Q2 out today - on SEDAR.I read through the report.
I don't see too much in the way of progress. COVID 19 probably slowed the Canadian Government from zero to reverse.
The MD&A contains the following:
During the three months ended May 31, 2020, the Corporation experienced a loss of $264,932 ($0.00 per share) compared to a loss of $108,101 ($0.00 per share) in the same period of 2019. The largest expense incurred in the current quarter ended May 31, 2020 related to investor relation expenses, where $132,195 was expensed in the quarter ended May 31, 2020 compared to $3,044 in the comparative period. These expenses were non-cash as contracts with marketing and promotion partners were entered into in the latter part of fiscal 2019 relating to long-term contracts of up to 12 months. A large part of these expenses were in Prepaid expenses at fiscal 2019 year end and the passage of time resulted in expensing a major portion of these costs in the second quarter of the current year. With the exception of these investor relation expenditures, other expense categories were comparative to the same quarter in the prior year. Wages amounted to $53,331 in the quarter ended May 31, 2020 compared to $47,043 in the comparative quarter. Professional fees amounted to $33,641 in the current quarter compared to $32,810 in the comparative period. The prime component of these costs related to legal expenses where $31,551 was expensed in the quarter ended May 31, 2020 compared to $27,577 in the comparative quarter. General and administrative expenses totaled $45,765 compared to $37,240 in comparative quarter. Within this category consulting fees were $12,450 in the quarter ended May 31, 2020 (2019 - $34,259) incurred on various consulting engagements and foreign exchange losses were $13,681 in the current quarter (2019 - $9,384). In addition, $11,120 was expensed for rent and administration in the quarter ended May 31, 2020 (2019 - $22,421). The head office lease expired at the end of fiscal 2019 and the Corporation is paying rent on a month to month basis in 2020. Remaining expenses were relatively minor and comparable with the prior period with no significant variances outside of those mentioned above. RESULTS OF OPERATIONS AND ADDITIONAL DISCLOSURE FOR VENTURE CORPORATIONS WITHOUT SIGNIFICANT REVENUE As at May 31, 2020, the Corporation had cash and cash equivalents in the amount of $34,187. The Corporation’s accounts payable and accrued liabilities in the amount of $523,851 at May 31, 2020 was a significant reduction from accounts payable and accrued liabilities at November 30, 2019 of over 22%. Further reduction of accounts payable and accrued liabilities will continue throughout fiscal 2020. This balance consists of vendor payables, accrued professional fees, accrued salaries due to timing of payments, costs associated with exploration of mineral interests and other administrative expenses. A material breakdown of capitalized development costs for the three months ended May 31, 2020 and the prior fiscal year ended November 30, 2019 were presented earlier in this MD&A under Exploration and Evaluation Assets. The Company did not expense any material research and development costs during the quarter ended May 31, 2020.
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I have no comment on the Quarter Report. It is worth reading. My take only is that the company needs to find a revenue stream - they claim to have that possibility in their information circular, but I am not clear on the timing.
I own shares.
cleareye.