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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Patagonia Gold Corporation (PK) | USOTC:HGLD | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0071 | 0.0071 | 0.0071 | 0.00 | 01:00:00 |
|
|
|
British Columbia, Canada
|
1041
|
(State or other jurisdiction of incorporation or organization)
|
(Primary Standard Industrial Classification Code Number) |
Large Accelerated Filer
|
☐
|
Accelerated Filer
|
☐
|
Non-accelerated Filer
|
☐
|
Smaller Reporting Company
|
☒
|
Six months ended June 30, 2018 and 2017 Page
|
|
|
|
Consolidated Balance Sheets
|
3
|
|
|
Consolidated Statements of Operations and Comprehensive Income (Loss)
|
4
|
|
|
Consolidated Statement of Changes in Stockholders' Deficiency
|
5
|
|
|
Consolidated Statements of Cash Flows |
6
|
|
|
Notes to the Consolidated Interim financial statements
|
7 - 24 |
1.
|
Nature of Business
|
Corporation
|
Incorporation
|
Percentage
ownership
|
Business Purpose
|
Cerro Cazador S.A. ("CCSA")
|
Argentina
|
100%
|
Holder of Assets and Exploration Company
|
Ganadera Patagonia
(1)
|
Argentina
|
40%
|
Land Holding Company
|
1494716 Alberta Ltd.
|
Alberta
|
100%
|
Nominee Shareholder
|
Hunt Gold USA LLC
|
Washington, USA
|
100%
|
Management Company
|
June 30, 2018
|
December 31, 2017
|
|||||||
Silver concentrate
|
$
|
1,425,920
|
$
|
128,894
|
||||
Ore stockpiles
|
-
|
98,210
|
||||||
Materials and supplies
|
89,058
|
106,216
|
||||||
$
|
1,514,978
|
$
|
333,320
|
June 30,
|
December 31,
|
|||||||
2018
|
2017
|
|||||||
Asset retirement obligation at beginning of year
|
$
|
773,436
|
$
|
721,695
|
||||
Foreign exchange
|
(4,200
|
)
|
(16,327
|
)
|
||||
Accretion expense
|
37,318
|
68,068
|
||||||
Asset retirement obligation at end of period
|
$
|
806,554
|
$
|
773,436
|
Land
|
Plant
|
Buildings
|
Vehicles and Equipment
|
Total
|
||||||||||||||||
Cost
|
||||||||||||||||||||
Balance at December 31, 2016
|
$
|
1,035,397
|
$
|
2,631,646
|
$
|
117,500
|
$
|
2,352,222
|
$
|
6,136,765
|
||||||||||
Additions
|
-
|
792,055
|
-
|
472,244
|
1,264,299
|
|||||||||||||||
Balance at December 31, 2017
|
1,035,397
|
3,423,701
|
117,500
|
2,824,466
|
7,401,064
|
|||||||||||||||
Additions
|
-
|
-
|
-
|
13,559
|
13,559
|
|||||||||||||||
Balance at June 30, 2018
|
$
|
1,035,397
|
$
|
3,423,701
|
$
|
117,500
|
$
|
2,838,025
|
$
|
7,414,623
|
||||||||||
Accumulated amortization
|
||||||||||||||||||||
Balance at December 31, 2016
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1,201,982
|
$
|
1,201,982
|
||||||||||
Depreciation for the year
|
-
|
753,391
|
29,375
|
382,826
|
1,165,592
|
|||||||||||||||
Balance at December 31, 2017
|
-
|
753,391
|
29,375
|
1,584,808
|
2,367,574
|
|||||||||||||||
Depreciation for the year
|
-
|
502,261
|
19,583
|
283,822
|
805,666
|
|||||||||||||||
Balance at June 30, 2018
|
$
|
-
|
$
|
1,255,652
|
$
|
48,958
|
$
|
1,868,630
|
$
|
3,173,240
|
||||||||||
Net book value
|
||||||||||||||||||||
At December 31, 2017
|
$
|
1,035,397
|
$
|
2,670,310
|
$
|
88,125
|
$
|
1,239,658
|
$
|
5,033,490
|
||||||||||
At June 30, 2018
|
$
|
1,035,397
|
$
|
2,168,049
|
$
|
68,542
|
$
|
969,395
|
$
|
4,241,383
|
June 30,
|
December 31,
|
|||||||
2018
|
2017
|
|||||||
Receivable from sale of concentrate
|
$
|
91,772
|
$
|
1,144,710
|
||||
Value added tax ("VAT") recoverable
