginnig balance | 32 | 19 |
Depreciation expense | 7 | 13 |
Write-Off/Disposals | ||
Accumulated depreciation ending balance | 39 | 32 |
Net book value | 31 | 38 |
Rolling Stock [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other property, plant and equipment | 24 | 9 |
Increase (decrease) in property, plant and equipment | 15 | |
Write-Off/Disposals | ||
Other property, plant and equipment | 24 | 24 |
Accumulated depreciation Beginnig balance | 8 | 4 |
Depreciation expense | 2 | 4 |
Write-Off/Disposals | ||
Accumulated depreciation ending balance | 10 | 8 |
Net book value | 14 | 16 |
Mine Under Construction [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other property, plant and equipment | ||
Increase (decrease) in property, plant and equipment | 2,300 | |
Other property, plant and equipment | 2,300 | |
Accumulated depreciation Beginnig balance | ||
Depreciation expense | ||
Accumulated depreciation ending balance | ||
Net book value | 2,300 | |
Li B Anode Demonstration Plantunderconstruction [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other property, plant and equipment | 1,206 | |
Increase (decrease) in property, plant and equipment | 7,820 | 1,206 |
Write-Off/Disposals | ||
Other property, plant and equipment | 9,026 | 1,206 |
Accumulated depreciation Beginnig balance | ||
Depreciation expense | ||
Write-Off/Disposals | ||
Accumulated depreciation ending balance | ||
Net book value | $ 9,026 | $ 1,206 |
5. PROPERTY, PLANT AND EQUIPM_4
5. PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Changes in property, plant and equipment [abstract] | ||||
Grants received | $ 1,830 | $ 72 | $ 3,578 | $ 153 |
6. RIGHT-OF-USE ASSETS (Details
6. RIGHT-OF-USE ASSETS (Details) - CAD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | $ 1,909 | $ 954 |
New leases | 1,617 | 840 |
Remeasurement of lease | 115 | |
End of leases | (674) | |
Right-of-use assets | 2,852 | 1,909 |
Accumulated depreciation beginning balance | 842 | 391 |
Depreciation | 234 | 451 |
End of leases | (674) | |
Accumulated depreciation ending balance | 402 | 842 |
Net book value | 2,450 | 1,067 |
Buildings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 1,297 | 457 |
New leases | 1,617 | 840 |
Remeasurement of lease | ||
End of leases | (253) | |
Right-of-use assets | 2,661 | 1,297 |
Accumulated depreciation beginning balance | 386 | 157 |
Depreciation | 208 | 229 |
End of leases | (253) | |
Accumulated depreciation ending balance | 341 | 386 |
Net book value | 2,320 | 911 |
Office equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 339 | 339 |
New leases | ||
Remeasurement of lease | ||
End of leases | (312) | |
Right-of-use assets | 27 | 339 |
Accumulated depreciation beginning balance | 321 | 167 |
Depreciation | 3 | 154 |
End of leases | (312) | |
Accumulated depreciation ending balance | 12 | 321 |
Net book value | 15 | 18 |
Rolling Stock [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Right-of-use assets | 273 | 158 |
New leases | ||
Remeasurement of lease | 115 | |
End of leases | (109) | |
Right-of-use assets | 164 | 273 |
Accumulated depreciation beginning balance | 135 | 67 |
Depreciation | 23 | 68 |
End of leases | (109) | |
Accumulated depreciation ending balance | 49 | 135 |
Net book value | $ 115 | $ 138 |
6. RIGHT-OF-USE ASSETS (Detai_2
6. RIGHT-OF-USE ASSETS (Details Narrative) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Right-of-use Assets | ||||
Evaluation expenses | $ 54 | $ 93 | $ 107 | $ 186 |
Depreciation, right-of-use assets | $ 40 | $ 0 | $ 81 |
7. LEASE LIABILITIES (Details)
7. LEASE LIABILITIES (Details) - CAD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Lease liabilities [abstract] | ||
Opening balance | $ 1,076 | $ 609 |
