from the 10q:
"There is limited historical financial information about us upon which to base an evaluation of our performance. We are in the development stage and have not generated any revenues from activities. We cannot guarantee we will be successful in our business activities. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, and possible cost overruns due to price and cost increases in services.
Over the next twelve months we intend to use any funds that we may have available to fund our Plan of Operation. Not accounting for our working capital deficit of $67,656 as of August 31, 2023, we require additional funds of approximately $114,000 (CDN$152,000) at a minimum to proceed with our plan of operation over the next twelve months. As we do not have the funds necessary to cover our projected operating expenses for the next twelve-month period, we will be required to raise additional funds through the issuance of equity securities, through loans or through debt financing. There can be no assurance that we will be successful in raising the required capital or that actual cash requirements will not exceed our estimates. We intend to fulfill any additional cash requirement through the sale of our equity securities.
Our auditors have issued a going concern opinion for our year ended May 31, 2023. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated. As at August 31, 2023, we had cash of $5,102 and had a working capital deficiency in the amount of $67,656. As August 31, 2023, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.
Plan of Operation
The Plan of Operation for the next 12 months is to raise $114,000 (CDN$152,000) for the next phase of exploration program on the Frog Property.
It is recommended that airborne magnetics and radiometrics surveys be completed over the Property. Rare earth mineralization is generally associated with uranium mineralization and radiometrics should define promising areas for follow-up examination.
The area of the strong magnetic anomaly is completely covered in glacial tills and no outcrop is evident. Prospecting should be completed expanding the 2021 range of coverage focusing on the north and south limits of the large magnetic anomaly at the cliff edges where the steep valley ridges demonstrate spalling of rocks into scree piles. Additional prospecting should be completed following the airborne geophysical surveys as well, focusing on both radiometric and magnetic anomalies.
It is estimated that the next phase of exploration would cost $114,000 (Cdn$152,000), as itemized in Table 4.
Program Description Cost
Airborne Geophysics Property wide $ 56,250 (Cdn$75,000)
Prospecting 7 people x 14 days $ 18,375 (Cdn$24,500)
Mob/demob Helicopter/Float Plane $ 18,750 (Cdn$25,000)
Analytical 100 samples $ 3,750 (Cdn$5,000)
Camp $ 6,750 (Cdn$9,000)
Contingencies ~ 10% $ 10,125 (Cdn$13,500)
Total $ 114,000 (Cdn$152,000)
Table 4: Recommended Budget - Frog Property
As at August 31, 2023, we did not have cash and we will need to raise additional financing to fund our plan of operation over the next 12 months.
"There is limited historical financial information about us upon which to base an evaluation of our performance. We are in the development stage and have not generated any revenues from activities. We cannot guarantee we will be successful in our business activities. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, and possible cost overruns due to price and cost increases in services.
Over the next twelve months we intend to use any funds that we may have available to fund our Plan of Operation. Not accounting for our working capital deficit of $67,656 as of August 31, 2023, we require additional funds of approximately $114,000 (CDN$152,000) at a minimum to proceed with our plan of operation over the next twelve months. As we do not have the funds necessary to cover our projected operating expenses for the next twelve-month period, we will be required to raise additional funds through the issuance of equity securities, through loans or through debt financing. There can be no assurance that we will be successful in raising the required capital or that actual cash requirements will not exceed our estimates. We intend to fulfill any additional cash requirement through the sale of our equity securities.
Our auditors have issued a going concern opinion for our year ended May 31, 2023. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated. As at August 31, 2023, we had cash of $5,102 and had a working capital deficiency in the amount of $67,656. As August 31, 2023, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.
Plan of Operation
The Plan of Operation for the next 12 months is to raise $114,000 (CDN$152,000) for the next phase of exploration program on the Frog Property.
It is recommended that airborne magnetics and radiometrics surveys be completed over the Property. Rare earth mineralization is generally associated with uranium mineralization and radiometrics should define promising areas for follow-up examination.
The area of the strong magnetic anomaly is completely covered in glacial tills and no outcrop is evident. Prospecting should be completed expanding the 2021 range of coverage focusing on the north and south limits of the large magnetic anomaly at the cliff edges where the steep valley ridges demonstrate spalling of rocks into scree piles. Additional prospecting should be completed following the airborne geophysical surveys as well, focusing on both radiometric and magnetic anomalies.
It is estimated that the next phase of exploration would cost $114,000 (Cdn$152,000), as itemized in Table 4.
Program Description Cost
Airborne Geophysics Property wide $ 56,250 (Cdn$75,000)
Prospecting 7 people x 14 days $ 18,375 (Cdn$24,500)
Mob/demob Helicopter/Float Plane $ 18,750 (Cdn$25,000)
Analytical 100 samples $ 3,750 (Cdn$5,000)
Camp $ 6,750 (Cdn$9,000)
Contingencies ~ 10% $ 10,125 (Cdn$13,500)
Total $ 114,000 (Cdn$152,000)
Table 4: Recommended Budget - Frog Property
As at August 31, 2023, we did not have cash and we will need to raise additional financing to fund our plan of operation over the next 12 months.