|
987,724
|
1,000,120
|
||||||
Total accounts receivable
|
$
|
1,079,496
|
$
|
2,144,830
|
Note
|
June 30,
|
December 31,
|
||||||||||
2018
|
2017
|
|||||||||||
Accounts payables due to related parties
|
16
|
$
|
4,984,655
|
$
|
4,410,894
|
|||||||
Trade accounts payable and accrued liabilities
|
1,507,751
|
2,262,425
|
||||||||||
Total accounts payable and accrued liabilities
|
$
|
6,492,406
|
$
|
6,673,319
|
June 30,
|
December 31,
|
|||||||
2018
|
2017
|
|||||||
Unsecured loan payable to related party at 8% interest per annum, due 2022
1
(Note 16)
|
$
|
1,615,445
|
$
|
1,731,022
|
||||
Unsecured loan payable to related party at 8% interest per annum, due on demand (Note 16)
|
999,861
|
700,000
|
||||||
Loan payable, repayable in monthly installments of $15,000 per dry metric ton of concentrate, with interest at 6% per annum, secured by concentrate, due 2018
2
(Note 22)
|
400,620
|
-
|
||||||
Loan payable, repayable in monthly installments ranging between $3,000 and $15,000 per dry metric ton of concentrate, with interest at 6% per annum, secured by concentrate, due 2018
|
700,000
|
-
|
||||||
$
|
3,715,926
|
$
|
2,431,022
|
|||||
Less current portion
|
(2,650,664
|
)
|
(1,062,428
|
)
|
||||
Long-term debt
|
$
|
1,065,262
|
$
|
1,368,594
|
Year ending December 31,
|
||||
|
2018 |
$
|
362,428
|
|
|
2019 |
$
|
375,510
|
|
|
2020 |
$
|
394,590
|
|
|
2021 |
$
|
414,910
|
|
|
2022 |
$
|
68,007
|
Common Shares
|
Six months ended
|
Year ended
|
||||||||||||||
June 30, 2018
|
December 31, 2017
|
|||||||||||||||
Number
|
Amount
|
Number
|
Amount
|
|||||||||||||
Balance, beginning of period
|
63,588,798
|
$
|
24,695,186
|
63,588,798
|
$
|
24,695,186
|
||||||||||
Balance, end of period
|
63,588,798
|
$
|
24,695,186
|
63,588,798
|
$
|
24,695,186
|
Warrants
|
Six months ended
|
Year ended
|
||||||||||||||
June 30, 2018
|
December 31, 2017
|
|||||||||||||||
Number
|
Amount
|
Number
|
Amount
|
|||||||||||||
Balance, beginning of period
|
48,862,500
|
$
|
735,152
|
48,862,500
|
$
|
735,152
|
||||||||||
Balance, end of period
|
48,862,500
|
$
|
735,152
|
48,862,500
|
$
|
735,152
|
Range of Exercise prices (CAD)
|
Number outstanding
|
Weighted average life (years)
|
Weighted average exercise price (CAD)
|
Number exercisable on June 30, 2018
|
||||||||||||||||
Stock options
|
$
|
0.15 - $1.00
|
4,360,000
|
2.80
|
$
|
0.21
|
4,360,000
|
June 30, 2018
|
December 31, 2017
|
|||||||||||||||
Number of options
|
Weighted Average Price (CAD)
|
Number of options
|
Weighted Average Price (CAD)
|
|||||||||||||
Balance, beginning of period
|
4,380,000
|
$
|
0.21
|
4,225,000
|
$
|
0.24
|
||||||||||
Granted
|
-
|
$
|
0.00
|
200,000
|
$
|
0.20
|
||||||||||
Expiration of stock options
|
(20,000
|
)
|
$
|
1.00
|
(45,000
|
)
|
$
|
3.00
|
||||||||
Balance, end of period
|
4,360,000
|
$
|
0.21
|
4,380,000
|
$
|
0.24
|
Year ended
|
||||
December 31, 2017
|
||||
2017
|
||||
Expected volatility
|
235.10
|
%
|
||
Expected life (years)
|
5
|
|||
Expected dividend yield
|
0
|
%
|
||
Forfeiture rate
|
0
|
%
|
||
Stock price
|
$CAD
|
0.23 |
Range of Exercise prices (CAD)
|
Number outstanding
|
Weighted average life (years)
|
Weighted average exercise price (CAD)
|
|||||||||||||
Warrants
|
0.05 - 0.40
|
48,862,500
|
2.13
|
$
|
0.07
|
June 30, 2018
|
December 31, 2017
|
|||||||||||||||