New liabilities and modifications of leases | 1,617 | 955 |
Principal repayment | (205) | (488) |
Ending balance | 2,488 | 1,076 |
Current portion | 380 | 295 |
Non-current portion | $ 2,108 | $ 781 |
8. BORROWINGS (Details)
8. BORROWINGS (Details) - CAD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Borrowings [abstract] | ||
Opening balance | $ 1,793 | $ 4,502 |
New borrowing | 2,162 | 3,803 |
Repayments | (1,902) | (2,419) |
Issue costs | 21 | |
Payments for debt issue costs | (21) | |
Accretion of issue costs | 9 | 25 |
Interest capitalized | 209 | |
Debts settled in exchange of Royalty | (4,306) | |
Borrowings | 2,062 | 1,793 |
Current portion | 200 | 1,793 |
Non-current portion | $ 1,862 |
8. BORROWINGS (Details Narrativ
8. BORROWINGS (Details Narrative) - CAD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Jan. 29, 2021 | |
Borrowings [abstract] | ||||||
Interests paid | $ 33,000 | $ 36,000 | $ 60,000 | $ 72,000 | ||
Vendor | $ 1,137,000 | |||||
Bears interest | 8.00% | |||||
Loans received | $ 1,350,000 | |||||
Interest rate | 5.50% | |||||
Loan valued | $ 1,025,000 | |||||
Gross loan commitments | $ 325,000 | $ 325,000 | ||||
Reimbursement of loan | $ 1,802 |
9. ASSET RETIREMENT OBLIGATIO_2
9. ASSET RETIREMENT OBLIGATION (Details) - CAD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation | ||
Opening balance | $ 621 | $ 621 |
New obligations | 230 | |
Ending balance | $ 851 | $ 621 |
10. EQUITY (Details)
10. EQUITY (Details) - CAD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Equity | ||
Shares issued at the start of the period | $ 27,299,332 | $ 26,178,281 |
Shares issued from placements | 9,501,227 | |
Exercise of warrants | 7,821,700 | 872,291 |
Exercise of options | 331,251 | 145,000 |
Shares issued for interest payment | 76,635 | |
Share based compensation | 103,760 | |
Shares issued at the end of period | $ 45,030,145 | $ 27,299,332 |
10. EQUITY (Details 1)
10. EQUITY (Details 1) - $ / shares shares in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Equity | ||
Number of shares, opeinnig balance | 2,400,000 | 1,582,500 |
Weighted average exercise price beginng balance | $ 3.20 | $ 2.80 |
Number of shares granted | 705,000 | 1,192,500 |
Weighted average exercise price granted | $ 16.28 | $ 3.64 |
Number of shares exercised | (331,251) | (145,000) |
Weighted average exercise price exercised | $ 2.90 | $ 3.05 |
Number of shares expired | (230,000) | |
Weighted average exercise price expired | $ 2.66 | |
Number of shares, ending balance | 2,773,749 | 2,400,000 |
Weighted average exercise price ending balance | $ 6.56 | $ 3.20 |
Number of shares Options that can be exercised | 2,260,000 | 2,000,000 |
Weighted average exercise price Options that can be exercised | $ 6.88 | $ 3.37 |
10. EQUITY (Details Narrative)
10. EQUITY (Details Narrative) - CAD ($) | 1 Months Ended | 6 Months Ended | ||
Feb. 12, 2021 | Jan. 20, 2021 | Jun. 30, 2021 | Jun. 23, 2021 | |
Equity | ||||
Number of common stock issud | 396,552 | 1,034,500 | 7,000,000 | |
Share Price | $ 14.50 | $ 14.50 | $ 9.22 | |
Proceeds from Public offering | $ 5,800,000 | $ 15,000,000 | $ 64,500,000 | |
Weighted average share price | $ 19.04 | |||
Stock price | $ 14.63 | |||
Expected life | 5 years | |||
Expected volatility | $ 0.68 | |||
Risk-free rate | $ 0.0080 |
11. EXPLORATION AND EVALUATIO_3
11. EXPLORATION AND EVALUATION EXPENSES (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Exploration And Evaluation Expenses | ||||
Wages and benefits | $ 805 | $ 1,589 | $ 265 | $ 989 |
Share-based compensation | 204 | 204 | 168 | 191 |
Engineering | 632 | 1,802 | 1,098 | 2,220 |
Professional fees | 95 | 127 | 118 | 332 |
Materials, consumables, and supplies | 416 | 479 | 284 | 642 |
Subcontracting | 248 | 641 | 209 | 774 |
