Snow Lake Resources Ltd. Files Amended 20-F

Ticker: LITM · Form: 20-F/A · Filed: May 31, 2024 · CIK: 1769697

Sentiment: neutral

Topics: amendment, annual-report, mining

TL;DR

Snow Lake Resources amended its 20-F filing for FY23, check it for latest company info.

AI Summary

Snow Lake Resources Ltd. filed an amended Form 20-F for the fiscal year ending June 30, 2023. The filing, dated May 31, 2024, provides updated information for the company, which is involved in miscellaneous metal ores. The company's principal executive offices are located in Winnipeg, Manitoba.

Why It Matters

This amended filing provides updated financial and operational information for Snow Lake Resources Ltd., which is crucial for investors and stakeholders to assess the company's current standing and future prospects.

Risk Assessment

Risk Level: low — This is a routine amended filing providing updated company information, not indicating new or elevated risks.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this 20-F/A filing?

The filing is an amendment to Snow Lake Resources Ltd.'s annual report (Form 20-F) for the fiscal year ended June 30, 2023, providing updated information.

What is Snow Lake Resources Ltd.'s fiscal year end?

Snow Lake Resources Ltd.'s fiscal year ends on June 30, as indicated by the 'FISCAL YEAR END: 0630' field.

Where are Snow Lake Resources Ltd.'s principal executive offices located?

The company's business and mail address is listed as 360 MAIN ST., 30TH FLOOR, WINNIPEG, A2, R3C 4G1.

What is the filing date of this amended 20-F?

This amended Form 20-F was filed on May 31, 2024.

What is the Standard Industrial Classification code for Snow Lake Resources Ltd.?

The SIC code is 1090, categorized under MISCELLANEOUS METAL ORES.

Filing Stats: 4,562 words · 18 min read · ~15 pages · Grade level 13.8 · Accepted 2024-05-30 20:53:16

Key Financial Figures

Filing Documents

Risk Factors

Risk Factors 3 Item 4. Information On the Company 19 A. History and Development of The Company 19 B. Business overview 22 C. Organizational structure 63 D. Property, plants and equipment 64 Item 4A. Unresolved Staff Comments 64 Item 5. Operating and Financial Review and Prospects 64 A. Operating Results 64 B. Liquidity and Capital Resources 70 C. Research and development 72 D. Trend Information 72 E . Critical Accounting Estimates 72 Item 6. Directors, Senior Management and Employees 75 A. Directors and senior management 75 B. Compensation 77 C. Board practices 79 D. Employees 83 E. Share ownership 83 Item 7. Major Shareholders and Related Party Transactions 86 A. Major shareholders 86 B. Related party transactions 83 C. Interests of experts and counsel 87 Item 8. Financial Information 88 A. Consolidated Statements and Other Financial Information 88 B. Significant Changes 88 Item 9. The Offer and Listing 89 A. Offer and listing details 89 B. Plan of distribution 89 C. Markets 89 D. Selling shareholders 89 E.

Dilution

Dilution 89 F. Expenses of the issue 89 Item 10. Additional Information 89 A. Share capital 89 B. Memorandum and articles of association 89 C. Material contracts 89 D. Exchange controls 89 E. Taxation 90 F. Dividends and Paying Agents 97 G. 97 H. Documents on Display 97 I. Subsidiary Information 97 Item 11.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 98 Item 12.

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 98 A. Debt Securities 98 B. Warrants and Rights 98 C. Other Securities 98 D. American Depositary Shares 98 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 99 Item 14. Material Modifications to The Rights Of Security Holders And Use Of Proceeds 99 Item 15.

Controls and Procedures

Controls and Procedures 100 Item 16 [Reserved] 101 Item 16A — Audit Committee Financial Expert 101 Item 16B — Code of Ethics 101 Item 16C — Principal Accountant Fees and Services 101 Item 16D — Exemption from the Listing Standards for Audit Committees 102 Item 16E — Purchases of Equity Securities by the Issuer and Affiliated Purchasers 102 Item 16F — Change in Registrant's Certifying Accountant 102 Item 16G — Corporate Governance 102 Item 16H — Mine Safety Disclosure 103 Item 16I — Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 103 PART III Item 17.

Financial Statements

Financial Statements 104 Item 18.