Number of warrants
|
Weighted Average Price (CAD)
|
Number of warrants
|
Weighted Average Price (CAD)
|
|||||||||||||
Balance, beginning of period
|
48,862,500
|
$
|
0.07
|
48,862,500
|
$
|
0.07
|
||||||||||
Warrants
|
-
|
-
|
-
|
$
|
0.00
|
|||||||||||
Balance, end of period
|
48,862,500
|
$
|
0.07
|
48,862,500
|
$
|
0.07
|
Six months ended
|
||||||||
June 30, 2018
|
June 30, 2017
|
|||||||
Salaries and benefits
|
$
|
137,430
|
$
|
58,526
|
||||
Professional fees
|
141,689
|
109,471
|
||||||
$
|
279,119
|
$
|
167,997
|
·
|
Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Active markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
|
·
|
Level 2: inputs, other than quoted prices, that are observable, either directly or indirectly. Level 2 valuations are based on inputs, including quoted forward prices for commodities, market interest rates, and volatility factors, which can be observed or corroborated in the market place.
|
·
|
Level 3: inputs are less observable, unavoidable or where the observable data does not support the majority of the instruments' fair value.
|
June 30, 2018
|
June 30, 2017
|
|||||||||||||||
Carrying amount
|
Fair value
|
Carrying amount
|
Fair value
|
|||||||||||||
$
|
$
|
$
|
$
|
|||||||||||||
Financial Assets
|
||||||||||||||||
FVTPL
|
||||||||||||||||
Cash (Level 1)
|
147,586
|
147,586
|
138,921
|
138,921
|
||||||||||||
Available for sale
|
||||||||||||||||
Performance bond (Level 1)
|
343,214
|
343,214
|
376,636
|
376,636
|
||||||||||||
Loans and receivables
|
||||||||||||||||
Accounts receivable
|
1,079,496
|
1,079,496
|
792,611
|
792,611
|
||||||||||||
Financial Liabilities
|
||||||||||||||||
Other financial liabilities
|
||||||||||||||||
Bank indebtedness
|
49,999
|
49,999
|
50,000
|
-
|
||||||||||||
Accounts payable and accrued liabilities
|
6,492,406
|
6,492,406
|
4,790,859
|
4,790,859
|
||||||||||||
Purchase price payable
|
-
|
-
|
1,500,000
|
1,500,000
|
||||||||||||
Transaction taxes payable
|
15,407
|
15,407
|
124,641
|
124,641
|
||||||||||||
Interest payable
|
200,594
|
200,594
|
66,349
|
66,349
|
||||||||||||
Loan payable
|
2,650,664
|
2,650,664
|
3,431,892
|
3,431,892
|
||||||||||||
Long-term debt
|
1,615,445
|
1,615,445
|
-
|
-
|
ITEM 2. |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
·
|
risks related to uncertainty of Hunt Mining property valuation assumptions;
|
·
|
uncertainties related to raising sufficient financing to fund the project in a timely manner and on acceptable terms;
|
·
|
changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties;
|
·
|
uncertainties involved in the estimation of Hunt Mining reserves and resources;
|
·
|
the possibility that required permits may not be obtained on a timely manner or at all;
|
·
|
the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic;
|
·
|
the possibility that the estimated recovery rates may not be achieved;
|
·
|
risk of accidents, equipment breakdowns and labor disputes or other unanticipated difficulties or interruptions;
|
·
|
the possibility of cost overruns or unanticipated expenses in the work program;
|
·
|
risks related to projected project economics, recovery rates, estimated NPV and anticipated IRR; and
|
·
|
other factors identified in the Company's SEC filings and its filings with Canadian securities regulatory authorities.
