Condensed Consolidated Interim Financial Statements (Expressed in Canadian Dollars)
MOUNTAIN PROVINCE DIAMONDS INC.
Three and Six Months Ended June 30, 2016 (Unaudited)
|
CONTENTS
|
Page
|
|
Responsibility for Condensed Consolidated Interim Financial Statements
|
3
|
|
Condensed Consolidated Interim Balance Sheets
|
4
|
|
Condensed Consolidated Interim Statements of Comprehensive (Loss) Income
|
5
|
|
Condensed Consolidated Interim Statements of Equity
|
6
|
|
Condensed Consolidated Interim Statements of Cash Flows
|
7
|
|
Notes to the Condensed Consolidated Interim Financial Statements
|
8 - 26
|
RESPONSIBILITY FOR CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
The accompanying unaudited condensed consolidated interim financial statements of Mountain Province Diamonds Inc. (the "Company") are the responsibility of the Board of Directors.
The unaudited condensed consolidated interim financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the Company's audited consolidated financial statements as at December 31, 2015. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the balance sheet date. The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standards 34 - Interim Financial Reporting using the accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") appropriate in the circumstances.
Management has established processes, which are in place to provide sufficient knowledge to support management representations that it has exercised reasonable diligence that the unaudited condensed consolidated interim financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented by the unaudited condensed consolidated interim financial statements.
The Board of Directors is responsible for reviewing and approving the unaudited condensed consolidated interim financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. The Audit Committee assists the Board of Directors in fulfilling this responsibility.
The Audit Committee meets with management to review the financial reporting process and the unaudited condensed consolidated interim financial statements together with other financial information of the Company. The Audit Committee approves the unaudited condensed consolidated interim financial statements together with other financial information of the Company for issuance to the shareholders on behalf of the Board of Directors.
Management recognizes its responsibility for conducting the Company's affairs in compliance with IFRS as issued by the IASB, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.
"Patrick C. Evans" "Bruce Ramsden"
Patrick C. Evans Bruce Ramsden
President and Chief Executive Officer VP Finance and Chief Financial Officer
Toronto, Canada August 11, 2016
Condensed Consolidated Interim Balance Sheets
In Canadian dollars (Unaudited)
|
Notes
|
June 30,
2016
|
December 31,
2015
|
|
ASSETS
|
$ 19,521,301
|
$ 9,081,791
|
|
Current assets
|
|
Cash
|
|
Amounts receivable
|
1,470,656
|
1,348,018
|
|
Prepaid expenses
|
686,202
|
758,249
|
|
Supplies inventory
|
12,454,417
|
‐
|
|
Restricted cash
|
6
|
34,132,576
|
11,188,058
|
|
104,938,263
|
94,512,019
|
|
Financing costs
|
9
|
5,654,790
|
13,891,403
|
|
Property and equipment
|
7
|
588,233,001
|
463,256,628
|
|
Total assets
|
$ 732,958,630
|
$ 582,848,108
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ 30,407,014
|
$ 28,193,849
|
|
Current liabilities
|
|
Accounts payable and accrued liabilities
|
12
|
|
Derivative liabilities
|
10
|
4,133,581
|
15,746,449
|
|
Loan facility
|
9
|
34,540,595
|
43,940,298
|
|
339,826,624
|
205,686,683
|
|
Derivative liabilities
|
10
|
5,517,183
|
1,495,304
|
|
Decommissioning and restoration liability
|
8
|
25,508,177
|
23,044,826
|
|
Shareholders' equity:
|
472,755,703
|
472,285,993
|
|
Share capital
|
11
|
|
Share‐based payments reserve
|
11
|
4,700,568
|
4,775,687
|
|
Deficit
|
(149,890,220)
|
(168,380,683)
|
|
Total shareholders' equity
|
327,566,051
|
308,680,997
|
|
Total liabilities and shareholders' equity
|
$ 732,958,630
|
$ 582,848,108
|
Contingencies and commitments 5 & 7
On behalf of the Board:
"Patrick Evans" "Jonathan Comerford"
Director Director
The notes to the condensed consolidated interim financial statements are an integral part of these statements.