Geology and drilling | 72 | 114 | 80 | 194 |
Utilities | 81 | 172 | 80 | 234 |
Depreciation and amortization | 54 | 107 | 93 | 185 |
Other | 32 | 76 | 39 | 167 |
Grants | (36) | (36) | ||
Tax credits | (104) | (268) | (401) | (798) |
Exploration and evaluation expenses | $ 2,499 | $ 5,007 | $ 2,033 | $ 5,130 |
11. EXPLORATION AND EVALUATIO_4
11. EXPLORATION AND EVALUATION EXPENSES (Details Narrative) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Exploration And Evaluation Expenses | ||||
Other expense, by function | $ 305 | $ 173 | $ 473 | $ 173 |
12. LIB ANODE PLANT PROJECT E_3
12. LIB ANODE PLANT PROJECT EXPENSES (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Entity Listings [Line Items] | ||||
Wages and benefits | $ 805 | $ 1,589 | $ 265 | $ 989 |
Engineering | 632 | 1,802 | 1,098 | 2,220 |
Professional fees | 95 | 127 | 118 | 332 |
Materials, consumables, and supplies | 416 | 479 | 284 | 642 |
Subcontracting | 248 | 641 | 209 | 774 |
Depreciation and amortization | 558 | 600 | ||
Other | 32 | 76 | 39 | 167 |
Grants | (36) | (36) | ||
LiB Anode Plant project expenses | 2,499 | 5,007 | 2,033 | 5,130 |
Li B Anode [Member] | ||||
Entity Listings [Line Items] | ||||
Wages and benefits | 185 | 312 | 105 | 298 |
Engineering | 492 | 558 | 574 | 1,319 |
Professional fees | 332 | 422 | 110 | 196 |
Materials, consumables, and supplies | 125 | 301 | 1 | 7 |
Subcontracting | 49 | 89 | 71 | 234 |
Depreciation and amortization | 44 | 85 | ||
Other | 13 | 16 | 47 | 59 |
Grants | (332) | (592) | (216) | (869) |
LiB Anode Plant project expenses | $ 908 | $ 1,191 | $ 692 | $ 1,244 |
12. LiB ANODE PLANT PROJECT E_4
12. LiB ANODE PLANT PROJECT EXPENSES (Details Narrative) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lib Anode Plant Project Expenses | ||||
Wages and benefits | $ 58 | $ 47 | $ 81 | $ 47 |
13. GENERAL AND ADMINISTRATIV_3
13. GENERAL AND ADMINISTRATIVE EXPENSES (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | ||||
Wages and benefits | $ 805 | $ 1,589 | $ 265 | $ 989 |
Share-based compensation | 5,939 | 127 | ||
Professional fees | 95 | 127 | 118 | 332 |
Depreciation and amortization | 558 | 600 | ||
Other financial fees | 32 | 76 | 39 | 167 |
General and administrative expenses | 9,370 | 1,137 | 13,382 | 2,630 |
Selling, general and administrative expense [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Wages and benefits | 933 | 287 | 2,193 | 849 |
Share-based compensation | 5,250 | 115 | 5,735 | 153 |
Professional fees | 1,072 | 198 | 2,204 | 499 |
Consulting fees | 155 | 27 | 435 | 75 |
Travelling, representation and convention | 79 | 49 | 205 | 176 |
Office and administration | 1,227 | 189 | 1,468 | 366 |
Depreciation and amortization | 168 | 207 | 365 | 414 |
Other financial fees | 9 | 27 | 17 | 59 |
General and administrative expenses | $ 9,370 | $ 1,137 | $ 13,382 | $ 2,630 |
14. NET FINANCIAL COSTS (Detail
14. NET FINANCIAL COSTS (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Financial Costs | ||||
Unrealized foreign exchange loss (gain) | $ (511) | $ (521) | $ 8 | |
Interest income | (53) | (3) | (97) | (23) |
Interest expense on lease liabilities | 28 | 7 | 58 | 16 |
Accretion and interest on borrowings and bond | 689 | 139 | 1,349 | 237 |
Accretion of issue costs | 4 | 9 | ||
Loss on disposal of investment | 2 | 6 | ||
Net financial costs | $ 157 | $ 145 | $ 798 | $ 244 |
15. ADDITIONAL CASH FLOW INFO_3
15. ADDITIONAL CASH FLOW INFORMATION (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Additional Cash Flow Information | ||
Grants receivable | $ 531 | $ 143 |
Deferred grants | (1,511) | 1,607 |
Mining tax credits | (269) | (798) |
Sales taxes receivable | (646) | 48 |
Prepaid expenses | (1,028) | 230 |
Accounts payable and accrued liabilities | 2,226 | 1,159 |