|
Corporation
|
Incorporation
|
Percentage
ownership
|
Business Purpose
|
Cerro Cazador S.A. ("CCSA")
|
Argentina
|
100%
|
Holder of Assets and Exploration Company
|
Ganadera Patagonia
(1)
|
Argentina
|
40%
|
Land Holding Company
|
1494716 Alberta Ltd.
|
Alberta
|
100%
|
Nominee Shareholder
|
Hunt Gold USA LLC
|
Washington, USA
|
100%
|
Management Company
|
Incorporated by reference | ||||
Exhibit
Number
|
Document Description
|
Filed
Form
|
Date
|
Number
herewith
|
3.1
|
Articles of Incorporation – British Columbia
|
F-1/A-4
|
06/30/14
|
3.4
|
10.1
|
Exploration and Option Agreement between Cerro Cazador S.A. and FK Minera S.A. dated March 28, 2007
|
F-1/A-2
|
12/20/12
|
10.1
|
10.2
|
Agreement between Fomento Minero de Santa Cruz Sociedad del Estado and Hunt Mining Corp.'s subsidiary, Cerro Cazador, S.A., with respect to the La Josefina property, dated July 24, 2007
|
F-1/A-2
|
12/20/12
|
10.2
|
10.3
|
Share Purchase Agreement among Sinomar Capital Corp., Cerro Cazador S.A., HuntMountain Resources Ltd. and HuntMountain Investments, LLC, dated October 13, 2009
|
F-1/A-3
|
03/28/14
|
10.3
|
10.4
|
Executive Employment Agreement with Matthew J. Hughes dated January 1, 2012
|
F-1/A-3
|
03/28/14
|
10.4
|
10.5
|
Executive Employment Agreement with Timothy R. Hunt dated January 1, 2012
|
F-1/A-3
|
03/28/14
|
10.5
|
10.6
|
Executive Employment Agreement with Danilo P. Silva dated January 1, 2012
|
F-1/A-3
|
03/28/14
|
10.6
|
10.7
|
Executive Employment Agreement with Matthew A. Fowler dated January 1, 2012
|
F-1/A-3
|
03/28/14
|
10.7
|
10.8
|
Exploration Agreement Among Eldorado Gold Corporation, Hunt Mining Corp. and Cerro Cazador, S.A. dated May 3, 2012
|
F-1/A-3
|
03/28/14
|
10.8
|
10.9
|
Agreement between Fomento Minero de Santa Cruz Sociedad del Estado and Hunt Mining Corp.'s subsidiary Cerro Cazador, S.A. with respect to the La Josefina property, dated November 15, 2012
|
F-1/A-4
|
06/30/14
|
10.9
|
10.10
|
Amended Agreement between Fomento Minero de Santa Cruz Sociedad del Estado and Hunt Mining Corp.'s subsidiary, Cerro Cazador, S.A., with respect to the La Valenciana property, dated November 15, 2012
|
F-1/A-3
|
03/28/14
|
10.10
|
10.11
|
Buyer's Contract with Ocean Partners USA, Inc., Hunt Mining Corp and Huntwood Industries, Inc. dated September 28, 2016
|
10-K
|
05/22/17
|
10.11
|
10.12 |
Advance Payment Facility Agreement with Ocean Partners USA, Inc., Hunt Mining Corp and Huntwood Industries, Inc. dated October 28, 2016