Financial Statements

Financial Statements 104 Item 19. Exhibits 104 CERTAIN INFORMATION As used in this Annual Report on Form 20-F (the "Annual Report"), unless otherwise indicated or the context otherwise requires, references to "we," "Snow Lake," "us," "our," "the Company," or "our company" are to Snow Lake Resources Ltd., including its subsidiaries; "common shares" are to our common shares, no par value; and "NASDAQ" are to the Nasdaq Capital Market. In this Annual Report on Form 20-F, references to "Canada" are to Canada and its provinces and territories and references to "$," "USD," "dollars," "USD$" or "U.S. dollars" are to the legal currency of the United States and references to "C$," or "Canadian dollar" are to the legal currency of Canada. Solely for the convenience of the reader, this Annual Report on Form 20-F contains translations of certain Canadian dollar amounts into U.S. dollars at specified rates. Except as otherwise stated in this Annual Report on Form 20-F, all translations from Canadian dollar to U.S. dollars are based on the closing rate of C$1.3240 per $1.00 for cable transfers of Canadian dollars, as certified by Bank of Canada on June 30, 2023. On October 30, 2023, the closing rate for Canadian dollar was C1.3833 per US$1.00. No representation is made that such Canadian dollar amounts referred to in this Annual Report on Form 20-F could have been or could be converted into U.S. dollars at such rates or any other rates. Any discrepancies in any table between totals and sums of the amounts listed are due to rounding. The audited consolidated financial statements and notes thereto as of and for fiscal 2023, 2022 and 2021 included elsewhere in this Annual Report on Form 20-F have been prepared in accordance with International Financial Reporting Standards, or IFRS. Our fiscal year end is June 30. Share Consolidation ("Reverse Split") On October 7, 2021, we effectuated a one-for-five reverse stock split of our common shares, or the Reverse Split.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts are forward-looking statements. The forward-looking statements are contained principally in, but not limited to, the sections entitled "Risk Factors", "Information on the Company", "Operating and Financial Review and Prospects," and elsewhere in this Annual Report. These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, statements about: our goals and strategies; expectations regarding revenue, expenses and operations; our having sufficient working capital and be able to secure additional funding necessary for the continued exploration of our property interests; expectations regarding the potential mineralization, geological merit and economic feasibility of our projects; expectations regarding exploration results at the Snow Lake Lithium Project; mineral exploration and exploration program cost estimates; expectations regarding any environmental issues that may affect planned or future exploration programs and the potential impact of complying with existing and proposed environmental laws and regulations; receipt and timing of exploration permits and other third-party approvals; government regulation of mineral exploration and development operations; expectations regarding any social or local community issues that may affected planned or future exploration and development programs; and key personnel continuing their

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION 3.A. [Reserved] 3.B. Capitalization and Indebtedness Not applicable. 3.C . Reasons for the Offer and Use of Proceeds Not applicable. 3.D. Risk Factors You should carefully consider all of the information in this Annual Report, including various changing regulatory, competitive, economic, political and social risks and conditions described below, before making an investment in our common shares. One or more of a combination of these risks could materially impact our business, results of operations and financial condition. In any such case, the market price of our common shares could decline, and you may lose all or part of your investment. Our Risks and Challenges Our prospects should be considered in light of the risks, uncertainties, expenses and difficulties frequently encountered by similar companies. Our ability to realize our business objectives and execute our strategies is subject to risks and uncertainties, including, among others, the following summary risk factors set forth in more detail below: We have a limited operating history and have not yet generated any revenues; Our financial statements have been prepared on a going concern basis and our financial status creates a doubt whether we will continue as a going concern; If we do not obtain additional financing, our business may be at risk or execution of our business plan may be delayed; Future pandemics, such as the recent coronavirus pandemic may cause a material adverse effect on our business; We have obtained an S-K 1300 compliant mineral resource report which represented only estimates and no assurance can be given that any anticipated tonnages and grades will be achieved, or that the indicated level of recovery will be realized. Further drilling will be required to determine whether the Snow Lake Lithium Project contains proven or probable mineral reserves and there can be no assurance that we will be successful in our efforts to prove our resource.

View Full Filing

View this 20-F/A filing on SEC EDGAR

View on Read The Filing