Total net change in working capital | (697) | 2,389 |
Property and equipment included in accounts payable and accrued liabilities. | 2,767 | 177 |
Share issue costs included in accounts payables and accrued liabilities | 638 | |
Shares issued for interest payment | $ 797 |
16. RELATED PARTY TRANSACTIONS
16. RELATED PARTY TRANSACTIONS (Details Narrative) - CAD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 23, 2021 | Feb. 12, 2021 | Jan. 20, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||||||||
Share based compensation expenses | $ 5,100,000 | $ 0 | $ 5,500,000 | $ 0 | ||||
Number of shares issued | 66,666 | 79,311 | 237,932 | 76,635 | ||||
Accrued income including contract assets | $ 797,000 | |||||||
Interest income on impaired financial assets accrued | $ 593,000 | $ 1,158,000 | $ 0 | |||||
Investissement [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of shares issued | 317,241 |
17. FINANCIAL INSTRUMENTS AND_3
17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details) - CAD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
IfrsStatementLineItems [Line Items] | |||
Account payables and accrued liabilities | $ 13,011 | $ 6,988 | |
Lease liabilities | 380 | 295 | |
Borrowings | 2,062 | $ 1,793 | $ 4,502 |
Later than one year and not later than two years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Account payables and accrued liabilities | |||
Lease liabilities | 434 | ||
Borrowings | 208 | ||
Convertible bond | 2,427 | ||
Later than two years and not later than three years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Account payables and accrued liabilities | |||
Lease liabilities | 415 | ||
Borrowings | 225 | ||
Convertible bond | 16,555 | ||
Later Than One Year And Not Later Than Four Years [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Account payables and accrued liabilities | |||
Lease liabilities | 1,885 | ||
Borrowings | 1,548 | ||
Convertible bond | |||
Cash flow hedges [member] | |||
IfrsStatementLineItems [Line Items] | |||
Account payables and accrued liabilities | 13,011 | ||
Lease liabilities | 2,995 | ||
Borrowings | 2,079 | ||
Convertible bond | 20,250 | ||
Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Account payables and accrued liabilities | 13,011 | ||
Lease liabilities | 2,488 | ||
Borrowings | 2,062 | ||
Convertible bond | 14,619 | ||
Remainder Year [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Account payables and accrued liabilities | 13,011 | ||
Lease liabilities | 261 | ||
Borrowings | 98 | ||
Convertible bond | $ 1,268 |
17. FINANCIAL INSTRUMENTS AND_4
17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 1) - CAD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial Instruments And Risk Management | ||
Cash in US dollar | $ 18,636 | |
Canadian dollar equivalents | $ 23,097 |
17. FINANCIAL INSTRUMENTS AND_5
17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details Narrative) - CAD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial Instruments And Risk Management | ||
Short-term liabilities | $ 13,591 | $ 10,587 |
18. COMMITMENTS (Details Narrat
18. COMMITMENTS (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2021CAD ($) | |
Capital commitments [abstract] | |
Common stock amount | $ 12,118 |
Acquisition of property plant equipement | $ 3,638 |
19. SUBSEQUENT EVENTS (Details
19. SUBSEQUENT EVENTS (Details Narrative) | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events | |
Subsequent events description | the Company closed a private placement equity financing with Investissement Québec, acting as mandatory for the government of Québec, and issued a total of 1,978,750 common shares at a price of $9.25 per share for proceeds to the Company of $18.3M. |