|
10-K
|
05/22/17
|
10.11
|
14.1 |
Code of Ethics
|
10-K | 05/17/17 | 14.1 |
21.1 |
List of Subsidiaries
|
10-K | 05/22/17 | 21.1 |
31.1
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
10-K | x | |
31.2 |
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
x | ||
32.1 |
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Executive Officer
|
x | ||
32.2 |
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Financial Officer
|
x | ||
99.1 |
2011 Stock Option Plan of Hunt Mining Corp.
|
F-1/A-2
|
12/20/12 | 99.1 |
99.2 |
Audit Committee Charter
|
F-1 | 06/12/12 | 99.1 |
101.INS |
XBRL Instance Document
|
x | ||
101.SCH
|
XBRL Taxonomy Extension – Schema
|
x | ||
101.CAL |
XBRL Taxonomy Extension – Calculations
|
x | ||
101.DEF |
XBRL Taxonomy Extension – Schema
|
x
|
||
101.LAB
|
XBRL Taxonomy Extension – Labels |
x
|
||
101.PRE | XBRL Taxonomy Extension – Presentation | x |
Incorporated by reference | ||||
Exhibit
Number
|
Document Description
|
Filed
Form
|
Date
|
Number
herewith
|
3.1
|
Articles of Incorporation – British Columbia
|
F-1/A-4
|
06/30/14
|
3.4
|
10.1
|
Exploration and Option Agreement between Cerro Cazador S.A. and FK Minera S.A. dated March 28, 2007
|
F-1/A-2
|
12/20/12
|
10.1
|
10.2
|
Agreement between Fomento Minero de Santa Cruz Sociedad del Estado and Hunt Mining Corp.'s subsidiary, Cerro Cazador, S.A., with respect to the La Josefina property, dated July 24, 2007
|
F-1/A-2
|
12/20/12
|
10.2
|
10.3
|
Share Purchase Agreement among Sinomar Capital Corp., Cerro Cazador S.A., HuntMountain Resources Ltd. and HuntMountain Investments, LLC, dated October 13, 2009
|
F-1/A-3
|
03/28/14
|
10.3
|
10.4
|
Executive Employment Agreement with Matthew J. Hughes dated January 1, 2012
|
F-1/A-3
|
03/28/14
|
10.4
|
10.5
|
Executive Employment Agreement with Timothy R. Hunt dated January 1, 2012
|
F-1/A-3
|
03/28/14
|
10.5
|
10.6
|
Executive Employment Agreement with Danilo P. Silva dated January 1, 2012
|
F-1/A-3
|
03/28/14
|
10.6
|
10.7
|
Executive Employment Agreement with Matthew A. Fowler dated January 1, 2012
|
F-1/A-3
|
03/28/14
|
10.7
|
10.8
|
Exploration Agreement Among Eldorado Gold Corporation, Hunt Mining Corp. and Cerro Cazador, S.A. dated May 3, 2012
|
F-1/A-3
|
03/28/14
|
10.8
|
10.9
|
Agreement between Fomento Minero de Santa Cruz Sociedad del Estado and Hunt Mining Corp.'s subsidiary Cerro Cazador, S.A. with respect to the La Josefina property, dated November 15, 2012
|
F-1/A-4
|
06/30/14
|
10.9
|
10.10
|
Amended Agreement between Fomento Minero de Santa Cruz Sociedad del Estado and Hunt Mining Corp.'s subsidiary, Cerro Cazador, S.A., with respect to the La Valenciana property, dated November 15, 2012
|
F-1/A-3
|
03/28/14
|
10.10
|
10.11
|
Buyer's Contract with Ocean Partners USA, Inc., Hunt Mining Corp and Huntwood Industries, Inc. dated September 28, 2016
|
10-K
|
05/22/17
|
10.11
|
10.12 |
Advance Payment Facility Agreement with Ocean Partners USA, Inc., Hunt Mining Corp and Huntwood Industries, Inc. dated October 28, 2016
|
10-K
|
05/22/17
|
10.11
|
14.1 |
Code of Ethics
|
10-K | 05/17/17 | 14.1 |
21.1 |
List of Subsidiaries
|
10-K | 05/22/17 | 21.1 |
31.1
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
10-K | x | |
31.2 |
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
x | ||
32.1 |
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Executive Officer
|
x | ||
32.2 |
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Financial Officer
|
x | ||
99.1 |
2011 Stock Option Plan of Hunt Mining Corp.
|
F-1/A-2
|
12/20/12 | 99.1 |
99.2 |
Audit Committee Charter
|
F-1 | 06/12/12 | 99.1 |
101.INS |
XBRL Instance Document
|
x | ||
101.SCH
|
XBRL Taxonomy Extension – Schema
|
x | ||
101.CAL |
XBRL Taxonomy Extension – Calculations
|
x | ||
101.DEF |
XBRL Taxonomy Extension – Schema
|
x
|
||
101.LAB
|
XBRL Taxonomy Extension – Labels |
x
|
||
101.PRE | XBRL Taxonomy Extension – Presentation | x |
1 Year Patagonia Gold (PK) Chart |
1 Month Patagonia Gold (PK) Chart |
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