AntioquiaGold Inc

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INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 09/11/2020

INTERIM UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2020 AND 2019
(Expressed in Canadian dollars)

The accompanying interim unaudited condensed consolidated financial statements for Antioquia Gold Inc.
have been prepared by management in accordance with International Financial Reporting Standards
consistently applied. These interim unaudited condensed consolidated financial statements are unaudited and
have not been reviewed by the Company’s auditors.

NOTES TO THE INTERIM UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in Canadian dollars)


NOTE 1. NATURE OF OPERATIONS AND GOING CONCERN

Antioquia Gold Inc. (“Antioquia” or the “Company”) was formed by way of amalgamation on April 25, 1997 and continued under the laws of British Columbia on March 24, 2016. The registered address of Antioquia is 2800 Park Place, 666 Burrard St., Vancouver, BC, V6C 2Z7. The Company is listed on the TSX Venture Exchange (“TSX-V”) under the symbol “AGD”. The Company trades on the OTCQX pink sheets, under the symbol “AGDXF”.

The Company’s primary focus is the operation of its Cisneros underground gold mine located outside Medellin Colombia. Commercial production was declared at the Cisneros mine on March 1, 2019.

These interim unaudited condensed consolidated financial statements have been prepared using International Financial Reporting Standards (“IFRS”) applicable to a going concern, which assumes continuity of operations and realization of assets and settlement of liabilities in the normal course of business for the foreseeable future, which is at least, but not limited to, one year from September 30, 2020. At September 30, 2020, the Company had a cumulative deficit of $58,269,289 (December 31, 2019 – $56,101,202), and a working capital deficit of $ 114,492,537 (December 31, 2019 – working capital deficit of $111,488,075). The Company’s ability to continue as a going concern is dependent upon its ability to achieve profitable operations, generate sufficient funds and/or continue to obtain sufficient capital from investors to meet its current and future obligations. The recoverability of amounts shown for property and equipment is dependent on future profitable operations or proceeds from disposition of mineral interests. As a result of these risks, there is material uncertainty which may cast significant doubt as to the appropriateness of the going concern assumption. There is no assurance that the Company’s initiatives will continue to be successful. These interim unaudited condensed consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and consolidated statements of financial position classifications that would be necessary if the going concern assumption was inappropriate. These adjustments could be material.

NOTE 2. BASIS OF PRESENTATION

Basis of compliance

These interim unaudited condensed consolidated financial statements of the Company and its subsidiaries are presented in accordance with IFRS and in particular in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). Therefore, these interim unaudited condensed consolidated financial statements do not include all the information and note disclosures required by IFRS for annual financial statements and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2019, which have been prepared in accordance with IFRS.

The interim unaudited condensed consolidated financial statements of the Company for the period ended September 30, 2020 were approved and authorized for issue by the Board of Directors on November 09, 2020.

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